The data from Google search engine in 2108 reveals that Bitcoin popularity is still higher than Blockchain, its underlying technology. Bitcoin has been searched ten times more than Blockchain and Cryptocurrency in Google search engine.
Blockchain technology or chain of Blocks is an encrypted database and lets value exchange without a central institution presence. Cryptocurrency or digital currency is an exchange intermediary which forms transactions on an encrypted and safe ground. Its other equivalents include electronic money, virtual money and virtual cryptocurrency which can be used interchangeably. Bitcoin is a type of digital currency formed on Blockchain technology.
The degree of google search popularity is measured on a 0-100 scale, and the searching digital currency has decreased from 100 in December 2017 to less than ten at the end of 2018.
The countries like Singapore, Slovenia, Australia, Cypress, South Africa, Ghana, United Arab Emirates, St. Helena, Ireland and Nigerian have more tendency to search about digital currency.
When we speak of “Blockchain,” the countries like Malt, China, Singapore, Ghana, Switzerland, Nigeria, United Arab Emirates, Slovenia, and many other countries are more interested in searching “Blockchain” rather than the other.
The interesting point is that the country which has the highest searches in Blockchain is a small island of Malta with the population fewer than one million. China is on the second rank; the third and fourth places are Ghana and St. Helena respectively; of course, it seems that the geographical data offered by Google Trends is not very accurate.
It seems that according to the acquired data, the interest in blockchain depends on the interest in Bitcoin and digital currency; that is, the interest decrease in Blockchain follows the interest decrease in Bitcoin. Indeed, the interest decrease in Bitcoin is similar to its value decrease, and the rate of searching for the word “Blockchain” has experienced similar dynamism in the last year; although there is no assurance in reaching a complete and clear conclusion.
The searches show final popularity of Blockchain more than Cryptocurrency
Another analysis on the data proves that after enthusiasm in cryptocurrency in 2017, the word “Blockchain” allocated a larger portion of searches to itself in 2018. The maximum rate of searching for the word “Blockchain” took place in the first week of January, and the degree of its search will decrease to 80% in December. The studies show that in the last five years Blockchain and digital currency had equal competition with a little irregularity.
Moreover, there was observed in these investigations that there had been the greatest number of searches of “Bitcoin” between January 14th to 20th, 2018. It received the score of 100 in Google search compared to two other words; however, its score decreased to less than 20% by an 80% decrease in its search in December.
Volatile state of the prices in 2018 caused many investors as well as Blockchain, and digital currency fans change their position, but accepting Blockchain technology is considered a huge development for the community of its developers. The data from Google search emphasize the fact that although Bitcoin popularity is very high, what people show is their greater interest in Blockchain technology.