How many BTC are used in commerce each day?

Harley997

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Quote from: gondel on June 29, 2014, 03:45:28 AM

Quote from: Harley997 on June 24, 2014, 09:40:07 PM

https://blockchain.info/charts/estimated-transaction-volume-usd

It is estimated to be ~ $87,000,000 today

Hey, what happened at march 2014 just check it out! Shocked

579 000 000 in one day or month?? Is that mtgox ?

It was certainly not gox as they went under in Feb. It was likely some kind of anomaly.

DannyElfman

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Quote from: gondel on June 29, 2014, 03:45:28 AM

Quote from: Harley997 on June 24, 2014, 09:40:07 PM

https://blockchain.info/charts/estimated-transaction-volume-usd

It is estimated to be ~ $87,000,000 today

Hey, what happened at march 2014 just check it out! Shocked

579 000 000 in one day or month?? Is that mtgox ?

That chart is measured by day.

It would really be better to use a moving average of that chart to get a good idea as to what the daily TX volume is. Moving a lot of bitcoin internally can signal huge volume spikes that are nothing more then moving coins from one wallet to another

efreeti

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Quote from: Benjig on June 29, 2014, 12:16:50 AM

I think the fiat gambling sites will dissapear in future years, bitcoin besides of other great uses, it is the perfect gambling chip.

It is actually the other way around.

Crypto gambling site, such as just-dice is being forced to close down involuntary because of Canadian law.

gondel

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Quote from: Harley997 on June 24, 2014, 09:40:07 PM

https://blockchain.info/charts/estimated-transaction-volume-usd

It is estimated to be ~ $87,000,000 today

Hey, what happened at march 2014 just check it out! Shocked

579 000 000 in one day or month?? Is that mtgox ?

Benjig

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I think the fiat gambling sites will dissapear in future years, bitcoin besides of other great uses, it is the perfect gambling chip.

kerafym

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THE GAME OF CHANCE. CHANGED.

Quote from: jeffersonairplane on June 28, 2014, 09:07:12 PM

It out to be upwards of hundreds of thousands of dollars each day. And that is strictly recorded data. Not applying other transactions that occur under the radar.

Most mining gears transaction are done using bitcoin. The transaction volume is at least 20M per year.

jeffersonairplane

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www.bitkong.com

It out to be upwards of hundreds of thousands of dollars each day. And that is strictly recorded data. Not applying other transactions that occur under the radar.

moreia

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Quote from: franky1 on June 24, 2014, 02:28:52 PM

i know for sure that its over 5000 coins.. (yet to mention the unaccounted gambling, illicit, legit auctions, private product purchase etc)

and then when you relate that to only 3600 coins mined a day..

supply vs demand, shows that demand is higher then supply..

i would have been sad if demand (need/use) was less than mining output, but if we can account for atleast maybe some known services, and they exceed mining output, then bitcoins is on a good path even if we cant account the rest.

Quote from: Nerazzura on June 24, 2014, 02:15:54 PM

if we try to add them together, we would be surprised at how many bitcoin transactions per day in all countries.

bitcoin transactions per day can be accounted https://blockchain.info/charts/output-volume (1mill bitcoins moved today)
but the title was about commerce. so i only accounted for commerce EG shopping cart gateways like coinbase/bitpay

Every where demand is higher than supply
You'll never find a currency that has a higher supply rate than it demands, that's how economics is
My guess is 7.5k coins~/day

negafen

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Black market and mining gear have huge transaction volume.

The rest are most likely speculation.

DannyElfman

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Quote from: Harley997 on June 25, 2014, 10:05:47 PM

Quote from: Kprawn on June 25, 2014, 02:24:00 AM

Quote from: Harley997 on June 24, 2014, 09:40:07 PM

https://blockchain.info/charts/estimated-transaction-volume-usd

It is estimated to be ~ $87,000,000 today

Harley997 - Does that include all transactions going through BTC blockchain or just the transactions, going through the blockchain.info exchange? Seems a bit low? But I imagine a lot of people hoard and keep their coins in cold storage, until the price of BTC explode, as predicted by the hype. Cheesy

I believe it is all "on chain" transactions. So "off chain" transactions will be excluded.

AFAIK this number is inflated somewhat as it counts the outputs you send to your change address as being spent. It would also count when you use a tumbler that sends coins to multiple addresses or otherwise send coins to an address that you control (similar to moving money to one bank account you own/control to another bank account that you own/control)

The off chain TX will likely somewhat cancel out the "extra" on chain transactions as coinbase to coinbase TX likely covers a large amount of their merchants sales

superhero

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Without receipts it's impossible to calculate. This is because tax offices love them.

zimmah

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Quote from: Harley997 on June 24, 2014, 09:40:07 PM

https://blockchain.info/charts/estimated-transaction-volume-usd

It is estimated to be ~ $87,000,000 today

that's like 0.1 cent per person in the world.

It can and probably will rise several orders of magnitude.

Willisius

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I'm really quite sane!

Quote from: franky1 on June 24, 2014, 02:28:52 PM

i know for sure that its over 5000 coins.. (yet to mention the unaccounted gambling, illicit, legit auctions, private product purchase etc)

and then when you relate that to only 3600 coins mined a day..

supply vs demand, shows that demand is higher then supply..

i would have been sad if demand (need/use) was less than mining output, but if we can account for atleast maybe some known services, and they exceed mining output, then bitcoins is on a good path even if we cant account the rest.

Quote from: Nerazzura on June 24, 2014, 02:15:54 PM

if we try to add them together, we would be surprised at how many bitcoin transactions per day in all countries.

bitcoin transactions per day can be accounted https://blockchain.info/charts/output-volume (1mill bitcoins moved today)
but the title was about commerce. so i only accounted for commerce EG shopping cart gateways like coinbase/bitpay

I'm not sure how "demand (need/use)" applies here. If something costs $5 and I'm paying with BTC, it doesn't matter if that's 1 BTC or 0.01 BTC. How much BTC does one -need-?

Harley997

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Quote from: Kprawn on June 25, 2014, 02:24:00 AM

Quote from: Harley997 on June 24, 2014, 09:40:07 PM

https://blockchain.info/charts/estimated-transaction-volume-usd

It is estimated to be ~ $87,000,000 today

Harley997 - Does that include all transactions going through BTC blockchain or just the transactions, going through the blockchain.info exchange? Seems a bit low? But I imagine a lot of people hoard and keep their coins in cold storage, until the price of BTC explode, as predicted by the hype. Cheesy

I believe it is all "on chain" transactions. So "off chain" transactions will be excluded.

AFAIK this number is inflated somewhat as it counts the outputs you send to your change address as being spent. It would also count when you use a tumbler that sends coins to multiple addresses or otherwise send coins to an address that you control (similar to moving money to one bank account you own/control to another bank account that you own/control)

Kprawn

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Quote from: Harley997 on June 24, 2014, 09:40:07 PM

https://blockchain.info/charts/estimated-transaction-volume-usd

It is estimated to be ~ $87,000,000 today

Harley997 - Does that include all transactions going through BTC blockchain or just the transactions, going through the blockchain.info exchange? Seems a bit low? But I imagine a lot of people hoard and keep their coins in cold storage, until the price of BTC explode, as predicted by the hype. Cheesy

nwfella

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Well hello there!

There does seem to be an amazing correlation between overall transaction volume and bitcoin price.

rext

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getting higher and higher man.

Cicero2.0

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★☆★Bitin.io★☆★

Quote from: Harley997 on June 24, 2014, 09:40:07 PM

https://blockchain.info/charts/estimated-transaction-volume-usd

It is estimated to be ~ $87,000,000 today

Wow. That is a lot bigger than I would have thought. I wonder how much of it is gambling versus other economic activity.

Harley997

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https://blockchain.info/charts/estimated-transaction-volume-usd

It is estimated to be ~ $87,000,000 today

franky1

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i know for sure that its over 5000 coins.. (yet to mention the unaccounted gambling, illicit, legit auctions, private product purchase etc)

and then when you relate that to only 3600 coins mined a day..

supply vs demand, shows that demand is higher then supply..

i would have been sad if demand (need/use) was less than mining output, but if we can account for atleast maybe some known services, and they exceed mining output, then bitcoins is on a good path even if we cant account the rest.

Quote from: Nerazzura on June 24, 2014, 02:15:54 PM

if we try to add them together, we would be surprised at how many bitcoin transactions per day in all countries.

bitcoin transactions per day can be accounted https://blockchain.info/charts/output-volume (1mill bitcoins moved today)
but the title was about commerce. so i only accounted for commerce EG shopping cart gateways like coinbase/bitpay

Nerazzura

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Quote from: adhitthana on June 24, 2014, 06:20:22 AM

Does anyone try to keep track of, or estimate how many BTC are used in everyday transactions each day and at what rate that figure is changing? Or is that just too hard to do?

if we try to add them together, we would be surprised at how many bitcoin transactions per day in all countries. I've seen on the site faucet've done about 50btc or more transactions each day. it was only for 1 fauce

keithers

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This is the land of wolves now & you're not a wolf

Too bad there is no way to tell. Companies obviously don't publicly post their sales for the general public to see. It would be interesting to see how much BTC is actually used as a form of exchange each day, and how far it has come over the last few years...

franky1

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atleast 2000 coins a day are used commercially via bitpay (do maths: bitpay does atleast $1mil a day)

then add on coinbase's possible totals, then add businesses that self-process tx's without the 2 gateways mentioned above.

i think its well above 5000 coins

thats before you add on coin gambling websites and illicit services

usatimer

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Quote from: adhitthana on June 24, 2014, 06:20:22 AM

Does anyone try to keep track of, or estimate how many BTC are used in everyday transactions each day and at what rate that figure is changing? Or is that just too hard to do?

It is a small amout.

adhitthana

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Does anyone try to keep track of, or estimate how many BTC are used in everyday transactions each day and at what rate that figure is changing? Or is that just too hard to do?

Topic: How many BTC are used in commerce each day? (Read 1715 times)