If you’ve been paying attention to bitcoin news recently, you probably know that the digital currency is getting increasingly popular. Recent numbers show that bitcoin ($283 as of 10 a.m. Monday) usage has doubled over the past two years, with millions of dollars in transactions to show for its growth. Consumers, investors, merchants, financial institutions, and even federal governments have shown interest in the trend of cryptocurrencies, with BTC leading the pack in an emerging industry.
Breaking Down Digital Currencies: The Numbers
Coupofy recently put together an infographic that shows how bitcoin is transforming from a hobby with little value to a new way to make purchases in the digital age. It has already revolutionized the idea of currency, and is starting to enter the mainstream, piquing the interest of everyday consumers. But just how exactly are cryptocurrencies managing to transform the payments industry? We highlighted a few pieces of key information that shows how:
- The total number of BTC transactions doubled from 2013 to 2014.
- If the above transactions were conducted using credit cards, the processing fees would have totaled more than $7 million.
- Big-name merchants like Microsoft and Dell are beginning to accept BTC. Even non-profits like the America Red Cross are taking the digital currency.
- On average, 10,000 BTC transactions are processed every day.
- From Q4 2014 to Q1 2015, the number of bitcoin users in Brazil increased by 400%. In India, one of the world’s most populous nations, the number of users jumped 212%.
- There is currently more than 600 million dollars in venture capital invested in bitcoin.
- More than 100,000 merchants around the world accept the currency.
The Future of Bitcoin
The numbers from Coupofy allow us to assume much about BTC’s future. With the U.S. and British governments both recognizing bitcoin as a currency with potential, the possibility of it becoming a legitimate, recognized method of payment is not unrealistic. More merchants are becoming interested in BTC every day, and in turn, more consumers are becoming digital currency enthusiasts. Expect the e-commerce industry to further embrace BTC, with more payment processing methods and special bitcoin features coming available in the near future.
Bitcoin Merchant Accounts with Instabill
Instabill has welcomed the rise of BTC, and encouraged merchants and consumers alike to consider it as a legitimate payment method. Our bitcoin merchant accounts are designed to help merchants get started processing payments, allowing them to appeal to a new group of consumers and maximize their earning potential.