Thursday, February 20, 2020

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Jide Idowu
I am Jide Idowu. A stay-at-home dad and a cryptocurrency enthusiast. I have had my hands on freelance writing for over five years, researching and writing guides, reviews, and latest cryptocurrency news for various blogs and individuals world over.

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that’s been generally overlooked, on Twitter.

His tweet showed an increasing number of bitcoin users on the rise daily. McDowall indicates that over $9.2 trillion transferred using bitcoins from wallet to wallet between 1st January 2017, up until 21st June 2019 (about 2.5 years), and little over $13 billion is being transferred daily.

$9.2 Trillion Transferred Using Bitcoins, Bitcoin Data Opposes Norm

In opposition to what many believe that bitcoin was only held for speculative reasons. New data surfacing has condemned that with over $13 billion daily transferred, it’s obvious that bitcoin is used way more than just for speculation.

The 21st of June 2019 precisely, over $16 billion was sent in 337,741 transactions. A further breakdown of this figure leaves each transaction with an average of $47,500.

Undoubtedly, these transactions could be peer-to-peer trading transactions, someone sending bitcoins from one wallet to another, or a cryptocurrency exchange making a large transfer internally within its wallets. But with the numbers of transfers, it brings a reminder of what bitcoin was meant to be – a currency for micropayments.

SMEs Adopting Bitcoin

Companies globally are beginning to adopt cryptocurrencies, giving their customers a more convenient payment option, and also bringing their businesses in front of a global audience.

Sometime in the past, businesses have remained sceptical of accepting cryptocurrencies because of its volatility issues – with the cryptocurrency increasing and decreasing and value within minutes.

Fortunately, crypto-processing platforms have come to bridge that gap. Crypto payments are being traded at current prices, converting crypto into fiat with no extra effort.

Bitcoins Continues To Grow

Although some argue that bitcoin will not remain in the top position for long, bitcoin has actually continued to grow in market capitalisation and dominance.

Bitcoin currently trades at $13,765.36, rising about 21.14% in the past 24 hours. Market capitalisation currently stands at $244.77 billion.

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