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Bitcoin [BTC] adoption not at par with expectation as only 2% of firms use BTC, finds Stack Overflow research

Febin Jose



Bitcoin [BTC] adoption not at par with expectation as only 2% of firms accept BTC, finds Stack Overflow research
Source: Pixabay

Cryptocurrency adoption has largely been associated with the increasing popularity of Bitcoin. This ‘belief’ among crypto-enthusiasts was further strengthened after Bitcoin registered an unexpected rally last week, which saw its price break multiple resistances and cross $5,000. However, new research by Stack Overflow suggests that despite its popularity, the king coin’s mainstream adoption was stagnating.

Stack Overflow’s annual developer survey analyzed blockchain and cryptocurrency adoption and found that a majority of the companies around the world were yet to sail into the blockchain ecosystem.

The survey weighed the opinion of 48,175 developers on blockchain adoption within mainstream firms. Almost 38,500 of the surveyed individuals clarified that their organization was not using blockchain technology or any decentralized ledger. However, approximately 12.7% of the developers claimed that their company was making use of the non-currency functions of the technology.

Even though the adoption rate is satisfactory for a relatively nascent technology, the story was different for the king cryptocurrency, Bitcoin. Research highlighted that only 2.1% of the surveyed individuals admitted their organization using Bitcoin as a payment system. However, 4% said that their firms were using cryptocurrency-based products.

Though the survey mainly had subjects from the US and Europe, India found a special place in the survey. It was noted that Indian developers were more likely to claim that their firms were making use of blockchain and DLT technology, cited TNW.

To avoid discrepancies or bias, Stack Overflow recruited respondents through their own channels. The research methodology read,

“The top 5 sources of respondents were onsite messaging, blog posts, email lists, Meta posts, banner ads, and social media posts. Since respondents were recruited in this way, highly engaged users on Stack Overflow were more likely to notice the links for the survey and click to begin it.”

However, one of the drawbacks of the research was its short sample period, with the survey being conducted between January 23 and February 14, 2019.

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Febin Jose is a full-time journalist/editor at AMBCrypto. He believes that cryptocurrencies will navigate a volatile future and that Arsenal can still win a title. Lives around the "if it sounds like writing, I rewrite it" mantra.


Bitcoin nirvana is happening right now, says Max Keiser




Bitcoin nirvana is happening right now, says Max Keiser

Bitcoin’s price pump affected the altcoins’ valuation on an optimistic note. The digital coins recovered significantly this year after losing nearly 80% to 90% valuation since the market crash in the first quarter of 2018. As Bitcoin [BTC] continued to trade between $7,600 and $8,300, prominent analysts in the field speculated that the king coin could potentially spiral down a bit more. However, Max Keiser, a Wall Street veteran and host of the Keiser Report, who is also a noted Bitcoin bull is of the opinion that “crypto spring is here”.

The broadcaster, in the latest edition of the Keiser Report, stated,

“It’s just bleeding right into our lives we can hear the lawnmowers outside in there getting ready for crypto summer and then crypto fantasia crypto parallel dimension and the Bitcoin nirvana it’s all happening, it’s all happening, right now.”

Keiser also noted that the global economy was undergoing “deglobalization” which steemed out of uncertainty and volatility and added that there “was no way to hedge against that”.

Stacy Herbert, one of the most influential women in blockchain and a host alongside Keiser contributed to the discussion. She said at a time when deglobalization has hit the economy, one would certainly go along with Bitcoin. According to the broadcasters, trade wars between China and the USA was currently intensifying Herbert; While recalling history, they also took note that the empires started falling during the period of deglobalization which was eventually followed by the two world wars.

Keiser had previously remarked that “Bitcoin is hard money” very similar to gold, and added that it is going to “respond well to hyperinflation and hyper-money printing”.

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