Online shopping service BargainFox has recently published an infographic that indicates that the value of Bitcoin will continue growing in 2016.
The infographic says that the biggest Bitcoin exchanges have grown rapidly over the year 2015. For instance, Singapore-based OK Coin has grown 847%; BitStamp has doubled within the year, reaching 160%.
The market has managed to move $289 million worth of Bitcoin on a day-to-day basis, more than Western Union ($216m) and closing in on PayPal ($397m).
The use of Bitcoin as a payment method by online and offline merchants is highly increasing, supported by Bitcoin payment service providers such as Coinify, Europe’s leader in processing wide range of digital currency payments.
An insignificant 1% is charged for BitPay premium members compared to the major credit card networks that range between 2% and 6%. Certainly this has contributed to the rise from 65,000 merchants accepting Bitcoin to 100,000 plus. Besides, retailers like TigerDirect reveal that Bitcoin prevents fraudulent chargebacks that are very common with customers using credit cards.
Furthermore, giants like Microsoft, Expedia, Time Inc., NewEgg and Overstock have started to accept Bitcoin as a payment option and many others corporations are following the lead. August 2015 recorded 70,000 transactions via BitPay.
As the demand has increased, so has the venture capital funding the user-friendly applications, Bitcoin ATMs, exchanges, and other technology. For instance, back in 2012 only $2 million was invested in the industry. So far, in 2015 this has reached $469 million.
Like many other technologies, Bitcoin had come a long way until it reached a widespread adoption by financial companies across the world. In the meantime, such events as the closure of the Silk Road black marketplace and the collapse of the Mt. Gox exchange, negatively affected the digital currency. However, the industry is still growing, with Bitcoin being widely used for microtransactions, international remittances, smart contracts, securities trading and machine-to-machine transactions.