I was an early follower of Bitcoin and even enjoyed Bitcoin mining for awhile. Since that time I haven’t followed Bitcoin very closely and was interested in how the cryptocurrency has progressed since then. BargainFox has an interesting summary in the form of a comprehensive infographic that highlights some Bitcoin features.
First there is a basic article which describes the history of Bitcoin and some key highlights. I found the following points to be of interest:
-The market is managing to move $289 million worth of BTC on a daily basis, more than Western Union ($216m) and closing in on PayPal ($397m).
-A negligible 1% is charged for BitPay premium members compared to the major credit card networks, which range between 2% and 6%. This has contributed to the jump from 65,000 merchants accepting BTC to 100,000 plus.
-In short all you really need to know is that giants like Microsoft, Expedia and Time Inc. have embraced BTC and many others are following suit. August 2015 saw BitPay’s most successful month, recording 70,000 transactions.
-In turn, as this demand has increased so has the venture capital funding the user-friendly apps, bitcoin ATMs, exchanges, and other technology. In 2012 only $2 million was pumped in to the industry. So far in 2015 this has reached $469 million!
It appears that Bitcoin may be reaching the beginnings of mainstream adoption, at least on a level on par with PayPal. The low transaction fee will continue to make Bitcoin appealing to merchants, especially e-commerce site owners.
The overall infographic – 33 Indicators That Bitcoin Growth Isn’t Slowing Down in 2016 has some interesting information. I have pulled out three of the areas that I found to be of the greatest interest.
Daily Transaction Value
It appears as if Bitcoin is approaching the daily transaction value of Square and PayPal, and has actually exceeded that of Western Union.
Growth of Bitcoin vs Paypal
There is a tremendous level of growth in terms of Coinbase wallets and the total number of wallets on the Blockchain. Although it would be interesting to know how many of these wallets are actually active and have regular transactions. Even though there are more active registered users on PayPal, the percentage growth of Bitcoin is much higher.
Bitcoin Venture Capital Funding
Bitcoin venture capital funding appears to be growing at a rapid rate with a 494% increase in total to-date VC investment from the end of 2013 through 2015.
Beyond these basic highlights there are many other intriguing Bitcoin related tidbits within this infographic which is shown in its entirety below. The original infographic and accompanying article may be found at BargainFox.
Made by: BargainFox