Bitcoin Forum

According to Anthony Pompliano, on-chain bitcoin transactions reached $7 billion per day, putting it head and shoulders above Venmo. This, according to him, makes bitcoin the "killer app."

https://twitter.com/APompliano/status/1118506225052860416

He didn't post his source for the data, but I'm assuming that number doesn't account for change outputs.

If I send a 2 BTC output to make a 0.05 BTC payment, it shows on-chain as a 2 BTC transaction but that's a drastic overestimation of the actual economic activity taking place. The Venmo numbers aren't inflated in this manner.

It's still really impressive, but I think this is important to point out.

stats dont also account for spammers

EG
i send out
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
then next block
1MeFr4nky1Addr355 (1btc) -> 1MeFr4nky1Addr355 (2btc)
1MeFr4nky1Addr355 (1btc)
then next block
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
then next block
1MeFr4nky1Addr355 (1btc) -> 1MeFr4nky1Addr355 (2btc)
1MeFr4nky1Addr355 (1btc)

the stats show that in 40 minutes 8btc has moved. but in reality i still have and always had just 2btc so reality is only 2btc ever moved

take some exchanges that like to refresh their cold store. they start with say 60,000btc and end up with the same 60,000btc but they pushed the 60k coins through 10 layers of spam transactions (600k volume)
which statistically would be $3bill volume. but actually only 60k moved to a new final cold store that day($300k)

It is a great news. We can say that bitcoin is killer app or we can say that bitcoin is killer currency. I am not surprised that bitcoin transactions will hit in $7 billion per day specially now that bitcoin is now growing and more merchant are now accepting bitcoin and going to accept bitcoin in near future because they believe that bitcoin will be the future currency.

I'm not surprise with the rate of acceptability of BTC as Means of transaction all over the world.

$7-B volume of transactions per day is already a large number, but we all know that it's not purely linear transactions that are happening in the whole network. There are multiple cases in which coins are just condensed into different addresses for obfuscation yet always ends up into one single destination ultimately, and if they added that into the $7-B volume, it could ultimately be a lot lower than the actual volume of coins being transacted into the whole bitcoin network--but the figure already is a staggering one even if it boils to $2-$3B actual volume.

Why does the guy kept retweeting his own tweet?

Because it doesn't. Majority of those transactions are most likely from people on exchanges. Though I have no data to back this up, I'm pretty sure only a small minority are actually from merchant transactions. Not saying that this is a bad thing though, just not as good as some people might be expecting when they hear than bitcoin's transaction volume went higher(assuming this claim by Pomp is legit in the first place).

Not that good news as the number does not represents the real amount of the real transaction (as per stated by franky1 and squatter) previously. Transactions made by exchanges that moves bitcoin from their wallet to another wallet cant be called as real transaction as well. Those who believe that bitcoin will be future currency are dreaming too high imho. It wont be global currency so it cant be called as future currency.

I am not sure if the figure is accurate or it could only be an estimate.

However, I have to believe that daily transactions for crypto already reached to billion dollars, everyday there are people who love to transfer
their money from exchanges, gambling sites, and other businesses that accept crypto, but the first two I mentioned were surely getting most of the transfers.

This is good for the market and investors as we keeps growing in numbers.

NO matter what everybody says above for me what is important is the moving of the market now,actually in uptrend because for how long what we have seen is just a downtrend and always reddish value of the cryptocurrency.and now that theres a greenish still theres alot of questions going around,do you think this could help the continuation of growth?

In order to increase the gains of the exchanges a little more, they display a fake volume. That's forcing us to get the right information. I think some organization can help all the market in one way. For example an organization which creating for watching true information can watch and verify their volume and trade without any personal data.

According to blockchain charts I share the link where you get details about daily bitcoin transaction. Blockchain is the most trusted source for data on the bitcoin blockchain, here you gets the all important information that you need. It's really huge amount of money about bitcoins daily transaction. Day by day bitcoins transaction increase and I think it's a good sign for bright future of bitcoin.

https://www.blockchain.com/en/charts

Speculation obviously is another aspect and some of this $7 billion of on-chain transfers is probably just trading Over the Counter or otherwise, but there’s also a significant amount of economic activity. Specifically, PayPal’s Venmo, which offers database-powered instant transactions and near-zero transaction fees, moved $62 billion in value last year.

Is there something wrong if the Pomp keeps on retweeting his own tweet? The guys a bitcoin bull and he's contributing to the community through his own way.

Going back to the main topic, does this means that off-chain transactions is another thing to account?

What the heck are you going on about? What makes you think that Bitcoin has no chance of becoming a global currency? The data revealed by op might be flawed, but it still paints a pretty picture.

Everyone can observe the organic growth of Bitcoin and the growing volumes across all popular exchanges which is Bitcoin has tremendous potential to become a global alternative source of payment(Won't replace FIAT) once its adoption rates grow with time.

Isn't that a good start for the development of bitcoin. The more investors arrive, the higher the value of bitcoin. This is what we are waiting for.

It does include change I looked for a chart showing the total amount of total daily transaction volume and found this one (https://www.blockchain.com/charts/output-volume).

Without the change, the daily transaction volume goes down to BTC150,000+ (90% difference) here's the chart from blockchain (https://www.blockchain.com/charts/estimated-transaction-volume).

The high volume we make every day doesn't really say a lot because it's not the real volume.

it's amazing, the transaction is so huge, marked by the price of bitcoin that grows every day, bitcoin is indeed a killer digital currency at a fantastic price, but if compared to last year, the price is still cheap

good news for bitcoin holders. with such a transaction it allows bitcoin to drop drastically a small chance, marked by prices that continue to rise every day even though there are price reflections

Money flow
24H Inflow 4,839.04 B
24H Outflow 4,080.05 B

I give the link below about daily transaction of bitcoin. Here you find the daily transaction of bitcoin. Bitcoin is the most popular and useful cryptocurrency in this time so it's transaction also huge. Below I drop the link here you get the details information about daily transaction of Bitcoin.

But how much of this is wash trading and transactions between the same wallet?  These numbers can be very misleading nad make it look like bitcoin is used more in commerce than it really is.

I am not sure if those numbers are quite correct sine we don't know exactly how it is calculated. $7 billion seems like a huge amount each day and I am pretty sure people don't make so much transactions each day. A person can make dozens of transactions between his own wallets and this would still count to that calculation so this is not anymore accurate m

Bitcoin is really the killer app and I believe that except for the stats. Just imagine if you have 1 btc and then you send it to somebody and that somebody send it to another and so on and so forth that bitcoin was sent to 100 people that day. The question is how many bitcoins is involved the answer is 1 btc and if 1 btc value is 5,300$ then that is the total amount that we should compute. But if we are just looking at the number of transactions made then we will compute the value of 100 bitcoin.

If my logic is right then the stats of Anthony Pompliano have an error on it and the $7 billion could not be real since it could be lesser than that. But if they are using a certain formula to grasp the exact stats without counting the spam transactions then I guess his computation would be correct.

But overall, bitcoin is still a killer app just by counting the number of transactions on the mempool without looking at the value.

Do you know when we will have a real adoption? When there will be not 7 billion but only 1 billion of transaction volume but from BITCOIN to GOODS! Get it?, please can someone tell me what is daily transaction volume but not from just trading,speculations,spam transactions.... what is the volume directly from bitcoin to book,from bitcoin to meal,from btc to concert tickets,from btc to actual lambo (not btc-fiat-lambo but direct btc-lambo) anyone?

That will be real economy transaction volume, we"ll be there in some five years i guess.

But isn't it the way banks also measure the transaction volume. When we say volume, it considers the exactly same thing that you mentioned, while the final settlement amount is different! I do understand, a certain percentage of the entire volume may be inflated, but the volume calculation method is correct and it is the practice followed by the industry as well!

Bitcoins volume in dollars just boom because of the transaction blocks which shows multiple hash of the same transaction which makes the volume of the sent bitcoin to 2 or 5 folds,so thats the reason why bitcoin volume is that big

Exactly, I for instance have 3 accounts at one Bank and I transfer money between the accounts. Let's say my salary gets deposited into my transmission account and I opened one account for expenses and one for savings, then I shift a percentage of that money to these accounts, then the Bank still count that money as transaction volume.

So the argument is flawed, if you cannot count the actual transactions between different entities. So you have to look at the total volume and compare the total volume to other payment options.  ;)

true but it is only a certain small percentage of it. and the stats are only showing that bitcoin is handling that much transaction not saying it is all people buying shit.
besides the thing you said about your example with exchanges moving large funds is not a common thing. for instance it is not every day that an exchange moves 600k bitcoin around!

with the bitcoin transaction volume increase in record volumes daily we may expect this is the sign for bitcoin bull run