[2019-06-15] Bitcoin Surpasses 1 Million Daily Active Addresses

semifamou5

newbie

Activity: 32

Merit: 0

Quote from: mich on June 15, 2019, 10:17:03 PM

https://i.imgur.com/boVLGd7.png

https://www.coindesk.com/bitcoin-surpasses-1-million-daily-active-addresses-again?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20 loan bitcoin

Bitcoin just passed an interesting milestone today, one we haven’t seen since November 27, 2017. According to CoinMetrics.io, there are now over a million daily active addresses, a number that is defined as the number of unique “from” or “to” addresses used per day.

When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23.

Yesterday 1 BTC was $8,230 and the median tx fee was $1.33.

While DAA doesn’t mean much in practice, it’s an important metric in that it shows actual, unique transfers separate from the various direct transfers to and from bigger exchanges. The fact that there are over a million unique addresses transacting on the blockchain is, as they say, good for bitcoin.

When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23.

Yesterday 1 BTC was $8,230 and the median tx fee was $1.33.

— Kevin Rooke (@kerooke) June 15, 2019

To put this number in perspective, however, we can point to Uber’s estimated 14 million rides per day or the estimated 798,877 iPhones a day Apple sold in 2017. While these are Apples to oranges comparisons, it is interesting to note that bitcoin is doing the transaction volume of some of the biggest brands in the world.

As many others have said, not sure what conclusions I can come to upon hearing this. It could mean something... like, it would be alarming if the number suddenly stopped going up.

But it's a number that can have steady growth, and that have nothing to do with new people entering.

BitHodler

legendary

Activity: 1526

Merit: 1179

I'm not sure if there is much useful data to extract from active addresses. I mean, it's cool that it's going up but isn't that just a reflection of the increase in price? More price action is more active addresses.

Quote from: 1Referee on June 16, 2019, 06:11:41 AM

Dogecoin is pretty strongly represented too. I like how firm that community is and they really seem to have a good time using it as micro transaction tool, and that without the toxic mentality.

What surprised me is that Dogecoin isn't even listed on Binance. Imagine what it will do to that ecosystem with Binance liquidity causing the price and the security of that network to increase.

It also functions as real world example that you don't need bullet proof security and decentralization to send low value transactions back and forth efficiently. If it works then it works.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: veleten on June 16, 2019, 08:20:45 AM

interesting stats , although different addresses doesn't mean different wallets
an active bitcoin user is constantly rotating his addies , so the figure could be 3-4 times less

Correct. It's hard to come up with an exact number of how many unique users are behind each address, but 3-4 times less would be what I would say too if I had to guess.

Quote from: veleten on June 16, 2019, 08:20:45 AM

but this doesn't change the fact that bitcoin , despite the fees and block waits , remains the most used by far

I actually never had a bad experience with Bitcoin until the fees shot over $30 during the previous bull run. Purchasing fastfood with Bitcoin, which I quite frequently do, was impossible at that point. Currently even at the highest point I only had to include a fee of ~$1 which is quite fair in my opinion. If I buy a giftcard I'll lose like $1-$2 in premiums, so paying with Bitcoin evens that out for me.

People need to stop wasting time on faucets and whatnot. Bitcoin has grown past that but some groups of people unfortunately not.

veleten

legendary

Activity: 2016

Merit: 1107

Quote from: 1Referee on June 16, 2019, 06:11:41 AM

Pretty interesting to follow the number of daily active addresses of various coins, which makes it even more clear what platforms are actually being used.

Bitcoin 650,000 last 24h
Ethereum 515,000 last 24h
Litecoin 73,000 last 24h
Dogecoin 60,000 last 24h
Dash 49,000 last 24h
BCash 31,000 last 24h
BSV 9000 last 24h

It's even more impressive for Bitcoin when you take into consideration that Ethereum addresses are mostly used for tokens and not the native Ether. Nice.

Dogecoin is pretty strongly represented too. I like how firm that community is and they really seem to have a good time using it as micro transaction tool, and that without the toxic mentality.

interesting stats , although different addresses doesn't mean different wallets
an active bitcoin user is constantly rotating his addies , so the figure could be 3-4 times less
but this doesn't change the fact that bitcoin , despite the fees and block waits , remains the most used by far

buwaytress

legendary

Activity: 2968

Merit: 3684

Join the world-leading crypto sportsbook NOW!

Still feel like all these numbers mean something, but not as much as we think or we want.

Looking from my perspective as an active user, I can also show that as Bitcoin price goes up, my freelance work improves. More offers, more jobs, fewer non-payments (so higher rate of invoices actually getting paid). It seems logical anyway. So naturally, my active addresses also increase. But no new users - it's still myself and people who already use BTC (but are just actually sending now).

It is, after all, as admitted: apples to oranges to compare Bitcoin addresses to Uber rides.

1Referee

legendary

Activity: 2170

Merit: 1427

Pretty interesting to follow the number of daily active addresses of various coins, which makes it even more clear what platforms are actually being used.

Bitcoin 650,000 last 24h
Ethereum 515,000 last 24h
Litecoin 73,000 last 24h
Dogecoin 60,000 last 24h
Dash 49,000 last 24h
BCash 31,000 last 24h
BSV 9000 last 24h

It's even more impressive for Bitcoin when you take into consideration that Ethereum addresses are mostly used for tokens and not the native Ether. Nice.

Dogecoin is pretty strongly represented too. I like how firm that community is and they really seem to have a good time using it as micro transaction tool, and that without the toxic mentality.

ukloon

sr. member

Activity: 798

Merit: 281

Would be great to see bitcoin usage for uber and apple products, but they will probably create their own coins when crypto really goes mainstream. When facebook launch their own coin, everyone else will follow

mich

legendary

Activity: 3122

Merit: 1032

#1 VIP Crypto Casino

https://www.coindesk.com/bitcoin-surpasses-1-million-daily-active-addresses-again?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20

Bitcoin just passed an interesting milestone today, one we haven’t seen since November 27, 2017. According to CoinMetrics.io, there are now over a million daily active addresses, a number that is defined as the number of unique “from” or “to” addresses used per day.

When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23.

Yesterday 1 BTC was $8,230 and the median tx fee was $1.33.

While DAA doesn’t mean much in practice, it’s an important metric in that it shows actual, unique transfers separate from the various direct transfers to and from bigger exchanges. The fact that there are over a million unique addresses transacting on the blockchain is, as they say, good for bitcoin.

When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23.

Yesterday 1 BTC was $8,230 and the median tx fee was $1.33.

— Kevin Rooke (@kerooke) June 15, 2019

To put this number in perspective, however, we can point to Uber’s estimated 14 million rides per day or the estimated 798,877 iPhones a day Apple sold in 2017. While these are Apples to oranges comparisons, it is interesting to note that bitcoin is doing the transaction volume of some of the biggest brands in the world.

Topic: [2019-06-15] Bitcoin Surpasses 1 Million Daily Active Addresses (Read 199 times)