Does the Bitcoin serve its purpose? More than 10 years after Satoshi Nakamoto published a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”, Matt Ahlborg looks at the data to analyze the degree of Bitcoin’s adoption and purported utility.
Ahlborg is a data scientist and analyst focused on emerging internet technologies and their role in the process of digitalization.
His case study involves Localbitcoins.com (LBC), a peer-to-peer website which facilitates over-the-counter trading of local currency for bitcoins. Founded in Finland, it is regarded as the most popular website for fiat-to-crypto retail transactions.
Ahlborg’s intention, in this case, is threefold: Analyze LBC trading volume data, describe the impact of BTC in various countries, and identify trends.
As anyone who has ever tried to complete a trade on the LBC knows, it costs quite a lot. The spreads are quite, while the “Bitcoin trades on LBC occur at an average of 4.5% over the USD equivalent spot price globally”, notes Ahlborg.
Below here we offer a brief summary of the trends Ahlborg has identified:
For the end, Ahlborg has some positive words for Bitcoin enthusiasts.
“In totality, nearly six years of aggregate data paint the picture that Bitcoin has utility and that its promise is beginning to be realized for the types of people Satoshi said it would”.
The story is sponsored by newconomy.
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