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Coinbase Trading Growing Rapidly

May 7, 2013 at 5:11 by Nicholas Gager

Coinbase, the online Bitcoin trading company, announced on their blog that business is growing steadily, and that within one to two hours of a new day they are reaching their limit on purchases. They have also announced on the same post that their total transactions in any given month has grown from 1 million in February to a staggering 15 million dollars.

Many sites similar to Coinbase like Blockchain are experiencing similar results. As Bitcoin is drifting towards the mind of mainstream society these sites are seeing increased traffic flow and a steadily growing number of wallet holders. It is this kind of movement towards mainstream society that will create an increase in demand without a proportional increase in supply due mostly to the increasing difficulty of mining Bitcoins.It is because of this increase in demand without a proportional increase in supply we should, by following the rules of economics, see a rapid increase in the value of the Bitcoin.

With this movement towards an increase in value of the Bitcoin an increased number of holders of Bitcoins will also occur; this increase in holders will take the Bitcoin from its current position as a commodity to more of a place as a currency.

As of 12:06 CST the weighted average of the Bitcoins according to Mt.Gox is $124.90 having reached a monthly high of $144.90.

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