Topic: We just hit a new record of average monthly transactions per day (Read 1068 times)
Awesome. I mean, sure - it's not a metric that can't be manipulated or influenced rather easily, but still good to see we're not going down or anything, even during these dire times!
April 09, 2015, 04:51:50 PM
I think that chart is meaningless by itself.
We need average transferred bitcoin daily chart & equivalent usd chart (of course bitcoin prices should be matched).
Let's say if there were 10k daily transaction, 20k bitcoin transaction and 1 mil $ transfer last year, and now 100k daily transaction, 30k bitcoin transaction and 0.75 mil $ transfer this year that means bitcoin loose power and less people uses it to transfer money...
As I said before, maybe dust transactions provided such ratio who knows?
We need average transferred bitcoin daily chart & equivalent usd chart (of course bitcoin prices should be matched).
Let's say if there were 10k daily transaction, 20k bitcoin transaction and 1 mil $ transfer last year, and now 100k daily transaction, 30k bitcoin transaction and 0.75 mil $ transfer this year that means bitcoin loose power and less people uses it to transfer money...
As I said before, maybe dust transactions provided such ratio who knows?
April 09, 2015, 04:14:58 PM
The main reason of bitcoin Tx volume increase is not more bitcoin usage. The main reason is more & more apps are implementing the 1 address per Tx policy and as it employs forwarding of the balance to the main address, the overall Tx volume is increasing. Moreover, some online wallets are spreading cold wallet balance on multiple addresses. That is another reason of Tx volume increase.
Perhaps also coloured coins adding blockchain bloat to BTC too.
April 09, 2015, 04:10:59 PM
The main reason of bitcoin Tx volume increase is not more bitcoin usage. The main reason is more & more apps are implementing the 1 address per Tx policy and as it employs forwarding of the balance to the main address, the overall Tx volume is increasing. Moreover, some online wallets are spreading cold wallet balance on multiple addresses. That is another reason of Tx volume increase.
Unless these wallet providers are spreading their cold storage around every day it wouldn't have an effect on the daily tx volume.
That is only the second part of my statement. First part do give rise to daily volume.
Agreed, I can see how the one address per tx and then forwarding that input to a main address will turn one transaction into two transactions. This option has been used for a while, so I wouldn't be surprised if actual usage is increasing as well.
April 09, 2015, 04:09:58 PM
I'll take any positive bit of news or numbers to help me drown my sorrow or block out the pain at Bitcoin's forever dropping price... 
But hey! We got people actually using the thing! Gotta keep truckin' on.
But hey! We got people actually using the thing! Gotta keep truckin' on.
April 09, 2015, 04:08:05 PM
The main reason of bitcoin Tx volume increase is not more bitcoin usage. The main reason is more & more apps are implementing the 1 address per Tx policy and as it employs forwarding of the balance to the main address, the overall Tx volume is increasing. Moreover, some online wallets are spreading cold wallet balance on multiple addresses. That is another reason of Tx volume increase.
Unless these wallet providers are spreading their cold storage around every day it wouldn't have an effect on the daily tx volume.
That is only the second part of my statement. First part do give rise to daily volume.
April 09, 2015, 04:06:22 PM
The main reason of bitcoin Tx volume increase is not more bitcoin usage. The main reason is more & more apps are implementing the 1 address per Tx policy and as it employs forwarding of the balance to the main address, the overall Tx volume is increasing. Moreover, some online wallets are spreading cold wallet balance on multiple addresses. That is another reason of Tx volume increase.
Unless these wallet providers are spreading their cold storage around every day it wouldn't have an effect on the daily tx volume.
April 09, 2015, 04:03:24 PM
Thats great , so happy to see we grow and grow !!
April 09, 2015, 04:01:53 PM
The main reason of bitcoin Tx volume increase is not more bitcoin usage. The main reason is more & more apps are implementing the 1 address per Tx policy and as it employs forwarding of the balance to the main address, the overall Tx volume is increasing. Moreover, some online wallets are spreading cold wallet balance on multiple addresses. That is another reason of Tx volume increase.
April 09, 2015, 03:57:28 PM
This post has led to some fun numbers to play with.
So for the first time on a 30 day period we crossed the 100,000 transactions per day on average.
That's a little over 4,000 transactions per hour.
69 transactions per minute.
1.15 transactions per second.
The limitation is around 7 transactions per second for bitcoin so we still have a ways until we reach this limit.
It took bitcoin 6 years to reach 100,000 transactions per day, how long until we reach 700,000 transactions per day?
So for the first time on a 30 day period we crossed the 100,000 transactions per day on average.
That's a little over 4,000 transactions per hour.
69 transactions per minute.
1.15 transactions per second.
The limitation is around 7 transactions per second for bitcoin so we still have a ways until we reach this limit.
It took bitcoin 6 years to reach 100,000 transactions per day, how long until we reach 700,000 transactions per day?
April 09, 2015, 03:37:08 PM
Great news, I guess BTC s gaining more and more supporters. Now all we need to do is to get rid of scammers and ponzi pumpers.
April 09, 2015, 03:24:16 PM
Not entirely sure if there is a way to keep track on how many users are actually using bitcoins, given that there are too many addresses that has some balance on it but cannot be used because of lost private keys. However, we can still estimate as to how many bitcoin users there are in the world.
As for the chart, it is a great sign that we are still on the process of moving forward and upward. The price may not correlate with the actual transactions, but seeing that there is still an increase in the number of transactions made, we can safely say that the interest of the people in bitcoins is also increasing. Good times ahead, I say, and let those people who spread FUD be envious of what bitcoiners will have in the future.
Let me answer that for you. There is no way to calculate the exact number of users just as there is no way to correctly calculate the current hashrate. As for the chart, it is a great sign that we are still on the process of moving forward and upward. The price may not correlate with the actual transactions, but seeing that there is still an increase in the number of transactions made, we can safely say that the interest of the people in bitcoins is also increasing. Good times ahead, I say, and let those people who spread FUD be envious of what bitcoiners will have in the future.
Estimates can be nearly correct or nearly off. There would have to be extensive research before one should conclude something.
Might there be a lot of transactions from gambling sites?
April 09, 2015, 03:24:05 PM
I can't wait to see how some h8er will explain why this means bitcoin is dead. 
Its dead because Paycoin is dead.
Kthxbye
April 09, 2015, 02:54:52 PM
Nearly 1 lac transactions performed in 2015 while only 60000 transactions were performed till July last year. It's a great sign that bitcoin is getting popular but is there any way to know how many people are currently using bitcoins?
Not entirely sure if there is a way to keep track on how many users are actually using bitcoins, given that there are too many addresses that has some balance on it but cannot be used because of lost private keys. However, we can still estimate as to how many bitcoin users there are in the world.
As for the chart, it is a great sign that we are still on the process of moving forward and upward. The price may not correlate with the actual transactions, but seeing that there is still an increase in the number of transactions made, we can safely say that the interest of the people in bitcoins is also increasing. Good times ahead, I say, and let those people who spread FUD be envious of what bitcoiners will have in the future.
April 09, 2015, 02:47:03 PM
Nearly 1 lac transactions performed in 2015 while only 60000 transactions were performed till July last year. It's a great sign that bitcoin is getting popular but is there any way to know how many people are currently using bitcoins?
April 09, 2015, 02:31:03 PM
It just feels great that words of prophecy Satoshi Nakamoto told us are being fulfilled right now! Original Satoshi's quote: Feb. 14, 2010: "I’m sure that in 20 years there will either be very large (bitcoin) transaction volume or no volume." - And it is happening right now Bitcoin is not slowing down.
I was actually looking for his quote, thank you sir. Well it looks like he was right, or at least is for now. As someone already said in the thread, I don't think that Bitcoin will ever stop working (if nothing bad happens to it, like a security exploit). I can't wait to see how some h8er will explain why this means bitcoin is dead.
Easy, he will obviously turn that chart upside down and rant about it
April 09, 2015, 02:17:57 PM
This is amazing news! Just shows how much people want to use Bitcoin and are indeed using it more and more... The number will increase in the next few years, for sure 
Easy, he will obviously turn that chart upside down and rant about it
I can't wait to see how some h8er will explain why this means bitcoin is dead.
Easy, he will obviously turn that chart upside down and rant about it
April 09, 2015, 02:16:18 PM
I hope the price chart will look something like that as well in the future. Way up please!
I'm sure it will eventually. I think we're going to have to have some patience though because I don't think the bitcoin price will rise until we get a good bit of mainstream acceptance of a huge industry (gambling, sex, remittance market) adopts it. I think it will come eventually, though.
I can't wait to see how some h8er will explain why this means bitcoin is dead.
that chart is a good example of how the price has a very little importance to many people in the world, i'm starting to think that people care more about stability than the price
bitcoin is holding current price since 3 months already, there were small swings, but they weren't too drastic
bitcoin is holding current price since 3 months already, there were small swings, but they weren't too drastic
Jump to: