I am working on a research paper, just for funzies, and I need to get a base line guess on how much money (read fiat) has been converted into bitcoins and altcoins, net. It doesn't need to be scientific, or even accurate really - I just would like to hear what people think.
To be clear, this isn't money invested in mining, VC money in businesses, or trading volumes in daily trade... I am looking or a number, net number, or how much fiat has been put into coins, that is it.
Any guesses?
To be clear, this isn't money invested in mining, VC money in businesses, or trading volumes in daily trade... I am looking or a number, net number, or how much fiat has been put into coins, that is it.
Any guesses?
coins exist on a blockchain, they are money themselves. and you cant slide a $10 into the blockchain..
but you can put bank notes into exchanges to swap for bitcoins
but you can put bank notes into electricity companies to power mining rigs to obtain bitcoins
but you can put bank notes into businesses as a VC to obtain large amounts of bitcoin as your ROI.
so the statement saying you want to exclude mining/exchange/investing.. doesnt really leave move options left.
but if you really want some figures.
the 13+mill coin circulation holds a cap value based on probably only 20k coin movements a day. (so i dont consider the bitcoin fiat value market cap estimate as very accurate)
that being said with between 12k-50k coins moving through exchanges which over 4 years would equate to probably 50billion worth of FIAT moving between bank accounts.
then add on the private fund movements for bitcoin related stuff.,
you probably looking at in excess of 70billion dollars have moved between bank accounts due to bitcoin related activities... easily.
even if we used different measures.
say theres 2million people that have played with bitcoin. some throwing millions into it.. some throwing just $100 into it. lets say an average of $20k a year
2mill x 10,000=20billion.
lets say last year was a bit less and the year before that was a bit less again..
over 4 years your still going to surpass 50billion.
now another approach.
merchants. there are over 100k merchants right now. even if on average each merchant receives $1000 from bitcoin a week (overstock done $20k a week, small mom and pop stores might only do $20 a week)
, that 100mill a week or 5 a billion a year, which is going to be atleast $10-$20billion, just from merchant sales alone over the 4 years (taking into account slow growth in 2009-2014, thus not exactly $20billion ).
