Bitcoin adoption rate by year

If you prefer, you can download Quandl's Bitcoin data using our free apps for Python, R, Matlab and more. You can also download Bitcoin data directly from within Excel using our free Excel add-in. Bitcoin is a digital currency based on an open-source peer-to-peer software protocol that is independent of any central authority.

Bitcoin issuance and transactions are carried out collectively by the Bitcoin network. Bitcoin relies on cryptography to secure and validate transactions, and is thus often referred to as a "cryptocurrency". Bitcoins can be "mined" by users, and also transferred from user to user, directly via computer or smartphone without the need for any intermediary financial institution.

Bitcoin transactions are pseudonymous and decentralized. Proponents of Bitcoin argue that it is not susceptible to devaluation by inflation or seigniorage in the way other modern "fiat" currencies are.

Nor is it associated with an arbitrary store of value such as gold, unlike hard-money or representative currencies. The Bitcoin protocol was first described by Satoshi Nakamoto a pseudonym in Each bitcoin is divided into million smaller units called satoshis. MtGox was the largest Bitcoin exchange in the world, until February when the site shut down and trading was suspended. It was subsequently announced on Bitcoin news that over , Bitcoins had been stolen from customers of this exchange.

Quandl provides historical data for MtGox. Note that this data stopped updating on 25 Feb Quandl has daily prices for over crypto-currencies from Cryptocoin Charts. You can view all Quandl's cryptocurrency time series on our Cryptocoin Charts source page. It can take years to take it to mainstream. Due to the fast pace of technology I think 10 years is more than enough time for technology to reach the middle of its product life cycle.

Bitcoin was successful in that it opened the door for other crytpocurrencies. The iphone 1 was very successful but the pace of technology and competition made it obsolete within a year or two. If you are talking about cryptocurrency as a group then I agree we havent even seen the beginning of adoption yet. But just as the iphone1 was relegated to the dustbin of history I think bitcoin will be too within 20 years but there is no doubt that supply and demand will support its price and purchasing power.

I agree with you that bitcoin has the potential to go much higher but its growth and adaption will certainly be affected by other coins. Actually, steem was the first cryptocurrency I ever owned. Bitcoin has no platform like steem to generate demand. Just being a currency is no longer an advantage as other currencies offer specific advantages besides just facilitating transactions.

Thanks for your reply and I believe there is a lot of logic in what you are saying. The global market is big enough for a huge growth in bitcoin as well as other currencies. Also keep in mind that the reason Facebook has so many users is because it is a CIA project inqtel with government backing. In contrast, Bitcoin and other cryptos have are the enemies of the central bank controlled governments.

For example first household workstation was available in and when it become mainstream? Also during some phases there is slower adoption, during another faster. Yes, adoption is still very low. Your example with iPhone is valid for hardware but not for software, Bitcoin is evolving in time and when SigWit is enabled, it will move forward a lot.

So it might never be obsolete. Of course there will be some more agile projects as Steem and another. But it's good we have so many crypto projects, it will move all the sector forward a lot. Bitcon, same as Steem has actually lot of demand factors but not for everyone, as Steem is also not useful for everyone. Currently Bitcoin has lower inflation that Steem, therefore is better to store value, with Bitcoin you can directly utilize many interesting services like purse.

So although it has no integrated platform inside, there are multiple useful services and utilizations primarily built around Bitcoin. You are right, old world with most of its elites doesn't like crypto and Bitcoin because it's disrupting world system which was and still is source of their profit and power. They tried FUD and repression first, during next phase they might try to buy it all and manipulate like gold and silver , who knows. But it will be hard for them. Once it's manipulated, community can build another project that is not owned by them and move on there.

I am now following. How fast have wallets grown I imagine wallets per person would be somewhat stable. Wallet numbers are growing about 2. Conservative estimation our real users might be about million users I guess. But it's better to put it low because there might be users who try it, leave and not return. All of this affects demand. It's not my goal to calculate precise number IMHO it's not even possible , but rather to calculate some ranges in which all of this is moving and identify possible underpricing or bubble and to show whether there is still space to grow or not.

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An important thing to remember is that many wallets generate a new address with every transaction. There are exponentially more addresses out there than there are users. Adoption has so much room to grow! It is unfathomable how valuable bitcoin will be in a couple of years even. Just a few short months after this post. How many people touched Bitcoin up to and what is the current adoption pace?

This is hard to calculate but let's try to elaborate a bit: Target population World population is currently about 7. Let's cut people years Let's cut people 65 and more Furthermore, we cannot take all population as the base but only people with internet connection and we will get 3.

Bitcoin network Now let's take a look at Bitcoin network. Current adoption Current projected Bitcoin adoption is between 1 million to 10 million users Ok, let's assume there are 10 millions users. Price after partial and full adoption So we have approximate Bitcoin adoption about 0. Here is the projection 0. Adoption pace Adoption pace is also hard to determine except some approximation based on wallet counts and price.

Conclusion To finish this article without counting, I'll give you two most crypto regret quotation I've heard many time through last years: First is so-called "saver quotation":