No Sign of Bitcoin Slowdown Through 2016
The uptake and dollar value of Bitcoin has grown rapidly over the last three months and the indicators suggest that this is only going to continue in 2016.
SEATTLE, Dec. 10, 2015 /PRNewswire/ -- BargainFox.co.uk, a leading UK based coupon code website has been experiencing an increase in searches for merchants who accept Bitcoin as a payment method. They have since compiled 33 indicators that show that usage of the cryptocurrency is indeed widening and its value is also experiencing a steady increase.
On August 24th the dollar value of BTC hovered around $209, by November 4th this had climbed to $408. Although there have been some ups and downs, it has generally been increasing since mid January. But will this be sustained? Key indicators seem to suggest so.
Perhaps the strongest indicator of the currency's broadening appeal can be found at the leading bitcoin exchanges. Between October 2014 and October 2015, Singapore based OK Coin saw a staggering 847% growth. High growth was recorded across the board in Asia, but even Western favourite Bitstamp grew by 160%.
While the likes of Visa and MasterCard still swamp bitcoin in terms of daily transaction value, the network has reached roughly $289 million, surpassing Western Union at $216 million, and hot on the heels of PayPal who record transactions worth $397 million each day.
Bitcoin is getting ever more venture capital funding, a 494% increase since 2013, and with the likes of Microsoft leading the pack, more and more retailers are adopting it as an accepted payment method. While we can't necessarily measure the impact this has had on the currency's popularity, it stands to reason that as more mainstream brands and retailers have BTC as an option, the more people are going to be willing to give it a try. This is compounded by the increase in user-friendly technology that makes it easier to purchase, store, spend, accept, and trade in BTC.
There's no denying that it has been an uphill battle since the cryptocurrency's rebellious birth in January 2009. It has had to deal with price volatility, laws and regulations from governments, drug market scandals, mass fraud, and a simple public lack of understanding. But as it looks ahead to its seventh birthday, bitcoin has proven that it's not only here to stay but has a lot of room left to grow as well.
For a full break down of 33 indicators that point to continued bitcoin growth, check out the following infographic.
Georgi Georgiev, Marketing Director, Potential Asia
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