A study by the Blockchain
Centre found growth in adoption, with 488,206 new addresses created per day between January and June 2021.
despite high volatility in the second quarter, after the asset dropped sharply from its all-time high set in April 2021, when it surpassed USD $64,000.
Data compiled by Blockchain Centre revealed something unexpected: an average of 488,206 new Bitcoin addresses were created daily in the first half of 2021, with a total of 88,365,209 new addresses for the entire January-June 2021 period. The numbers were extracted from Glassnode Studio, a gateway to on-chain data for the most popular Blockchain platforms.
Here a graph
It’s worth noting that in the months with the highest price increases, more addresses were created. January 2021 has the highest number of newly generated BTC addresses per day with 551,132 as a daily average. The month’s total reaches an all-time high, according to Blockchain
Centre, of 17,085,095 unique addresses.
On the other hand, June had the lowest number of addresses created in the first half of the year with 370,269 new ones.
addresses per day. However, the total average volume of new addresses for that month exceeded 11 million, which is still high for a month of falling price. It’s worth remembering that, according to CryptoMarkets
Why so many directions?
Finbold clarifies, that the large number of new unique addresses does not necessarily point to new investors entering the Bitcoin network. In some cases, a single investor can account for several Bitcoin addresses. This scenario is aided by the fact that creating a Bitcoin
address is very easy.
being a public platform, people can see the current value of a particular address, the number of transactions that were completed and the amount of cryptocurrencies it sent and received.
address every time you send or receive a payment. This adds an additional layer of privacy, so third parties would have an even harder time tracking your transactions.
profile. However, it still requires additional work. So, he asks, why do consumers choose to do it? There are two compelling reasons, he answers:
- To begin with, to analytics firms are finding it Blockchain find it harder to track how the user spends your money. This doesn’t reveal one’s identity, but it shows analysts what purchases go hand-in-hand, and some people find even that too much to reveal.
- Secondly, it’s a bit easier to hack an address once it’s been used. That’s not to say that it’s currently possible. Still, if a vulnerability were found in the current security algorithm of the Bitcoinaddresses, it would be easier to break into the address. You can be sure that hackers are working around the clock to find a way to crack the code, as the gains from doing so would be absurd.