Topic: Bitcoin Breaking 500 Million Transaction (Read 225 times)
The Bitcoin network has now processed 500 million transactions since it first went live on January 3, 2009. According to data site Satoshi—named after the pseudonymous inventor of Bitcoin—there have now been 500.0165 million transactions on the Bitcoin blockchain.
Talking about transactions, let's take a look at Visa. It seems that it processed 31.7 billion transactions in the third quarter of 2019 alone (I found this data on a website that does not load anymore but could not find any other data), and if that's truly the case, it means that Bitcoin is soooo far behind that it's even hard to consider it an achievement. 
Visa is a centralized server.
You can increase the on-chain capacity a lot but it can never be close to VISA levels. Even so called "bigblock can scale" coins cannot achieve this. They are selling you a big fat lie. More importantly it is not free neither, you sacrifice node decentralization for that.
This is Bitcoin:
(10.8k nodes, 100 countries)
https://bitnodes.earn.com/
This is bcash:
(1.3k nodes, 44 countries)
https://bchnodes.online/
This is VISA:
(1 big fcking server)
The data site named Satoshi - probably named after the creator of Bitcoin states that 500.0165 million transactions are recorded on the Bitcoin Blockchain. In comparison to 2017, the transaction count is 250 million, indicating that the rate of transaction is increasing per year and expected to be 1000 million in under two years.
Another 500 million in under two years? That would require 4.75k transactions per block, and the current record is 2700, which is close to the limit. So, there's no way we would reach 1 billion transactions in that time, there's simply no capacity, and there would definitely be no blocksize increases anytime soon. You can't just extrapolate the chart without thinking if its possible to maintain that rate further.
Now, about that transaction number. 500 million sounds like a lot, but this should be put into perspective to be able to assess what it really means. Talking about transactions, let's take a look at Visa. It seems that it processed 31.7 billion transactions in the third quarter of 2019 alone (I found this data on a website that does not load anymore but could not find any other data), and if that's truly the case, it means that Bitcoin is soooo far behind that it's even hard to consider it an achievement.
Indeed it is brilliant news, but an increase in the transaction does not mean that the price of Bitcoin will also soar up. Both are different. You can relate it to adoption as more people are now using Bitcoin as a payment system.
The data site named Satoshi - probably named after the creator of Bitcoin states that 500.0165 million transactions are recorded on the Bitcoin Blockchain. In comparison to 2017, the transaction count is 250 million, indicating that the rate of transaction is increasing per year and expected to be 1000 million in under two years.
Another 500 million in under two years? That would require 4.75k transactions per block, and the current record is 2700, which is close to the limit. So, there's no way we would reach 1 billion transactions in that time, there's simply no capacity, and there would definitely be no blocksize increases anytime soon. You can't just extrapolate the chart without thinking if its possible to maintain that rate further.
It is a good news after all but it doesn't mean that the price will go up just because the transaction reached 500 million. I do not like fundamental analysis, I think it is because of the lessons that I learned when I lose big amount of money before. I rely my decisions before in news and any information about bitcoin and it lead me to suffer huge losses but now I'm a pure technician who focuses in price action to have better idea and economic decisions.
Wow, so transactions doubled in roughly two years? That's pretty incredible, though I wonder what it really means. I'm not sure it's a sign that bitcoin is becoming more widely adopted as a currency, and I doubt there's a reliable way to tell just from these numbers. I know there was a hell of a lot of trading in 2017 alone, followed by massive selloffs in 2018, so that could account for a lot of the transactions. Still interesting data, however.
Imagine, the trend that bitcoin had in 2017 is somehow focused mainly on uptrend growth from the transactions made by people. But comparing that to 2018, mostly in last year and this start of the year, we have encountered enormous volatility and phase changing from uptrend to downtrend, and it keeps repeating again and again. That would probably be the indicator that the market is active despite of the All time high that was experienced way back 2017.That's what I'm questioning--I don't really think it's the case that people are spending bitcoin more, though there could have been an increase in that. But I doubt the number of people using bitcoin for purchases in daily life has doubled since 2017.
Numbers does really proves something somehow. But there isn't clear representation of that based from the number of transaction other than implying huge demand for people to transact. So, correlating demand of transactions for price hike is still a big theory we need to find out.
In comparison to 2017, the transaction count is 250 million, indicating that the rate of transaction is increasing per year and expected to be 1000 million in under two years.
Wow, so transactions doubled in roughly two years? That's pretty incredible, though I wonder what it really means. I'm not sure it's a sign that bitcoin is becoming more widely adopted as a currency, and I doubt there's a reliable way to tell just from these numbers. I know there was a hell of a lot of trading in 2017 alone, followed by massive selloffs in 2018, so that could account for a lot of the transactions. Still interesting data, however.- In addition, the milestone of breaking 500 million transactions for me is an indication of increasing demand by people in utilizing bitcoin to their daily lives.
Considering the fact that bitcoin is continuously gaining popularity over time, the Bitcoin network has now successfully processed 500 million transaction since January 3, 2009.
Now, what?
Let's unleash some facts further,
The data site named Satoshi - probably named after the creator of Bitcoin states that 500.0165 million transactions are recorded on the Bitcoin Blockchain. In comparison to 2017, the transaction count is 250 million, indicating that the rate of transaction is increasing per year and expected to be 1000 million in under two years.
For the full Article click here:
After I've read this article, I've just think about the possible implication of increasing rate of transaction we have over time.
I merely have some thoughts which might trigger you to think about these things, and I believe I am not the only one having these thoughts, but if you have the answers, feel free to discuss it here.
Now, what?
Let's unleash some facts further,
The data site named Satoshi - probably named after the creator of Bitcoin states that 500.0165 million transactions are recorded on the Bitcoin Blockchain. In comparison to 2017, the transaction count is 250 million, indicating that the rate of transaction is increasing per year and expected to be 1000 million in under two years.
For the full Article click here:
After I've read this article, I've just think about the possible implication of increasing rate of transaction we have over time.
- One of it is if it could affect the time when bitcoin halving happens. As bitcoin halving takes place every 210K blocks, if the number of transaction is increasing, does it mean that block production rate would be faster as well?
- In addition, the milestone of breaking 500 million transactions for me is an indication of increasing demand by people in utilizing bitcoin to their daily lives. What this could mean is simple a price hike. The innate scarcity we have in the bitcoin system will be hit to hard by the demand, leading to progressive increase in price.
- Furthermore, who runs the data site of Satoshi? I've just been curious about the statistics basically, the concern of the creator to bitcoin transactions. If in case we are be the creator of bitcoin, we might as well, do the same thing which is to monitor the current situation that bitcoin is undergoing so far(This is just random thoughts I have regarding the creator of the topic).
- Lastly, if my first conjecture is turns out to be false, the increasing rate of transactions made per day would perhaps, result to blocks generated that is larger in file size. If so, would become difficult to mine.
I merely have some thoughts which might trigger you to think about these things, and I believe I am not the only one having these thoughts, but if you have the answers, feel free to discuss it here.
Jump to: