Wednesday, February 13, 2013

Six Bullish Facts About Bitcoin

There are many Bitcoin enthusiasts who, through the fall from $32 to $2/BTC and the slow climb back up, kept the faith and fought off the critics and the pessimists. Now, their faith is bearing fruit.

Here are six reasons to be excited about Bitcoin at the moment:
  • There are 289 users on r/bitcoin right now. It was only a couple of weeks ago that seeing more than a hundred users was rare.
  • Coinbase, which recently reported over $1,000,000 in Bitcoin transactions in the last month, has stopped taking buy orders for today, as they've "reached the limit."
  • The Bitcoin market cap has just hit $275,000,000, a new record, and there's no sign of it letting up.

  • You can buy pizza with Bitcoins, as reported by the BBC. Yes, the BBC.
  • Membership on the Silk Road forums is growing even faster than on the bitcointalk forums.
  • Wordpress, the 22nd most visited site on the entire Internet, accepts Bitcoin.
Expect to see additional major announcements in the coming months, as Bitcoin finally goes mainstream.

Edit: oops, I guess that was seven.


  1. You missed a few biggies:

    Upcoming Bitcoin v0.8, gets to initial blockchain sync in a few hours or even faster with enterprise-level hardware. - Finally a way to convert bitcoins to something nearly everybody in the world uses.

    1. Both good points. I'm not as swept up on the client upgrades, but I definitely knew about Bitcoin Wireless; that's a great new service.

  2. Bitcoin has been huge for gambling. SatoshiDice is raking up, but there are some others that are starting to make waves.

    With all the waiting and transaction fees out of the picture, the odds for these sites are unbelievable. I have seen several sites offering 97% odds!

    Personally, I prefer the smaller game sites, like or They are cheap and easy to win, but it seems that online gambling is making a comback, and bitcoin is helping pave the way.

    1. Bitcoin Video Casino has 99.5% return to player. A non-Bitcoin site would never be able to pull that off.

    2. I saw a site that was offering 100% return to the players, counting on ad revenue.

      Pretty soon they'll be paying us to gamble!

  3. Can we please stop using Silk Road in pitches for bitcoin. It does not help bitcoin go mainstream, it hinders the effort. Seriously try to discuss bitcoin with anyone and you end up trying to explain how it's not just a currency for criminals.

    1. I understand your concern, but I think it's important that we acknowledge reality, even if its not necessarily something you would want to advertise.

    2. That's like avoiding the topic of porn when discussing the Internet. It's just not honest.


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