The Bitcoin Economy ‘Has Grown and Matured,’ Study Reveals

A new study conducted by the University of Wisconsin in partnership with UCL Centre for Blockchain Technologies and the Deutsche Bundesbank has demonstrated that the Bitcoin Economy has significantly grown and matured in the past few years. Bitcoin evolves and we need to know how. The research has revealed that the number of Bitcoin transactions has increased significantly from approximately 1,000 per day in 2011 to 300,000 per day. As the network has expanded and continues to do so, the need to explore how the cryptocurrency evolves became apparent. This has largely driven the research.....

A team of economists from UCL Centre for Blockchain Technologies, Deutsche Bundesbank, University of Wisconsin and The New School have published a research paper titled “The Evolution of the Bitcoin Economy: Extracting and Analyzing the Network of Payment Relationships.” The economists’ conclusion is that the Bitcoin economy has grown and matured from an early prototype stage, through a second growth stage characterized by “sin” (i.e. gambling, black markets), to a third stage marked by a sharp progression away from “sin” and toward legitimate enterprises. The conclusion is hardly....

A soon-to-be-released study centers on evidence that bitcoin’s market has matured to a point where commerce is no longer driven by illicit activities. Drafted by researchers from the central bank of Germany, University College London and the University of Wisconsin-Madison, the paper argues that bitcoin has passed through three distinct phases of growth as a distributed payment system, the most recent and current of which they assert is driven by "legitimate payments, commerce and services". As such, the study sheds light on a key question that the bitcoin network continues to....

A new study reveals that Singapore benefited from cryptocurrencies, especially Ethereum, through increased adoption. Germini, a crypto exchange, conducted The State of Crypto in Singapore Report 2021, collaborating with Seedly and CoinMarketCap. The report revealed that the financial investments of over two-third of the citizens include digital assets. The report has participants of 4,348 Singapore residents […]

The Digital Currency Council's recently released study on UK citizens reveals that Bitcoin's biggest challenges are around adoption and communications, and that digital currencies have got a persistent reputation problem. It is in light of the call for information made by the government of the UK earlier this month that the American organization the Digital Currency Council released on Wednesday a study conducted by UK strategic research firm, Reputation Leaders, on UK citizens' sentiments on Bitcoin. "This study demonstrates the strong demand for the support of lawyers, accountants, and....