Tangible evidence that shows bitcoin could be growing as a mainstream currency

Bitcoin has been around since 2009 and millions of dollars have been invested in the industry. It’s always difficult to know how much a currency is worth globally because it’s not backed by anything, but there is some evidence that can help show crypto is growing as a mainstream currency. The most obvious thing is the amount of mined bitcoins in circulation: this number has been rising exponentially. It’s also worth noting that bitcoin was previously worth very little in comparison to today’s price, but it had a huge uptake in value year-on-year until about 2013, when it settled down quite a bit.

Here are some indications that bitcoin is growing in stature and volume.

• The record rise in the number of bitcoin ATMs in the world

It seems that the world is waking up to the potential of bitcoin. According to Coinatmradar, there has been a huge rise in bitcoin ATMs all over the globe. This is not too surprising as more and more people become aware of how useful the currency could be, especially when it only takes up about a megabyte of space on a hard drive. Now it is possible to use bitcoin for pretty much anything one wants to buy, since it runs online. This is a great thing to keep in mind, but the obvious question is where is all of this growth coming from? The answer is almost all the new countries that have started to rise in prominence. Unfortunately, according to Coinatmradar, there are still a lot of countries that are not even listed. The growth rate in countries in Africa and Asia, for example, could be phenomenal.

• The radical increase in the number of services and merchants accepting cryptocurrencies

Another thing is that bitcoin is not the only popular cryptocurrency out there. In fact, there are many other currencies that are around and growing in popularity. This can be seen through the rise of more websites, services and merchants accepting cryptocurrencies. There’s no real reason why they would all start accepting bitcoins when they don’t even accept litecoin. There’s no real reason for that to be the case because it is arguably lot easier and faster to work with any cryptocurrency, like bitcoin. However, it can get really annoying if the exchanges are not reliable (anyone who wants to know more can visit Bitcoin Up for up-to-date information).

• Legalised status of cryptocurrency

Some may have heard that the Japanese yen was some kind of digital currency, but the country doesn’t even have bitcoin as an option. On the other hand, there are a lot of countries that have legalised cryptocurrency exchanges and trading. Of course, one can trade it anonymously and without being tracked, but there are many people out there who prefer to use it like a normal currency. This is relatively easy to do, and there are more and more people creating new cryptocurrencies that can replace bitcoin in the future. Of course, one doesn’t want to be holding a currency that has no value, but there are a lot of other currencies out there, some with pretty high value.

• National governments and regulations

One of the key things to realise is that the Chinese government owns a lot of bitcoins. There have been several rumours in China that have forced bitcoin prices down, but they turned out to have been false. For example, there was talk about China going for a hard currency and banning bitcoin exchanges and trading, but this has not happened. In fact, many other countries are considering legalising cryptocurrencies because they can use them to improve their own economy. Of course, it’s not worth getting too involved in this, but those looking for a way of saving money and using it might consider giving cryptocurrencies a shot.

• Bitcoin’s bull run crossing the $9K mark during the Coronavirus crisis

When one looks at recent events when the Coronavirus was spreading and causing havoc, it’s not such a surprise that bitcoin has broken the $9K resistance. This virus is deadly, and people are desperate for a way to protect themselves without having to pay money to those who claim they can do this for them. Of course, it will be necessary to wait and see how things go because the future of cryptocurrencies is pretty much up in the air.

Conclusion

Obviously, there are a lot of factors to consider, including past calamities, but things are going better than ever for bitcoin. This is not just one big story, but many different stories all over the world. Many outcomes have been very favourable, but people are beginning to understand that cryptocurrencies are not some kind of get-rich scheme – but they could be useful, and many successful countries have embraced them as a way to improve their economy and make transactions easier.

The editorial unit