Growth and Adoption of Bitcoin Explained

The-growth-of-bitcoin
  • The global price of Bitcoin ranged from $10 to $100 per BTC in early 2010.
  • The price of Bitcoin is currently $20k.
  • A major key factor driving Bitcoin’s growth is its limited supply.

Research from BTC Times indicates that about 9 years down the line, Bitcoin`s exchange rate was at $10 to $100 per BTC across the world. After several years, however, the price of Bitcoin increased to $1k per BTC. By the end of 2017, the price had shot up to $10k per BTC and is currently trading at $20k. This is an unprecedented growth rate, and it has led many to believe that Bitcoin still has a lot of room to grow.

The data collected by BTC Times also suggested that the use of Bitcoin had grown rapidly in 2015. The number of people using Bitcoin in 2015 was estimated to be between 2.9 million and 5.8 million and is currently being used by over 150 Million people. This figure is expected to grow exponentially in the years to come as more people become aware of Bitcoin and its potential implications.

Bitcoin is already showing promise as a viable alternative to traditional fiat currencies. Unlike fiat currencies, which are subject to government control and manipulation, Bitcoin is a decentralized currency that isn’t subject to such interference. This has made Bitcoin appealing to those who are looking for a more stable store of value, as well as those who are seeking an alternative to traditional financial systems.

A major key factor driving Bitcoin’s growth is its limited supply. There are only 21 million bitcoins that will ever be created, which gives it a similar scarcity to gold. This limited supply has helped to drive up the price of Bitcoin, as demand for the currency grows.
As Bitcoin continues to grow in popularity, we can expect to see more businesses start to accept it as a form of payment. This, in turn, will help to drive even more mainstream adoption. In time, we may see Bitcoin become a truly global currency, used by people all over the world.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer