Ok. Number of Bitcoin transaction increased double. Expect price increasing? - page 2.

CarnagexD

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Quote from: Eugenar on January 20, 2020, 01:36:10 AM

Quote from: clickerz on January 20, 2020, 01:06:39 AM

Add to that is the hype that the situation in Iran, Venezuela, etc created. It created the hype that everyone being aware even not from that situation ride the situation and increasing the transactions. The more people being aware, the more they will use bitcoin and hopefully adoption which we expect is here.

On my opinion, the situation in iran is quite obsolete to be taken as the reason for the sudden increase in transaction rate we are experiencing right now. Yes, there might be an implication with this tension to the market but that is for about weeks ago already. Market correction has already done last week and the reason for me is because it is time already, that most of the traders see the good chance to buy at this time, and it is purely based on the market itself with a little push by the thoughts of bitcoin halving that will probably occur soon.

It could've caused a sudden dump or something in bitcoin's price if we were to consider the conflict going around Iran right now. But since it's so miniscule in regards to it's impact to bitcoin's price, we can't really give credit to the issue arounf Iran right now. Apart from that, the increase in transactions won't necessarily mean that bitcoin's price is going to increase, it has to be mostly cashing in and lesser people pulling out in order to make an increase, and it also have to be a large number of people doing this in order to make a difference in the price.

rizkyalhabsy

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Quote from: psjin128 on January 12, 2020, 10:42:56 PM

So i heard that the number of Bitcoin transaction increased double recently.

which means i can expect price increasing near future right?

i am not sure about it, busy network can means more than it, probably because that, probably because just for make a fake scheme.

Quote from: psjin128 on January 12, 2020, 10:42:56 PM

Btw, i recently got airdrop token, which is exchange token, BPX?

Do you guys think that this kind of token may have a good value or nothing?

never heard, sorry.but so far i heard 1BPX= 1 usd

hello_good_sir

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The number of transactions on the bitcoin network may be correlated with Bitcoin price - we won't even discuss whether weakly or strongly.

But that doesn't mean that it's the *cause* to bitcoin price hikes. It could be possible that it is simply a delayed reaction to bitcoin price rallies, not the other way around.

That is the important distinction to make. Besides, even if it does play a role in somewhat shaping demand for BTC, I doubt that it supersedes the other factors influencing demand, like the 4 year cycles under which BTC prices operate under.

Vaculin

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I wouldn't expect to see an increase right away, but I believe its effect will be felt in the long run.
Increase of transactions simply means increase of users, and that is called "adoption", which everyone is expecting for bitcoin in the long run.

I would say we are at the right patch now, so please be patient.

Latviand

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Quote from: AniviaBtc on January 13, 2020, 03:01:16 AM

Quote from: joniboini on January 13, 2020, 02:10:52 AM

As mentioned, transaction increasing does not necessarily mean a price increase. There could be an increase of wallet address that is owned by a single person, somebody needs to distribute his funds to more people but does not necessarily sell them, an exchange needs to move their funds from a hot wallet in shorter time frame, etc.

A better metric to predict a price increase would be trading volume, with some indicators and tools. Other than that, analyzing the 'fundamental' status is also a good idea. Such as how many merchants and users are using Bitcoin, what's the improvement of the network on the future, is there any competitor, etc.

What a good strategy! But on the other hand, it is still risky because we're not certain when it will increase its price again. We all know that bitcoin is very unpredictable because of its volatility and how come that many people still trust bitcoin on its ability as a famous coin. From the start, bitcoin is really can go higher and higher when it is on its peak and that's the reason why hodling is very useful for us bitcoin fans. Patience is needed because nowadays there's no such thing as an instant money.

Actually, bitcoin transactions at this moment is lower than before and also, the market transaction has nothing to do with the market price as long as the transactions are settled in a low market value. Demand will be the factor along with the market volume that would make changes with regards to the market price of a crypto not only Bitcoin. So be careful still and do not be carried away by the hype just because someone told you to do so.

Eugenar

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Quote from: clickerz on January 20, 2020, 01:06:39 AM

Add to that is the hype that the situation in Iran, Venezuela, etc created. It created the hype that everyone being aware even not from that situation ride the situation and increasing the transactions. The more people being aware, the more they will use bitcoin and hopefully adoption which we expect is here.

On my opinion, the situation in iran is quite obsolete to be taken as the reason for the sudden increase in transaction rate we are experiencing right now. Yes, there might be an implication with this tension to the market but that is for about weeks ago already. Market correction has already done last week and the reason for me is because it is time already, that most of the traders see the good chance to buy at this time, and it is purely based on the market itself with a little push by the thoughts of bitcoin halving that will probably occur soon.

clickerz

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Quote from: chip1994 on January 19, 2020, 03:13:47 AM

Quote from: psjin128 on January 12, 2020, 10:42:56 PM

So i heard that the number of Bitcoin transaction increased double recently.

which means i can expect price increasing near future right?

The increase in volume was due to the high demand for bitcoin at the time. it stems from political turmoil and countries at risk of war. That's why the price of both bitcoin and volume have risen sharply in recent days. Another great thing is the halving event, only 118 days from now it will officially take place. That is also the main reason for the increasing demand of bitcoin and hope that in the future it will continue to increase to reduce inflation rate of fiat.

Add to that is the hype that the situation in Iran, Venezuela, etc created. It created the hype that everyone being aware even not from that situation ride the situation and increasing the transactions. The more people being aware, the more they will use bitcoin and hopefully adoption which we expect is here.

iamMhew

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Quote from: 1Referee on January 13, 2020, 04:52:55 AM

https://bitinfocharts.com/comparison/bitcoin-transactions.html#6m

Transaction volume on-chain is actually going down slowly. Not sure what gave you the impression that it doubled, but that's simply not true.

https://bitinfocharts.com/comparison/ethereum-transactions.html#6m

Ethereum transactions saw a decline in the same period as well, which is indicative of how poor the sentiment is. People are more active when prices are going up then slowly exit when the price doesn't want to go up anymore.

Thanks 1Referree for the data, This is one of my questions also when I read the post, where is the reference data. Everyone should post something should back up with a relevant data. Not just a mere hearsay.

Myfe

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Quote from: psjin128 on January 12, 2020, 10:42:56 PM

So i heard that the number of Bitcoin transaction increased double recently.

which means i can expect price increasing near future right?

No. Unfortunately the popularity of bitcoin transactions will not drive the price up UNLESS we have more people buying bitcoin (new) using any other currency and the general population of bitcoin owners not cashing out their bitcoin for any other currency.

For the price of bitcoin to rise, we need more people buying bitcoin and fewer people selling bitcoin. Transactions from one person to another using bitcoin have a neutral effect on its valuation/price.

So, while the volume of bitcoin transactions doubling is a positive thing for us to infer that it'll increase the value of bitcoin it depends more on who is doing the buying and if the transactions are net new purchases of bitcoin.

Dart18

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Quote from: psjin128 on January 12, 2020, 10:42:56 PM

So i heard that the number of Bitcoin transaction increased double recently.

which means i can expect price increasing near future right?

This is just a small way for his post under to be recognized.
There is no need to answer anything.

Quote from: psjin128 on January 12, 2020, 10:42:56 PM

Btw, i recently got airdrop token, which is exchange token, BPX?

Do you guys think that this kind of token may have a good value or nothing?

Are you joking?
You are the one who announced about the airdrop?
Did you hit your head or something?

https://bitcointalksearch.org/topic/m.53567055

julius caesar

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People are now buying bitcoin because of the halving that might happen in April. They are taking the opportunity to have it while the price of it is not yet high and be able to gain profit into it. We are expecting price increase since people are now buying bitcoin and the demand into it will be high that will lead to rise up of price.

SquallLeonhart

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Okay we need to remove the elephant in the room and close this discussion all together. First of all the number of bitcoin transactions wasn't increased double at all, that is a wrong statement, you can literally check it on blockchain yourself whenever you want. https://www.blockchain.com/tr/charts/n-transactions?timespan=1year . Here is the link to transactions in the past 1 year that has happened every single day, the latest was 323k for example.

Now, to speak truly there was a bottom of 250k recently which is quite low for bitcoin but that was new years day so maybe everyone was just too hangover for trading Cheesy

however even with that 323k is not "double" of 250k, plus in the past 1 year we have seen as high as 452k as well so 323k is not something new, its something we are very used to.

X-ray

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Quote from: moviebuff777 on January 16, 2020, 01:04:40 PM

Well it could mean that adoption is increasing which is good. It’s hard to know what it really means though but it is a positive thing for sure.

I doubt it's because the adoption is increasing. When bitcoin hits ATH the transactions generated each minutes are really enormous to the point where the fee required increasing so high it takes approximately $6 for a transaction and it took so much time just to get a confirmation. It's always like this when the market is bullish. I don't know why but it seems there's some kind of pattern that we could actually feel regarding the occurence of all these sudden increase of transaction number. Maybe a group of whale making movement?.

iamsheikhadil

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I can't say much about the token, but I don think that rise in transactions has actual contribution towards price growth. Even if it's circulated in a close group, it's not totally isolated so price can surely grow as it gets more adopted by users. In the bigger picture, price will grow due to supply vs demand.

Assface16678

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Quote from: TitanGEL on January 19, 2020, 01:51:13 AM

Higher transactions and higher hash rate doesn't have effect to the price of bitcoin. The main factor that affects the price is the demand and supply. It is not realistic to expect double price of the bitcoin just because the transaction increase. The recent increased in terms of transaction is only normal because the awareness is keep spreading all over the world.

Today we are now experiencing the price of the bitcoin goes up, and this is good news because after being stable for almost a week, the rate now is rapidly increasing. It is better to sell our money now because there is a chance that the bull run is coming over. However, still, we have a different opinion to earn more income. Also, there is no too much affect of the changes of the bitcoin into other coins because they have different factors why does the price of those coins goes up sometimes because of the investors that put their money into the specific currency.

JeffBrad12

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Quote from: Eclipse26 on January 15, 2020, 09:45:15 AM

The number of transactions is not the basis of an increase in the price of bitcoin. Yes it can cause a price increase but don't expect that much. Let's not forget that not all increasing transactions aren't from new people making transactions with Bitcoin. Multiple transactions can be done by a single person so don't expect much.

Quite the opposite the number of transaction increases because the price of bitcoin is pumping. While I actually believe that there's no correlation regarding the number of transactions and price increase, the current bullish market however still encourage people into making movement whether sending it to another address or to the exchange which means increased transaction number.

chip1994

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Quote from: psjin128 on January 12, 2020, 10:42:56 PM

So i heard that the number of Bitcoin transaction increased double recently.

which means i can expect price increasing near future right?

The increase in volume was due to the high demand for bitcoin at the time. it stems from political turmoil and countries at risk of war. That's why the price of both bitcoin and volume have risen sharply in recent days. Another great thing is the halving event, only 118 days from now it will officially take place. That is also the main reason for the increasing demand of bitcoin and hope that in the future it will continue to increase to reduce inflation rate of fiat.

TitanGEL

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Higher transactions and higher hash rate doesn't have effect to the price of bitcoin. The main factor that affects the price is the demand and supply. It is not realistic to expect double price of the bitcoin just because the transaction increase. The recent increased in terms of transaction is only normal because the awareness is keep spreading all over the world.

Hallmader

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Quote from: JeffBrad12 on January 18, 2020, 06:39:42 PM

Quote from: Eclipse26 on January 15, 2020, 09:45:15 AM

The number of transactions is not the basis of an increase in the price of bitcoin. Yes it can cause a price increase but don't expect that much. Let's not forget that not all increasing transactions aren't from new people making transactions with Bitcoin. Multiple transactions can be done by a single person so don't expect much.

Quite the opposite the number of transaction increases because the price of bitcoin is pumping. While I actually believe that there's no correlation regarding the number of transactions and price increase, the current bullish market however still encourage people into making movement whether sending it to another address or to the exchange which means increased transaction number.

Increased transaction could mean increase in the use of Bitcoin but not necessarily increase in the purchase of Bitcoin. Having said this, increase in transaction does not necessarily end up increase in price. Increase in transaction does not necessarily mean there is new money or investment entering the market.

wxa7115

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Quote from: moviebuff777 on January 16, 2020, 01:04:40 PM

Well it could mean that adoption is increasing which is good. It’s hard to know what it really means though but it is a positive thing for sure.

Not really, when the number of transactions go up, that only means that those that are holding bitcoin right now are using it more often, this could mean several things, it could mean they are selling it, it could also mean they are buying it, or it could mean there has been an increase in the use of bitcoin as a currency but it does not necessarily point towards a bigger number of people adopting bitcoin.

While an imperfect metric the best that we have to know that is to look at the number of new addresses being used, while it is obvious many of those addresses will belong to people already holding bitcoin that are just moving their coins or receiving payments at the same time if there is a large peak in that number that could indicate an increase in the number of new users.

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