Compared to the legacy financial system, Bitcoin fees and transaction time are minimal. Sending an international wire transfer by major US banks costs around $45, can take days to process, and can be done only during banking hours. Bitcoin transactions, on the other hand, typically cost around $0.75,⁸ can be done 24/7, are instantly seen on the network, and are widely regarded as secure after confirmation of six blocks, which happens in about one hour.
A few days ago, the American Bitcoin exchange Coinbase published showing the distribution of Bitcoin in the USA. The report states that few technologies in such a short time, 11 years, have attracted as much attention and attention as Bitcoin. In 1972 email was invented and it took until 1997, when a total of 10 million people used this new service.
Bitcoin, on the other hand, went from an idea in 2008, and a first transaction in 2009, to an estimated over 27 million users in the US alone in 2019, or 9% of Americans.
The following graph shows the locations of the existing Bitcoin Nodes around the world and their evolution over time. Especially Europe and Asia can be regarded as “conurbations”.
It is also worth mentioning that sending Bitcoin is 60 times more cost effective and 48 times faster than traditional bank transfers. The following graph illustrates this comparison.
Author : Collin Brown