Topic: Best way to measure Bitcoin popularity? - page 2. (Read 3020 times)

The price could easily be manipulated thus, it is not a good measurement. Lets say there is a big investor who invests $100 mln into Bitcoin. The would cause a price explosion. But it would say nothing about the popularity.

Agreed, There are many people who wants to learn whole concept of bitcoins, like from where they should invest, when to invest, and make sure they don't invest into any ponzi schemes, and they can get valuable information from this forum.

I think the best way to measure popularity is by the price, but also the number of transactions happening every day.


One bitcoin can be a lot of money to some people, but some people join this forum to either learn more about it before they take the plunge or to actually try to earn their first coin in some way.

People are using it for online transactions that is good, but that brings us to the same point that others who are not involved in online shopping are not aware about the bitcoins, if a common man is aware about the bitcoins then I think it is popular.

Sure, but the difficulty comes in how to measure such adoption. As far as I am aware there isn't a database of all outlets accepting bitcoin that is updated regularly or for global wide businesses.

I think there are some country which its government ban bitcoin, but most people there have known about bitcoin and getting into it. They dont build any grocery shops that accept bitcoin in their country, but do online transaction actively. So, although there is no bitcoin grocery shop, bitcoin still popular there.

Popularity of bitcoins can be calculated by the adoption level. If the adoption level keeps on increasing day by day, than the bitcoin is gaining popularity, if a small grocery shops starts accepting bitcoins as a mode of payment than it is gaining popularity. If every single person is aware about the pros and cons of bitcoin than it is popular or else it is not.

I think once we can walk into high street stores and pay using Bitcoin, this will be a true sign rather then just a few niche stores here and there.  paying for your Mcdonald's with BTC would mean that's it game over job done haha

The act of stress testing itself is a measure of popularity in some ways, though. Who would stress test on a useless technology that no one wants?


there aren't many ways to measure the amount of activity around bitcoin accurately. Perhaps one other way is by looking at VC funding. However VC funding also has a lot to do with how good the economy is at that particular time and not just how healthy bitcoin is.

People shouldn't be relying on blockchain wallets no, but thats a different story.

As mentioned though just transactions is a terrible metric for measuring popularity. An example if right now while people are 'stress testing' the blockchain by spamming it with transactions. Those transactions are certainly not part of a measurable for bitcoins popularity.

I dont think thats a effective way to measure bitcoin popularity, since people could make multiple wallets imo, and we cant know the origin country of the people who do the transaction. And after blockchain got few problems in couple days ago, people began to use other wallet.

The concept of a decentralized cryptocurrency without political borders can be challenging at first. Bitcoin forces us to adjust the way that we think about money and value transfer. Fortunately, the bitcoin community has been excellent at consolidating informational data through a loosely-integrated group of dedicated volunteers.

Here are the top 10 bitcoin statistics in no particular order. I have intentionally omitted certain statistics like bitcoin miners’ revenue and mining operating margin because they focus on a subset of the user community. Also, I have tried to provide alternate data sources where available to broaden the statistic’s usefulness. If you don’t see your favorite listed here or if I have missed any important statistics or charts, please feel free to let me know in the comments below.

1. Market Capitalization – This displays the historical number of total bitcoins in existence multiplied by the exchange rate for that day in US Dollars. It can be considered the bitcoin monetary base.

2. Price Chart – This chart displays the last trade price for bitcoin (BTC) against a number of currencies and ranks the exchanges by 30-day volume. Advanced charting capability is provided here. The price depth chart of BTC/USD on the MtGox exchange is usually the best indication of overall market price.

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3. Exchange Volume Distribution – This pie chart displays trading volume distribution by exchange and by various bitcoin currency pairs.

4. Network Hashing Rate – This displays hashing difficulty and the estimated number of Giga hashes per second (computation speed) that the network is performing for various time windows. Calculated by dividing maximum target by current target where target is a 256-bit number, difficulty measures how difficult it is to find a new block compared to the easiest it can ever be. Difficulty adjusts every 2016 blocks (or two weeks) and to find a block, the SHA-256 hash of a block’s header must be lower than or equal to the current target for the block to be accepted by the network.

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5. Hash Rate Distribution – This pie chart is an estimation of hash rate distribution amongst the largest mining pools. It is important to monitor because the integrity of the network depends on a single actor not exceeding 50% of the overall hashing power. A more detailed alternate chart using a different data source, IP address that first relayed the block, is Block Origin.

6. Number of Daily Transactions – This chart displays the total number of unique bitcoin transactions per day. An alternate version is also provided that excludes transactions with the top 100 popular bitcoin addresses based on number of outputs. The advent of Satoshi Dice has probably been most responsible for the surge in nominal transaction count since late April.

7. Daily Transaction Volume – This measures the estimated transaction volume per day in US Dollars. An alternate graph visualizes bitcoin network activity in real-time, including transactions, block creation, and currency trade measured in BTC.

8. Bitcoin Days Destroyed – Applying a 7-day average to the non-cumulative chart calculation, Bitcoin Days Destroyed for any given transaction is calculated by taking the number of bitcoin in a transaction and multiplying it by the number of days it has been since those coins were last spent. Bitcoin Days Destroyed attempts to provide a reliable indication of transaction volume that strips out transfers to oneself and immediate account reorganizations since a high value for days destroyed indicates less hoarding and more old bitcoin on the move. It can be considered a measure of monetary velocity. The cumulative version can be found here.

9. Average Transaction Confirmation Time – This measures the average (mean) amount of time in minutes that it takes for a transaction to be accepted into a block. Reasonable estimates differ on the amount of time and confirmations for a transaction to be considered cleared and ‘good’ but that appropriate risk level would be associated with the transaction’s value. Also, see this excellent chart that displays transactions with fees paid against those with no fees paid.

10. Largest Recent Transactions -  Culled from the last 50,000 transactions, this top 100 list gives an indication of actual transaction sizes in bitcoin occurring on the network.

Another useful site with real-time statistics and tools that I like is provided by Bitcoin Block Explorer.


http://www.forbes.com/sites/jonmatonis/2012/07/31/top-10-bitcoin-statistics/

Good way is through transactions only, from blockchain because blockchain is best wallet and there's more transactions than any other wallet !! 

Yeah I have participated that questionnaire
Some people think its too busy for taking their time to participate any survey or poll, and most of those question seems very personal. Thats why just little amount of bitcoin user who want to do that.

Yes, we could do some tests such as exchange goods or money with Bitcoins with the people on the street, and see if they would like to exchange with you.

It is quite an eye opening read. On the flip side if Bitcoin was truly popular barely a soul would be capable of owning a whole coin.

There are several leaps to make for a coin owner. Hearing about it, knowing about it, properly understanding what it entails, wanting it and then actually getting hold of some. That process might take years for certain people and most would fall at the final furlong.

Lots of people make lots of noise but most don't have the spare cash or the balls to actually own any.

Just try this; https://www.google.com/trends/explore#q=bitcoin%2C%20porn%2C%20facebook&cmpt=q&tz=Etc%2FGMT-3

facebook & porn & bitcoin. you'll see

Further to this, you shoudl check out the thread asking people who has 1btc or more. Im gobsmacked that 90% of the people there dont own a whole coin. If you made assumptions that 50% of the accounts on ths forum don't own a whole btc then you can see how any sorts of surveys, traffic counts etc can be deceiving.

Maybe but traffic counts can be deceiving too. How many trolls are here that don't use Bitcoin? How many Something Awful goons? How many law enforcement officers? How many people don't give two shits about Bitcoin but came here because they heard it's great for signature campaigns and the minute that money dries up their gone? You're going to scoop up a lot of people that you don't want with traffic counts.

Edit: Check out this thread - https://bitcointalksearch.org/topic/participants-wanted-for-the-study-on-bitcoin-user-experience-and-perceptions-1139726

Survey is the better way but not the best. Sometimes the participants of any survey dont represent the whole of people or society, although they have chosen by a random way. The best way imo is counting the participant of any bitcoin forum like this forum, any exchangers site, gambling site, etc