If anyone has watched the crypto market this year, it is easy to see the way that it has plummeted. Bitcoin has been suffering almost as badly as the rest of them, but it seems that all of this commotion has caused more people to ask questions about Bitcoin and learn.
As a result, “What is Bitcoin?” became the most-searched phrase for questions in Google’s trending topics. This data represents the inquiries posed by individuals in both the United States and United Kingdom.
Other topics in the top questions include:
- “What is DACA?”
- “What is a government shutdown?”
- “What is Good Friday?”
- “What is racketeering?”
- “What is GDPR?”
- “What is a nerve agent?”
To answer the question, Google states that Bitcoin “is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.”
Right after, Google includes multiple YouTube videos of individuals explaining the term and the industry with more depth.
Presently, this seems to be the only good news Bitcoin is seeing lately. The coin reached the lowest point of the year recently, and last month showed the worst monthly loss in over seven years. While the market capitalization started at over $800 billion at the end of 2017, it unfortunately is down to $110 billion as 2018 nears its end.
The drop from a high of nearly $20,000 has been the steepest of any token or coin in the crypto industry. Presently, based on information from CoinMarketCap, Bitcoin is trading at $3,441.97, after going down about half a percent in the last 24 hours.
Based on the performance of both Bitcoin and the entire market, there seems to be two main trains of thought – progress the industry with learning about the involved technology, or watch the market reach an even lower low than before.
Investors seem to take the news as a sign of a positive future ahead, even though there has never actually been a connection with these Google searches and the progress of Bitcoin. Many consumers that chose to educate themselves about Bitcoin are the ones that end up investing later one. They believe that the lack of information is one of the main catalysts behind the slump.
However, while current investors wait for new investors to get involved, they are taking the time to expand on the use cases available for blockchain technology.