A study recently confirmed that trillions of dollars have already been transferred to the Bitcoin network.
Bitcoin had been around for about a decade, but there was little interest in it during its first three years. However, lots of things have happened since then, and people began to see its potential.
In 2013, Bitcoin hit the $14-mark, a huge stride at the time. Though it wasn’t that much, it was already a big deal as the value of Bitcoin had been lower than 1 USD just shortly before. Now, 1BTC is priced at $8,030. It might have recently slumped, but it’s considerably higher than a year ago.
Bitcoin has now become a full-blown investment vehicle. $6 trillion being transferred across the Bitcoin network is a huge feat for a cryptocurrency that had been subject to numerous negative reports involving price volatility and hacking incidents.
This is a very good sign for Bitcoin as it shows that the cryptocurrency has a practical use. The findings also stated that the $6 trillion includes all the rewards that miners got, as well as the moving of funds to and from crypto exchanges.
In addition, the daily Bitcoin transaction volume is increasing rapidly, another sign that the crypto is becoming a part of mainstream society. Another reason why this is a surprising feat for a cryptocurrency is that it had undergone a series of extreme peaks and lows.
This led to higher transaction fees and constant transaction delays. However, these annoyances weren’t enough to stop its trend upwards. The daily transaction volume of Bitcoin is around $10 billion.
There has now been over $6 trillion USD in value sent using #bitcoin, with just under $10 billion being sent daily.
Anyone doubting bitcoin's role as a medium of exchange is clearly not looking at the data. pic.twitter.com/lr1AXJRbbv
— Josiah Hernandez (@chartingbitcoin) April 4, 2018
Reports also stated that the number of Bitcoin users is constantly increasing. One reason, said crypto experts, was because of Bitcoin’s sudden increase in value last year where it reached around $20,000 per coin.
Cryptoanalysts and enthusiasts forecasted that the amount of money being sent across the network would continue increasing. This is likely to happen because more crypto exchanges are going to open this year despite strict global crackdowns.