Data published recently shows that the number of cryptocurrency wallet users has been steadily increasing over the years, almost independently of the market ups and downs. This positive trend has continued throughout the extended bearish market and has in fact steepened in the last few weeks.
Also read: Dozens of Crypto Trademarks Filed in the US This Year
Over 36 Million Crypto Wallets Created so Far
A study published by market and consumer data provider Statista compiles quarterly figures for a three-year period. The number of blockchain wallet users worldwide has jumped from less than 6.7 million in Q1 2016 to over 34.6 million in Q1 2019. This has involved a constant increase, with every quarter seeing more cryptocurrency wallets than the previous one.
A more detailed graph prepared by Blockchain.com confirms the trend, which dates back to early 2013. During the whole period, there have been two noticeable spikes. The first one occurred between late November 2017 and the end of January 2018, when the number of wallets jumped by 2.5 million. The second started this April – almost 2 million new users have been registered since the beginning of the last month.
The total number of wallet users on April 30 was 36,616,530, according to Blockchain.com’s calculations. The user count towards the end of April 2012 was less than 5,800. The difference, undoubtedly, represents an enormous increase in the number of people involved in the crypto space, despite all the setbacks along the way.
Things to Consider When Choosing a Wallet
Setting up a cryptocurrency wallet is a necessary step for anyone who wants to enter the space. It allows you to acquire, store and spend digital coins. There are many options in the market and your choice should depend on your priorities.
For instance, hardware wallets such as Ledger and Trezor arguably offer greater security for digital assets. There are also popular desktop wallets like Jaxx or Exodus, online wallets such as Coinpayments, and mobile wallets built for Android and iOS, like Edge. Blockchain.com offers a safe and popular wallet too. All of them support multiple cryptocurrencies.
If you need a light client developed for various platforms, including mobile operating systems as well as Windows, MacOS and Linux, the Bitcoin.com Wallet is an open source, simple and secure tool to buy, store, send and receive bitcoin. The application supports two major cryptocurrencies – bitcoin cash (BCH) and bitcoin core (BTC).
New users can download and install the app for free and purchase BCH and BTC with a credit card directly in the wallet. As of recently, the option has been available not only to U.S. residents, but also to crypto enthusiasts in the U.K. and Europe. The wallet allows you to easily switch between the two coins using a service called Sideshift without the need for any registration or account creation.
Probably the most attractive feature of the Bitcoin.com Wallet is that it’s a noncustodial platform. That means you’ll be fully in charge of your funds at all times. These and other advantages are some of the reasons for the wallet’s growing popularity. Almost 4 million Bitcoin.com wallets have been created so far. That’s close to 2 million new wallets in just a year.
Do you think the growing number of cryptocurrency wallets in use is an indication of a strong positive trend in the crypto space? Share your thoughts on the subject in the comments section below.
Images courtesy of Shutterstock, Statista, Blockchain.com.
At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.