How people use cryptocurrencies in their everyday life?

How people use cryptocurrencies in their everyday life?

It is undeniable that the cryptocurrency phenomenon continues to grow. Every day you read news about this new kind of economy. However, the number of people who know how crypto-economics works is still relatively small.

But the fact is that every day there are millions of cryptocurrency transactions, particularly Bitcoin, which means that it is used frequently. In fact, every day there are more businesses accepting certain digital currencies as a method of payment.

However, it is almost impossible to determine an exact amount of how many people use cryptocurrencies. The reason is because a person can own multiple e-wallets. If someone forgets the info of their e-wallet, it doesn't expire, but remains active in the network without any transaction. So adding-up all the e-wallets in the world does not give us a precise number of users.

Neither can be determined by number of transactions, since the same person can have several accounts. That 's the dilemma to determine how many people use this alternative form of payment. Because altcoins are used under total anonymity, it is impossible to track how many people use them every day.

But by analyzing the value and constant increase in prices of digital currencies, we can assume that the number of users continues to grow.

It is true that the cryptocurrencies hype is relatively new -the first of them, Bitcoin, was born just nine years ago, which is a very short period of time compared to fiduciary currencies-. But in that time frame, Bitcoin and other digital currencies have gained more value than the vast majority of fiduciary currencies.

Now, when compared to traditional FIAT currencies, the number of people who use cryptocurrencies as a form of payment for goods and/or services is relatively low. However, as technology continues to develop and more people become familiar with and know more about digital currencies, they will keep displacing the traditional currencies of the world.

An easier way to understand them is this: think of them as if they were gold. Very few people own it or use it to buy or sell things, but its value is undeniable and is constantly rising.
 

By Alejandro Cortés

  • Alejandro Cortés

    Alejandro Cortés

    Egresado de la Escuela Mexicana de Periodismo Carlos Septién García. Ha trabajado para varios periódicos en México y los Estados Unidos desde 2002.

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