Will web3 make Bitcoin outdated? Not yet according to Google Trends
Cryptos at the forefront of hype – The cryptocurrency sector seems for several years to be a powerful generator of buzzwords (literally buzzwords). After the famous “blockchain” in 2017/2018, came the Challenge (decentralized finance), the NFT (non-fungible tokens), and more recently the metaverse. But the last buzzword of the moment seems undeniable to be: “Web3”.
“Web3”: a trend that will last against Bitcoin?
What the term “web 3” means is still difficult to conceptualize. Indeed, it globally groups behind it the future of the internet, succeeding web 2.0. Although it has not yet materialized, it can be visualized (or rather hoped) as much more decentralized. It would be based on an interconnection (transparent) of the different cryptocurrency blockchain networks.
According to Google Trends, which evaluates trends in Google’s search engine, the term “web3” obviously would have an uptrend for a year. The relative research intensity of the buzzword is passed from 25 to 85 between October 2021 and October 2022 – with a peak (of 100) in December 2021). The word is especially sought after in China.
Crypto winter cools Bitcoin research, except in El Salvador
Over the same period, the relative search intensity of the word “Bitcoin” a, she, rather decrease. It went from an intensity of 43 in October 2021 to 23 in October 2022. The periods of highest search occurrences are at the time of the disasters of the TSU of Terra (in May 2022) and of Three Arrows Capital (in June 2022).
Modest Salvador (6.5 million inhabitants) leads searches for the word “Bitcoin”. Indeed, the inhabitants seem to be very interested in their new choice of national currency.
Note, however, on the last chart below (comparative trend strengths), that king of cryptocurrency crushes still any competition in the cryptosphere in terms of popular interest.
Even as for its buzzwords predecessors (mentioned in the introduction), the term “Web3” is carrying a real and great innovation. It is unfortunately used indiscriminately, becoming a “bullshit word” if you allow me this expression. Those older in the cryptosphere will remember that in the final madness of the bull run of Bitcoin in December 2017, an iced tea company (yes) had boosted its stock price by simply adding (and only) “blockchain” in the name of his company. In the end, fads pass, but Bitcoin remains.