Topic: Bitcoin Transaction Volume $7 Billion Daily (Read 269 times)
with the bitcoin transaction volume increase in record volumes daily we may expect this is the sign for bitcoin bull run
stats dont also account for spammers
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true but it is only a certain small percentage of it. and the stats are only showing that bitcoin is handling that much transaction not saying it is all people buying shit.
besides the thing you said about your example with exchanges moving large funds is not a common thing. for instance it is not every day that an exchange moves 600k bitcoin around!
stats dont also account for spammers
EG
i send out
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
then next block
1MeFr4nky1Addr355 (1btc) -> 1MeFr4nky1Addr355 (2btc)
1MeFr4nky1Addr355 (1btc)
then next block
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
then next block
1MeFr4nky1Addr355 (1btc) -> 1MeFr4nky1Addr355 (2btc)
1MeFr4nky1Addr355 (1btc)
the stats show that in 40 minutes 8btc has moved. but in reality i still have and always had just 2btc so reality is only 2btc ever moved
take some exchanges that like to refresh their cold store. they start with say 60,000btc and end up with the same 60,000btc but they pushed the 60k coins through 10 layers of spam transactions (600k volume)
which statistically would be $3bill volume. but actually only 60k moved to a new final cold store that day($300k)
EG
i send out
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
then next block
1MeFr4nky1Addr355 (1btc) -> 1MeFr4nky1Addr355 (2btc)
1MeFr4nky1Addr355 (1btc)
then next block
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
then next block
1MeFr4nky1Addr355 (1btc) -> 1MeFr4nky1Addr355 (2btc)
1MeFr4nky1Addr355 (1btc)
the stats show that in 40 minutes 8btc has moved. but in reality i still have and always had just 2btc so reality is only 2btc ever moved
take some exchanges that like to refresh their cold store. they start with say 60,000btc and end up with the same 60,000btc but they pushed the 60k coins through 10 layers of spam transactions (600k volume)
which statistically would be $3bill volume. but actually only 60k moved to a new final cold store that day($300k)
But isn't it the way banks also measure the transaction volume. When we say volume, it considers the exactly same thing that you mentioned, while the final settlement amount is different! I do understand, a certain percentage of the entire volume may be inflated, but the volume calculation method is correct and it is the practice followed by the industry as well!
Exactly, I for instance have 3 accounts at one Bank and I transfer money between the accounts. Let's say my salary gets deposited into my transmission account and I opened one account for expenses and one for savings, then I shift a percentage of that money to these accounts, then the Bank still count that money as transaction volume.
So the argument is flawed, if you cannot count the actual transactions between different entities. So you have to look at the total volume and compare the total volume to other payment options.
Bitcoins volume in dollars just boom because of the transaction blocks which shows multiple hash of the same transaction which makes the volume of the sent bitcoin to 2 or 5 folds,so thats the reason why bitcoin volume is that big
stats dont also account for spammers
EG
i send out
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
then next block
1MeFr4nky1Addr355 (1btc) -> 1MeFr4nky1Addr355 (2btc)
1MeFr4nky1Addr355 (1btc)
then next block
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
then next block
1MeFr4nky1Addr355 (1btc) -> 1MeFr4nky1Addr355 (2btc)
1MeFr4nky1Addr355 (1btc)
the stats show that in 40 minutes 8btc has moved. but in reality i still have and always had just 2btc so reality is only 2btc ever moved
take some exchanges that like to refresh their cold store. they start with say 60,000btc and end up with the same 60,000btc but they pushed the 60k coins through 10 layers of spam transactions (600k volume)
which statistically would be $3bill volume. but actually only 60k moved to a new final cold store that day($300k)
EG
i send out
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
then next block
1MeFr4nky1Addr355 (1btc) -> 1MeFr4nky1Addr355 (2btc)
1MeFr4nky1Addr355 (1btc)
then next block
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
then next block
1MeFr4nky1Addr355 (1btc) -> 1MeFr4nky1Addr355 (2btc)
1MeFr4nky1Addr355 (1btc)
the stats show that in 40 minutes 8btc has moved. but in reality i still have and always had just 2btc so reality is only 2btc ever moved
take some exchanges that like to refresh their cold store. they start with say 60,000btc and end up with the same 60,000btc but they pushed the 60k coins through 10 layers of spam transactions (600k volume)
which statistically would be $3bill volume. but actually only 60k moved to a new final cold store that day($300k)
But isn't it the way banks also measure the transaction volume. When we say volume, it considers the exactly same thing that you mentioned, while the final settlement amount is different! I do understand, a certain percentage of the entire volume may be inflated, but the volume calculation method is correct and it is the practice followed by the industry as well!
Do you know when we will have a real adoption? When there will be not 7 billion but only 1 billion of transaction volume but from BITCOIN to GOODS! Get it?, please can someone tell me what is daily transaction volume but not from just trading,speculations,spam transactions.... what is the volume directly from bitcoin to book,from bitcoin to meal,from btc to concert tickets,from btc to actual lambo (not btc-fiat-lambo but direct btc-lambo) anyone?
That will be real economy transaction volume, we"ll be there in some five years i guess.
That will be real economy transaction volume, we"ll be there in some five years i guess.
According to Anthony Pompliano, on-chain bitcoin transactions reached $7 billion per day, putting it head and shoulders above Venmo. This, according to him, makes bitcoin the "killer app."
https://twitter.com/APompliano/status/1118506225052860416
https://twitter.com/APompliano/status/1118506225052860416
Bitcoin is really the killer app and I believe that except for the stats. Just imagine if you have 1 btc and then you send it to somebody and that somebody send it to another and so on and so forth that bitcoin was sent to 100 people that day. The question is how many bitcoins is involved the answer is 1 btc and if 1 btc value is 5,300$ then that is the total amount that we should compute. But if we are just looking at the number of transactions made then we will compute the value of 100 bitcoin.
If my logic is right then the stats of Anthony Pompliano have an error on it and the $7 billion could not be real since it could be lesser than that. But if they are using a certain formula to grasp the exact stats without counting the spam transactions then I guess his computation would be correct.
But overall, bitcoin is still a killer app just by counting the number of transactions on the mempool without looking at the value.
I am not sure if those numbers are quite correct sine we don't know exactly how it is calculated. $7 billion seems like a huge amount each day and I am pretty sure people don't make so much transactions each day. A person can make dozens of transactions between his own wallets and this would still count to that calculation so this is not anymore accurate m
But how much of this is wash trading and transactions between the same wallet? These numbers can be very misleading nad make it look like bitcoin is used more in commerce than it really is.
I give the link below about daily transaction of bitcoin. Here you find the daily transaction of bitcoin. Bitcoin is the most popular and useful cryptocurrency in this time so it's transaction also huge. Below I drop the link here you get the details information about daily transaction of Bitcoin.
good news for bitcoin holders. with such a transaction it allows bitcoin to drop drastically a small chance, marked by prices that continue to rise every day even though there are price reflections
Money flow
24H Inflow 4,839.04 B
24H Outflow 4,080.05 B
Money flow
24H Inflow 4,839.04 B
24H Outflow 4,080.05 B
it's amazing, the transaction is so huge, marked by the price of bitcoin that grows every day, bitcoin is indeed a killer digital currency at a fantastic price, but if compared to last year, the price is still cheap
That's the big question, change or no change. If this does indeed include change outputs this statement is worthless.
It does include change I looked for a chart showing the total amount of total daily transaction volume and found this one. Without the change, the daily transaction volume goes down to BTC150,000+ (90% difference) here's the chart from blockchain.
Isn't that a good start for the development of bitcoin. The more investors arrive, the higher the value of bitcoin. This is what we are waiting for.
The high volume we make every day doesn't really say a lot because it's not the real volume. 
Isn't that a good start for the development of bitcoin. The more investors arrive, the higher the value of bitcoin. This is what we are waiting for.
Those who believe that bitcoin will be future currency are dreaming too high imho. It wont be global currency so it cant be called as future currency.
What the heck are you going on about? What makes you think that Bitcoin has no chance of becoming a global currency? The data revealed by op might be flawed, but it still paints a pretty picture.Everyone can observe the organic growth of Bitcoin and the growing volumes across all popular exchanges which is Bitcoin has tremendous potential to become a global alternative source of payment(Won't replace FIAT) once its adoption rates grow with time.
Why does the guy kept retweeting his own tweet?
Is there something wrong if the Pomp keeps on retweeting his own tweet? The guys a bitcoin bull and he's contributing to the community through his own way.Going back to the main topic, does this means that off-chain transactions is another thing to account?
Speculation obviously is another aspect and some of this $7 billion of on-chain transfers is probably just trading Over the Counter or otherwise, but there’s also a significant amount of economic activity. Specifically, PayPal’s Venmo, which offers database-powered instant transactions and near-zero transaction fees, moved $62 billion in value last year.
According to blockchain charts I share the link where you get details about daily bitcoin transaction. Blockchain is the most trusted source for data on the bitcoin blockchain, here you gets the all important information that you need. It's really huge amount of money about bitcoins daily transaction. Day by day bitcoins transaction increase and I think it's a good sign for bright future of bitcoin.
https://www.blockchain.com/en/charts
https://www.blockchain.com/en/charts
In order to increase the gains of the exchanges a little more, they display a fake volume. That's forcing us to get the right information. I think some organization can help all the market in one way. For example an organization which creating for watching true information can watch and verify their volume and trade without any personal data.
NO matter what everybody says above for me what is important is the moving of the market now,actually in uptrend because for how long what we have seen is just a downtrend and always reddish value of the cryptocurrency.and now that theres a greenish still theres alot of questions going around,do you think this could help the continuation of growth?
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