Bitcoin Adoption Continues

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It has been said that the number one factor leading to global acceptance of cryptocurrencies is the adoption rate. Month after month, more and more merchants continue to accept bitcoin such as the recent announcement by PayPal that it has fully embraced cryptos. However for the adoption rate to reflect in the price of bitcoin, regular people must start using bitcoin on a regular basis as a currency, rather than buying it to hold for the future.

It seems that since bitcoin’s inception, most people have been buying it as a high risk speculative asset, waiting for the price to appreciate so that they can sell. The massive increase in merchant adoption this year has allowed people to trade their digital currency for goods and services, which marks the start of bitcoin usage as a currency.

Even though the surge in merchant adoption has led to decreased prices, since it has allowed for many people to liquidate their holdings, eventually more people will learn about bitcoin and will start to use it. Educating consumers is often the hardest part of introducing a new product, and since bitcoin is not owned by anyone, the education process needs to be a collective process. The banter about bitcoin on the internet is often a great way of analyzing the buzz around cryptocurrencies at any given time, and it seems that for the past new months, the interest has gone flat.

 

bitcoin adoption

Once the Google Trends data starts increasing and the buzz surrounding crpyptocurrencies starts to rise, this will be a good indicator that the education process in underway. However currently, it seems that bitcoin may continue to trade sideways and see more corrections since the news surrounding this technology hasn’t been enough to sustain $500+ prices.

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