New technologies are always around the corner, and it is a matter of time until we’ll all become one of those old people who can’t understand and keep up with even the most basic of tech. The latest addition to the list of technologies that make us question our savviness is the blockchain.
Most of us are perplexed by blockchain and cryptocurrencies. We just pretend to understand what our friends keep rambling about every time it comes up in conversation.
TechJury is here to help with that. Here are some useful Blockchain statistics.
Fascinating Blockchain Statistics
- 90% of European and North American banks were exploring blockchain in 2018
- The global blockchain technology market is estimated to accumulate 20 billion dollars in revenue by2024
- Blockchain can reduce 30% of banks’ infrastructure costs
- Financial companies can save up to $12 billion a year from using blockchain
- More than 90% of people engaging in Bitcoin are men
- FBI owns 1.5% of world’s total bitcoins
- 55% of healthcare applications will have adopted blockchain for commercial deployment by 2025
- The financial sector has spent a total of $552M on blockchain in 2018
Blockchain General Facts and Stats
It started back in 2008 and moved on to become a global phenomenon. There are now over 25 million bitcoin wallets around the world. New cryptocurrencies are coming up every month. The age of cryptofinance has begun.
1. The first blockchain was conceptualized in 2008 by a person known as Satoshi Nakamoto.
(Source: The Sun)
A person known as Satoshi Nakamoto is the one responsible for the creation of Bitcoin, and the blockchain as we know it.
There are no confirmations on who this person exactly is, but the long suspicion is that it’s a Japanese-American man named Dorian Satoshi Nakamoto, from Temple City, LA. Even though he keeps denying any involvement with the blockchain and Bitcoin creation, there are too many coincidences not to consider him as the most likely candidate for the role of the creator of Bitcoin. For example, one of his neighbors, a computer scientist by the name of Hal Finney, was the first person ever to receive a Bitcoin transaction.
Numerous people also suspect that Finney himself is behind blockchain and that he just used his neighbor’s name as a pseudonym. Others believe that Satoshi Nakamoto is actually a global group of people, who want to implement a new banking and transaction system.
Whoever it is, chances are we’ll never find out who the creator of blockchain actually is.
2. There are 5 countries that are perfect for blockchain and crypto startups.
Blockchain trends tell us there are 5 ideal countries for blockchain and crypto startups:
Switzerland is known as the world’s most stable economy, and it is recognized as the most favorable country for blockchain and cryptocurrency startups.
Gibraltar is the first country to regulate cryptocurrency trading by forming a Financial Services Commission that deals with issuing licenses for operation, ICOs, as well as controls the organizations that work with cryptocurrencies.
Malta is also known as a blockchain hub, as there are numerous crypto and blockchain companies established there. The country regulates the industry very well, and this is why Malta is one of the top picks for those who want to start a business in this industry.
Bermuda is the choice for companies that wish to save on taxes, as there are no additional taxes apart from the minimum payroll tax of 10 percent. Companies such as Google save billions of dollars by forming subsidiaries in this tropical paradise.
Slovenia is ranked 14th on the list of population life satisfaction. Apart from happy citizens, Slovenia offers cheap hydropower and cloud mining services that are both compelling arguments for any startup that wants to work with cryptocurrencies or blockchain.
3. 25,764,015 blockchain wallet users worldwide of June 2018.
If they want to buy and sell cryptocurrencies, as well as use them to purchase items, internet users need to create a wallet that stores those cryptocurrencies.
Blockchain stats show that in January of 2015 the number of people around the globe, who had a blockchain wallet, was just over 3 million. In 2017, the number had increased to nearly 13 million, while in June of this year that number was above 25.7 million. Constantly increasing, the number of blockchain wallet users has reached 28.8 million in September of 2018.
4. 15 countries exploring developing official cryptocurrencies in 2018.
Developing their own cryptocurrencies can be highly beneficial even for governments. Cryptocurrencies are nowhere nearly as expensive as physical money to issue, they are safer than credit cards, and they have significantly less impact on our environment.
The cost of issuing cryptocurrencies is strictly related to the blockchain mining process, as we need electricity and hardware to do so. There are no printing costs, which goes in their favor over cash. The environmental impact that cryptocurrencies have is neglectable compared to cash, as there are no trees being cut down, or harmful chemicals and dyes used.
15 countries are currently considering implementing cryptocurrencies, and the list consists of some of the world’s economic leaders such as the US, Saudi Arabia, the UK, Japan, and most of the EU.
5. One of the biggest blockchain hacks was on Japanese exchange Coincheck, which had more than $500M worth of cryptocurrency stolen in 2018.
According to blockchain security statistics, one of the largest breaches in cryptocurrency happened this year on Coincheck. More than 58 billion yen, or 500 million dollars, was transferred from Coincheck’s wallet to another account. The coin in question was not a well-known one, such as Bitcoin and Ethereum, but a rather new one named NEM coin. The average value of a single coin was just under a dollar, with more than 534 million NEM coins being taken by the hackers.
6. IoT devices are expected to reach $50B by 2020.
(Source: The Motley Fool)
Common household devices, vehicles, and other devices we use on a daily basis can be connected through the Internet of Things (IoT) in order to make our lives easier. Of course, the connection will utilize blockchain technology.
With numerous companies like IBM investing in IoT, the industry behind these devices is expected to be worth more than 50 billion dollars by 2020.
7. Accenture Plc and Microsoft Corp teamed up to build a digital ID network using blockchain technology, to provide legal identification to 1.1B people worldwide with no official documents.
An initiative was started last year by Microsoft and Accenture to build a blockchain-based ID network for refugees, illegal aliens, and people who don’t have government-issued documents. This group is rather large, and more than 1 billion people across the globe are currently not able to prove their identity, so the significance of this action is immeasurable for those unable to gain access to healthcare, education, and other basic services.
8. Blockchain technology has managed and distributed more than $270B in transactions.
One of the blockchain statistics shows that over 270 billion dollars worth of cryptocurrencies has been managed and distributed using this method. Since 2010, blockchain has been ahead of Western Union when it comes to the amount of money transferred each year. Western Union handles around 5.5 billion dollars in money transfers.
9. FBI owns 1.5% of world’s total bitcoins.
The FBI has been involved in the cryptocurrency market ever since fraud cases started spiking. The agency received over 20 million dollars in funding, dedicated to preventing and fighting cyber crimes, and it has also seized roughly the same amount of money in Bitcoin. Both of these sources combine to make the FBI one of the largest holders of Bitcoin in the world, with more than 1.5 percent of all Bitcoin in their possession.
10. 0.5% of the world’s population is using blockchain technology.
Blockchain adoption statistics show that half a percent of the human population is currently using blockchain technology, or somewhere around 40 million people. According to even the most conservative estimates, this number is expected to quadruple in 5 years, and in 10 years, 80 percent of the population will be involved with the blockchain technology in some form.
11. Ripple owns $30B worth of XRP.
(Source: The New York Times)
Ripple is a company based in San Francisco and it is one of the biggest winners in the game that is cryptocurrency investing. The founders of Ripple created a coin named XRP which quickly gained traction and earned this company more than 30 billion dollars in a matter of months.
12. IBM and the start-up Hu-manity.co launched a blockchain-based app that let patients sell anonymized data to pharmaceutical companies in September 2018.
We live in an age where personal data is the most valuable asset that a company can possess. Facebook has been a part of major scandals involving the selling of its users’ info, and numerous other companies seem to be involved in this practice as well.
Some industries need population data in order to improve their production, and the pharmaceutical industry is one of them. The more available data there is, the more efficient the drug development process can become. The same goes for testing and even customer satisfaction.
In order to prevent data leaks that affect the users’ trust, IBM and Hu-manity.co came together to create a blockchain app that allows patients to sell data directly to pharmaceutical companies.
Blockchain market and revenue
Blockchain will probably disrupt many industries. Financial companies alone can save up to $12 billion a year from using the technology. The global blockchain technology market is estimated to accumulate 20 billion dollars in revenue by2024.
13. Blockchain Technology market will have a revenue worth $20B by 2024.
The global blockchain technology market is estimated to accumulate 20 billion dollars in revenue by the year 2024, as evident by blockchain growth statistics. The revenue blockchain achieved in 2015 was just over 315 million dollars; therefore a significant increase in the use and revenue of blockchain is expected in the years ahead.
14. US spending on blockchain solutions is projected to reach $4.2B by 2020, making it the largest regional spender on blockchain solutions.
The US has been the biggest spender when it comes to blockchain ever since the technology became mainstream. The country is projected to reach 4.2 billion dollars in blockchain spending by the year 2020.
15. Blockchain’s business value add will grow to slightly over $360B by 2026 and $3.1T by 2030.
With every major industry investing in blockchain technologies, current estimates show that the business value add of blockchain will be worth more than 360 billion dollars, in just 8 years from now. By the year 2030, the business value is projected to go over the 3 trillion dollar mark, setting blockchain to be one of the most lucrative industries.
16. $8B-12B is the annual savings potential for banks using blockchain technology.
In addition to bringing an immense increase in the security of transactions, blockchain technology can also save billions of dollars to industries by cutting the costs of data transfer and storage.
The financial sector could have an astonishingly high blockchain ROI and save up to 12 billion dollars every year by switching their transfer and storage needs to blockchain.
17. Blockchain can reduce 30% of banks’ infrastructure costs.
Banks around the world spend more than two-thirds of their IT budgets in order to support outdated methods of data storage. What is concerning is that those outdated methods of storage hold personal information about the clients, as well as numerous other pieces of sensitive data, and they are not even close to being secure.
Blockchain offers a way to store sensitive data safely, with encryption and millions of storage points, none of which contain one full name or an account number. In addition to providing security, blockchain can offer a reduction in upkeep costs by up to 30%, or 12 billion dollars, as mentioned previously.
18. 71% of business leaders who are actively using blockchain believe it plays a key role in advancing the technology.
Most of the business leaders, or 71 percent of them to be exact, who are already using blockchain technology think it plays a key role in driving their progress. Technological advances in the logistics and shipping industry would be significantly slower without blockchain, and this especially applies to ocean shipping.
19. 90% of government organizations plan to invest in blockchain technology.
Blockchain stats show us that the private sector isn’t the only one that sees the potential in blockchain. 90 percent of government agencies and organizations also plan on investing in blockchain, and they plan to do so this year.
Apart from reducing the time and risk of enforcing regulatory compliance, blockchain-based technologies can help government organizations increase their transparency and establish clear audit trails.
20. 52% of enterprise respondents stated that their organizations were focusing on a permissioned blockchain model in April 2018.
Those developing a blockchain can choose between making the system of record available to access by everyone, or keep it locked and allow a peek into the records only to those with a special permission.
When questioned about what blockchain models they’re focusing on, 52 percent of organizations answered they’re focusing on a permissioned blockchain model. Sometimes those blockchain technology statistics can just blow your mind, can’t they?
21. 74% of respondents from the consumer products & manufacturing industry stated their company was in either the experimentation or the production phase of blockchain development.
Consumer products and manufacturing industry is among the first ones to incorporate blockchain technology into their daily dealings. 74 percent of those involved in the survey stated their company is well on the way to use blockchain for most of their business and that their company is either currently experimenting with blockchain, or has already moved to the production phase.
22. 53% of respondents stated their companies were working on a supply chain use case.
Once again, blockchain usage statistics show that what companies are most interested in is employing blockchain technology in order to improve their logistics and supply chains. More than half of executives state that this is what they intend to use the technology for.
23. 36% of people believe that blockchain technology will have an impact in some niches or aspects of the payments activity in Europe by 2025.
36 percent of Europeans working in the payments industry predict that blockchain will have an impact in this sector, and change some aspects of the industry by 2025. Professionals from the payments industry mostly believe that the changes will impact their work positively.
24. 70% of employees believed that with the use of blockchain they will gain competitive advantage in Asia-Pacific in 2017.
Surveyed last year, senior executives from Asia-Pacific believed, by the majority of 70 percent, that using blockchain technologies can give them a competitive advantage in the region.
25. Coinbase received VC funding of $251M between 2014 and 2017.
Blockchain figures can sometimes reach hundreds of millions of dollars.
Coinbase, one of the major digital currency exchanges, received venture capital funding of more than 250 million dollars between 2014 and 2017. During this three-year period, Coinbase managed to turn the massive amount of investments into an exchange market that is used by millions of people around the world.
26. Blockchain market value in South Korea started from around $20.1B in 2016 and will reach approximately $356.2B by 2022.
Its growth was always projected as colossal, but no one could have foreseen that the market would grow by over 150 billion dollars in just two years, in South Korea alone. Even more surprisingly, this market is predicted to more than double its current value in just four years, reaching 356.2 billion dollars.
27. 44% of gamers had either purchased or traded game items on the blockchain in the past year.
Gamers are known as a group who is most willing to accept new internet trends. It should come as a no surprise that 44 percent of them purchased or traded game related items on the blockchain during 2018. The most commonly used method of purchase is by Bitcoin, followed by Ethereum and XRP.
28. 109 blockchain companies in China are providing blockchain application in real economy.
According to data and blockchain adoption statistics from the end of March of this year, there are 109 Chinese companies providing blockchain application in real economy. The companies sell blockchain-based innovations that help banks and similar institutions function more efficiently while lowering costs.
29. 55% of healthcare applications will have adopted blockchain for commercial deployment by 2025.
There were not many instances of blockchain use in the healthcare industry back in 2015. The number of blockchain healthcare applications was insignificant and you could count the number of users on your fingers. Maybe even with just one hand.
However, as the stories of the blockchain’s efficiency and security started spreading, more and more users from the healthcare branch started experimenting. It is estimated that 55 percent of the healthcare industry’s administrative needs will be conducted using blockchain tech by 2025.
30. 77% of the CIOs surveyed either had no interest or no plan to deploy the technology in 2018.
According to this survey, 77 percent of Chief Information Officers show no interest in the blockchain and have no plans to incorporate the technology into their business, at least for this year.
The same survey points that just 1 percent of those interviewed had already started using blockchain technology.
31. 39% of respondents say there were regulatory issues for their organization when considering whether to increase investment in blockchain technology.
Regulatory issues got in the way of 39 percent of companies, who wanted to invest larger amounts of money in blockchain technologies. This is the main reason why blockchain startups are more common in countries that have optimized their regulations for this technology.
32. KuCoin has invested $3M in Bitcoin Australia.
Blockchain trends indicate a significant increase in investments.
KuCoin is a company from Singapore that specializes in cryptocurrency trading. This year, they have decided to invest 3 million dollars in Bitcoin Australia, which is the company in charge of Bitcoin and Ethereum trading in this part of the world.
This investment has enabled trading of multiple cryptocurrencies in Australia, as well as cleared the path for any new investors.
KuCoin has plans to invest in more than 30 countries in the same manner they did in Australia, effectively enabling everyone to buy and sell cryptocurrencies.
33. Bittrex has seen trading volume slightly higher than $86M in the 24 hours.
Bittrex is another blockchain trading platform that operates from Seattle. It supports the trade of Bitcoin, Ethereum, and nearly 200 other cryptocurrencies. People from around the world can trade on Bittrex, including those from Latin America and the Caribbean. They are tracking Bitcoin stats live, so they should know.
34. Centra raised $32M via an ICO, which was promoted by boxer Floyd Mayweather.
Blockchain facts include multiple tales of fraud and manipulation:
Floyd Mayweather was one of the first public personas to endorse a cryptocurrency. He backed the infamous Centra coin, which had a great start and showed a lot of promise. After raising more than 32 million dollars in their Initial Coin Offering (ICO), Centra was quickly shut down by the Securities and Exchange Commission (SEC) due to fraudulent activities. The founders of Centra were quickly arrested, and those who invested in this new coin had, sadly, lost on their investment.
35. The financial sector has spent a total of $552M on blockchain in 2018.
The banking industry, and the financial sector in general have spent more than 550 million dollars on blockchain in 2018. It is projected that the spending will keep increasing by 75 percent every year for the foreseeable future, with the potential of jumping even more in 2022.
36. The distribution and services sector invested nearly $379M in blockchain technology in 2018.
Second largest spender when it comes to blockchain is the distribution and services sector, with almost 380 million dollars spent on it this year. The benefits that blockchain technology brings to this sector are numerous, and there are more and more applications of this technology being discovered every day.
Blockchain can help with encrypting sensitive transit data, establish more efficient routes, and many more things that this sector finds essential to its survival and progress.
37. The manufacturing and resources sector has allocated $334M for blockchain technology in 2018.
Another sector that is spending hundreds of millions on blockchain is the manufacturing and resources sector. With more than 330 million dollars spent on blockchain-based technologies in 2018, the sector is looking to improve its business and revenue by employing the new trends in blockchain technology in various ways; from manufacturing automation to data storage.
38. Blockchain Technology market size will be worth $7.59B by 2024.
Companies that provide financial services, media, transportation, and consumer products, as well as those providing basic needs such as health care, are all expected to start incorporating blockchain technology into their daily business.
With all of them ditching the old ways and moving their transaction and record storage keeping needs to the new technology, experts reckon that this tech’s global market size is definitely going to increase in value.
39. The global blockchain market will grow to over $60B by 2024.
Blockchain is a technology that is still considered to be in its infant stage. Numerous companies shifting their payment needs from standard cash options to cryptocurrencies, accompanied by multiple industries moving their transaction needs to blockchain, are both factors in the estimation that its global market is going to skyrocket in 2024. The blockchain market size will be impressive, to say the least.
40. $2.1B is global spending on blockchain solutions in 2018.
(Source: The New York Times)
Storing their information and info about money transfers in the safest way possible is what every company dealing with these types of data is willing to pay millions for. Blockchain offers that safety and much more, leading to companies worldwide spending over 2 billion dollars in2018 on blockchain solutions.
Globally present banks, for comparison, earn much more than that, but their transfers are unsafe and open to interruptions and manipulations. This is the reason why blockchain is inevitably going to catch up with their revenue, in just a few years.
41. 13% of senior IT leaders have clear and current plans to implement blockchain.
(Source: The Enterprisers Project)
According to blockchain stats, 13 percent of people in charge of IT at large companies have made firm plans to implement blockchain into their companies’ daily dealings. Decreased costs of data transfer are what interests their bosses, but IT executives are more interested in the aspect of security that blockchain offers.
42. IT and business services will account for around 70% of all blockchain spending over the next five years.
Blockchain is currently most used for personal cryptocurrency transfers. People use Bitcoin, Ethereum, Litecoin, and other cryptocurrencies to purchase various goods and services online; same as they do with cash. If you’re interested in Blockchain predictions, we’ve got an interesting one for you.
However, over the next five years, it is expected that around 70% of spending that involves blockchain as a medium will come from IT companies and other businesses. This data matches all the other predictions about blockchain growth and incorporation into daily business transactions.
43. IBM invested $200M in blockchain-powered IoT in 2016.
IBM’s internet of things, or IoT, was the reason this company decided to invest 200 million dollars into blockchain. Anticipating a huge blockchain ROI, this company was one of the first major supporters of the technology and has so far implemented multiple blockchain-based practices into its own business. Starting with the dispute resolution system, then moving to security frameworks, and finally investing this insane amount of money into IoT and blockchain-based Artificial intelligence.
The money invested is meant to support IBM’s efforts to improve supply chain tracking using blockchain and IoT.
44. IBM has 1K employees dedicated to blockchain-powered IoT projects.
(Source: Law Technology Today)
Proving just how serious IBM is about blockchain, apart from the 200 million dollars they invested, is the fact that this company opened a new office in Germany that employs over 1,000 people. The Munich office has one goal in mind, and that is to utilize blockchain to develop and perfect its IoT project that aims to connect all devices with each other.
Connecting vehicles, home appliances, computers, smartphones, and every other device imaginable through blockchain is a massive task. The first use of all these devices exchanging data would be to improve the efficiency of the global shipping industry. Further uses are basically numerous, ranging from exchanging data between self-driving cars to helping the elderly by autonomizing devices such as heaters, air conditioners, stoves, etc.
45. 90% of European and North American banks were exploring blockchain in 2018.
(Source: Law Technology Today)
Blockchain is the technology of the future that everyone wants to, and should, get into. Supported by the fact that 90% of European and North American banks are currently exploring how blockchain affects their business, this argument becomes stronger every day.
46. Enterprises are investing $1M in blockchain projects in 2018.
(Source: Value Coders)
The average amount of money companies have invested in blockchain projects this year is 1 million dollars, as per available blockchain stats. This stands to show that blockchain is no longer regarded as an enigma by businesses and that they are definitely investing enough to reach those expectations set for 2024.
47. Charities and nonprofits are increasingly accepting cryptocurrency as donations.
(Source: Fidelity Charitable)
Cryptocurrencies have become a valid payment method in multiple areas we used to use cash. Buying consumer products online, paying for dinner, and even donating to charity can now all be done using crypto. According to data, more than 69 million dollars was donated last year in Bitcoin and other cryptocurrency forms.
48. Worldwide spending on blockchain will reach $11.7B in 2022.
Global spending on blockchain is projected to reach 11.7 billion dollars by the year 2022, more than five times we spent this year. IDC expects this growth to continue after 2022, at nearly the same rate of 73.2% per year. This year has already beaten all expectations, with blockchain spending more than doubling from the year before, showing that this projection might even be conservative.
49. Some of the largest companies in the world are exploring blockchain.
We have already established that most companies are planning to move their transactions to blockchain. In case you’re wondering which companies are exploring this option, here is a list of the largest ones:
- Industrial and Commercial Bank of China
- China Construction Bank Corporation
- Berkshire Hathaway
- Agricultural Bank of China Limited
- Bank of America
- Wells Fargo
- Bank of China
50. 77% of financial sector incumbents will adopt blockchain as part of their systems or processes by 2020.
(Source: Fintech Finance)
One of the biggest reasons behind the massive numbers included in the predictions about blockchain’s future is the fact that the vast majority of firms in the financial sector are planning on incorporating it into their business in the next two years.
Blockchain adoption statistics show that 77 percent of financial sector constituents will adopt the technology by 2020.
51. 99% of financial service companies are planning to adopt blockchain in their production systems by 2020 in Russia.
Russian companies that work in the financial sector seem to be more fond of blockchain than their global competitors. By the year 2020, 99 percent of Russian financial service companies plan to incorporate blockchain into their systems.
52. 45% of financial intermediaries suffer from fraud and cybercrime every year.
Nearly half of all financial institutions are in a losing battle with fraudsters. Cybercrime and fraud present a threat for 45 percent of them that fall victims to this type of crime every year.
The security that comes with the use of blockchain is one of the major factors that influence their decision to start moving transaction networks to the new age.
Cryptocurrency Facts and Stats
Bitcoin’s price is fluctuating. It is very difficult to forecast what it will be tomorrow. On the other hand, trading volumes keep getting bigger. There were transactions worth $300 million in September 2018 alone.
53. 17.26M Bitcoins in circulation worldwide reached in Sep 2018.
During September of this year, there were 17.26 million Bitcoins in circulation, with an estimated value of just under 108 billion dollars. Since then, 600,000 Bitcoins have been added to the market. This is basically how Bitcoin mining stats are looking right now.
54. $6.30K Bitcoins market price on Sep 10, 2018.
The price of Bitcoin keeps fluctuating, as is the price of basically every other cryptocurrency. The market keeps showing instability, and in mid-September of this year, Bitcoin was worth 6,300 dollars per unit. The price has increased and dropped every minute since then. It hovered around 6,250 dollars in September 2018.
55. $108.71B Bitcoins market capitalization as of Sep 10, 2018.
With nearly 18 million units in circulation, the total value of the Bitcoin market has exceeded 100 billion dollars. Despite all the fluctuations and the value drop of over 10,000 dollars per unit in less than a year, Bitcoin manages to keep the leading position among cryptocurrencies; both in value and the number of coins in circulation.
56. $290.98M bitcoins exchange trade volume in Sep 2018.
The volume of Bitcoin exchange is staggering, with blockchain statistics showing nearly 300 million dollars worth of Bitcoin being traded in September 2018 alone. Bitcoin accounts for 15 percent of all cryptocurrency exchange trade volume.
57. 173GB Bitcoin blockchain of June 2018.
The size of the Bitcoin blockchain has been rapidly increasing over the years. Just 1 megabyte worth of data was stored in 2010, while now that number has insanely increased, reaching 173 gigabytes.
Blockchain size is going to keep increasing, with one block being added to the end of the chain every 10 minutes, on average. Even when all 21 million Bitcoins have been mined the transactions will still need to be processed, keeping the number of blocks increase in roughly the same rate.
58. The maximum and total amount of Bitcoins that can ever exist is 21M.
(Source: Coin Central)
The number of Bitcoins that can be issued in exchange for blockchain creation is limited to 21 million. Once this number is reached no more new Bitcoins will be issued, and blockchain creation will have to rely on some other incentive. Currently, there are over 4 million Bitcoins left to reward the miners.
59. Blockchain and cryptocurrencies are not issued by a central authority.
(Source: The Verge)
More important blockchain facts:
One of the main appeals of using blockchain and cryptocurrencies instead of banks or PayPal is the fact that there is no central authority behind them. There is no one controlling who is sending and receiving data through blockchain, or for what purpose they are using the service.
This has become the reason why people associate blockchain with shady dealings, such as purchasing illegal items on the dark web.
60. Ethereum grew 50 times.
(Source: Blockchain Council)
Ethereum, currently the most dominant cryptocurrency, grew more than 1500 percent during 2017. With more than 1.2 million transactions, Ethereum was four times more popular than Bitcoin, and it reached the peak value of 1,200 dollars per unit. That’s some Ethereum statistics for you.
Managing to somehow fail every experts’ expectations of reaching 5,000 dollars in 2018, the current drop in the price of all cryptocurrencies affected Ethereum too, lowering its value down to 200 dollars.
61. Bitcoin boasts 12K transactions per hour, across 96 countries worldwide.
There are 96 countries in the world that don’t restrict Bitcoin usage, and they see more than 12,000 transactions every hour. There are over 99,000 BTC sent every hour, with an average value of 0.103 BTC, or roughly 600 dollars per transaction.
62. There are 188,912 Bitcoin transaction per day.
As of September of this year, there are 188, 912 Bitcoin transactions conducted every day. The chart of Bitcoin transactions is constantly fluctuating, reaching its peak during December 2017 with more than 400,000 transactions. The first ever transaction and the day Bitcoin transactions were the slowest, was in January 2009.
63. Nearly 50% of bitnodes come from just 3 countries.
In order for Bitcoin transactions to be completed, more than just Bitcoin miners need to be involved in the process. The messages that Bitcoin relays through the network are called nodes, and they are sent out in order to ensure the speed and security of transfers. The more nodes there are, the safer the network.
The majority of bitnodes are based within just 3 countries. The US is the largest percentage area of bitnode concentration, and 23.6 percent of them come from here. Germany is second, with 18.95 percent, while 6.82 percent of all bitnodes come from France.
64. Price of Bitcoin was $6502.07 (As of 9.16.2018).
Bitcoin has always been a highly valued cryptocurrency, starting its journey back in 2013 with a market value of 135 dollars. It reached its highest value point in 2017, peaking at 16,350 dollars, and suddenly starting to plummet down to less than 6,500 dollars where it used to be in October of 2018.
Bitcoin has failed every expectation for this last year, as there were some experts predicting this cryptocurrency to reach over 50,000 dollars per unit during 2018. Due to the rise of other currencies and the hustle it takes to mine, Bitcoin is looking to stay on the downward spiral for the foreseeable future.
65. Price of Ethereum was $216.685 (As of 9.16.2018).
Ethereum started its journey to the cryptocurrency market significantly lower in value compared to Bitcoin. In 2015, the price of Ethereum was just 1.46 dollars per unit. This cryptocurrency reached its peak value in January of 2018, at 1135 dollars. Following the trends of the crypto market, Ethereum started losing in value, and in October of 2018, it is sitting at just under 200 dollars per unit. Some interesting Ether stats, don’t you think?
Those who invested in either of these currencies and decided to sell near the end of 2017 have definitely made the right call, while those deciding to wait a bit more will need to sit tight for a while until the prices rise again, or take a massive loss.
66. Bitcoin average transaction confirmation time is 10 minutes.
Blockchain stats show that the time it takes to confirm a Bitcoin transaction is 10 minutes, on average. This time can be variable though, as the transaction time depends on the number of blocks currently available and created by miners. In some instances, such as during January of 2018, it can take a lot longer to process a transaction, and during this period it took nearly 3,000 minutes, or more than 2 days for a single transaction to complete.
67. US regulators have banned the trading of Bitcoin bonds and the XBT’s Ethereum Tracker One on Sunday (September 9th) 2018.
The SEC decided to temporarily suspend the trading of Bitcoin and Ethereum bonds on September 9th. The suspension was due to confusion that was prominent among market participants, and which involved these instruments. After 11 days, the suspension was lifted.
68. 6M BTC are left inaccessible and permanently lost on the Bitcoin blockchain in July 2018.
During a conference earlier this year, the information that 4 million Bitcoins are lost, and another 2 million stolen was revealed by a former executive at one of the major trading platforms. Due to loss and theft, 6 million Bitcoins are not accessible or permanently lost, lowering the total amount of Bitcoins available to under 15 million. The loss of those coins is estimated to increase the value of Bitcoin in the near future.
69. Bitcoin Mining is consuming more electricity than 159 countries.
(Source: Power Compare)
As the value of Bitcoin started rapidly increasing a few years ago the mining became more prominent. In fact, it became such a prominent source of additional income that Bitcoin miners across the globe were using more electricity than 159 countries use. Ireland, the Balkans, and most of Africa use less electricity than mining does. Bitcoin mining is estimated to use around 29 TWh per year.
70. The block time for Ethereum is set to between 14 and 15 seconds.
There are over 100 million Ether in circulation, and there are new ones being created every second. A single block of this cryptocurrency is created together with 5 new Ether and the process takes between 14 and 15 seconds. That’s Ethereum mining stats for you.
71. Bitcoin Cash had 6.595M coins moved on the network since August 1st 2017.
Bitcoin has two smaller brothers; Bitcoin Gold and Bitcoin Cash. Bitcoin gold proved to be a failure, as not many people were interested in it, and it has so far seen just over 2 million coins moved. Bitcoin Cash, on the other hand, has been more successful, with over 6.5 million coins moved on the network in a year.
72. Bitcoin market was facilitating the sale of $1B in illegal drugs in February 2015.
(Source: The Guardian)
The largest known deep web market for (mostly) illegal trade was created in 2011, and by the time it was shut down in 2015 over 1 billion dollars worth of illegal drugs and items was sold on it. Ross Ulbricht was sentenced to life in prison as the main person behind Silk Road, following the testimonies of the parents of those who overdosed after purchasing drugs on his market.
Bitcoin statistics show that over 48 million dollars worth of Bitcoins was seized after the market was closed.
73. 28-year-old Czech national Tomáš Jiříkovský is suspected of laundering $40M in stolen Bitcoins in March 2015.
Similar to Silk Road, a dark web market known as Sheep Marketplace was involved in shady dealings. The difference between the two is that Sheep Marketplace shut down unexpectedly in 2013, claiming to be the victim of hacking. The amount of Bitcoin on the marketplace at the time was estimated to be worth around 40 million dollars, and it was nowhere to be seen.
Tomáš Jiříkovský, the main person behind Sheep Marketplace, was caught trying to launder some of the stolen Bitcoins two years after the marketplace shut down, earning himself 10 to 18 years in prison.
74. A hacker took $50M of Ether in 2016.
Ethereum has also been targeted by hackers multiple times, with the most successful one stealing 50 million dollars worth of Ether in 2016. The hacker targeted a blockchain that contained more than 150 million dollars worth of the cryptocurrency, but the action was taken in order to try and regain the Ether stolen. Unfortunately for some of those storing their coins in this block, the hacker knew the weaknesses of the system and managed to keep a third for himself.
75. The first Bitcoin purchase was for pizza where two Papa John’s pizzas were exchanged by Laszlo Hanyecz for 10K BTC on 22 May 2010.
(Source: Business Insider UK)
There are numerous stories about poor predictions around Bitcoin growth and one of them involves the first ever purchase using this cryptocurrency:
The first ever purchase conducted using Bitcoin occurred on 22 May 2010, when Laszlo Hanyecz traded 10,000 Bitcoins for two Papa John’s pizzas. In order to understand how much of a better choice it would have been to save those coins for later. we can compare Laszlo with Peter Saddington who purchased a Lamborghini Huracan just five years later for 45 Bitcoins. The Bitcoins spend on two pizzas would be worth around 100 million dollars today.
76. James Howells, an IT guy, lost 7,500 bitcoins because he lost Bitcoin private key in November 2013.
James Howells used his personal laptop to mine Bitcoin since 2009. The laptop was sold, but Howells kept the hard drive that the coins were stored on, just in case all those mined Bitcoins become worth something. His fatal error occurred in 2013 when he was cleaning his home and mistakenly placed the drive into the bag that was meant for garbage. The bag traveled to the landfill in Newport where it remains buried to this day.
Howells’ mistake cost him 127 million dollars, and his request to search for the drive years later are denied by the city council, as numerous environmental risks would be involved with the task.
77. Bitcoin network is 100K times more powerful than the top 500 computers.
(Source: Blockchain Flash News)
The Bitcoin network has 100,000 times more power than the top 500 computers on the planet combined. The amount of data being processed every second using Bitcoin blockchain is so immense that it would take a supercomputer decades to go through. This is exactly where the strength of blockchain lays.
78. 4,000 Bitcoins were donated to Wikileaks from 2011 to 2012.
(Source: Blockchain Flash News)
Wikileaks, the famous whistleblower website, relied for the most of its existence on users’ donations. After all donation methods such as VISA, MasterCard, and PayPal stopped supporting donations to Wikileaks, the site decided to start accepting crypto donations.
One of the most interesting blockchain statistics is that In just two years, they received 4,000 Bitcoins worth more than 26 million dollars today.
- The Sun
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- The New York Times
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- Law Technology Today
- Law Technology Today
- Value Coders
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- Fintech Finance
- Coin Central
- The Verge
- Blockchain Council
- Power Compare
- The Guardian
- Business Insider UK
- Blockchain Flash News
- Blockchain Flash News