New Study Reveals Maturation of Bitcoin Economy

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.

The study explains:

 “At the current exchange rate the notional value of daily transaction volume ranges between $200 and $300 million. Thus, it becomes appropriate to explore how the Bitcoin economy is populated and extract the map of payment relationships, as well as to trace the evolution of those relationships over time”.