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1000% increase in Google search for bitcoin

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Following bitcoin’s mind blowing performance and expanded media scope amid 2017, there is most likely that bitcoin has seen increased user appropriation. Estimates in regards to the size of bitcoin’s development vary because of the unknown idea of bitcoins exchanges; however, the internet searcher movement for terms, for example, ‘bitcoin’ are generally observed as a dependable pointer of the development in bitcoin’s user adoption. The most recent figures made available by Google indicate an increase in searches for prominent keywords relating to bitcoin of many hundreds of percent when comparing data from 2016 and 2017, whilst bitcoin became the ninth most visited page on Wikipedia during last year – indicating a significant increase in bitcoin user adoption.

In 2017 Bitcoin’s page was the Ninth Most Visited page

As indicated by Wikipedia’s yearly report the 50 most visited pages on the site, bitcoin positioned ninth for 2017. The report portrays bitcoin as“ the much-hyped ‘future of money’”, including that the world’s first cryptographic money ““has turned into the most speculative intangible asset of all time.” The report expresses that the page was visited 15,026,561 times amid 2017.
Traffic for bitcoin’s Wikipedia page crested on the 8th of December – when BTC encountered an dramatic retracement of around 20%, tumbling from the then unequaled high of $17,171 USD on Bitfinex, before skipping off the approximately $14,000 zone. Regardless of bitcoin’s fleeting value execution amid 2017, the Wikipedia report perceives some of bitcoin’s weaknesses that developed amid the year – expressing that bitcoin “proved absolutely unsatisfactory as a methods for payment” because of the discussion encompassing the scaling issues that have tormented BTC consistently.

Bitcoin’s search on Google Reach Record Highs

The volume of Google searches led for noticeable catchphrases relating to bitcoin has also created emotional development – with the most recent information from Google showing that various real watchword groupings got between one million and ten million inquiries every month all things considered amid 2017. The information demonstrates that month to month searches identifying with the watchwords ‘bitcoin cost’ saw an expansion of more than 1,000% all things considered amid January 2017 to December 2017 when contrasted and information from the earlier year, while seeks relating to ‘bitcoin outline’ expanded by 934%, and scans for ‘bitcoin USD’ expanded by over 800%. Google appraises that each of the previously mentioned catchphrase groupings got in the vicinity of 1 and 10 million searchs all things considered every month during 2017 – a huge increment contrasted with the 100,000 and 1,000,000 month to month seeks Google gauges were directed every month in 2016.

A large number of dominant keyword groupings relating to bitcoin received between 100,000 and 1,000,000 searches every month last year. Among those that witnessed the highest growth when compared with 2016 were ‘current bitcoin’ – for which searches increased by 895.9%, ‘btc price’ – which increased by 828.5%, sell bitcoins , gaining in volume by 626.5%, bitcoin miner – up 590.6%, btc rate – up 510.4%, bitcoin calculator – up 471.2%, bitcoin rate – up 461.4%, buy bitcoin – up 273.5%, and bitcoin trading – up 170.9%. Searches for ‘earn bitcoin’ increased by 74.6%. Several notable keywords also grew to receive between 10,000 and 100,000 searches last year, including ‘bitcoin market’ – which increased in search volume by 900%, ‘btc chart’ – searches for which grew by 826.2%, ‘currency bitcoin’ – with searches increasing by 826.1%, ‘purchase bitcoin’ – which increased by 752.5%, and ‘bitcoin account’ – increasing by 291.2%.
Inquisitively, a portion of the best keywords groupings that delivered minimal growth in 2017 included ‘bitcoin mining’ – searchs for which grew by 33.6%, ‘bitcoin trade’ – which developed by 17.5%, and ‘bitcoin wallet’ – which saw a small increment in look movement of just 0.9%.

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Australian Taxation Office warned against crypto retirement funds

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Regulatory authorities around the world have tighten the grip on crypto projects. Taxation authorities like Internal Revenue Service (IRS) and Australian Taxation Office (ATO) are the latest to join the list with strong initiatives.

Australian Taxation Office recently sent warning letters to the investors who have invested a large part of their retirement savings in crypto related funds. ATO sent these letters in order to warn investors against high risk investments like crypto. One of the key responsibilities of regulatory authorities and taxation authorities is to keep investors away from high risk investment schemes.

A spokesman from ATO told local media that “We have already seen instances in 2018 where investors lost significant amount of their retirement fund in crypto investments, so it’s our duty to make them aware about the kind of risk crypto market posses”. The spokesman further explained that they are also against the huge exposure in any single asset class. “We are not saying that we are all and all against the crypto market or crypto assets, but we are more concerned about the kind of exposure these crypto retirement funds have in single crypto asset like Bitcoin”

“If an investor is putting more than 90% of his retirement savings in crypto then obviously it is at high risk and that’s what we discourage, we have no issues in diversified portfolios but if crypto retirement funds are having 100% exposure in crypto assets then we have to warn investors about the potential losses.

Self-Managed-Super Funds (SMSFs)

SMSFs are type of retirement accounts privately managed by individuals rather than the institutions or regulated financial companies. Australian Securities and Investments Commission also supports ATO’s decision, in a recent statement ASIC said

“Be wary of services offering to establish an SMSF for you in order to gain exposure to cryptocurrencies. Not only does operating an SMSF involve significant time, skills and responsibility, you may also be putting your retirement savings at risk”

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Morning Crypto Roundup: Coinbase, Bakkt, Binance in news

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“Coinbase seeing $200-400 million in new crypto deposits every week”: Armstrong 

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CEO of Coinbase, Brian Armstrong says that “Adoption of crypto by Institutions is no more an uncertainty. The question was valid about 12 months ago, but now everything has changed as we’re seeing $200-400 million a week in new crypto deposits from institutional clients”

In a recent tweet, Armstrong further says that trust and safety means a lot to crypto investors and Coinbase is on a mission to provide safe infrastructure to institutional clients in order to increase adoption.

Coinbase has completed acquisition of Xapo which helped them in institutional business. In a recent blogpost, Coinbase further mentioned that in just one year of launch, Coinbase custody has reached a staggering number of $7 billion of assets under custody, stored on behalf of 120 clients from 14 different countries.

The highlight of today’s tweet from Brian Armstrong was the numbers from Institutional investors. Safety have always been a big issue for investors and that’s why there were lot of discussions regarding adoption of crypto at Institutional level, but with $200 – 400 million coming into Coinbase every week, we can easily say that crypto adoption at institutional level is no more a question, it’s a reality.

The way forward 

We already discussed about the importance of safety of funds in crypto market, but in order to increase adoption, crypto market must create new traders. Traders love leverage, borrowing and lending which allows them to trade the market even with limited resources. Retail forex market is a prime example of such facilities. Coinbase did mentioned in the blogpost that they are excited to explore new ways to monetize and leverage crypto assets like borrowing and lending.

Bitcoin ETF

Decision about the Bitcoin ETF by securities and exchange commission is pending in October. Exchange traded fund approval from SEC can open new doors for crypto adoption at an institutional level.

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