data snaX - september 5, 2014

The Rise of Bitcoin

bitcoin snax 9.5.14 siteThough it was a relatively unknown trend until fairly recently, eXelate now sees hundreds of thousands of unique users every month looking at Bitcoin. Some questions are mundane – trying to figure out what Bitcoin it – but many are serious and inquire about investing or security. Others are about Bitcoin mining, a topic that is really interesting until you start considering criminal schemes to get free electricity.

Bitcoin is still very much a niche market, and the audience demonstrates that. The Bitcoin readers are young, male, and they really popped in our technology segments. Computer hardware, software and peripherals segments all found Bitcoiners; a fact Newegg has been happily seizing.  Bitcoin believers were also over-represented among our College Graduate, Entrepreneur and Wealth Management segments.

Bitcoin research is growing at differing rates in different nations. China had a huge increase relative to their normal browsing of English language websites. This reflects both the disparity of resources in English and Chinese, and the huge investments in Bitcoin being made in China. Eastern Europe, South America and Asia all consistently over indexed, while Western Europe displayed minimal interest. This interest is perhaps driven by low-cost remittances, undeveloped local banking sectors and seeking a store of value when a national currency is less than stable.

Bitcoin is a micro-transaction technology and ad-tech a micro-transaction industry. If Bitcoin survives its infancy, it will certainly impact the way business is done. But we will save that discussion for another day!


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