Bitcoin Forum

Willy Woo, a highly regarded Bitcoin and cryptocurrency researcher, utilizing Google Trends as one of the main indicators of Bitcoin user growth recently revealed that the number of Bitcoin users approximately doubles every 12 months.

Woo noted in his report that 26 years from now, if the user base of Bitcoin continues to grow at this pace, nearly everyone in the world will use Bitcoin.

https://www.cryptocoinsnews.com/wp-content/uploads/2017/10/bitcoin-google-trends-growth.png


https://www.cryptocoinsnews.com/woos-law-bitcoin-users-double-every-12-months-major-factor-for-long-term-price-surge/

http://woobull.com/woos-law-of-bitcoin-user-growth-bitcoins-adoption-curve/

Fixed number of bitcoin is the reason why  price high when many join to BTC world  you will have High Demand 

so  High Demand with fixed amount mean High price

Well, that is encouraging news. I know they only used search statistics but this really shows that more and more people are hearing about it. Most of the news channels I'm subbed to mention bitcoin every week or so.

My impression is that cryptocurrencies are now gradually 'infiltrating' the general society with indeed quite some coverage in the media in the last few months, at least here in Western Europe. At this point, nearly anyone has heard about BTC and some are diving into the cryptomarket with (too) large amounts of money. The days of crypto having a geeky and somewhat laughable image are now behind us.

Yea that's why many people invest some amount to bitcoin,
That's why bitcoin is one of the best investment instrument
That's why some big money boss try to attack bitcoin
That's why the price is rising
And that's why the rise of the price will continue.

I read the article on this and I am going to have to call bullshit. Its really hard to tell the amount of users or even just daily active users and in addition how much they actually own. The statistic could be right, but the amount of people who make accounts and decide to not buy or disappear is still very high.

The number of bitcoin users is constantly rising that is true but somehow I have the feeling that the new users are less educated about bitcoins and don't know how it's really functioning. That is the reason why we see so many panic selling and bad decisions although the higher number of bitcoin users is in fact the good thing. Just that they should look a bit deeper under the surface.

Wow, thanks for this valuabke information op.

This really is such a great new to all.of.us here who love crypto.currencies. Because this means that we are getting closer and closer to seeing bitcoins and all the other cryoto.currencies beimg widely used all.over the world. This also means that demands will.increase. Resulting in great price rise for bitcoins and all other altcoins present by that time. This surely is a big steo forward for the crypto world. It will only he a matter of time till this happens so better save as much crypto currency as we can.

This is good to know as such news are interesting and motivating to the new adopters of bitcoin and especially to those it is more attractive who want to invest in bitcoin. Good news like this have a great impression on the people to push them to cryptocurrency and believe in the cryptocurrency and of course in the bitcoin. These are reality based statistical news which shows that how much are people taking internet in the bitcoin.

I'm sure that users are even more than statistics show. Many hidden users. But you can definitely say one thing: bitcoin is becoming more popular every year. I think that this makes bitcoin expensive

It is interesting to see the current trends, but I think eventually it will slow, there is very little chance IMO that bitcoin will be used by everyone within the time frame suggested. Eventually the growth will plateau

And those statics will probably be increasing in the next year, bitcoin is rising a lot because a lot of people have been buying bitcoins in the last four months. Just go to July charts, you will see that bitcoin was around $2400 (ath) and the whole marketcap has been doubled until now.
And you can see that this is because a lot of people have been investing lately, and there are going to be more users before the end of this year, or the next.

Well, if the user base of Bitcoin continues to grow at this pace, what happens in 27 years? So the answer is, it won't continue to grow at this pace. This high growth is due to the effect of a small base. It will eventually taper out.

So if the number of user every 12 months increasing become souble this is good for bitcoin and for us why? Because if they have many user for sure those user will invest to bitcoin so the will increase and everyone will benefits to the result because if the price increasing you will earn a lot of profit because you have bitcoin. I hope many user in the next few months will imvest to bitcoin.

Gradually the use of bitcoin will increase in number. People are starting to recognize the digital currency because there is a lot of news that investing in bitcoin can make a person's economy better than ever. Most likely people will rely on bitcoin as their income to earn money. In the following years I believe everyone can benefit from the use of bitcoin.

Speculators, all speculators.  I'd be interested to find out how much the real bitcoin-for-goods
transactions are growin.  I think if transactions are going up, it's because people are buying
and holding, or trading in the altcoin markets.  There's a lot of new money coming in, which
is why the price has shot to the moon lately, but I highly doubt these people are passionate
about crypto.  They just want to make a fast buck and get out.

Great news for bitcoin and the cryptocurrency community, but i wonder how much of those users are speculators. I would like to see how much the growth of transactions for for goods bought with bitcoin has been against goods you buy with fiat. That would tell me if bitcoin is being accepted around the world a lot more every 12 months. Then we can talk about it's growth in the next decade.

Good post OP. Thanks for posting this.

Rising demand and exponential growth of btc's user base are some of the main factors which prevent bitcoin from accurately being labeled a bubble. In order to maintain the increase of bitcoin's value, there must be some underlying fundamentals which are growing at a similar pace to justify the increase in valuation. This serves as a legitimate counter to kneejerk reactionary analysts who claim "bitcoin is a bubble" without addressing the underlying metrics.

Like Ben Bernanke said in years past to dispute claims of a housing bubble: "the fundamentals of the economy are strong".

The fundamentals of the bitcoin economy are definitely much stronger than the fundamentals Ben Bernanke talked about back then.

The user base is increasing as time passes by as more new people are getting hooked in to the crypto currency platform and i am not sure about the legitimacy of the study and what are the conditions they have taken to make this statement valid is yet to be proved and what ever it may be i am interested to see more people coming into bitcoin.

this is very interesting ,, if the number of users every 12 months increases, that's a very good thing, because there will be more people who invest in bitcoin, so the bitcoin value in the next time will be higher, the more rare, but more and more users, then the bitcoin value will be more expensive ,,

Interesting observation. A lot of intriguing technical analysis is coming up everytime bitcoin reaches ATH. LOL. Numbers can be deceiving but you can put a lot of spin on it and apply to bitcoin market because its really hard to predict its price movement. Of course the user based will increase in time because bitcoin is gaining wider acceptance. Not only that, blockchain, the underlying technology behind bitcoin has also been eyeing by big companies and implementing it to their legacy system. Even Jamie Dimon sees good thing about it. So its just a matter of time, whether in gambling business, pharma, banking and other sectors that blockchain/bitcoin could be carry out. And again, another step closer for wider acceptance resulting to bitcoin price doubling every 12 months.

Bitcoin users double every 12 months while the price is doubling every 6 months, look how the price was at $3000 almost 6 months ago and look how it is at $5600 almost doubled. but I don't know where the whole world will own some Bitcoin is coming from? population is increasing, Bitcoin will never catch on with every body.

That’s really accurate for me that it doubled every year and the price is not basis of it even if bitcoin increased double its price for few months because we can assumed that the same investors are buying for more as the bitcoin fork is coming. A free coin was so tempted that’s the reason of the huge rapid increases this week. And heard about the Indian investors has double its number as my friend give me that information a few days ago.

That’s chart is more of a reminder that we’re not alone to support cryptocurrency and a good sign for a more better future of it.

In my own opinion the reason why bitcoin users double every 12months its beacuse of the popularity.while here in this site people earn bitcoin they will spread it out to their friend in the social media or on any other site thats the reason why bitcoin user double every 12months because those people that has been notified about bitcoin will totally join bitcoin to start earning as well.

There is no doubt that this is true, every month the users of bitcoin is increasing because a lot of people are getting introduced in bitcoin because they are all getting curious about the price of bitcoin and why the people are getting into it. The price of bitcoin and its users are alike because they are both increasing and i hope someday the price of bitcoin will go up into a very surprising price.

There's really no denying the popularity of bitcoin growing extremely fast recently. I'm basing it from last year when i learned about it. I didn't really hear people then talking about it then and i myself am skeptic about it. But look at it now. Even bigwigs like jamie dimon is talking about it.

Who will answer my question of how using Google you can track the growing number of users. Maybe it is growing just a number of queries about bitcoins. As far as I know bitcoin is a anonymous network and it is therefore impossible to define a single user makes transaction with different addresses, or a lot of users. We can only talk about the growing interest in bitcoin. But not everyone receiving information about the bitcoin becomes a user.

This fact is crystal clear that people who cherish bitcoin currency are increasing exponentially day by day. You don’t need to now teach people about bitcoin rather they themselves are very curious about this investment since those who are using it around them are day by day increasing their capital easily. I am pretty sure that within next five years everyone will be suing bitcoin as a mode of currency.

I will not be surprised if the number of bitcoin users will be double or even tripled every year because the popularity of bitcoin is getting wider now and I think the increase in value of bitcoin contribute to the interest of new users who believe that bitcoin can make them rich in the future.

I doubt that this linear model will keep up just based on the amount of Google searches. I think the model will end up reaching some kind of limit; you have to take into consideration the people who are actually interested in Bitcoin as well as those who may not even have access to resources that can introduce them to the currency. It seems like the Google search amount wouldn't really keep skyrocketing.

Of course this linear model will hit a wall one time or another so its really hard to based everything on it. Maybe we can just used it as a guide to see how bitcoin is growing in relation to the price. I tried to check bitcoin as well in Google Trends:

https://trends.google.com/trends/explore?q=bitcoin

And its interesting to see this countries on top, this is the next generation countries that has see the potential of bitcoin and its usage.

1 Nigeria
2 Bolivia
3 South Africa
4 Ghana
5 Slovenia
6 Austria
7 Singapore
8 Malaysia
9 Colombia
10 Netherlands

Also the popularity and demand of the technology like PC and android phones makes the bitcoin attract people to invest to it, another one that helps the btc is the social media and some news agency who introduce the great potential of the blockchain technology behind the bitcoin, that's why this year the bitcoin price reach it's breakthrough and we speculate that next year it will reach and break its price record.

This is good news for us. And this means that the price will also increase proportionately. Also, a lot of institutional investors are showing interest in Bitcoins now. The only thing that is holding them back is the unclear legal status of Bitcoin and the vague tax rules. But I honestly hope that the situation will change by 2018 end. Even now a lot of the countries are planning to legalize BTC.

Bitcoin prices are rising gradually and going beyond the affordable limits and that is good for the investors this is happening just because of popularity increase, but for those who are thinking to invest In it are waiting for the dump so that prices will come down but there is no possibilities to this bitcoin has defeated all the hurdles in its way and now path is clear so invest now before it is too late and the only thing you do in future will be regret.

That's an interesting approach. I hadn't thought of using google trends to evaluate user base, but that's pretty clever. I'm looking forward to seeing more studies on the correlation between users and value, and also what triggers potential new users to take the step into buying a digital currency. Exciting times, for sure!

Nice that's a good news, so nearly 26 years from now is possible that we are now in a world that everyone using cryptocurrency. And this is the reason why bitcoin's price is increasing, every new bitcoin user is investing to bitcoin and contributes to add the price of bitcoin. Imagine if majority of the population of the world is using bitcoin and invested to bitcoin, 1 bitcoin will become a million bucks.

the supply of bitcoin is limited to only 21 mllion and its mined coin is reduce every 4 years like for the initial initial supply of the first 4 years of bitcoin was 10m, and after 4 years is 5m, next is 2.5,then 1.25 and so and so forth, the supply is finite but the yearly demand of bitcoin is exponential that's why the price is skyrocketed. the law of supply and demand plays a major role of bitcoin's value.next year we are expecting a 10k usd / btc before the end of 2018.

It is difficult to estimate number of BTC users in the world but we can safely conclude that their number increases each day.If this estimate is correct  then we are on the right track that bitcoin spread all over the world and becomes a serious player in the financial market.Also a very important factor for BTC is development of internet infrastructure and availability of the same in some pretty underdeveloped parts of the world.To use BTC you need to have computer / smartphone,electricity,internet and some knowledge.I think in those currently underdeveloped countries we have a lot of potential users.

This is a good news for bitcoin users because the more the investors the fast the price of bitcoin rise. This rise of bitcoin users may be because of the people thoe have been encouraged to have financial independence and a well managed money through bitcoin.

I read somewhere that the price on average has been doubling every 12 months approx which seems about right in recent years.  Currently we were just under valued so long down in the hundreds that it seems like a bigger climb than it actually is recently.  Just from observations the active users in bitcoin seems to be around x4 or x5 vs a year or 2 ago.

Its good to know that someone somewhere is actually keeping records of this and showing us how things are going. However, based on the current report and future projections, I don't see the trend kept up to date because as we move on with the popularity of bitcoin, I see us getting stuck at some point and this will mean that the population of the world that falls in the category of the older citizens, uneducated citizens and even those who will be shut out as a result of issues not their own fault such as war, unable to access the internet or the banning of bitcoin by respective countries etc. With all this put together we might not get to the point where almost all people in the world will use bitcoin.

With a fixed block size, this implies the number of transactions per user halves every 12 months!

So based on this statement, in 26 years we'll have 2^26=67 million times more users. Earth has 7.6 billion people (http://www.worldometers.info/world-population/). This statement would put the current number of Bitcoin users at 113, so unless we're all own 10,000 accounts on this forum, you're wrong!

But Willy Woo didn't say this, cryptocoinsnews (https://www.cryptocoinsnews.com/woos-law-bitcoin-users-double-every-12-months-major-factor-for-long-term-price-surge/) made this up. The source article (http://woobull.com/woos-law-of-bitcoin-user-growth-bitcoins-adoption-curve/) shows:
That's where the 26 years comes from, a slowing S-curve instead of continuing at the same pace for eternity. As long as the number of users grows exponentially, the price will keep climbing at a high rate too. It'll be interesting to see what happens to the price when the number of users can't grow exponentially anymore.

Assuming every person on earth uses Bitcoin, that means there's less than 0.003 BTC per person! The price will be insane if that happens. If you add the effect of the 1% that owns 99%, the majority of users will own less than 3000 Satoshi.

That's a good news for all of us bitcoin enthusiasts. That is certainly going to make bitcoin a global digital currency and the prices of it are going to be the highest of anything else in the world I guess but still I think bitcoin has a long way to go as there are still other things which haven't reached each and every part of the world like the internet. Apart from that bitcoin itself needs lots of improvement for it to be feasible and viable to be used by everyone in the world. At present we can only hope that along with the increase in bitcoin adoption and acceptance efforts are also made to make bitcoin a worth using digital currency with less or no transaction fee etc.

Bitcoin has really progressed since it had started. It is becoming more and more popular to people of not only young generations, but middle and old aged generations also. All this popularity has lead to increase in usage of bitcoin intensively. The main reason for bitcoin to get this popularity and usage is the simple fact that bitcoin helps make people rich. Since there are many ways one can earn bitcoin. Also bitcoin is a global form of currency so one can use it anywhere in the world without the hassle of currency exchange. There are easy and fast transactions. Most importantly bitcoin is totally secure so people don’t have to worry about there money getting stolen. So these all are the main reasons for double the users of bitcoin.

that is encouraging and motivating! Well, investing in Bitcoin is always my favorite as Bitcoin Investment pays a good profit.

Its true that the adoption rate of bitcoin is increasing very high through out the world.More people are getting aware of bitcoin day by day.Its price almost increasing nine times within a year has attracted more people's attention towards it.It was just $650 an year ago and now its price is $5,700.IN today's situation,we could not expect such huge returns from any other assets or stocks.

If bigger countries like india legalizes bitcoin,then surely bitcoin users would even triple in every twelve months.

The question is, what happens once we reach 2018 and that ascending triangle top is reached? will we see a mega pump of several thousand dollars?

If bitcoin has to become what satoshi predicted, it would need to keep increasing at an exponential rate. We have reputed analyists like Trace Mayers predicting $27,000 in 4 months, as a non-aggressive prediction:

https://pbs.twimg.com/media/DLrDP5zVoAAiNFk.jpg

Im very excited for the next 4 months myself. This is a key moment in history of bitcoin. The segwit2x is a big challenge, but im confident we are going to end up stronger and we will see a massive bull rally of exponential growth as predicted there.

Look at 2x futures and you will see how we are going to smash the forkers:

https://pbs.twimg.com/media/DMCPtr0VAAAY35n.jpg

That is one of the greatest idea of Satoshi Nakamoto and so simple as 1 2 3!
The demand is working on Bitcoin today, the number of users is raising the price and the high price attract more and more users. It's just a circus which works perfectly. We easy may call Bitcoin as the thing which made itself itself!

So for me it is true that the income with the bitcoin is increasing more and more because I like the value of eh bitcoin as the main source of income, I hold the bitcoin for the profit and I have earn the huge bitcoin just by trying the bitcoin and then making the profit from it, I love to be the bitcoin part and the income of the bitcoin because it is going to be the double of the invested amount.

It's a really interesting finding but it is unrealistic for bitcoin users to continue to grow at the same rate for a long and consistent period. It is likely there will be major spikes in use as Bitcoin has big breakthroughs but eventually growth will inevitably slow to a much more minimal rate.

Im not surprised if into the next year this numbers will be even bigger, sure double every 12 months sounds amazing but its like a limit something crypto hasnt since the begining, as the price of bitcoin and others strong currencies keeps growing we will see more and more people getting involved with crypto world, there is no way to ignore the potencial forever.

This thing might not be true after few years . Like now it is fine to say double but after couple of years when the whole world will be using Bitcoin at that time you can't use the term double. Also there must be enough Bitcoin mined for such a bunch of people.

It is really hard to have an accurate forecast about something with that kind of time frame, I mean 26 years is really a long time by that time I think that there are many cryptocurrency in the market and everyone or mostly will be knowledgeable not only in Bitcoin but also in other cryptocurrencies. Also Bitcoin doubling in value in every 12 months is not an accurate statement as you will see in the prices of last year it barely reached the 1000$ price range, but doubling your money is a more right term as trader have more than double their money by that technique.

it is such a good news that we know that many people are interested in bitcoin. I think it can influence the bitcoin development in terms of price and promoting coins or others. I predict that next year the numbers of bitcoin users will increase. moreover after they know that bitcoin give us many advantages.

Bitcoin users are getting more day by day it is really good news and i think this is the beginning and i know so many people dont know about bitcoin  and they dont know what can they do with bitcoin  but day by day they will learn about bitcoin and  i know , the all world will use bitcoin one day and bitcoin will money of future.