This is correction number #8 since the inception of Bitcoin. Last correction was on September 2nd, when price dropped 35% from $4925 to $3226 over the course of eleven days. Historically the corrections has diminished percentage wise over the years. (redd

Just some context for the faint of heart.

Bitcoin

What percentage of Bitcoin use is legitimate?

I wasn’t able to find actual data on this. I’m under the impression that

  • the majority of transactions represent ownership transfer between investors, traders and exchanges
  • the majority of remaining transactions represent purchases of goods and services
  • the majority of purchases made with Bitcoin are for something illegal

It’s very easy to see why someone would want to buy drugs with Bitcoin. It’s not easy to see why someone would want to buy coffee with Bitcoin. If I want to buy coffee with Bitcoin, isn’t it easier to first exchange that Bitcoin into fiat currency, and pay for coffee with that?

Does anyone have any data regarding what percentage of Bitcoin use is legitimate?

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