Bitcoin Usage: Study on Bitcoin Usage Around the World 2020

Abstract

Bitcoin usage has grown from zero to hundreds of billions of dollars in just over a decade. However, the research and studies of bitcoin usage fall short. This is mainly due to the nature of bitcoin, but also the myths of the early days. In this study, we go through the user data from LocalBitcoins, the largest peer-to-peer bitcoin marketplace in the world to study the bitcoin usage and needs. By analyzing and classifying major use cases for bitcoin through surveys and statistical analysis, this study will bring a better understanding of the different use cases for bitcoin and the role they play in bitcoin adoption. This research shows that the scope of bitcoin usage is noticeably more diverse and not merely limited to illegal usage or speculation.