Top 7 Charts to Hit the ‘Bitcoin is Dead’ Crowd With
Here are the top seven most glaring charts showing that Bitcoin adoption is not only alive and well, but is also accelerating.
Bitcoin Refuses To Die
If you’re one of many who believes the current financial system will go up in a mushroom cloud, then Bitcoin is the cockroach that can survive the bank apocalypse. Though it’s been pronounced dead over one hundred times by critics, the media and even by former developers, it refuses to go away.
Pretty much every metric gauging its performance since its inception over eight years ago is flying in the face of skeptics and naysayers. So the next time someone says “I though BitCon died in Japan” or “It’s a Ponzi scheme,” here are seven of the most glaring charts that you can throw at ‘em…
1) Transactions Keep Climbing
One of the best metrics for Bitcoin’s utility is the number of transactions on the network. The trend has really picked up since 2012-2013 and has only accelerated since. This indicates that people all over the world are increasingly using the Bitcoin network to transmit and exchange value.
2) Millions of Bitcoin Wallets
Blockchain.info is not only the most visited Bitcoin-related site but is also the most popular Bitcoin wallet. Recently, the company hit a milestone of 10 million users and is not showing signs of slowing down as it quickly approaches 12 million.
Keep in mind that while Blockchain Wallet is the most popular, there are plenty of other wallets out there, including hardware wallets. Thus, the actual number is probably a lot higher.
3) Hash Rate is Soaring
The Bitcoin Hash Rate is the estimated number of tera-hashes per second (trillions of hashes per second) the Bitcoin network is performing. In layman’s terms, this measures how powerful Bitcoin’s mining capacity is at the moment, which directly translates to the network’s overall security as well as miners’ profits.
This metric has increased exponentially making Bitcoin the most secure and immutable cryptocurrency to date.
4) Trading Volume Going Up
Bitcoinist has been tracking a constant surge in trading volumes in several key countries. However, the global trading volume on the P2P exchange LocalBitcoin has been rising steadily since it was launched.
P2P exchange trading volume is key because it’s likely a much better metric to gauge real demand than online exchanges due to the possibility of zero-fee and bot trading, for example. Nevertheless, the rise in overall BTC trading cannot be ignored. It should also be noted that probably an even bigger chunk of Bitcoin is traded on OTC markets where whales and the so-called 1% can roam free.
Overlooked fact: The OTC market for Bitcoin is bigger than the exchange market. Exchanges set the price but large trades don't happen there.
— Vinny Lingham (@VinnyLingham) June 26, 2016
5) Bitcoin ATMs Spreading Globally
Bitcoin ATMs or vending machines have drastically increased in number worldwide and nearing 1,000 units, according to CoinATMradar, alongside and increasing number of new ways and services to get Bitcoin.
These machines offer a convenient way for people to buy (and sometimes sell) Bitcoin on the spot. Though one thousand units are, of course, nowhere near the number of traditional ATMs, the trend could be indicative of a new budding industry.
Moreover, companies such as Ernst & Young as well as Russia’s Sberbank have installed Bitcoin ATMs at their headquarters to teach their employees about the future of payment technologies.
6) Merchants are Getting More Bitcoin
Big names such as Dell, Expedia, Microsoft, and Overstock are already accepting Bitcoin for products and services. However, the little guys are also jumping onboard as a way to distinguish their business, save money on credit card processing fees, or to just plain acquire bitcoin in this manner and hold in hopes of big returns in the future.
Statistics from Bitcoin payment processor BitPay, which instantly converts Bitcoin into fiat currency (allowing merchants to avoid price volatility) display a growing trend, which has in fact, doubled over the past year.
7) Price Volatility…What Price Volatility?
Bitcoin has been infamous for its price volatility and was, therefore, unable to become a viable currency or store-of-value, according to critics. However, we can clearly see it has been in a decreasing trend over the years — which is only expected to continue as the network grows.
Thus, these charts will be your friend the next time someone tells you that “Bitcoin is dead.” Hopefully, these will not only quell the debate but will also get the doubters interested in the “future of money.”
And if they’re still not convinced…you can point them to the price trend to finish the argument.
What other metrics would you point out to Bitcoin critics? Share below!
Images courtesy of Ey.com, Shutterrstock, Blockchain.info, Coinatmradar.com, Bitpay, Twitter, Coin.dance, Bitvol.info