A recent report suggests that the user count of Blockchain Inc wallet has grown to a massive 34 million in 2019, the percent growth of 48% from 2018 is for sure a reason to rejoice. If we compare the number from 2012, the growth rate goes up by a staggering 1 million percent.
The growth of Bitcoin wallet adoption has followed the same arc as the currency itself. The growth rate between 2014 – 2016 stood at 500%, while the rate between 2016 – 2018 was measured at 280%.
Blockchain Inc is one of the most noted software development company based out in London and apart from providing wallet support for Bitcoin, Bitcoin cash and Ethereum, it also offers a range of tools for developers and real-time data to consumers to analyze and compare the digital economy.
Many experts believe that the growth of wallet consumers is a clear indication of Bitcoin adoption. It is a piece of clear evidence that the number of users using cryptocurrencies especially Bitcoin for a number of reasons be it as a medium of exchange or store of value are on the rise. It indicates that more people understand what cryptocurrencies are and how it is beneficial to them over the traditional fiat currency.
Probable Reason For The Growth Of Blockchain Inc Wallet
if we go by the sources close to the brand and many crypto analysts have reaffirmed it, that the curiosity among the common public regarding cryptocurrencies are at an all-time high. Some places have seen a larger adoption because they don't have any proper banking facility available in their locality.
The prime example of such a case is the African continent which has seen massive growth in bitcoin adoption, in the absence of any proper banking services in the area.
Paxful, a cryptocurrency exchange sent out a team to the region in 2018 after they realized that the growth in Bitcoin adoption is at least 225% greater than many other markets.
The team was baffled to see that the country with inadequate and underdeveloped banking sector was using Bitcoin to fund various businesses and also use it as a daily driver of exchange. Basically, the continent was using Bitcoin in every way, Satoshi Nakamoto, the anonymous creator visioned Bitcoin to work.
Another factor which has seen a massive rise in the Bitcoin and crypto use is the hyperinflation which has crippled many developing nations like Venezuela and Zimbambe to turn towards the decentralized currency. The native fiat in these nations have become useless, they are not even the worth of the paper they are printed on. The condition in Venezuela is so bad that people are dumping fiat on the roads.
This Is Just The Begining
A 34 million strong wallet user base is sure a thing to rejoice, but it's just the beginning as many believe the majority of the population still does not understand what Bitcoin and cryptocurrencies bring to the table. Apart from the efficiency and minimal transaction fee, the biggest factor is the speed.
Take international payment, for example, a traditional payment portal like Western Union take anywhere from 3- 5 days and the charges for the same might you regret your decision. On the contrary, Bitcoin takes a maximum of 4860 seconds to transact the same amount and Ripple takes a mere 4 seconds. Can you see the contrast, this is why there is a long way for the cryptocurrencies to go.
Traditional Payment portals like VISA and MasterCard boasts of 723 million and 644 million user base. That is quite a significant amount, but one must note that they have been in the business for way longer and widely accepted due to centralization.
However, one must also note that 34 million wallet users do not mean the number of people using those wallets stands at 34 million, as its quite common for one person to hold more than one wallet.