Bitcoin Forum

Can anyone think of an objective way to determine the market share of each crypto wallet?   Some providers are claiming 10MM+ users.   Is there anyway to verify that?   

I don't know if there a site or a system that can determined the market share of each crypto wallet.

But if there's no thing like that or actually existed maybe we can take traffic shares as one of the factor. Alexa have some detailed information of a certain site, not just traffic but it's inside stuff. I just don't know if that will included the estimate number of users. Although to be able to see that, it was only eligible for those who have an Advanced Plan.

There is also recent news last month about Coinbase surpassing 6 million users. Just don't know how to verify it.

I don't think there is any way to verify such things apart from looking at official informations by the wallets themselves but I doubt you can somehow verify how many users a wallet has yourself.In that way a wallet may say they have a much higher user base but there's not much you can do apart from trusting them and hoping what they say is actually true

No, not really. Most of them lie so I wouldn't believe their claims.

Online wallet provider market share is a bad metric for determining anything about Bitcoin.

Bitcoin charts has some data on usage:

http://bitcoincharts.com/charts/volumepie/

http://bitcoincharts.com/markets/

BitcoinWisdom has some data:

https://bitcoinwisdom.com

Coinmarketcap isn't bad:

https://coinmarketcap.com/currencies/volume/monthly/

Bitcoinx tracks lots of data:

http://www.bitcoinx.com/charts/

ForexNews has some nice adjustable exchange rate candlesticks:

http://www.forexnews.com/bitcoin-charts/

It's really about what you want to know.

Nobody can even verify the total market cap of any cryptocoin, they are just "speculating" their values based on total available supply and its current value in BTC, but a small dump could get these coins doomed and the market cap would slip like insane. It is not possible for anyone to verify such information with an insider in each exchange who would leak such details of numbers that you are looking for. What we see are estimations and not the real numbers, and I don't think anyone would ever reveal them.

Ya it is true that the estimation also cannot be done as lot of them are holding lot of wallets and no one is their to disclose it that how much they are holding

I think that most wallets determine something like this either based off of the # of downloads they've received over their lifetime, or the number of times that they get a download from a new IP address or something. It's not really a good measurement, but it counts for something for most companies.

I don't believe you can verify it any other way than that.

no

you can know the amount of bitcoin addresses with a balance on them, but that's still not the same as users.

and there's no way of knowing which wallets belong to whom.

I do not think that there is a way to correctly verify the claim of the number of users since one user can have multiple crypto wallet.  Probably that 10mm+ users are the number of time the wallet had been downloaded, assuming each individual download is unique.

Blockchain.info has about 13 million accounts, which you can find from the stats on their charts and graphs page (https://blockchain.info/charts).  However, this doesn't show how many users there are because most of the wallets are inactive, many of them are hacked, many of them are made by people who create several accounts, there could be any number of reasons for there being that many wallets.

You also wouldn't be able to determine how much Bitcoin is in each account because that would be a violation of the users' privacy and could result in people targeting certain users for phishing scams.  Therefore it's hard to say what the market share of each wallet would be.

It would only be possible to determine this if every user of a wallet confirmed their identity when they created a Bitcoin wallet, which would never happen due to Bitcoin users' usual opposition to this.  It's also not a good idea to suggest recording online wallet usage as recording the funds in nodes would be even harder, as well as hardware wallets like TREZORs.  

The thing is, that these providers claiming having xx users are not really right, they only can say that they have xx wallets created, but you cannot say that 1 wallet is one user.

I know a really big amount of people that are using more than wallet, in fact, most of them are using up to 4 wallets, for different purposes, which is a very good idea.

You shouldn't use only one wallet for every transaction, you may want to spread your funds in the different places, to remain more safe and to prevent your money getting stolen.
That is why I use cold and hot wallet, because I always try to stay as safe as possible, unless  I have to take a risk because of some reason.