Bitcoin Forum

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These BTC amounts are equivalent to millions of $. Do people really make such huge BTC transactions? I'm surprised. What could these transactions be for I wonder? These must be really filthy rich people who have millions of $ of BTCs. I personally would be very wary of keeping millions of my money online like this especially knowing that it isn't safe (example: mtgox and bitfinex hacks).

Those transactions represent bitcoin being moved between two (or more) bitcoin addresses.
They do not represent exchanges (except for deposits from & withdrawals to bitcoin addresses).

Never store your bitcoins within exchanges like MtGox & Bitfinex.
The number one rule of using Bitcoin is that you should be storing your own coins.

All of Bitcoin is online and is safer than the average bank system.
FYI, all your money within the banking system is online and more editable than Bitcoin.

That's right, the whales is always transacting a lot of the amount of btc.... a million dollar is always filling in exchanges..... and that is a final calculation from the 2493 transaction.....

There might be several reasons why people move huge amounts like this. One of those might be that exchanges or gambling sites are moving money to cold storage. These businesses receive large amounts of bitcoins every day, and it is better for them to move that kind of money to cold storage, to protect it from hackers.

Most bitcoins are stored in cold storage these days, and sometimes people take this stored funds and sweep it online to be paid out when large orders comes in or to pay out larger winnings or for whales to trade. ^smile^

Even me when I check the statistics on block chain I get to be surprised on how this large amount of Bitcoin moves and try to even convert it and I will be like wow this is a load shit of money but I think what we see is actually not storing but movement of money in thee sense that let's say a gambling site wants to pay big winners and they have to do manual approval at a time. The coins will have to be moved from their own wallet to these  people then we see it. I Dont think they will be careless enough to keep such amount in online wallets than can say "we want to do upgrade and you can't have access to your funds".

Yes it's actually happen as the big time investors and big time earners as well as some of them are transacting on different things .most of that i think on some underground transactions .i am not surprise at all to saw that kind of big transactions cause i know anything would be possible as of now .

They aren't fake for sure. They do, why would that be impossible? Check out the richest Bitcoin wallets list, you'll be surprised to find out there are Bitcoin millionaires out there too.

Huge transactions take place often with bitcoin. In my view most of these transactions were made by users who were rich and to avoid taxation issues move billions through bitcoin addresses as it doesn't reveal identity.

I think that using btc is safer than keeping your money in the bank.

Maybe i`m wrong, but the big european banks have big problems right now.

Storing bitcoins in exchange platforms is a bad idea.

If you try  to see the recent transfers on  blockchain.info  you would really see even more  amounts  of huge amounts of  bitcoins lets say  200- 700 btc  transfer  which is  really awesome  that these  million of dollars are being transfered  in  online without any hassle.

These ones, although now old are interesting to see / follow.

https://blockchain.info/largest-recent-transactions (https://blockchain.info/largest-recent-transactions)

I have never heard about it but I do think that it has happened before but you cannot do it without the bank there concern they also have to know about it.
You then will have to sign a whole agreement and stuff to keep it short it is a whole process.

keep money online? not being safe? what are you talking about.

you do realize that we are talking about "bitcoin" not a third party payment processor wallet thingy like paypal right?

you can keep millions of dollar in bitcoin inside your cold storage and be the safest you can ever be. nobody can hack it from you, nobody can take it from you and nobody can tell you how to use or not use your money.

your examples are also bad because those are third party services and them getting hacked means you should never trust a third party services.

so true . now many people use bitcoin for such purposes. This should already be dealt with, we need an agency that can regulate bitcoin. because with an institution of the bitcoin could be better.

Yes actually this million $ worth of bitcoin in transaction is normal and i think it may be even more than that if block size is not limited to 1mb only by now. Because there are lots of exchanger and whales who have to move several thousands of bitcoin from one account to another account daily whether to process trader's withdraws or traders depositing bitcoin to exchange. It is hard to know for what purpose bitcoin are being transferred but this is true that we may even see more bitcoin being transferred per block in future.

If you're watching the transactions from the blockchain then you'll somehow get used to the millions of $ being tossed in different wallets everyday. Also, these are not particularly whales or exchanges; some of them are payouts from mining companies or amounts being moved to cold storage etc. They are accounting for the daily tx volume in terms of $, and also miniscule amounts contribute to that, too. Seeing a couple of thousand btc tx being broadcasted once made me wonder if it's a hacked money or not. Then I realized that there are lots of fat tx being made in the network almost everyday, and it's not my job to care about that and wonder all day lol.

yes it can right, i think there are a lot of money with people, and the are making transaction on regular basis and the second is that the number of crypto currency uses is increasing on regular basis that really increasing the amount of transaction.

If those transactions are recorded on blockchain then they are real and existing. But that is not so strange, these are also transactions from different companies, exchangers, payouts from mining etc. But I agree when you see those amounts you could easily get dizzy.  ;D

I often wonder if whales who make million dollar transfer of Bitcoins move everything in one transaction,
or if they hide the transfer across multiple transactions to multiple wallets.
They still have to cash out the coins eventually but at least while they are in transit/ storage it would be harder for someone to know exactly how much they are buying/ selling.

That kind of transaction could be anything, it could be just someone transfering their own Bitcoin to a new wallet they just made. And it also could be just a very rich people who already have a bunch of Bitcoin spending their money to buy something they want with Bitcoin. You can't expect it always from an exchanger, because it could be from anywhere.

That's why i like bitcoin, you can send millions of dollar with low fee and simply, imagine if you send them through wire or western union they will cost you much, anyway i am not surprised there are lot of transaction out there with high volume of bitcoin, yeah it might be from exchanger, mining company, or from a person.

you obviously have not got a clue how bitcoin works then because the money is not kept online, and the websites you quote were hacked and the private keys stolen.  Bitcoin has never been hacked and never will be, it is secured by pure math  ;D

well its a tough question to answer ..but it would be really safe if u use bitcoins in ur transcations . and I guess in the near future everything will be in the form of bitcoins ..kudos..

Ofcourse they are done but not fake, you can always see such huge transactions in blockchain and there is nothing to be surprised about that as there are a lot of companies or exchanges or gambling sites which are generating or transferring such big amounts every time and some people do that too if they are sending some money from a place to another to save the fees.

yes i have also seen many users with a lot of.bitcoins like i have seen a pal having 80btc but never saw anyone with 5000btc those type of transactions are more likly someone moving his exchange bapance from one place to another

People transact millions of dollars in single transactions all the time. There are a lot of whales out there. There was a 6 million dollar transaction the other day of about 10000 BTC (not sure if that is the one on your link, I never open links on this forum).

If you just look into blockchain for 5-10 minutes you will be shocked, as well check the poloniex volume, those is just a part of the ammount being into circulation all days, bitcoin its alive unlike some people think its dead because price looks stable.

Well yes . Filthy rich people and early miners habe made millions of $ worth of transactions loads of times just check the chain. I once was paid by a wallet that contained a few thousand bitcoins !! Can you believe it !?

Obviously when there is more then million of bitcoin user so when each person transact 1$ then we still have million $ transaction per day lets assume that not all user send and receive bitcoin daily but  majority of the user transact from $10 to $400 normally so you could make a rough calculation to figure out the number.

Yes check transaction in blockchain. There is multiple million$ transaction in a day. Just imaging that there is millions of bitcoin user and if they transact $10 to $1000 them obviously there will huge transaction per day.

Those are good news, you know. Reading this board, you sometimes have the feeling a majority of users are faucets users, with many posts only written to cash some signature campaign. It's good to know there are BTC users who don't need that. BTC would not be what it is if there were only people getting it via faucets.

Faucets are just an option to earn bitcoins as well signatures, nothing new, and sure its amazing to see big transactions happening at blockchain, those make me feel important even with a small number of coins.

It could happen. because sending money via bitcoin has no limitations. we are free to do anything.
can be individual or a company. because bitcoin is anonymous.

I'm sure there are a few people with millions in bitcoin and will move it to different addresses. There's no way to know if they are making transactions or just moving the bitcoins.

Yeah I know that too and I believe it that there are a very few people who are making millions of dollars value in bitcoin. But of course, they are not exposing their transactions maybe they are using a lot of addresses when transacting so that the sight of breachers or hackers are not going to get interested to their transactions.

I think there is high possibilities where people do big transaction using bitcoin,but it's difficult track and i think for the future there will be more people using bitcoin for big transaction because with bitcoin there won't be any party questioned where we got the money and there is no limit in sending bitcoin

There would  be  more  big transactions would really happen   on bitcoin   as  you mentioned   this transactions are p2p  and  no  third parties  would be  involved  and people would  surely  love  this  kind  of transaction . Its  not  really a shocking news already because   we could able to see transactions  on  blockchain  and   you would  surely see  huge   bitcoin transfer to another wallet.

Of course it is really happening and usualy they save the bitcoins not on exchangers, but they put the bitcoins on offline wallets or online wallet. It is more safe than put the bitcoins on markets, although still there are risk.

Just check the 24 hours volume: $103,378,000
it's a lot of money, sometimes I take a look on blockchain.info to see the transactions, there's a lof of "big" ones...

This BIG transactions you printed is probably exchanges, casinos and things like that, the security thing scares me too, it's a lot of money...

i think yes there must be so many people who may be doing millions of $ transaction on daily basis,

Its possible but they can also be transactions made with illegal activities.They are hiding and using the bitcoin features of anonymity to make those shady transaction.We can only speculate here

Some of those transactions are belong to big companies. Believe it or not, not everybody on the internet are average Joe's like you (or maybe me) There are also many rich people who adapted bitcoin in early phase. There are also many drug dealers/shady business owners and money launderers who use bitcoin.

Just like with any currency, people purchase with this amount... If not more.

The fact of life is that somebody or a group will create surplus revenue where amounts like this are used in transaction capacity.

There are exchange owners and service providers who deal with this multiple times per time period (Think Xapo after fees or SilkRoad, big companies such as Microsoft or Fiverr who accept it.)

Yes I am agree. It already more than one million of $ transaction in bitcoin. The transaction is for good,altcoin and event drug. But I do not like if bitcoin is used for drug. I'd like to use bitcoin to buy good thing although I have to convert it into fiat first.

ofcourse many people makes bulk transaction per day . since you are using the high profile example of mtgox but here i will give example of my friend who is trader . he made transaction daily of about 2+ btc .
so we can say there are many people ( not only bitfinex or mt.gox) who make transactions in big-big amount .

To make money,you need to have and invest money. The more money you invest the more profit you make.

More and more people in the deep web are transacting worth million of dollars and that is depending everyday with them.

I believe that these people are earning a lot of bitcoins daily that's why millions of dollars in bitcoin are circulating in the market.

And this is good for all of us even though it is hot in the eyes of hackers.

Yes many people do big transaction everyday so expect the million transaction of bitcoin. Almost do that is the trader in altcoins different exchanger got million transaction everyday so it very posible that people can make million transaction of usd because many people are big holders of bitcoin.

Actually miners also transform the huge amounts they get paid for mining. My personal opinion is never store Bitcoins on any exchange since we have already experienced Mt.Gox and Bitfinex.Always store your Bitcoins in your personal wallet.

you can active features 2AF and confirm number phone to keep your money in wallet..

Yes I think it is possible that people make million transactions.  Those were maybe part of the developer of bitcoins or they were pure investors.  Sending btc and receiving btc is more convenient than any money transfer around the world.  And all transactions were private.  It is important that there is confidentiality on it.

We can not blame them since they are just stay their bitcoin in exchange site because they are ready for buying and or selling if his bitcoin is in main wallet and you send it to exchange it takes  a long time to confirm the fluctuate in trading is not stable so they are just staying it their money.. unless if you are just long tome holders of altcoin..

That's not the actiion of a sole guy but the addition of thousand of smaller transactions. Yes, rich guy plus rich guy plus rich guy that make very huge amounts.

The last week we do saw some dealy into the confirmations of transactions, i were able to see 70000 transactions with something around 20bitcoins as fees, even not being huge ammount of transaction, the money into circulation were milions.

Some people do keep and make massive transactions like that, and it could potentially be a business moving their bitcoin to an exchange, or it could be an individual buying something big using Bitcoin. Which is unlikely, but still possible. I have no idea what they could or would be buying.

yes that is a fact that people may be making millions of transaction as people have good amount  of bitcoins and they usually invest their money in alt coins or some where else therefore they  make more transactions.

since blockchain is a public ledger and there are many tools to analyze it with getting statistics about transactions, number of them and their sizes and many other things; you can easily find the answer to all these questions.
just go to one of these places with charts like blockchain.info and read the charts!

Well said thanks for the info. I myself is really doubtful about the bitcoin security over banking system, i still am doubting it may be editable but i think banking system able to provide a solution for this loophole. And it was i guess the hard copy of transactions

Yes for me it is possible that there were million dollar bitcoin transactions.  They are maybe a founder of gambling sites and investment sites.  Or maybe founder of bitcoin that just wanted to transfer their funds on another bitcoin wallet.  Whatever the reasons it is possible they make million transactions because of the hassle free transaction that bitcoin can give.

One of the big selling points of bitcoin (selling as in, big reason of why it can be attractive to potential users) is precisely the fact that the network doesn't care if you are moving 10 dollars or 100 million, it's still the same, the size of the transaction doesn't change that much. I think bitcoin has a big appeal to financial whales more than the average guy that wants to buy some coffee.

yes it's right keep money , more than money ussually because money online is susceptible from theft

probably more than that because if every udder make 1 transaction per day then obviously limit would cross million. but everyday this much number transaction doesn't take place sometimes more and sometimes less
 but i am damn sure that million transaction per day is normal.

I think such transactions worth millions of $ are usually made by the Chinese who like to move the price up and down. May also be whales which do trading elsewhere but from the charts I have seen that China has a lot of volume regarding bitcoin trading. Some saying they are not true but at least to me they look very realistic.

Such transactions of such huge value also happen from the people dealing with each other through Deep web (accessible via TOR browser) so I am not surprised at all.
In the end bitcoin is money so huge value transactions are a normal thing.

there really is not much to discuss here, because since bitcoin blockchain is a public thing that anybody can see, you can go to one of the block explorers and start looking at the stats.

there may be some whales moving money around from time to time but if you look at the medium amount of $$ transacted each day for a longer period you can make a good conclusion.

Same bitcoin can move several times through different address daily so it is not surprising to see millions dollar worth of bitcoin being transfered in every block. Current 1 mb block can have those amount of bitcoin so yes what amount of bitcoin we are seeing are real amount per block.

I believe that's transactions are from exchanges, casinos, altcoins ICO and things like that.

I really don't think a normal user hold it all in the same wallet and make huge transactions like this, really crazy numbers.

Well I transfer some bitcoins every day, not much from 1 mbtc to 0.1 btc. Sometimes more, when I win on gambling I withdraw more then that, there was situations like that one.
And I`m the one, and how many people are here, how many casinos, investment platforms, faucets, exchanges and traders, and million other stuff. I think this is just a beginning, it will be more soon, just people to start to realize what is bitcoin, and how much bitcoin can change economy, in positive way.

Its pretty normal and it will only be more and more by day since the bitcoin is growing a lot and will be worth more and its also getting so popular these days.

Well, I am not surprised. Bitcoin is currency as dollar or euro. So if there is huge transactions in dollars there must be huge transactions in Bitcoins. It's not a secret that there some people huge amount of bitcoin holders, they are businessmen for sure or something like that so they are making investing tradings in cryptocurrency normally.  I doubt that they are holding their bitcoins online. There are USB wallets for example or other kinds of wallets we don't know about.

Anyone knows what is the biggest transaction ever done? I remember reading about a 500.000 BTC transaction... im not sure tho, I may have slipped a couple more zeroes on there, but something along the lines. Who knows who that person is? It's impossible to know, but I bet it's either a very early miner or a business/exchange address.

Even one bitcoin is priced more than $700 right now and one block can include 1mb sized total transactions which can easily contain more than 200,000 bitcoin so it is not surprising to see millions dollar worth of bitcoin being transacting in 10 minute blocks.

may be if millions $ not transaction but mining , bitcoin not only as transaction but bitcoin can as source of income , get profit more , and get rich