Best way to measure Bitcoin popularity?

[LiteCoinGuy]

price down: bitcoin doomed

price up: bitcoin moon


 

This is just a misconception about the prices and popularity.
The price doesn't have any relationship with popularity.
Prices of Bitcoin is in the hands of Whales who are manipulating the market.

exactly. it is the dumbest measurement you can look at.

[1715689931]

1715689931

[1715689931]

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[michietn94]

Mostly ask the closest people we had known, ex : friends & family.
AFAIK, the bitcoin popularity still low on growing country rather than develop country who faster adopt bitcoin as the payment for some region

[nextgencoin]

Transactions is the best way to judge how Bitcoin is doing. If Bitcoin really goes mainstream we will know about it pretty quickly...

[Hopalong]

If i ever hear someone talk about bitcoin i would assume it was getting more popular....

[bornil267645]

The best way would be asking people on the streets no?

Chances are, 90% people will say they never heard of bitcoin. Some will even say it is some kind of gaming token by hearing the term COIN.

[b-trading]

What do you think is the best way to measure the popularity of Bitcoin? Some say that amount of transactions or used addresses but in my opinion this is not really a good measurement.

i think we can measure the bitcoin popularity by the amount of merchant that accep bitcoin as a payment in any country in this world..

[Derrike]

The best way would be asking people on the streets no?

Chances are, 90% people will say they never heard of bitcoin. Some will even say it is some kind of gaming token by hearing the term COIN.

hey,  no one will think that it is some kind of gaming token just by hearing the term "coin"  associated with it.
Why do you think it like that?

[Derrike]

What do you think is the best way to measure the popularity of Bitcoin? Some say that amount of transactions or used addresses but in my opinion this is not really a good measurement.

i think we can measure the bitcoin popularity by the amount of merchant that accep bitcoin as a payment in any country in this world..

Yes friend,  i think that you are right.
As more and more people will start to believe in Bitcoin, more merchants will start accepting the bitcoin.

[PolarPoint]

You can't measure the popularity of bitcoin by one single figure. I think we have to use a basket of indicators: transactions, volume, merchant, news coverage. We also need to measure the growth of each of these indicators each year.

[maku]

What do you think is the best way to measure the popularity of Bitcoin? Some say that amount of transactions or used addresses but in my opinion this is not really a good measurement.

Amount of bitcoin transaction could be easily tweaked and manipulated, furthermore there are significant number of dust and spam transactions.
Part of Bitcoin philosophy is using new address for every transaction because they are literally endless so you can own hundreds of them.
So you are right, these factors are nothing certain and you cannot measure anything by number transactions and addresses.

[TeKenway]

I take the cocktail theory for the investment world. Trying to think of the same principles for BTC.

Theory guys like this; If I am at a cocktail party and people come up to me and ask what I do for a living, I reply "I'm in the investment and advisery field" if they look disgusted with me and walk away to go speak to a dentist I know the market is pretty stabilized.

Now Reverse it, if two random people come up to me at the cocktail party, ask the same question and I reply "I am in the investment and advisery field". If they then get excited and start giving me advise on what stocks to buy, and then the dentist comes over and gives me advise on what stocks to buy I know its a good time to start exiting the market because their is to much consumer confidence and froth.

Not really an accurate theory and I wouldn't recommend using this to place any of your trades or engage in the market. It's just one of many things I use to engage in qualified invester confidence.

[gentlemand]

I would've thought the most reliable way to get a sniff would be the number of verified individual accounts at places like Coinbase, Circle and the big exchanges and whether they're rising, static or falling. That's a long way from being the whole scene of course but a good metric all the same.

Wallet openings and transactions are far too wishy washy.

[TeKenway]

That's actually really smart, but would be hard to determine specially since people have multiple wallets.

Exchange volume is a nice way to look at it, but captures a certain demographic and leave another demographic that might not trade out. Would be easier if companies posted their earnings and sales number with AUM or Individual account holders. But thats a far step from happening.

[mallard]

Google can show you the popularity of a search keyword I think.

[tyz]

i heard a lot of people talking about bitcoin, especially during the time around end of 2013 when mainstream media reported much about it, but 90% of them have never used or tried bitcoin anyway. so, it is not a good measurement.

If i ever hear someone talk about bitcoin i would assume it was getting more popular....

[TeKenway]

I sent a memo out to my firm asking about bitcoin, most for brokers replayed back with "I dont know" or simple "Ponzy". The middle aged brokers seemed more acceptable to BTC and even had a bit of conversations about it.

That's a good sign to me. Most young brokers are idiots, and older brokers are jaded.

[VirosaGITS]

My insurance and investment guy didn't even hear of BTC when i asked him if excessive amount of electronic hardware was insurable.

I dont think asking people randomly on the street would work. You'd have to ask alot and it wouldnt be about popularity, it would be more;

"Hey have you ever heard of Bitcoin?" "Ever considered of using it?"

And i suspect most older people to be closed to the idea.

[Jorge320]

I have Google alerts setup for "Bitcoin" and "BTC", I tend to see a trend of the number of articles per day and movement in price (duh right...) but I also feel its a good metric to gauge adoption to see main stream news outlets reporting on BTC news.

[g1974ak]

i think th best solution is by looking at the number of transaction per day, those that are "cold storaging" will end their work at the end so if the number of TX per day rise, it must be because new people joined in

No, bro.
As at the time of stress testing and spam attack there were much much greater number of transaction per day,  so this is also not a good way to measure Bitcoin popularity. 

Nor only this but one person can make more than one transaction per day. So he can buy four things with bitcoin and here we are with four transaction from only one person.. Such thing can be made by numerous people. The result. Popularity increased and multiplied per four, five or ten times.

[|Bitcoin|]

The best way to help bitcoin go mainstream is not to calculat the popularity. If the result is bad no one will invest in bitcoin anymorr. If the result is good big investors will not invest due to the already big market.