New study shows more than 3 million people use cryptocurrencies

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A recent report released by the Cambridge Centre for Alternative Finance shows that cryptocurrencies have a broader acceptance than originally believed. It estimates that more than 3 million people are actively mining, accumulating and storing cryptocurrencies. This puts its research at odds with previous guesstimates, which pegged the number at around 1 million.

To reach this conclusion, the Cambridge Centre for Alternative Finance analyzed data gathered from roughly 75% of the cryptocurrency industry — more than 100 companies in 38 countries.

This study is quite a big deal, and highlights the unprecedented growth of cryptocurrencies. Bitcoin was established in 2009 and enjoyed complete market domination for quite a while. Recently though, it's fallen to 72%, thanks to the introduction of other cryptocurrencies.

Even business has jumped on the bandwagon, which is a good thing, as it will be the key to Bitcoin's long-term survival. As more and more companies accept Bitcoin as a form of payment, attitudes surrounding the currency itself will change. People will see it as less of an investment — like stock — and more like what it really is — money.

Increased acceptance in the business market is also a positive sign for nonprofits, as it gives them more precedence to accept Bitcoin donations. Although this was still in its early adoption phase back in 2014, many nonprofits are now seeing Bitcoin’s advantages over cash, besides providing an additional revenue stream.

For one thing, the processing fees are much lower than those of credit card transactions. Furthermore, some third-party processors even do conversions for nonprofits at no cost. This also greatly simplifies donations from overseas.

Perhaps most surprising is that there are no tax-reporting obligations, as the IRS classifies Bitcoins as property for tax purposes. Thus, in the nonprofit world, Bitcoins are noncash gifts, which are not assigned any value.

Source: Bitcoin Magazine
 
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