Topic: Less than 0.3% of the world population owns more than 1$ worth of BTC - page 2. (Read 451 times)

I don't think we'll get an actual block size increase at all. I'm not being overly negative here, but just look at where we are going with Bitcoin.

If Segwit adoption keeps increasing, which it seems to be doing slowly, it means there are more transactions that can fit into one single block. In other words, less incentive to increase the block size. Another very important on-chain upgrade will be Schnorr, which will then free up block space that can be utilized to process even more transactions.

On top of that, with how Tether is moving its activities from Bitcoin's Omni to Ethereum, it frees up some block space as well, hence the lower daily transaction count. Ethereum on the other hand is currently choking on all the Tether demand. Currently there are 140,000 unconfirmed transactions in the mempool and people complain about waiting hours and some even days for a confirmation.

Nice calculation, and I'm not even surprised at the numbers, I always knew that the actual adoption is pretty low, and that crypto news sites are full of shit and only write what people want to hear - in this case, some bullish news. I don't even expect Bitcoin's adoption to reach any high numbers like 20% or more, even 3-5% would be good numbers in my book.

That's true from my view, there is always a possibility for the price to get recovered to the point from which it fell low. The main mission of cryptography won't get disturbed, but the money that got into cryptographic technology is the one that has made it popular. If it happened just as a technology this could have never been this successful by this time.

There is one great phrase that explains the crypto trend today. It sounds 'Money makes the world go round'. That's why people just hold coins to sell expensive and forget about the true purpose of cryptography. I am afraid that this trend will not kill the main mission of cryptography - freedom

hear, hear stompix.

And it's not just about these kinds of stats about developing economies (I come from one and I smell the bullshit out of almost every other statistic ever produced about my country). Little nuance, deliberately avoiding context.

It's also about the so-called wealthy investors. You know all those Xapo mountain vaults storing is it $10 billion(?) in bitcoin? Those rich dudes don't realise they don't own shit. Not a single cent.

And all these guys, even people I know? They've paid for contracts. As worthless as the printed promise on paper money they also don't understand. They'll never see a Bitcoin address, much less sign a transaction or broadcast.

Love Bitcoin and all that but no. I'm sorry. It's not really reached the levels of distribution and ownership we'd love to tell ourselves. And with growing interest in custodial services?

What makes things worse is that even if you purchase something it doesn't mean a single transaction is done.
I always check for fun how my coins travel while I wait for the order to complete and sometimes I see them making like 3-4 hops before reaching what I guess is an exchange. So the actual capacity of the network might be a lot lower even with batching.

But if usage might not be possible on-chain, storing your coins should be.

11-2017 Addresses richer than 1 USD ...14,813,458   *with btc at 7000$.
Now:      Addresses richer than 1 USD....20,330,265   

I would call this at least disappointing...

Big change would represent the verified exchange-traded funds (or ETF's). Those would be almost certainly structured with BTC. This would push the demand for crypto investments with providing a safer or reliable investment for those less familiar with the system behind crypto. I think the number will go far beyond 0.3%

Unfortunately, Bitcoin currently can't handle that: With 328,284 transactions per day, 20 million people could each make only 6 transactions per year. A large increase in user numbers is only possible if an off-chain solution, side-chain or custodial wallet reaches mass-adoption.

No wonder. The smallest part of the world's population owns most of the world's funds

First:

This is not about coins you might have stored in 3rd party wallets or exchanges like Mt Gox or Quadriga. 
This is about coins you really own, not about promises you will have some if it's gonna be sunny tomorrow.

So lately I really got bored and growing a bit frustrated of all those articles with 10-20% of some 3rd world country population holding crypto, and one thing was like the last straw and made me start this topic, which some of you will really not like, I know it. 

And the culprit was this :

What can I say...lol?
16% of 57, let's say 45 million adults is 7 million. Let's just note this down. 7!
But there is Turkey, ..20% out of 60 million adults, another 12.
And we have also Brazil, Argentina, and Colombia with a 16% average that would be 250 million adults so 40 million more.

5 countries and we have reached 60 million so-called crypto users and owners
If we cut altcoin since the article clams bitcoin is the most popular we have 40 million at least.
So no EU, no US, no China-Japan-South Korea.
Just by adding China and India we would go close to 150 million.

On the other part, I don't have polls and interviews.
I have something far more reliable than this, something in which we all put out trust, or at least we should.
THE BLOCKCHAIN!

And the blockchain tells us this:


20 million addresses with over 1$, 7 million with over 100$.
Yet based on the article...the polls...the blogs...the...NO!

The chain shows 450 million transactions since the first block to claim that 5% of the population or even 1% uses bitcoin is ridiculous.


BUT!
Somewhat like a conclusion, is it bad?
No, I think it is great that we have reached such awareness levels and such price with so little actual usage.
It might actually be the case of really aiming for the moon once we reach for real those numbers in the articles.

The only bad thing is that people forget the main advantage of cryptos and more and more hold their coins on exchanges in order to be the first to sell high and buy low when there are ups and downs or just because of convenience.
Probably before real mass adoption, I would love to see a real change of trend here.