Bitcoin Forum

according to blockchain.info charts, every day about 170 Million dollar to 350 million dollar is being moved around with bitcoin. the average of this amount is something around 200,000,000 USD per day.

this is about 200,000 to 350,000 bitcoins daily.

https://blockchain.info/charts/estimated-transaction-volume-usd (the past year)*
https://i.imgur.com/0R0ydEX.jpg

* This is only showing the total USD value of bitcoins that were transferred from one address to another in one day excluding change (coins returned to sender).

You should probably add a disclaimer somewhere in OP. In no way does this represent actual people moving money for actual services, goods and whatever. It includes everything, including:
1) People moving money to their own (other) addresses/wallets.
2) Exchanges and other services moving their money.
3) Moving Bitcoin into cold-storage (can fall under both point 1 or 2).

That is not really a big amount compared to it's competitors, like SWIFT. ---> SWIFT handles about $5 trillion per day, or given about 250

business days per year, about $1.25 quadrillion dollars a year. Similarly, CHIPS handles about $400 trillion per year, and Fedwire handles around

$900 trillion per year. SWIFT payment message volumes are usually around 11.5 million per day, giving an average payment size of around

$45,000.

Source : https://www.fincen.gov/sites/default/files/shared/Appendix_D.pdf

i thought it was implied ;D
i also don't think "moving around" is a big/considerable percentage of this amount.


1. SWIFT is working with fiat so people will use it blindly without even asking what the hell it is.
2. SWIFT has been around for 44 years.

1. bitcoin is a new thing. people always think twice before using it, specially with all the bad media.
2. bitcoin has been around for only 8 years!

you can never compare what happens in the fiat world with bitcoin which is practically a toddler in comparison.
i'd say 200 million dollar is a great achievement.

That's quite huge, I didn't know this but this goes to tell us that Bitcoin is gaining grounds globally so the fear of the unknown that was attached to it should be cleared once and for all because it's doing pretty good on the market as well.

On their own that number is making me gasp in awe. The thing is, it is nowhere near where standard payment processors are.
I would like to see how much daily transactions are done using VISA, PayPal, Amazon Payments and other services.
Also statistics of other cryptocurrencies would be nice: Ethereum, Ripple, Dash. Litecoin. Where to find it?

When transactions were free, that was a good argument for why simple transaction volume is not representative. But now that transactions cost real money, it can be argued that the volume is representative, at least to some extent.

A good measure of the utility of a payment system is the amount of fees people are willing to pay to use it. Currently, people are paying $250,000 per day. I wonder how that compares to other payment systems.

This is a lot of money although considerating that include transfers of the same person betwen their own wallets.

Surely price increase showing higher numbers on bitcoin charts. There are significant amount of btc transfer from one wallet to another by the same owners. The most imnportant questiong is how big percentage of this transactions are actually for daily usage such as shopping, paying bills or buying a cup of coffee. We simply need bitcoin becoming part of our daily life more.

Hard to give a number but most bitcoin transactions are for investment, moving assets and exchange services.

It is a lot of money, but to be honest Bitcoin is just at the beginning of his way to popularity.. I'm sure that in just two - three years this amount will be five or ten times bigger. And it still will be not mainstream!
I'm just affraid what then will happen with transaction fee...  :o

https://coinmarketcap.com/
All those payment processors you mentioned are private companies owned by private sectors of powerful countries such as US.
While transferring/investing/trading altcoins is no where near profitable, this kind of volumes for bitcoin shows that there is a potential to buy and sell at least 70% of the daily volume if you are just a single investor/whale.

Doubtful. A lot of the people here are uneducated tools.


This comparison is pure bullshit. Bitcoin is a currency, and SWIFT is not.

I still disagree. I often consolidate UTXOs or move my coins to one of my other wallets.

This is huge sum and this would be great news if this were overal transfers of many users. Unfortunately, this is not the case and many of these transactions are concentraded within smaller number of users that have large amount of coins. So, basicly it seems that majority of coins belongs to certain number of whales. I would like that Bitcoin spreads more.

Yeah i think that is why many transfer bitcoin in the chart it is in trading site and other people who are using multiple account they want their bitcoin to be safe.. and i think the other people who are accepting bitcoin as payment  online as you can seen many people or website owners are accepting bitcoin as payment for their service also people or marketers they are also accepting bitcoin as  payment.

I thought as much because the amount looks too huge but if it is indeed credible then Bitcoin is really going places and I have no doubt the rate at which it is rising in price might propel a lot of us into riches.

Wow that is huge amount of bitcoins and money that are being transferred everyday and that is living proof that the bitcoin is getting much bigger and stronger day by day. If this will continue then there is no doubt that the other countries will start using bitcoin also and the stores in those countries will accept bitcoin and adopt it as an another type of payment system.

It is a huge amount of money that being transferred everyday using bitcoin, and in the future it will keep on increasing, this can happen because it is so convenient to do transaction using bitcoin and i think most of the transaction that recorded is because the traders transaction

Comparatively this may not be the huge amount but it is still exciting given the fact that bitcoin still has a long way to go and has not completed even a decade of its existence.

This is just the beginning lads, bitcoin is objectively better than any of the mainstream transaction systems so there is no doubt that bitcoin itself or something better will replace the current inefficient systems given enough time.

May not be strictly true. If the block size increases, the utility of the Bitcoin system will increase. But I suspect the overall transaction fees people pay to miners will come down.

This is one of the factors that cause the price of the bitcoin continues to skyrocket, I bet the price of the bitcoin can reach $2.000 so that I hold all bitcoin which I have.

However what you must account is the possible and potential future price of these bitcoins, we might even see prices well above $5000 in 2017.

Yes, it doesn't matter if people or exchanges move around their funds one to another wallet, I get the point is send/receive bitcoin equal to such amount of US dollar even though it doesn't represent exact number of fiat money flow into bitcoin.
However, people get used to buy and sell bitcoin which means fiat money flow in and out of bitcoin through exchanges.
If Swift and chips that handles bigger amount of transaction every year, bitcoin could exceed those numbers in the future, maybe around 20-40 years later. I mean we can compare the value of bitcoin has been spread = for 44 years equal to the current age of Swift or anything else.

However big transactions take place, we need to travel long to overcome the transactions made by fiat. It is possible only when bitcoin gets mainstream acceptance. Also based upon the price increase we get increased transaction. As quoted the price is expected to go beyond $2000 but none can confidently say it.

200 Million is really huge and this means one thing for us bitcoin holders. we're getting richer everyday if anyone isn't happy about that, i don't know what will make you happy because more money means more pussies. very slow confirmation these days though.

why so many people are so negative around here! try to see the full half of the glass. we have come a long way. this amount is a big achievement in my opinion after this time and with the limitations that bitcoin has.

No, I do not think people is negative. They only highlight the fact that seen in the bigger scheme of things, Bitcoin is still relatively small. Doing a comparison with other systems would be fair, if we had the statistics of these systems at the same stage where Bitcoin is now. < Did they process the same amount or less than Bitcoin at the time >

I spoke to a banker a while ago, and we talked about Bitcoin and he was saying that Bitcoin was still too small to make a global impact and to play with the big boys. < In a way he was right, but we are catching up to them >

Oh well, let us look at the brighter side :)

   It only tells us one thing: That bitcoin is becoming popular and more people are joining and investing in this currency. $200M is not a joke even half only of that amount. It means also that many people are transaction / transferring bitcoin or using it as an option or alternative to fiat.

Shitpost #1.

Shitpost #2.

Shitpost #3.

Bitcoin should not, and will not compete with the likes of Swift. People are truly delusional around here and have no idea what they're talking about. Bitcoin can not compete on-chain with a centralized payment system. That is just not possible.

It means almost nothing. Shitpost #4.

N0. Bitcoin should not be compared with other payment systems. I don't understand how people don't see the false comparison. Bitcoin is primarily a currency and a platform. Swift, Visa or whatever are not currencies.

and you forgot trading with zero fees, so selling in one second 100 bitcoin to buy it again couple seconds later.
Bots moving so fast coins that it building momentum in such graphs.

That about 35 to 40 Bitcoin , which is not a large number i guess. i think more bitcoin is transacted daily and your assumption or fact is wrong i guess because a single user will transact 20 -30 bitcoin daily so 40 btc world wide is such a small number.

and you forgot to read the topic first and take a look at the chart!
this chart is representing the "transaction volume" not the "trading volume" what you are saying about the zero fees is about "trading" and has nothing to do with this since that is done off-chain inside an exchange website.

Yeah right, it could even beat the transactions in the small country of Africa. I'm sure every day use of the bitcoin will continue to increase so that makes us optimistic with the future of the bitcoin.

It is really an achievement for the bitcoin community.
For a currency bitcoin was not even 1$ when it first came to the market 8 years ago.
200 million dollars a daily .
It's really like reaching a bench mark.
This shows how bitcoin has been accepted among people.
Many multinationals like Apple, Mercedes Benz, Microsoft etc have already stated accepting it.
Waiting for the day when more than 90 % of trading is done via bitcoins.
This is just the start , bitcoin has a lot to achieve.

When I compare my own Spend statistics from Electrum, an estimate is that my real tx value is less than 1% of gross tx value. The larger percentage shows up in tx as it's moving around the coins with change addresses or to other wallets.

I suppose there could be higher percentage users out there, as a 1% daily real spend total for the network stands at USD2m, and that does sound a bit small (?).

a remarkable number, I'm happy with this news. with the increasing magnitude of the bitcoin transactions then make bitcoin as alternative payments and will becoming best. Hopefully many countries who care and accept bitcoin.

Well that's a very good news. This shows us how bitcoin is growing over the years.
And also I got to hear that if ETF approves bitcoin it would reach around 2300 USD.
But on the other hand if it doesn't approve it will drop to 800 or something.

that is the huge amount. I can not believe that there are many people using Bitcoin as the moment. If the value keeps going like that, blockchain may get stuck. Oh dear. If we do not activate the segwit, how can miners supply and transfer those transactions? Anyhow, on the other hand, it is the great news to know that Bitcoin is being used by a lot of people on this planet

that's right mate, with what we see we are continuously benefiting from this investment if we can still holding it for some time, bitcoin really attracting more and more business and big people's attention good to know that even there's some concern regarding to its transaction its still being use for more transactions.

Well this actually explains most of it why there's alot of money transacted everyday. For example, i have a million dollars worth of bitcoin which can attract a lot of hackers so thats why i must changed my storage once or twice a week just to secure my money. And since im talking about million dollars i must spread in more 1-10 addresses or maybe more. And since there are alot of millionaires on Bitcoin then this kind of things may explains the reason why lots of millions dollars worth of bitcoin are transacted everyday.

Could be. But its bitcoin to bitcoin so it can happen.
Faucets pay to people who does the clicking and answering the captcha. There are some who pays directly.
Gambling site withdrawals and deposits.
Wallet to wallet transactions.
Scams in social medias.
Investment jokes and those spammers. Ergh!

that is completely wrong!
you can take a look at satoshi addresses, those coins have never moved for more than 8 years and they are secure, as safe as bitcoin gets. so it doesn't make sense at all to say "i have to move it to stay safe"!

and actually by moving it you can put yourself in danger.
imagine having your fund in paper wallet, you will have to make it every time you move funds. and one small mistake is enough to lose all of it.

Stop posting nonsense (I've seen you do this multiple times). On-exchange trading volume has zero impact on this graph.

Another Yobit shit poster. Learn some primary school math first. "35-40 BTC x ~x1280$ = $200 Million".  ::) ::) ::)

This number says nothing about the number of people using Bitcoin. In theory a single person could be behind all of those transactions.

They can't.

This is one of the worst ways of handling your Bitcoin wealth. Spreading it among addresses does nothing[1]. Spreading it among several wallets using the same network/systems does nothing[1]. Moving it into a new wallet every week or two does nothing to improve your security. In fact, constantly doing this increases the likelihood of a fatal mistake occurring and you losing everything.

---

[1] - Security wise only. You can debate privacy concerns, but that is not the point that I tried to address.

Op in your calculation did you including Personal transfer or company transfer they make from one Of their wallet to another wallet. To me this a very small unit control on united states of America Economic as the daily dollars trading in forex run in trillions dollars.

The fee will go down if the block size is increased. But that will attract more users.

it is not my calculations, i even included the link. it is one of the blockchain.info's charts and it is showing all the bitcoin that is being sent from one address to another. and you can never tell if address 1 and 2 are personal, a big service, or just one whale playing around because of how bitcoin anonymity is.

and i don't get which part of this topic makes people think of "trading volume"! it is really weird!

it really is a huge number, blockchain is under great pressure from it, it's hard to be able to handle all of them quickly, so it was an error, every transaction is delayed and difficult to solve true genius. especially when Bitcoin higher prices, this makes about expenditure incurred by each of the smaller, and the small transaction fee, the transaction once again slowed down, this is so bad, but we One can not blame them, we are not rich, and we can not pay high fees for small transactions, so solutions need to have is the head blockchain