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Bitcoin’s Network Records an Incredible Number of Wallet Addresses Generated in 2021

Recent data suggests that Bitcoin’s network has approximately 88,365,209 addresses. This figure accounts for the period between January and June 2021. So, in the six months, users created almost 488,206 addresses daily.

Is Crypto Adoption Now Mainstream?

According to the data, June 2021 had the lowest number of addresses created, while January records the highest. Users in January 2021 made 551,132 addresses, while June had 370,269 addresses created daily.

The monthly figure equates to 17,085,095 addresses made in January 2021 and 11,108,070 addresses for June 2021. Furthermore, the remaining months also display impressive figures as February registers 15,422,388 addresses. March, April, and May show an address creation of 16,326,758, 14,889,320, and 13,533,578, respectively.

A close look at the address creation data reveals that the numbers faced a decline with the start of a new month. For instance, April to May 2021 experiences a significant drop of -12.04%. The period between May and June 2021 also records a decrease in address creation by -15.9%.

The decline in address creation follows various developments taking place in the global crypto market. A prime example of these developments includes China’s crackdown on cryptocurrencies, which saw institutions withdraw from providing crypto-related services. The other occurrence was the crypto mining ban, which sought to save the environment from excessive carbon.

What Does This Mean For the Crypto Community?

Bitcoin addresses give users the ability to carry out transactions in a private manner. In a traditional setup, users have to provide their full details to receive financial services.

However, the act of revealing personal data leads to cases of impersonation or cyber-related crimes. Bitcoin’s addresses remove the idea of personal recording information, making it a favorable transaction model for many users.

The address only shows the source and destination of any crypto transaction. Moreover, hacking an address is not easy as it relies on the blockchain to complete a transaction. Users only need to create a new address after completing transactions to boost privacy levels.

The overall anonymity and privacy features make Bitcoin’s network a viable transaction system eliminating centralized authorities. Hence, users are taking a step in leveraging blockchain technology to make local and international payments.

Despite the regulatory pressure across various regions, Bitcoin’s price steadily rises to reach the $50,000 mark. Notably, the dominant coin’s value is up by 41.8% within 30 days at press time. Thus, the considerable number of wallet addresses could signify a growing adoption level for Bitcoin even with negative headlines surfacing the crypto market. 

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