Unfiltered

Here’s Why Bitcoin’s Adoption Rates Are On The Rise

Bitcoin, undeniably the most popular crypto coin has had it’s share of good and bad press over the years. However, the crypto giant hasn’t always been in the news for the right reasons and 2018 was no exception.

Bitcoin’s lagging technology and the added blow of it’s high investment risks are a few of the main reasons why the cryptocurrency’s investor portfolio was dwindling in recent times.

However, patience is the name of the game as things might finally be looking up for Bitcoiners everywhere as it’s adoption measures have improved considerably due to 3 main reasons.

Affordability is key!

One of the most important factors for adoption for any product in the market is it’s cost. Bitcoin might finally have banked in on this reality by dropping down their transaction fees to costs as low as 25 cents!

Where can we sign up??

In early 2017, the costs of each transaction was so high that they did no justice to the actual worth of the transaction. But that has changed now since, currently, the miners on the network earn around $76,000 per day. That makes the average fee as low as around 25 cents and that is super affordable!

Safe and Secure

There is no doubt that the hash rate is the most reliable method of finding out the level of any network’s security. And Bitcoin has done just that! As of this year, the computing power running on this network by its user’s worldwide has doubled and is still on the rise!

We know this for sure because Bitcoin’s most reliable metric, it’s hash rate has multiplied from 17 million tera-hashes per second to an unbelievable 38 million today.

This means that it is not only super hard for a hacker to gain access to the network but also super expensive!  Estimations put the cost of an operation as huge as this at around $280,000 per hour.

Reliable amount of daily active users

Although the number of bitcoin’s wallet users have increased exponentially over the course of the past few years, this may not necessarily be the most reliable method of actual use. Since old and obsolete addresses rarely ever disappear, it’s up to the daily active users to paint an accurate representation of the network’s actual growth.

Since the mid of 2018, nearly half a million Bitcoin addresses have been active daily! The sheer number of daily active users is a sure sign of stability and a strong indicator that Bitcoin is on the rise!

Komal Zaheer

Writer. Procrastinator. Bra Burning Feminazi. Likes to make people laugh. Content Contributor @BlockPublisher.

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