Bitcoin users growth: read the University of Cambridge’s research about cryptocurrencies

Bitcoin users growth: read the University of Cambridge’s research about cryptocurrencies

According to a recent research conducted by the University of Cambridge, bitcoin users number has increased by four times in five years.

The research explains that bitcoin active wallets surged from 8.2 mln in 2013 to nearly 35 mln in 2016, suggesting that the number of active wallets ranges from 7.5% to 30.9% of the total number.

The Global Cryptocurrency Benchmarking Study by the Cambridge Centre for Alternative Finance at the University of Cambridge suggested an estimated number of unique active bitcoin users wallets to be grown from between 0.6 mln and 2.6 mln in 2013 to currently between 5.8 mln and 11.5 mln in 2017.

This study – led by Dr. Garrick Hileman & Michel Rauchs – is the first of its kind to examine the growing global cryptocurrency industry and its exchanges, wallets, payments and mining platforms.

The research, in fact, is not only focused on bitcoin users, but also on cryptocurrencies in general.

“81% of wallet providers are based in North America and Europe, but only 61% of wallet users are based in these two regions,” the study which collected non-public data from nearly 150 companies and individuals states. “Almost half of all wallet providers are located in the United States and the United Kingdom. If we break down origin by world region, Europe is leading with 42% of wallet providers, followed by North America with 39% and Asia Pacific with 19%.”

North American wallet providers think that the current regulation is good and 57% of European and 2% of Asian-Pacific wallet services seem to be satisfied with the existent regulation.

Exchanges have to gain more popularity yet as only two of the 51 exchanges included in the research can provide a decentralized platform: 40% of North American wallet platforms said that the existing regulation is excessive and too strict – a point of view shared by 14% of European companies.

Another focus of this study is the innovative and rapidly changing of the cryptocurrency economy that is becoming more fluid in a few countries.

It says the line between exchanges and wallets is more and more “blurred” and several other digital currencies after Bitcoin are now supported by a growing environment as they are able to be used in a wide range of use cases.

Also, it argues that security-related problems and the lack of clarity about digital currencies regulation will continue to be prevalent in the next future.

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Amelia Tomasicchio
Amelia Tomasicchio

Amelia Tomasicchio is a content writer and marketer of Bitcoin-related news and fintech startups. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.

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