Bitcoin: Statistics and Facts
Introduction to Bitcoin
Bitcoin is the next generation of payments. Bitcoin is a cryptocurrency which allows, thanks to the blockchain, to send and receive money without having a financial institution as an intermediary.
By being a decentralised form of currency and not part of any institution makes it distinct from other currencies like fiat money.
The characteristics of Bitcoin are:
The value of bitcoin is backed up by mathematics and comes from:
- adoption, as more users, companies and merchant are embracing cryptocurrencies;
History of Bitcoin
The first idea of digital currency was conceived and described by Wei Dai in 1998, a computer engineer also known for b-money, Crypto++ and VMAC. Since then, together with Satoshi Nakamoto, Adam Back and other developers, they worked in developing the concept of Bitcoin – releasing the white paper on 31 October 2008.
Later on 09 January 2009, Satoshi Nakamoto writes on SourceForge:
>>> Announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending. It’s completely decentralized with no server or central authority.
Thus, a new era of digital currencies and payments was introduced to the world-wide market.
Bitcoin Price over time
The price of Bitcoin is set on supply and demand, a price model in microeconomics and it postulates that when the demand goes down the prices follow and when the demand goes up the prices follow.
Total Circulation on the Market
The Bitcoin protocol provides only 21 million coins in circulation. The following graph shows how many Bitcoins are in circulation or the amount of coins mined until today.
Bitcoin Market Capitalization
In order to have a complete overview of how much worth is Bitcoin, we need to consider its capitalization. We can use the simple formula:
Market Capitalization= Total Number of Bitcoins x Bitcoin Price
The result of this formula shows the total value of Bitcoin on the market. Also, you will be able to see the market’s perception.
Adoption of Bitcoin and Blockchain
Massive adoption of blockchain, the technology that allows the existence of bitcoin, is just behind the corner. In fact, the pioneers of this technological revolution are financial services, manufacturing and other production companies. We could see an incremental adoption also with crypto casinos, which are quite preferred by the final customers, but not only.
According to PwC research, the top industries that are embracing Blockchain are:
46% Financial Services
12% Industrial Products & Manufacturing
12% Energy & Utilities
4% Retail & Consumer
BATMs in the world
What is BATM?
A BATM stands for Bitcoin Automated Teller Machine, commonly known as Bitcoin ATM. The Bitcoin ATM is a physical totem that allows you to buy or, in some cases, sell Bitcoin or other cryptocurrencies. People can utilize cash or debit cards in order to obtain their bitcoins, they will be required to provide ID or a telephone number to finalize the purchase, in some rare cases none of these will be asked.
Today as 1st July there are about 8234 BATMs all over the world and:
- 84.78% are located in North America;
- 11.02% are located in Europe, with a slight decline over the past few months;
- 2.03% are located in the Asian continent;
- 1.57% are located in Latino America;
- 0.41% are located in Oceania;
- 0.19% are located in Africa.
Generally, you can find BATMs in airports, shopping centres, train stations, restaurants and in many other places.