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Yandex research: when users started searching for bitcoins

When they started to search for bitcoins in Yandex?

An interesting study by Yandex throws fresh light on the phenomenon called bitcoin. The authors of the analysis talk about the dynamics of price growth, events related to the coin, as well as changes in search queries in the period from 2009 to 2018.

The first appearance of the world-famous currency is connected with 2009, Satoshi Nakamoto and Slashdot platform. It was there that its anonymous creator announced the update of the system, which attracted the attention of the network. The next important event for bitcoin was the well-known story about the purchase by Laszlo Hanes, a Czech programmer of two pizzas for 10 000 BTC. The same operation showed the world that bitcoin can be considered as a financial instrument.  

But still in 2009 and early 2010, interest in virtual currency was still weak. The first mention of bitcoin in Yandex search system appear only by mid-2010. Then there was the first exchange MtGox, which allows to convert bitcoins paired with real money. The first currency jump in price is also connected with the same exchange.

In early 2011, the price of bitcoin was already equal to the US dollar. In the summer of the same year, the currency experienced the first big jump in price, its cost was $30. But the coin could not stay at this mark for a long time, after a couple of days hackers broke into MtGox exchange, confirming the skeptical attitude of investors to BTC.

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2013 – users increasingly search for bitcoin

2013 year for bitcoin is bright on events, here are growth to $200, and a fall of three times, and the restriction in China, and the first mark of $1000, and again the problem with the above MtGox. But on the other hand, significant jumps were only good for the currency publicity. Users began to type increasingly in the search box the word “bitcoin”.

In 2014, the price of cryptocurrency continued to fall similarly to interest in it. In 2015 for the first time began to appear the startups on the basis of the blockchain and services that are welcomed payment in the virtual currency. This was the starting point for the growing popularity of coin.   

In 2017, the crypto market had a good deal of luck, the price of bitcoin and other currencies suddenly soared. So, in December of this year, the price for 1 BTC reached a record $20,000. Later, the price fell almost three times and stabilized again. According to Yandex analysis, search requests did not lag behind the exchange rate fluctuations, so out of thousands of searches 2 were about the currency, and its cost was searched more often than USD rate. At the same time, the nature of requests also changed, if at the beginning of 2017 people only learned about the currency by searching for “what is bitcoin in simple words”, then in the middle of it, users were already determined to “extract” bitcoins: “relevance of mining on video cards”, “bitcoin farm relevance”.

And then in early 2018, the market adjusted. The price suddenly fell, and the interest of users to search for bitcoins in the network fell with it. This period can perfectly characterize the requests that went in a pair to BTC: “collapse”, “fall”. Now more and more bitcoin is being sought along with loosely related concepts: “minecraft” and “terminals”.

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