Opinions

“What is Bitcoin?” Tops The Most Searched Questions On The Internet

Bitcoin is the most popular cryptocurrency in the world and it has been through major ups and downs. The digital currency’s price has been on a roller-coaster ride and its usage has seen significant growth as well. Crypto experts associated Bitcoin’s popularity to a number of reasons such as being classified as a safe, decentralized digital asset, which has enabled anonymous transactions and purchases online. The no-VAT judgment in Europe also added to the increase in Bitcoin becoming a popular digital asset with considerable value as a currency.

One of the driving factors behind the coin’s high value is its extensive applications around the world and many people are now opting to use it for carrying out transactions instead of utilizing other sources. When you look at Bitcoin from a consumer’s point of view, Bitcoin provides increased simplicity and comfort when it comes to performing online transactions or purchases along with reliability, anonymity and peace of mind. These are characteristics that one does not find in conventional methods of payment such as debit cards and credit cards since these are associated to a higher level of frauds or risks.

Nowadays Bitcoin is the top most trending subject on every social media platform and various search engines, as buyers and investors are vying to keep themselves up to date with the rise and fall of Bitcoin’s prices since one time it surged to almost twenty thousand U.S. dollars last year and then fell to approximately as low as six thousand U.S. dollars in June this year. The best indicator of a topic’s popularity in the world and the buzz surrounding it is its position among the most searched things and its search volume on Google and other search engines. As a matter of fact several crypto investors use Google searches and data from social media to track the progress of a cryptocurrency before making any investments.

According to data released by Google the question ‘What is Bitcoin?’ topped the most famous search question in the countries: United States and United Kingdom during this year 2018, which clearly shows that Bitcoin really took over the consciousness of the public this year.

Outshining various accomplishments on search engine rankings during the past twelve months, the latest volatility in Bitcoin’s price experienced an increased interest with public seeking to understand its future peak following a time period of stability in value.

Despite the fact that Bitcoin topped the list of all ‘What is…’ questions, the famous digital currency lost its position on the ‘How to…’ enquiries with the second top cryptocurrency Ripple (XRP) bagging the number one spot. During this year users were mostly searching more on how to purchase or invest in Ripple (XRP) as the most searched questions ‘How to buy Ripple?’ was ranked at number four on Google’s ‘How to …’ list, at the same time Bitcoin is currently at the eighth position.

The expanded popularity of Ripple is most suitably associated with a recent publicity campaign especially on social media.

According to previous reports even though the overall Google searches for ‘Bitcoin’ dropped down by 75 percent as observed in June this year, the term still managed to remain popular than the household names like Beyonce.

During this year in mid-November as the controversial hard fork of leading cryptocurrency Bitcoin Cash (BCH) caused a lot of volatility across markets, as a result the search interest in ‘Bitcoin’ surged to an all-time high in six months and gradually trailed off to lower numbers in the following weeks.

As of now countries like South Africa, Ghana and the Netherlands represent the countries which are the top three sources of Bitcoin related searches.

Intriguingly searches related to ‘Ripple’ in the meantime have essentially been bottom line as of May. The volume of searches performed on search engines such as Google and Investopedia are a clear indication of the level of curiosity, popularity and interest that has surrounded Bitcoin. People around the globe are very interested in learning about Bitcoin and the technology that supports it in order to gain from it. Even though other crypto terms such as blockchain, Ethereum and Initial Coin Offerings have undergone a significant increase over time, Bitcoin still manages to rise above all.

Investors truly believe that Bitcoin is not simply another form of a currency instead it is here to cause significant improvement in the way we conduct our financial transactions. A modern transparent and fair financial system is needed by every individual on this planet. Hence through this technology it is possible for the first time in human history.

Habibah Shahid

A Computer Science student but a writer at heart. Habibah writes about Cryptocurrencies and the underlying technology, Blockchain, with the perspective of a Computer Scientist. Email: Contact the editor at editor.news@blockpublisher.com

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