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Bitcoin to Exceed Internet in Terms of Transaction Volume in 2020: Willy Woo

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Thu, 01/02/2020 - 15:34
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  • Bitcoin could have a blowout year with the total USD value of all on-chain transaction surpassing the internet, according to crypto expert Willy Woo

Cover image via www.youtube.com
Contents

Bitcoin analyst Willy Woo has taken to Twitter to predict that the number of Bitcoin could exceed internet commerce when it comes to transaction volume in 2019.   

According to research conducted by leading statistics portal Statista, the total value of digital payments, which include such segments as digital commerce and mobile POS payments, $4.1 trln

Bitcoin Payments
image by @CL207

It's worth noting that the data posted by Statista is likely to be underestimated since China alone is responsible for nearly $40 trln worth of digital payments. 

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A big year for Bitcoin 

Bitcoin's price underwhelming price moves in late 2019 didn't manage to overshadow the coin's impressive fundamental growth in 2019. The hash rate of the BTC network spiked by more than 100 percent in 2019 and printed a new all-time high on Jan. 1, 2020.     

The on-chain volume of Bitcoin reached a whopping $3.8 trln. As reported by U.Today, somebody transferred more than $1 bln (the largest transfer in USD value to date) back in September 2019.     

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The new internet 

There have been countless comparisons between Bitcoin and the early days of the internet. In 2018, Zillow CEO Spencer Rascoff drew parallels between BTC to the infamous dot-com bubble.   

CNBC's host Joe Kernen said that people fail to understand the top crypto just like they failed to understand Amazon when the retail behemoth was in its nascent stage. 

Meanwhile, Twitter CEO Jack Dorsey believes that Bitcoin could essentially become the currency of the internet.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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  • Bitcoin (BTC) scammers know no quarantines or self-isolation. Dozens of fraudulent airdrops falsely endorsed by Bill Gates ask YouTubers to send in their Bitcoins.

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Typically, fake YouTube airdrops are quite similar to each other. With the current pandemic enraging across the planet, a series of scams that impersonate Bill Gates have some distinct features.

With Bitcoin (BTC) Price Drop, Scammers are Getting Greedy

Just like in several other previous cases, the fraudsters launch fake 'live streams' on YouTube, asking users to send in their Bitcoins (BTC) in order to get redouble the initial amount.  An 'entry ticket' into to this scam starts at 0.1 BTC which is more than $650. With previous scams, it was much cheaper.

Fake YouTube Bitcoin (BTC) airdrop
Image via YouTube

The scammers also publish the URLs of this campaign, which are linked to suspicious websites. Unlike previous cases, fraudsters launch multiple live streams simultaneously. At press time of this article, at least two of them were active.

Multiple scam streams on YouTube
Image by YouTube

According to statistics, the average popularity of one live stream is about 30,000 viewers.

Very Bad Idea

Alongside that, launching fake airdrops on behalf of Microsoft's Bill Gates isn't a slam dunk for the fraudsters. It may seem ironic, but Mr. Gates is a prominent critic of cryptocurrencies, particularly of Bitcoin (BTC). He is sure that digital assets represent a kind of a ‘greater fool theory’ type of investment.

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Cryptocurrencies kill, added Mr. Gates. To him, its only use-case besides short-term speculations is illegal funding for drug trafficking:

Right now cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way.

The U.Today team will one more time state that no airdrop will be conducted without the notification from an official website of a product or token. Any YouTube, Medium, and/or Telegram announcements may shill scammers. Never send your money to unknown persons.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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