Categories: News

Coinbase Hits 2.1m Users Milestone

According to some recent statistics publicly displayed on the Coinbase website, the company is claiming to have 2.1 million users. That is quite a staggering number for a company that has been founded in July of 2012, even though we had seen a tremendous growth in users on a monthly basis. But are these numbers true or fake?

Total Number of Users vs. Number of Wallets

Coinbase is very transparent in displaying their user statistics on the website, yet there is no way to verify any of that data directly. However, according to the company, there are 2.1 million user accounts and 2.6 million Bitcoin wallet addresses registered on the Coinbase platform. Those numbers to seem to add up, as not every user needs more than one wallet address.

But when you start putting things in perspective, these numbers may seem slight out of context. Granted, Coinbase offers its services is over 20 countries around the world, so there is a certain global reach to take note of. Despite all of that, you have to keep in mind that Coinbase is still mostly serving US-based customers [not including Canada, as their service si not operational there for the time being].

Let’s assume – for the sake of argument – that 75% of the Coinbase customer database is based in the United States. 75% Of their 2.1 million users equals to 1,575000 customers in the United States alone. And as far as I know, you cannot create more than one account with the same identity, so they would be legitimately serving over one and a half million American customers and businesses.

Taking into account there are 320,480,000 people living in the continent United States alone, Coinbase services would be used by roughly 0.5% of the American population. Or to put that number into a different perspective, one in 200 people in the United States knows about Bitcoin AND has created a Coinbase account at some point between July 2012 and today.

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Numbers like these do make you wonder how many of these 2.1 million accounts have ever been actively used though. Just because someone signs up for a service does not make them an active user. However, it does go to show there are a lot of people who took the time to check out what Coinbase had to offer for them as an individual or as a business.

Lots of Merchants

One of the things no one can deny is the fact that Coinbase is a popular Bitcoin payment processing company for a lot of businesses. In fact, their recent statistics show that no less than 38,000 merchants are making use of Coinbase’s transaction processing. That number will most certainly grow over the next few years, as we see an increase in Bitcoin adoption.

It will be interesting to see if the Coinbase account numbers will grow proportionally to the number of merchants using their platform to process Bitcoin payments.

Are you a Coinbase user? If so, what do you like or dislike about their service the most? Leave a comment below!

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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