According to Google search data, computer users are now more interested in the technology that underpins cryptocurrencies than the cryptocurrencies themselves. The term “blockchain,” which refers to a decentralized digital ledger that stores information about cryptocurrencies, is searched more often than the term “cryptocurrency,” which is another word for a digital currency.
Among cryptocurrency enthusiasts, there is an expression called “flippening.” It refers to a theoretical moment in the future when Bitcoin — which is the most popular cryptocurrency in the world by far — flips places with the second most popular cryptocurrency, which is Ethereum.
While this particular flippening may never happen, the fact that blockchain technology has flipped popularity with the digital currencies that have taken the world by storm is not an insignificant event.
Not the First Time “Blockchain” Has Surpassed “Cryptocurrency”
Blockchain technology, which can be used for many applications outside of digital currencies, did not become popular overnight. In fact, a number of business leaders — such as JP Morgan CEO Jamie Dimon — believe that blockchain technology is far more interesting than cryptocurrencies. Some believe that the technology will eventually even outlive cryptocurrencies.
In July of this year, Google says that searches for “blockchain” first surpassed searches for “cryptocurrency.” While the latter eventually retook the lead in searches, from September onward “blockchain” has been the more searched term.
It is worth noting that computer users have long been interested in blockchain technology. Over the last 5 years, while the term was behind “cryptocurrency,” it was never that far behind it.
“Bitcoin” Is Still the Most Searched Cryptocurrency-Related Term
While the term “blockchain” is now more popular than “cryptocurrency,” it still has a long way to go before it overtakes the most popular search term in the world of cryptocurrencies. According to Google Trends, the term “Bitcoin” is the most searched for cryptocurrency word. They say that it is searched for almost 10 times more often than either “blockchain” or “cryptocurrency.”
How Google Trends Determines Popularity
It is important to note that Google Trends determines the popularity of a term in relation to other search terms. So, when determining the popularity of a word such as “blockchain” or “cryptocurrency,” it is only comparing it to other searches. What Google cannot or will not tell us is exactly how many searches are made for these terms. This means that we have no way of knowing exactly how many people are searching for “blockchain” and “cryptocurrency.”
What the Future Portends
Dimon recently spoke at the Axios Conference, and he reiterated his belief that Bitcoin and other cryptocurrencies are just a fraud. But he also expressed that he is a big believer in blockchain technology. His company just last week announced that it had created a blockchain-based platform called Quorum, which is “tokenizing gold bars and diamonds.”
If he and others like him are right, the term “blockchain” could soon be significantly more popular than “cryptocurrency.”