Cryptocurrency
21 Million BTC: How PayPal Active Users Underscores Bitcoin Digital Scarcity
As reported on NewsBTC, “An over 300 million active register accounts on PayPal highlights just how important digital scarcity is to Bitcoin’s value. “The enormous installed userbase suddenly having access to cryptocurrencies could be a major boost to adoption. We’ve done the math to see how the numbers add up and the type of impact that is […]
As reported on NewsBTC, “An over 300 million active register accounts on PayPal highlights just how important digital scarcity is to Bitcoin’s value.
“The enormous installed userbase suddenly having access to cryptocurrencies could be a major boost to adoption. We’ve done the math to see how the numbers add up and the type of impact that is possible.
“Yesterday, rumors began circulating about a potential move by PayPal and Venmo to support Bitcoin and other cryptocurrencies.
“Discussion over the potential impact of the payments processing giant may have on cryptocurrency adoption has spread like wildfire.
“According to data, there are over 305 million registered and active user accounts on PayPal today. This number is only bound to grow and has steadily since the company was first founded in 1998…
“…But for those that don’t quite understand the impact, comparing these figures to Bitcoin’s maximum supply can be eye-opening.
“Bitcoin was designed to be digitally scarce, making the asset a hedge against inflation. Although a mechanism exists that unlocks new BTC to incentivize miners to keep the network churning, the max number of Bitcoin will never increase.
“Only 21 million BTC will ever exist. There aren’t enough for the number of millionaires in the world to one 1 BTC each. And if the entire global population of 7.8 billion people all wanted Bitcoin, there’s only enough of the cryptocurrency for 0.0026 BTC to be equally distributed…”