MIT Technology Review, a faculty–run university magazine, released recently that bitcoins are increasingly used to spent, not hoarded by consumers after purchase.
The chart clearly showed how the number of unspent bitcoin has plummeted from 2009 when nearly half of all bitcoins were held for the entire first year of ownership. Today, the vast majority of bitcoins purchased are spent within 24 hours, the findings suggest.
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| Photo Credit: Coindesk |
For its research, MIT examined bitcoin data from 2009 through 2013, and found that the vast majority of transactions conducted with bitcoins occurred within seven days of purchase.
There was also a visible decline in transactions completed after one to 12 months of ownership, and those spent after one year of ownership, with the later category all but disappearing from the graph starting in 2012.
The number of bitcoins that went unspent did rise from 2011 to 2013, but this level was down from those observed in 2009 and 2010.
However, the MIT report suggests that the increasing number of merchants and consumers using bitcoin is changing the ecosystem, and that this rise in spending could continue as bitcoin use among both demographics increases.
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