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According to RT, analysts upon the number of bitcoin users to reach 200 million by 2024, within the next seven years, conceded the current exponential growth rate of bitcoin.
5 Million Unique Buyers in March
A Cambridge study conducted by Dr. Garrick Hileman and Michel Rauchs in Demonstration of 2017 revealed that the number of active users of bitcoin notecases was in the range of 2.9 million and 5.8 million.
However, since then, commensurate to the market valuation and price of bitcoin, the cryptocurrency’s user base has flourished at a rapid rate. Coinbase alone, the global market’s largest bitcoin brokerage and pocketbook platform, serves more than 13 million active buyers. In November alone, Coinbase recorded 1.2 million users.
Major regional bitcoin changes such as Japan’s Bitflyer and South Korea’s Bithumb also be subjected to nearly one million users on each platform.
If the hot wallets or bitcoin speaks on bitcoin exchanges are included, the number of unique bitcoin users is undoubtedly over 10 million.
Driving Factors of Bitcoin Mainstream Adoption
Essentially, with 200 million nimble users, bitcoin will penetrate the mainstream market, and the vast womanhood of investors and casual consumers will embrace bitcoin as a robust rely on of value and a digital currency.
The listing of bitcoin futures by CBOE and CME in mid-December last wishes as drive adoption of bitcoin in the traditional finance market, amongst large-scale institutional investors, retail purchasers, hedge funds, and investment firms. As tens of billions of institutional rake-off rich move into the bitcoin market, casual consumers and investors order follow, creating a domino effect.
Then, more financial colleges, financial service providers, and fintech platforms will begin contributing services around bitcoin, improving the usability and liquidity of bitcoin. Already, in November, massively non-professional and widely utilized fintech application Square integrated bitcoin, take into accounting users to store, purchase, or sell bitcoin.
Shinhan, the second largest commercial bank in South Korea and an strong financial institution within the local finance industry, has begun the analysis phase of its bitcoin vault and wallet services, as CCN reported.
“Shinhan is examination a virtual bitcoin vault platform wherein the private keys of bitcoin talk ti and wallets are managed and issued by the bank. The bank intends to provide the vault services for free and charge a fee for withdrawals,” said a Shinhan representative.
Lastly, as bitcoin hardens itself as the leading global store of value, an increasing number of unexcelled and active users will begin utilizing the cryptocurrency as a day-to-day currency and a replacement of fiat currencies.
In any way, for users to embrace bitcoin as an alternative to fiat currencies, the underlying calibration issues of the Bitcoin blockchain network must be solved. Through second-layer infrastructures such as Lightning, in the long-term, bitcoin buyers and businesses will be able to process micropayments, or transactions with indeed lower fees, to settle payments for goods and services.
Once bitcoin military talents providers and exchanges integrate Lightning and other potential second-layer scaling solutions, uncountable users will be able to utilize bitcoin to settle small payments as fountain-head as large payments, with the former being processed on Lightning gutters and the latter on-chain, with higher fees.
Featured image from Shutterstock.