According to a recent study by the University of Cambridge, the number of unique active wallets is about 5.8 million, which gives the best indicator as to how many users of bitcoin there are around the globe. The number could however be lower, considering users can hold multiple wallets and it is difficult to assign wallets to real identities. The report explains:
“Estimating the total number of unique individuals using a cryptocurrency wallet poses significant challenges as there is no limit on the number of wallets any one individual can create, and the number of additional wallets held by an individual is unknown to any particular wallet provider.”
As a digital asset, Bitcoin is held by few. Still, it is almost predictable. Once people learn about Bitcoin and are convinced of its integrity, they wonder whether it is too late for them to get involved.
Compared to Other Innovations
It is true that those who learned about the cryptocurrency as early as 2010 or 2011 were advantaged. They could mine the cryptocurrency using ordinary desktops, for example. And when they chose to buy, one bitcoin cost pennies as compared to over $1,400 today.
But even in 2017, it isn’t too late to get involved. In fact, it is never too late with Bitcoin and, by extension, blockchain technology. Roger Ver recently equated thinking it is too late to get involved with Bitcoin to thinking it is too late to get involved with the growth of any major innovation. Ver said:
“Thinking that it is too late to get involved in Bitcoin is like thinking it is too late to get involved with the internet or too late to get involved with using a cell phone. It is not too late to get involved with Bitcoin.”
Even if it becomes more difficult to get involved over time, Bitcoin is not even ten years old. Meanwhile its potential to change society rivals that of the Internet. If the growth of Bitcoin is comparable to where the Internet was in the early 1990s, as some say it is, then a lot is yet to happen in terms of adoption and investment.
Still Time to Be a Bitcoin Pioneer
What makes most newbies think it is too late to get involved with cryptocurrencies is their fixation on the price. They imagine how much they would have earned today if they had acquired a bitcoin in 2010 and stored it, or they believe they have to buy a whole bitcoin at its current price.
If you look at bitcoin purely as an investor, it is still very early. Nobody knows where the price of bitcoin will end up. It’s value could go as high as tens of thousands of dollars. It could fall, too. Don’t invest more than you can afford to lose though. Nevertheless, if you acquire it in 2017, you are likely still among the pioneers.