Since time when first website was launched until today, Internet has evidently reshaped humankind. The contrast between cryptocurrencies and the rise of internet are perpetually drawn; however we wanted to assess this contrast and see how far we get along exactly. In this blog, we will also discover the widespread of Internet and see what sort of key facts we can unearth.
How does this comparison grow so strong?
It’s nearly impossible to know exactly how many people are using cryptocurrency and how often, for –
Hence, the mere way to get an understanding of users for digital currencies is through estimation.
Measuring the user growth of cryptocurrency
We tried approximating digital currency user growth in some ways:
Today, there are more than 24M wallet addresses active in total. Well, this should not be confused as 24M Bitcoin users as an individual can hold more than one wallet address and it’s advisable that you generate a new address for each transaction processed.
Furthermore, we can also have a look at the figure of active addresses as per daily transactions. The highest quantity of active address seen per day was more than 1.1M – this is sheer an estimation of everyday active users within the network of Bitcoin. If the key point of Bitcoin, however, is considered as a pure value store, then you will estimate a much lesser DAU Versus any conventional website or mobile application.
Altogether, there are more than 31M ETH addresses with maximum daily active addresses on 1.1M. Ethereum is a tad different than BTC, for smart contracts take pride in their own addresses and use on ETH must be higher since ETH is built as a smart contract platform, not just as a store value. Users of BTC and ETH are not exclusive mutually, so we would assume a high degree relationship between these two.
Another way to estimate the user growth of digital currencies is to rather check through the trading exchange platforms themselves – both crypto-crypto and fiat-crypto exchanges. Only a small bunch of cryptocurrency exchanges have made their total number of users and growth in users public. If we take it by the exchange fees and their market share, then the result would be quite like:
In addition to this, if we consider all the exchanges where user counts and trading volume, we sure can figure out the approximated trading volume per trader. With this number, we can as well predict across all trading volumes and what approximated rate of crypto users as a whole.
There is a crystal clear evidence of increasing growth in user rate of decentralized exchanges, as per Modulus Exchange report. If any case, you have a mind of joining an exchange, Bitsmo makes a great choice, for us being directly collaborated with the Modulus.