Thursday, May 23, 2019

Submit your article, and share your news with the world! BTCNN is now accepting user submitted articles. 

How Many People Use Bitcoin?

[the_ad_placement id="article-top"]

There is a wave going through the world today, and it is called cryptocurrency. Everywhere you look, something is being said about Bitcoin (BTC). People are buying the currency all around the globe. This widespread crypto purchase started when nice things about Bitcoin began to hit the media waves. There were reports of the increase in the price of Bitcoin which made a lot of people to invest in it.

Now, it won’t be out of place to want to know just how many people are into the Bitcoin business. Already, 16.7 million Bitcoins are available but to how many people are they shared to? That’s what we shall find out in this article.

The Bitcoin Policy

Bitcoin is a platform where your identity can be kept private. When you conduct a transaction using Bitcoin, there will be no exchange of personal details between the two parties. This is unlike anything that is obtainable elsewhere. A question about how verification is made possible on the platform might arise, since personal details are not exchanged but Bitcoin has a solution for that.

Before anyone can be a user of Bitcoin, a wallet needs to be created first. This wallet is a virtual one and helps in the buying and selling of Bitcoin. Through the use of a public key which is unique to each Bitcoin, verification can be done by tracing it to its wallet source. Even though the real owner of the wallet will not be identified, the transaction can be shown to be free of malpractice through the verification process involving the use of the unique keys. There exist today Bitcoin wallets numbering about 14 million which are stored in the distributed ledger and are expected to hit 15 million soon if the growth rate doesn’t slow down.

The Estimated Number of Users

Though there are millions of Bitcoin wallets in the world today, those numbers cannot be used to make an accurate prediction of the total number of Bitcoin users, and there is a reason why. The reason why that is not possible is that a user can own and operate more than one wallet and there is no restriction to the number of wallets an individual can own.

The Two Main Obstacles

Firstly, every wallet has a unique identity in the form of a key, and no name of a user is attached to the wallet, therefore, knowing the number of users according to their wallets will be impossible to achieve.

Secondly, a number of individuals, in their millions, opened Bitcoin wallets simply out of curiosity, just to have a feel of what Bitcoin is like but they end up not making use of the wallet. Surely they are included as Bitcoin users, but their activity on the platform is almost nonexistent and in some cases, totally nonexistent.

The Assumption…

We can still draw a believable conclusion by saying that Bitcoin users should be close to 10 million, but there is no way to be completely certain, hence the reason for the estimate. For there to exist a sure answer to the question of the number of Bitcoin users, people’s identities and personal data will have to be disclosed to arrive at an accurate answer, but that will go against all that Bitcoin stands for.

Enjoyed this article?
Subscribe to our mailing list and receive the hottest news directly to your inbox!
[the_ad_placement id="article-bottom"]

Advertisement[the_ad_placement id="article-side"]

More Articles