Bitcoin Users Double Every 12 Months - page 2.

nomad1109

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Quote from: krishnapramod on October 14, 2017, 12:28:29 PM

Willy Woo, a highly regarded Bitcoin and cryptocurrency researcher, utilizing Google Trends as one of the main indicators of Bitcoin user growth recently revealed that the number of Bitcoin users approximately doubles every 12 months.

Woo noted in his report that 26 years from now, if the user base of Bitcoin continues to grow at this pace, nearly everyone in the world will use Bitcoin.

Quote

User Base: Major Factor For Long-Term Price Surge of Bitcoin

The Bitcoin price is a practical indicator of Bitcoin’s real-world value, relative to other assets and currencies. While many factors affect the Bitcoin price in varying periods, user base, developer activity, and global adoption have been the three key factors behind the long-term increase in the price of Bitcoin for the past eight years.

"What we have here is a steady exponential growth baseline with periodic peaks. These peaks are are inline with price bubbles where more users start checking the price of their precious coins. Taking readings from the baseline results in an order of magnitude growth every 3.375 years. Or expressed in terms of time to double the user base it’s approximately 12 months."

In the long run, if the adoption rate of Bitcoin in major regions such as the US, Japan and South Korea can be sustained, the market cap of Bitcoin would likely surpass that of JPMorgan, the largest retail bank in the world valued at $350 billion, and achieve the trillion dollar mark.

https://www.cryptocoinsnews.com/woos-law-bitcoin-users-double-every-12-months-major-factor-for-long-term-price-surge/

http://woobull.com/woos-law-of-bitcoin-user-growth-bitcoins-adoption-curve/

That's an interesting approach. I hadn't thought of using google trends to evaluate user base, but that's pretty clever. I'm looking forward to seeing more studies on the correlation between users and value, and also what triggers potential new users to take the step into buying a digital currency. Exciting times, for sure!

KEPLER99

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Quote from: jpoker272727 on October 19, 2017, 12:30:38 AM

Quote from: Sled on October 14, 2017, 11:31:44 PM

There is no doubt that this is true, every month the users of bitcoin is increasing because a lot of people are getting introduced in bitcoin because they are all getting curious about the price of bitcoin and why the people are getting into it. The price of bitcoin and its users are alike because they are both increasing and i hope someday the price of bitcoin will go up into a very surprising price.

This fact is crystal clear that people who cherish bitcoin currency are increasing exponentially day by day. You don’t need to now teach people about bitcoin rather they themselves are very curious about this investment since those who are using it around them are day by day increasing their capital easily. I am pretty sure that within next five years everyone will be suing bitcoin as a mode of currency.

Bitcoin prices are rising gradually and going beyond the affordable limits and that is good for the investors this is happening just because of popularity increase, but for those who are thinking to invest In it are waiting for the dump so that prices will come down but there is no possibilities to this bitcoin has defeated all the hurdles in its way and now path is clear so invest now before it is too late and the only thing you do in future will be regret.

Sithara007

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This is good news for us. And this means that the price will also increase proportionately. Also, a lot of institutional investors are showing interest in Bitcoins now. The only thing that is holding them back is the unclear legal status of Bitcoin and the vague tax rules. But I honestly hope that the situation will change by 2018 end. Even now a lot of the countries are planning to legalize BTC.

miyaka26

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Also the popularity and demand of the technology like PC and android phones makes the bitcoin attract people to invest to it, another one that helps the btc is the social media and some news agency who introduce the great potential of the blockchain technology behind the bitcoin, that's why this year the bitcoin price reach it's breakthrough and we speculate that next year it will reach and break its price record.

Siren

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Quote from: player514 on October 19, 2017, 12:37:57 AM

Quote from: krishnapramod on October 14, 2017, 12:28:29 PM

Willy Woo, a highly regarded Bitcoin and cryptocurrency researcher, utilizing Google Trends as one of the main indicators of Bitcoin user growth recently revealed that the number of Bitcoin users approximately doubles every 12 months.

Woo noted in his report that 26 years from now, if the user base of Bitcoin continues to grow at this pace, nearly everyone in the world will use Bitcoin.

Quote

User Base: Major Factor For Long-Term Price Surge of Bitcoin

The Bitcoin price is a practical indicator of Bitcoin’s real-world value, relative to other assets and currencies. While many factors affect the Bitcoin price in varying periods, user base, developer activity, and global adoption have been the three key factors behind the long-term increase in the price of Bitcoin for the past eight years.

"What we have here is a steady exponential growth baseline with periodic peaks. These peaks are are inline with price bubbles where more users start checking the price of their precious coins. Taking readings from the baseline results in an order of magnitude growth every 3.375 years. Or expressed in terms of time to double the user base it’s approximately 12 months."

In the long run, if the adoption rate of Bitcoin in major regions such as the US, Japan and South Korea can be sustained, the market cap of Bitcoin would likely surpass that of JPMorgan, the largest retail bank in the world valued at $350 billion, and achieve the trillion dollar mark.

https://www.cryptocoinsnews.com/woos-law-bitcoin-users-double-every-12-months-major-factor-for-long-term-price-surge/

http://woobull.com/woos-law-of-bitcoin-user-growth-bitcoins-adoption-curve/

I doubt that this linear model will keep up just based on the amount of Google searches. I think the model will end up reaching some kind of limit; you have to take into consideration the people who are actually interested in Bitcoin as well as those who may not even have access to resources that can introduce them to the currency. It seems like the Google search amount wouldn't really keep skyrocketing.

Of course this linear model will hit a wall one time or another so its really hard to based everything on it. Maybe we can just used it as a guide to see how bitcoin is growing in relation to the price. I tried to check bitcoin as well in Google Trends:

https://trends.google.com/trends/explore?q=bitcoin

And its interesting to see this countries on top, this is the next generation countries that has see the potential of bitcoin and its usage.

1 Nigeria
2 Bolivia
3 South Africa
4 Ghana
5 Slovenia
6 Austria
7 Singapore
8 Malaysia
9 Colombia
10 Netherlands

player514

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Quote from: krishnapramod on October 14, 2017, 12:28:29 PM

Willy Woo, a highly regarded Bitcoin and cryptocurrency researcher, utilizing Google Trends as one of the main indicators of Bitcoin user growth recently revealed that the number of Bitcoin users approximately doubles every 12 months.

Woo noted in his report that 26 years from now, if the user base of Bitcoin continues to grow at this pace, nearly everyone in the world will use Bitcoin.

Quote

User Base: Major Factor For Long-Term Price Surge of Bitcoin

The Bitcoin price is a practical indicator of Bitcoin’s real-world value, relative to other assets and currencies. While many factors affect the Bitcoin price in varying periods, user base, developer activity, and global adoption have been the three key factors behind the long-term increase in the price of Bitcoin for the past eight years.

"What we have here is a steady exponential growth baseline with periodic peaks. These peaks are are inline with price bubbles where more users start checking the price of their precious coins. Taking readings from the baseline results in an order of magnitude growth every 3.375 years. Or expressed in terms of time to double the user base it’s approximately 12 months."

In the long run, if the adoption rate of Bitcoin in major regions such as the US, Japan and South Korea can be sustained, the market cap of Bitcoin would likely surpass that of JPMorgan, the largest retail bank in the world valued at $350 billion, and achieve the trillion dollar mark.

https://www.cryptocoinsnews.com/woos-law-bitcoin-users-double-every-12-months-major-factor-for-long-term-price-surge/

http://woobull.com/woos-law-of-bitcoin-user-growth-bitcoins-adoption-curve/

I doubt that this linear model will keep up just based on the amount of Google searches. I think the model will end up reaching some kind of limit; you have to take into consideration the people who are actually interested in Bitcoin as well as those who may not even have access to resources that can introduce them to the currency. It seems like the Google search amount wouldn't really keep skyrocketing.

sofi@

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I will not be surprised if the number of bitcoin users will be double or even tripled every year because the popularity of bitcoin is getting wider now and I think the increase in value of bitcoin contribute to the interest of new users who believe that bitcoin can make them rich in the future.

jpoker272727

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Quote from: Sled on October 14, 2017, 11:31:44 PM

There is no doubt that this is true, every month the users of bitcoin is increasing because a lot of people are getting introduced in bitcoin because they are all getting curious about the price of bitcoin and why the people are getting into it. The price of bitcoin and its users are alike because they are both increasing and i hope someday the price of bitcoin will go up into a very surprising price.

This fact is crystal clear that people who cherish bitcoin currency are increasing exponentially day by day. You don’t need to now teach people about bitcoin rather they themselves are very curious about this investment since those who are using it around them are day by day increasing their capital easily. I am pretty sure that within next five years everyone will be suing bitcoin as a mode of currency.

Kronos21

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Who will answer my question of how using Google you can track the growing number of users. Maybe it is growing just a number of queries about bitcoins. As far as I know bitcoin is a anonymous network and it is therefore impossible to define a single user makes transaction with different addresses, or a lot of users. We can only talk about the growing interest in bitcoin. But not everyone receiving information about the bitcoin becomes a user.

gabmen

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There's really no denying the popularity of bitcoin growing extremely fast recently. I'm basing it from last year when i learned about it. I didn't really hear people then talking about it then and i myself am skeptic about it. But look at it now. Even bigwigs like jamie dimon is talking about it.

Sled

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There is no doubt that this is true, every month the users of bitcoin is increasing because a lot of people are getting introduced in bitcoin because they are all getting curious about the price of bitcoin and why the people are getting into it. The price of bitcoin and its users are alike because they are both increasing and i hope someday the price of bitcoin will go up into a very surprising price.

Deathgamer

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Quote from: Hartisinle on October 14, 2017, 12:50:01 PM

Fixed number of bitcoin is the reason why price high when many join to BTC world you will have High Demand

so High Demand with fixed amount mean High price

In my own opinion the reason why bitcoin users double every 12months its beacuse of the popularity.while here in this site people earn bitcoin they will spread it out to their friend in the social media or on any other site thats the reason why bitcoin user double every 12months because those people that has been notified about bitcoin will totally join bitcoin to start earning as well.

bubblebit

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That’s really accurate for me that it doubled every year and the price is not basis of it even if bitcoin increased double its price for few months because we can assumed that the same investors are buying for more as the bitcoin fork is coming. A free coin was so tempted that’s the reason of the huge rapid increases this week. And heard about the Indian investors has double its number as my friend give me that information a few days ago.

That’s chart is more of a reminder that we’re not alone to support cryptocurrency and a good sign for a more better future of it.

digaran

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Bitcoin users double every 12 months while the price is doubling every 6 months, look how the price was at $3000 almost 6 months ago and look how it is at $5600 almost doubled. but I don't know where the whole world will own some Bitcoin is coming from? population is increasing, Bitcoin will never catch on with every body.

Kemarit

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Quote from: Dexion on October 14, 2017, 05:02:52 PM

this is very interesting ,, if the number of users every 12 months increases, that's a very good thing, because there will be more people who invest in bitcoin, so the bitcoin value in the next time will be higher, the more rare, but more and more users, then the bitcoin value will be more expensive ,,

Interesting observation. A lot of intriguing technical analysis is coming up everytime bitcoin reaches ATH. LOL. Numbers can be deceiving but you can put a lot of spin on it and apply to bitcoin market because its really hard to predict its price movement. Of course the user based will increase in time because bitcoin is gaining wider acceptance. Not only that, blockchain, the underlying technology behind bitcoin has also been eyeing by big companies and implementing it to their legacy system. Even Jamie Dimon sees good thing about it. So its just a matter of time, whether in gambling business, pharma, banking and other sectors that blockchain/bitcoin could be carry out. And again, another step closer for wider acceptance resulting to bitcoin price doubling every 12 months.

Dexion

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this is very interesting ,, if the number of users every 12 months increases, that's a very good thing, because there will be more people who invest in bitcoin, so the bitcoin value in the next time will be higher, the more rare, but more and more users, then the bitcoin value will be more expensive ,,

SaShiRaJaVu

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The user base is increasing as time passes by as more new people are getting hooked in to the crypto currency platform and i am not sure about the legitimacy of the study and what are the conditions they have taken to make this statement valid is yet to be proved and what ever it may be i am interested to see more people coming into bitcoin.

Hydrogen

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Good post OP. Thanks for posting this.

Rising demand and exponential growth of btc's user base are some of the main factors which prevent bitcoin from accurately being labeled a bubble. In order to maintain the increase of bitcoin's value, there must be some underlying fundamentals which are growing at a similar pace to justify the increase in valuation. This serves as a legitimate counter to kneejerk reactionary analysts who claim "bitcoin is a bubble" without addressing the underlying metrics.

Like Ben Bernanke said in years past to dispute claims of a housing bubble: "the fundamentals of the economy are strong".

The fundamentals of the bitcoin economy are definitely much stronger than the fundamentals Ben Bernanke talked about back then.

tomahawk9

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Great news for bitcoin and the cryptocurrency community, but i wonder how much of those users are speculators. I would like to see how much the growth of transactions for for goods bought with bitcoin has been against goods you buy with fiat. That would tell me if bitcoin is being accepted around the world a lot more every 12 months. Then we can talk about it's growth in the next decade.

Pearls Before Swine

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Speculators, all speculators. I'd be interested to find out how much the real bitcoin-for-goods
transactions are growin. I think if transactions are going up, it's because people are buying
and holding, or trading in the altcoin markets. There's a lot of new money coming in, which
is why the price has shot to the moon lately, but I highly doubt these people are passionate
about crypto. They just want to make a fast buck and get out.

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