I am not sure if the figure is accurate or it could only be an estimate.
However, I have to believe that daily transactions for crypto already reached to billion dollars, everyday there are people who love to transfer
their money from exchanges, gambling sites, and other businesses that accept crypto, but the first two I mentioned were surely getting most of the transfers.
This is good for the market and investors as we keeps growing in numbers.
Topic: Bitcoin Transaction Volume $7 Billion Daily - page 2. (Read 306 times)
It is a great news. We can say that bitcoin is killer app or we can say that bitcoin is killer currency. I am not surprised that bitcoin transactions will hit in $7 billion per day specially now that bitcoin is now growing and more merchant are now accepting bitcoin and going to accept bitcoin in near future because they believe that bitcoin will be the future currency.
Not that good news as the number does not represents the real amount of the real transaction (as per stated by franky1 and squatter) previously. Transactions made by exchanges that moves bitcoin from their wallet to another wallet cant be called as real transaction as well. 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.
I'm not surprise with the rate of acceptability of BTC as Means of transaction all over the world.
Because it doesn't. Majority of those transactions are most likely from people on exchanges. Though I have no data to back this up, I'm pretty sure only a small minority are actually from merchant transactions. Not saying that this is a bad thing though, just not as good as some people might be expecting when they hear than bitcoin's transaction volume went higher(assuming this claim by Pomp is legit in the first place).
Why does the guy kept retweeting his own tweet?
$7-B volume of transactions per day is already a large number, but we all know that it's not purely linear transactions that are happening in the whole network. There are multiple cases in which coins are just condensed into different addresses for obfuscation yet always ends up into one single destination ultimately, and if they added that into the $7-B volume, it could ultimately be a lot lower than the actual volume of coins being transacted into the whole bitcoin network--but the figure already is a staggering one even if it boils to $2-$3B actual volume.
I'm not surprise with the rate of acceptability of BTC as Means of transaction all over the world.
It is a great news. We can say that bitcoin is killer app or we can say that bitcoin is killer currency. I am not surprised that bitcoin transactions will hit in $7 billion per day specially now that bitcoin is now growing and more merchant are now accepting bitcoin and going to accept bitcoin in near future because they believe that bitcoin will be the future currency.
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)
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
He didn't post his source for the data, but I'm assuming that number doesn't account for change outputs.
If I send a 2 BTC output to make a 0.05 BTC payment, it shows on-chain as a 2 BTC transaction but that's a drastic overestimation of the actual economic activity taking place. The Venmo numbers aren't inflated in this manner.
It's still really impressive, but I think this is important to point out.
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
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