100 sats \ 6 replies \ @andyleroy OP 30 Sep 2022 \ parent \ on: The History of the Internet & Bitcoin Adoption - Similar Trajectory? bitcoin
These are approximate adoption metrics
I am not aware of any way to deterministically quantify exact adoption or people...
Coinbase has 103 million total users: https://www.coinbase.com/about
We could do some sort of aggregation on users and interactions by exchange (and their bitcoin purchases) to get a count, but much of this data is centralized or not disclosed
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Heaps of people don't have accounts on exchanges and use Bitcoin.
I don't think there's any accuracy in number of people.
You should focus on more real numbers, like the hashpower of the network.
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How does hashpower determine adoption (the number of people holding or transacting with Bitcoin)?
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Hashpower is an indirect measurement of adoption.
Basically the more hashpower, the more trust in the network, therefore more people using it.
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Hash rate correlates more closely with Bitcoins price (and the delta with energy costs)...for example a large drop in hash rate (with a drop in price) does not necessarily mean less adoption:
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Transaction volume is better I think. Hash rate does not have to scale (linearly) with adoption.
(Not saying that transaction volume is a good metric. It's just better than hash rate imo.)
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