Bitcoin on-chain tx volume has tripled in 2019

o_e_l_e_o

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Quote from: gentlemand on June 05, 2019, 07:28:20 AM

What's happened to the veriblock crew?

Their proof-of-proof transactions seem to have fallen to about 5% of all bitcoin transactions, which is currently around 18,000 transactions a day. This is down massively from their peak of 25% and almost 100,000 transactions a day back in March. You can see their up to date stats here: https://explore.veriblock.org/network-stats

Their own blocktime is faster than 10 minutes, so they are frequently committing several snapshots on to each bitcoin block. They aren't even using SegWit. The modest price increase in bitcoin has eradicated 80% of their transactions. They will fail soon.

dothebeats

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I don't think $60 billion is the right amount to put it, and in fact we're nowhere near 2017 levels albeit those were composed of spam transactions to deliberately put the price up for the fees. Right now the fees and volumes have since dropped after the market experienced quite a fall from $8500 levels down to $7800, and hopefully though the fees continue to drop as well knowing that it's a PITA to send a few dollars towards another address and being asked for more than what you're intending to send.

gentlemand

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Quote from: Pursuer on June 05, 2019, 09:13:21 AM

exactly. the difference between now and 2017 is that a big percentage of the transactions in 2017 were spam attack which were coming from multiple groups of spammers not just one group! each having different purpose from altcoin pumpers to big blockers forcing fork and lots more.
now, the spam still exists but it is not the biggest percentage. the bigger part is from generic transactions from real users transferring value to traders becoming active since bitcoin is in a bull run.

I'd be surprised if there's any purely malicious spam this time around. Last time it would've been Bitmain. Those spikes were prolonged and happening at weird times. It looks far more organic now with things falling back down rapidly.

The last blockchain spamming I heard of was ETH and people reckon it was EOS doing it.

Pursuer

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Quote from: NeuroticFish on June 05, 2019, 08:44:31 AM

Quote from: angel55 on June 04, 2019, 09:11:17 PM

But a lot of these could be transaction spammers to increase fees for normal people and pump up the altcoin networks because they will look more enticing with lower fees instead of paying a few dollars on a small transaction.

At the end of 2017 there was spam. Then the fee didn't get the chance to drop.
Now we drop back to under 10 sat/byte recommended fees basically every day. I find it different by a great deal.

exactly. the difference between now and 2017 is that a big percentage of the transactions in 2017 were spam attack which were coming from multiple groups of spammers not just one group! each having different purpose from altcoin pumpers to big blockers forcing fork and lots more.
now, the spam still exists but it is not the biggest percentage. the bigger part is from generic transactions from real users transferring value to traders becoming active since bitcoin is in a bull run.

NeuroticFish

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Quote from: angel55 on June 04, 2019, 09:11:17 PM

But a lot of these could be transaction spammers to increase fees for normal people and pump up the altcoin networks because they will look more enticing with lower fees instead of paying a few dollars on a small transaction.

At the end of 2017 there was spam. Then the fee didn't get the chance to drop.
Now we drop back to under 10 sat/byte recommended fees basically every day. I find it different by a great deal.

maldini

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Quote from: Ailmand on June 04, 2019, 08:33:37 PM

The supply and demand for Bitcoin are getting high and so as the volume. It's an advantage that we have to be grateful of. Bitcoin is on the mainstream and is being recognized by most people so the volume isn't questionable.

yes this increase in supply and demand was due to a large pump since last April. Not only because bitcoin is in the mainstream, it's also due to the increasing number of users compared to last year when bitcoin reached $ 19K. Sure enough I see in cmc, this month's bitcoin history compared to December 2017 has increased to 4x.

gentlemand

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What's happened to the veriblock crew? I haven't been paying much attention. Have they now been priced out of BTC usage, launched their own chain or are still filling large proportions of blocks up?

aad140386

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I think that in this case it is still very important that this volume be formed not by speculators but by investors. Cryptocurrency market needs new money. Perhaps it will be large institutional investors, funds or just large investors. Speculators can not create a trend and significantly direct the market. That is why, I very much hope that this volume was created mainly at the expense of investors and not speculators. Time will tell, but it’s good news that volume is constantly growing.

stompix

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Quote from: 7jaka7 on June 04, 2019, 04:19:55 PM

Quote from: undertheradar47 on June 04, 2019, 03:32:57 PM

Up from a weekly volume of $16 billion to now over $60 billion, almost quadrupling early 2019 numbers.

https://twitter.com/kerooke/status/1136001784718209024

Considering price change this is cut on half. Should've just put volume in BTC.

And why isn't it matching with blockchain.com data? Am I missing something? https://www.blockchain.com/charts/estimated-transaction-volume-usd?daysAverageString=7×pan=1year

Yeah, you're missing one year to really prove what a stupid topic this is. Grin

https://www.blockchain.com/charts/estimated-transaction-volume-usd?daysAverageString=7×pan=2years

We\re miles away from the 2017 values.

Quote from: pooya87 on June 04, 2019, 10:49:04 PM

that is not tx volume, bitcoin transaction volume should be measured on number of transactions not their value in USD specially when you are comparing it over the long term where price has increased dramatically which is the case here. not to mention that we are talking about bitcoin not USD so reporting things in dollar terms is silly on its own to begin with.

Measuring the number of transactions is not going to do anything either.
There is a physical limit in place, no matter how many transactions are waiting only a limited number will pass.

Also, since large exchanges are starting to batch their transactions there will be slightly less txs in the chain although a larger number of outputs

Astvile

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This is due to the demand we are having right now,bitcoin is currently on a lets say mild bull run stage where price slowly getting up and making news every price milestone it gets,many people are reselling/buying/trading bitcoin now that affects our volume compared to january 2019 where price was super dump and stable

MakeMoneyBtc

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Quote from: pooya87 on June 04, 2019, 10:49:04 PM

that is not tx volume, bitcoin transaction volume should be measured on number of transactions not their value in USD specially when you are comparing it over the long term where price has increased dramatically which is the case here. not to mention that we are talking about bitcoin not USD so reporting things in dollar terms is silly on its own to begin with.

I think he thought that by adding the values in USD it will attract more views since people we the difference better and faster when values are written in fist currencies. I definitely wrong to compare values in USD when we are talking about bitcoin but not completely wrong in my opinion because we can't assume everyone that had bitcoin in 2018 has hodl it untill now. Therefore money are coming in and out while people make decisions based on the price of the moment they are buying selling.

pooya87

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that is not tx volume, bitcoin transaction volume should be measured on number of transactions not their value in USD specially when you are comparing it over the long term where price has increased dramatically which is the case here. not to mention that we are talking about bitcoin not USD so reporting things in dollar terms is silly on its own to begin with.

Quote from: 7jaka7 on June 04, 2019, 04:19:55 PM

And why isn't it matching with blockchain.com data? Am I missing something?

yes, you are missing the fact that a random tweet from a random dude i not a reliable source of information. and OP shouldn't have even linked it here

angel55

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But a lot of these could be transaction spammers to increase fees for normal people and pump up the altcoin networks because they will look more enticing with lower fees instead of paying a few dollars on a small transaction.

Ailmand

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The supply and demand for Bitcoin are getting high and so as the volume. It's an advantage that we have to be grateful of. Bitcoin is on the mainstream and is being recognized by most people so the volume isn't questionable.

7jaka7

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Quote from: undertheradar47 on June 04, 2019, 03:32:57 PM

Up from a weekly volume of $16 billion to now over $60 billion, almost quadrupling early 2019 numbers.

https://twitter.com/kerooke/status/1136001784718209024

Considering price change this is cut on half. Should've just put volume in BTC.

And why isn't it matching with blockchain.com data? Am I missing something? https://www.blockchain.com/charts/estimated-transaction-volume-usd?daysAverageString=7×pan=1year

undertheradar47

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Up from a weekly volume of $16 billion to now over $60 billion, almost quadrupling early 2019 numbers.

https://twitter.com/kerooke/status/1136001784718209024

Topic: Bitcoin on-chain tx volume has tripled in 2019 (Read 220 times)