The bitcoin economy is growing fast, and the environment is continuously evolving right before our eyes. 2017 is showing that more people are interested in bitcoin as demand for the decentralized cryptocurrency increases globally.
Also read: QE and Capital Controls Create Worldwide Demand for Bitcoin
A lot has changed over the course of the past eight years within the bitcoin ecosystem, as trends are showing increased interest in the digital currency over time. This year there’s been a few bumps in the road, but bitcoin has held above the 4-digit price range for its longest period ever. 2017 is also showing that the entire bitcoin economy is shifting in more ways than one. Today we will take a visual look at bitcoin achievements and interesting cryptocurrency trends throughout this first quarter of 2017.
Localbitcoins Global Volume 2017
Localbitcoins has seen exponential growth in 2017 with all-time highs in trading volume this year. Weekly volumes have reached close to US$32 million per week on the peer-to-peer trading platform. Bitcoiner’s speculate some of the Localbitcoins volume spikes are due to recent events in China with the country’s central bank imposing harsh regulations on bitcoin exchanges. Furthermore many attribute the increase in peer-to-peer trading to the country’s enforcing strict capital controls and the many failing economies worldwide.
Localbitcoins Volumes Shows a Boost From China
Since the recent events relating to regulation at Chinese bitcoin trading platforms bitcoin trading volumes have dispersed more evenly on Localbitcoins. Before 2017 there was far less CNY trading on Localbitcoins than there is now. In fact, the top three currencies traded on Localbitcoins such as CNY, USD, and RUB are relatively equal, as Chinese residents have begun to use the peer-to-peer exchange more often.
Chinese Bitcoin Trade Volumes Have Dropped Significantly
The latest regulatory crackdown in China shows that CNY bitcoin trading volumes have plummeted in 2017. Of course many have speculated that volumes in the past were exaggerated as Chinese exchanges offered trades without fees. Things have changed significantly in 2017 as China’s central bank has enforced new AML/KYC guidelines, ended margin lending trading and forced trading platforms to add fees to every trade on the exchange. Additionally, quite a few popular Chinese bitcoin exchanges have suspended cryptocurrency withdrawals, for over a month now, and many believe the suspensions won’t be lifted until regulatory standards are firmly established.
Google Statistics Show Increased Bitcoin Interest and Users in 2017
According to Google statistics, bitcoin searches are rising in 2017 in many countries around the world. Furthermore, chart one details that bitcoin users have doubled every month since 2013. Currently, chart two shows a vast amount of searches are mostly stemming from regions such as Africa and the Baltic region.
Bitcoin ATMs Reach an All-Time High in 2017
Bitcoin automated teller machines (ATM) located around the world have increased in numbers over the years and has reached an all-time high in 2017. According to Coinatmradar.com, there are approximately 1,081 bitcoin ATMs across 56 countries worldwide. Furthermore, there are now 23 bitcoin ATM manufacturers and 202 service providers located around the globe. The U.S. and Europe hold the lion’s share of bitcoin ATMs with larger concentrations.
Bitcoin’s Entire Economy Continues to Grow Over the Years
Many parts of the bitcoin ecosystem have been growing upwards, such as increases in bitcoin wallets, transactions, trading volumes, price, and the Bitcoin network’s hash rate. The only thing that has decreased significantly within the bitcoin economy is the decentralized cryptocurrency’s price volatility.
What do you think about the bitcoin economy’s growth and demand over the years and into 2017? Let us know in the comments below.
Images via Shutterstock, Bitcoinity, Coin Dance, Blockchain.info, and Bitcoin.com forum moderator Litecoin Guy.
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