A study conducted by Cambridge Center for Alternative Finance has found out the number of verified cryptocurrency users had more than doubled in the year 2018 as compared to the figures of the year 2017. The study has found out that there are 35 million authenticated cryptocurrency users registered at the end of September 2018.
This increase comes as a surprise despite the bear market conditions that have highlighted most of the year. The Bloomberg has reported, the study found that the majority of users are individuals and not business clients, so most of the study has a lot to catch up.
While the places which are experiencing economic turmoil like Venezuela, citizens have been forced to switch to cryptocurrencies instead of the normal local currencies. For many of these people, it’s actually an advantage to using such borderless virtual currencies like Bitcoin which can provide access to international payments and the global economy.
The study also notes that the Individuals that are the part of the cryptocurrency market may be hobbyists, retail investors, consumers, or users seeking a better investment or payment alternative. It is also noted that even a single user can hold multiple accounts or digital wallets. The research has also found out that there has been a significant increase in the total number of cryptocurrency accounts this year.
Another report by a Digital asset research company Delphi has found that there is only a significant amount of the digital currency in a few BTC wallets which also means that the retail investors are stocking up on small amounts i.e. they are buying fractions of a bitcoin. 90 per cent own less than a tenth of a bitcoin (~$340) of the 22.9 million addresses that contain BTC. The study also shows that approximately 80 per cent of the cryptocurrency accounts contain less than $100 in BTC. Also, about 25 per cent of the total bitcoins owns between 10 and 100 BTC.
The relatively small amounts and a growing number of verified users and number of active addresses indicate the growing adoption of cryptocurrencies among the general population. It is also expected that Bitcoin will reach in mainstream scale soon with this pace.