How popular is Bitcoin?
One statistic that provides some insight is the number of transactions that occur each day. The amount of Bitcoin transactions actually increased by around 54% in the last six months.
On January 14, 2019, Bitcoin processed over 326,500 transactions — according to BitInfoCharts. Exactly six months ago on July 14, 2018, the amount of daily Bitcoin transactions was just shy of 176,350.
As our chart shows, this 176,350 transaction figure was actually during somewhat of a high point during this period of time. A few days later on July 22, there were less than 166,950 Bitcoin transactions.
There are, however, factors that muddy this statistic. One is a scaling solution known as batching, which lumps together transactions in order to place less strain on the blockchain. As batching becomes increasingly common, the actual amount of Bitcoin transactions occurring could be higher than the amount of individual transactions that are recorded on the blockchain.
It’s also worth mentioning that a recent Forbes report claimed that 20% of daily Bitcoin transactions are being generated by a new project known as VeriBlock. Reportedly, this project piggybacks on the Bitcoin network in order to secure other cryptocurrencies. If this claim is accurate, it means that the amount of genuine Bitcoin transactions occurring each day may be lower than the projected figure.