Mainstream perception of bitcoin, much like the crypto-currency itself, has been volatile. Starting last fall and gaining steam throughout the winter, bitcoin became one of themost buzzed about topics on the internet. It was a recurring subject on sites like Business Insider and TechCrunch. Mainstream media got in on the action as well Newsweek relaunched their entire publication in March with alarge, feature story on the search for bitcoins mysterious founder.

Then, as quickly as it had risen, the currency seemed to drop out of the public consciousness. During its time out of the spotlight, however, bitcoin has made significant progress towards mainstream acceptance, and may be poised for a second breakthrough.

You can see the rise and fall in public interest of Bitcoin below, as shown by Google search volume for the term over the last year:

Although search volume is higher year-over-year, its nowhere near the peak of November and December 2013, where it averaged over five million searches a month. This is likely due to a drop-off in general interest, and perhaps the loss of the novelty factor the crypto-currency once commanded.

Bitcoin transaction volume has followed a similar path. Heres the average volume over the past 12 months, according to Blockchain.info:

During November and December, transaction volume regularly surpassed 300,000 bitcoins, and spiked over the 900,000 mark in March. Since April however, volume has remained relatively flat, settling at around 100,000.

This drop in public awareness and transaction volume though, doesnt mean that Bitcoin is declining as a viable financial asset, or even alternative currency. In fact, Bitcoin is closer to achieving widespread acceptance than ever before.

One of the main barriers to entry with bitcoin has been the lack of acceptance among merchants. For interested consumers, theres not much point in purchasing an asset that no one recognizes. Thanks to the efforts of bitcoin-wallet companyCoinbase however, this is changing.

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Out of the Spotlight, Bitcoin Gains Legitimacy