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According to the Center for Alternative Finance of the University of Cambridge, the number of verified users of cryptocurrency has risen in 2018, despite the bear market that has seen a year of lower prices over 80 %.
The adoption of cryptocurrency retail is on the rise
According to a Cambridge Center for Alternative Finance study, the number of verified cryptocurrency users has more than doubled in the first three quarters of the year compared to 2017. The study shows that there were 35 million cryptocurrency users authenticated by the end of September 2018.
This increase occurred despite bear market conditions that characterized a good part of the year. according to Bloomberg, the study found that the majority of users are individuals and not business customers, which means that institutional adoption is still catching up.
Meanwhile, in countries plagued by economic troubles like Venezuela, citizens have been forced to switch to cryptocurrencies. For many of these people, virtual currencies without borders such as Bitcoin can provide access to international payments and the global economy. The study notes:
Individuals can be hobbyists, individual investors, consumers or users looking for a better investment or a better alternative payment.
The research also revealed a significant increase in the total number of cryptocurrency user accounts. However, it is important to note that only one user can control multiple addresses (that is, digital wallets).
Less than $ 100 in Bitcoin
In another report by Delphi, a digital badet research firm, only a few BTC portfolios hold a significant share of the digital currency, which supports the idea that retail investors store small amounts – fractions of bitcoin.
Of the 22.9 million addresses containing BTC, 90% own less than one-tenth of bitcoin (about 340 USD). The study also showed that 80% of these accounts contained less than $ 100 in BTC. At the same time, accounts with 10 to 100 BTCs account for about 25% of the total bitcoins in circulation.
The growing number of verified users and the number of active addresses, especially with relatively small amounts, indicate the increasing adoption of cryptocurrencies by the general population. Nevertheless, it is not surprising that early users will reap the greatest benefits, as bitcoins and crypto-currencies now seem to be spreading.
Do you think that increasing the number of verified users of cryptocurrency is a sign of public trust?? Let us know your thoughts!
Image courtesy of Bloomberg, Shutterstock, Pymnts.com
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