As Bitcoin valuation marks yet another record for the year, achieving a price not seen since 13 months ago in May 2018, the number of active Bitcoin addresses has also crossed the 1 million threshold – a number not seen since 27 November 2017.
Analytics website CoinMetrics.io provides this statistic, defining it as the number of unique addresses with both the sending and receiving status, active in a 24-hour period. Twitter user Kevin Rooke was the first to notice this interesting milestone, Tweeting a sarcastic dig at those claiming that “nobody uses Bitcoin”:
"nOboDY uSeS BiTcOin"
??? pic.twitter.com/JvMaBtu0jL
— Kevin Rooke (@kerooke) June 15, 2019
Rooke also points out some interesting facts to accompany the observation, saying:
“When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23. Yesterday 1 BTC was $8,230 and the median tx fee was $1.33.”
Most Bitcoin observers will, of course, say that this particular analysis does not mean much, especially since a single Bitcoin user on a single Bitcoin wallet could be using as many as hundreds of different addresses over a period. A single user on a Bitcoin exchange could also be using a unique address for every deposit, since Bitcoin use also recommends using a new address for every unique transaction as an easy way to protect privacy from prying eyes.
Nevertheless, this metric is a vitally important one to show that actual and unique transfers are taking place on the network, which differs greatly from the regular transfers happening to and from big exchanges. It is undeniable that 1 million unique addresses changing coins over the Bitcoin blockchain can only be a good thing for Bitcoin adoption.
The fact that this happens while Bitcoin price achieves a new high, will only spell good things for the long-term future of Bitcoin.
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