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Coinbase User Base is Now Greater Than Charles Schwab

Reading Time: 3 minutes by on November 27, 2017 Bitcoin, Commentary, News
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For many years, major markets and institutions had resigned bitcoin and other cryptocurrencies to the dark corners of the online world. It seemed that only tech geeks who trawled forums and entered certain circles would have heard about these topics, let alone turn a profit exploring them.

Playing the Long Game

A few years back when the very first white paper explaining bitcoin and the blockchain network it utilises came out, you could buy bitcoin for pennies. If you held onto those bitcoins, you would be a millionaire possibly tens of times over.

There were countless stories of people accidentally throwing away hard drives that had many bitcoins on them, leading to search parties in local refuse dumps, rummaging around the debris in an attempt to find a hard drive that had millions of dollars’ worth of bitcoin contained in it.

It is hard to believe that in just a few years, bitcoin has passed $9,000 in price and it continues to hit record highs. 2017, of course, has been the year of the breakout for cryptocurrencies, with the likes of bitcoin, bitcoin cash, and ethereum all experiencing massive price surges.

There has also been an influx of people and projects getting involved in digital currencies, with ICOs seemingly happening every day. Finally, it is the year that bitcoin has finally managed to go mainstream.

One of the goals of bitcoin is to have it used as a worldwide currency, breaking down previous barriers that fiat currencies have created. It allows for cheaper, safer and faster transactions of money and it is finally time that people started to realize this on a mainstream level.

Mainstream Induction

You see more and more traders getting involved in the bitcoin markets on a daily basis, as well as people who don’t have investing background looking to get involved and potentially make some healthy profits.

News just released showcases how significant the mainstream presence of bitcoin and digital currency currently stands today.

At this very moment, Coinbase, which is one of the primary digital currency exchanges, now has more accounts than the brokerage firm Charles Schwab. Coinbase says on their website that they now have a customer base of more than 11.9 million, with Charles Schwab falling just short of 11 million at the end of 2016.

While the amount of assets that Charles Schwab has control over is a lot higher than that of Coinbase, it is still a significant comparison. It shows high rates of adoption as the general public is getting involved in the trading of digital currencies.

Coinbase’s Massive Growth

The beauty of this major crypto exchange is that it continually updates the amounts of users on their website, and this has been a figure that many traders like to keep an eye on as the currency continues to boom from the start of this year and onward.

The fact that so many people are now investing in bitcoin and other digital currencies shows that this is not just a fad and that it is here to stay. In a recent article by Trace Mayer explained that,

“If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts.”

Mayer’s assumption is based on data collected that outlines an uptake of nearly 75,000 new Coinbase accounts a day. So, just as these concepts earn our attention, our attention now has an outlet in a major exchange. 

No matter if you are bearish or bullish when it comes to bitcoin, there is no taking away the fact that it has been gaining traction worldwide on a mainstream level.

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