Bitcoin Forum

Here’s what you need to know:

We found the total amount of bitcoin that’s been transferred since 2009, and it’s pretty huge. The OG cryptocurrency was originally launched in 2008 with the release of its whitepaper, penned by Satoshi Nakamoto. Over the last decade, Bitcoin has grown in leaps and bounds with the crypto asset industry growing alongside it, and it’s now surpassed more than $7 trillion dollars worth of transactions. We’ll be taking a look at the growth of Bitcoin transactions over time, and how more transactions fuel growth and mass adoption in the industry.

https://www.youtube.com/watch?v=41JCpzvnn_0

What is Bitcoin?
With a current market cap of $154 billion USD, Bitcoin is the biggest cryptocurrency on the market. Bitcoin was founded by Satoshi Nakamoto in 2008, with the first Bitcoin transaction taking place in January 2009. This was the start of a revolution. Now, over $7 trillion worth of BTC has been transferred since 2009, and that’s just the tip of the iceberg.

At its peak in December 2017, Bitcoin had about 1 million active addresses. With that many active addresses, the number of transactions skyrocketed for the cryptocurrency. While this may have peaked in 2017, Bitcoin has continued to grow as a blockchain - and has now surpassed more than $7 trillion dollars worth of transactions. That’s huge.

Fuelling Growth and Mass Adoption
While we found the total amount of Bitcoin that’s been transferred since 2009, it’s important to recognize that we’re technically still in the early adoption phase and things will continue to grow and evolve. The cryptocurrency industry is only 11 years old, and has yet to hit the mainstream. While there are other factors that drive mass adoption

(such as increasing acceptance from mainstream entities like governments and banks), the overall success of the blockchain also has a huge influence.

There are 21 million BTC in total, with the current circulating supply sitting at around 18 million. As we head towards the cap on supply, it’s likely that more and more people will begin to adopt the cryptocurrency. With such a huge number of transactions, droves of financial institutions and world leaders are sitting up and taking notice of the potential of the cryptocurrency - further fuelling mass adoption.

https://www.youtube.com/watch?v=cCBDLSGucr4

With a bull market heading our way in the near future (likely linked to the Bitcoin halving event due in May 2020), it’s likely that more of the mainstream will flood to adopt the cryptocurrency; and mass adoption is good for everyone.

As demand for the cryptocurrency climbs, it only makes sense that the rest of the industry will thrive too. Mass adoption of Bitcoin could lead to mass adoption of altcoins, and the total market cap of the industry will skyrocket.

https://twitter.com/Cointelegraph/status/1193675971586510848

What next?
Now that we’ve found the total amount of Bitcoin that’s been transferred since 2009, we can see exactly how successful this cryptocurrency actually is (in case it wasn’t already clear).  Such an immense amount of transactions drives growth and mass adoption. As the mainstream sees the success of the cryptocurrency, and the potential uses of its blockchain technology, it’s likely that mass adoption will begin. With mass adoption we can expect huge growth, not just for Bitcoin but for the crypto asset industry as a whole. Now, that’s some pretty exciting stuff.

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Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading crypto assets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.


https://www.etoro.com/blog/market-insights/over-7-trillion-worth-of-btc-has-been-transferred-since-2009/

Definitely! It would make sense that transactions grow larger as more people adopt Bitcoin.

I wonder how the $7 trillion was calculated. Did the writer factor in the difference in price at different time period? A Bitcoin was below one dollar back in 2009... price gradually grew as demand rose. 10,000 btc in 2009 was cheaper than 10,000btc in 2013.

Probably it was just another example of exaggerated figures in crypto, specially that this article come from some website that promotes crypto trading so I'm not surprised here. We all know the extend of crypto journalism, article after article are being posted for click bait and get revenues. So I wouldn't bother to look at the numbers, obviously, bitcoin has been traded since day one and I'm pretty sure that trillions has change hands since it's trading inception.

actually the coins that are being transfer for my own opinion are just from big users or holders like whales, they are the manipulators  transfer are just fake since the are just moving from one wallet to another ming people think that its legit but in reality its just them and want to bring something and want to see weak holder panic , when it happens they can now do something to either bring coins price up or down

https://www.blockchain.com/charts/estimated-transaction-volume-usd?daysAverageString=7&timespan=all

Adjusted for change it'd be less than a third of that:

https://medium.com/@FidelityDigitalAssets/demystifying-digital-asset-data-a-look-at-bitcoin-transaction-value-e6f6e89c5b50

And course off-chain transactions aren't being counted.

There is no question that for the last one decade of Bitcoin, this pioneering cryptocurrency made a big mark in the world of money, banking and finance. Although we should be clear that we are not yet in the era of massive adoption and that remains the goal and dream of the entire Bitcoin community. We are all hoping that years from now. Bitcoin has already grown beyond imagination and that people everywhere are rubbed by the power and innovations of this technology. The road to that dream is fraught with many big and small challenges but I know that Bitcoin has been so resilient so I am sure we'll get there at the right time.

Also, there are many people transferring coins between their own wallets. Consolidations, new wallets, from one exchange to another (or the same exchange cold-hot wallet) and so on.

There are much less "real"transactions than this video suggests.

Indeed! And I also think that if we believe in Bitcoin as money rather than a way for traders to get rich, the vast majority of these transactions should not be considered. When people are trading, they are performing transactions all the time, right? And all of these transactions count, correct? Yet these transactions don't signify anything but attempts to make a profit. The real transactions are those performed by people who want to buy something for BTC, who receive it as salary, who send some BTC to their friends as presents and stuff like that, not when a person sells and buys and sells and buys again.
Oh, and I'm also wondering how the sum in USD was calculated if the price keeps changing and it would be tremendously difficult to take it into account.

Higher possibility that the $7 trillion worth of Bitcoin isn't that accurate. Though what good is that, it only means that Bitcoin community is getting bigger and bigger. More and more people are transacting with bitcoin. Though of course, a single person obviously did a lot of transactions...
Just the main point is that, even if the data or the exact amount is correct, we all know that Bitcoin is getting more popular

How was it calculated?

From January this year to date, the price of Bitcoin did not remain the same. It has fluctuated and changed a lot of times. The amount that the writer is quoting did he take into consideration those factors.

How many of these Bitcoin's got lost is the main question? Already 1/3 of the total Bitcoin has been lost.

This is huge for a technology that is still under development and has been massively fought against by the government. There is to this bitcoin than we can just see from the surface, it leaves the government helpless.

The adjusted transaction value in the linked medium blog post above already tries to account for that.


See my post here: https://bitcointalk.org/index.php?topic=5206254.msg53340723#msg53340723

The whole cryptocurrency economy is still too small for world markets. The size of $ 1 trillion has yet to be reached. We're still at the beginning of the story for Bitcoin. I think the bitcoin price will go up. But what about the fall from the summit? It could be awful.

Thanks for the links.  ;)
I have been meaning to ask the same questions but since I found answers already I stopped for a while.  ;D


Yeah, but what is 7 trillion for how 11 years?
Gold had been prospering from the dark ages and yet who cares about those numbers now?
They also made a lot of money out of it but we didn't care. Suddenly bitcoin is the apple of the eye because of 7 trillion?  ;D

But for total transactions per day with bitcoin, it is quite extraordinary for a currency that is only 10 years old. Even the increase in prices and volatility is higher than other currencies. Although this is still the beginning of the story, and bitcoin still has a very long journey, but its achievements have been extraordinary.

If you talk of a fall, then no currency that never falls will all look bad because of inflation.

Its really amazing after 10years or one decade bitcoin has been really flourishing. It hasn't known immediately on the first two or three years even until now we cannot say that everyone has known it. However, if we look at it now it seems like a driver to innovation especially in terms of financial matters. The ten years was all worth it to wait and finally see its importance. Its really one of the amazing creation in the world today.

This is definitely great news for investors. A large amount of bitcoin has been used in 2019 to serve the needs of the cryptocurrency market. Perhaps 2020 will be a booming year for bitcoin

Are bitcoins checked by special online services? How they check bitcoins, although this is not so important. There is a definition and reading of bitcoins, there is a system.

The grapic of cryptocurrency is increasing day by day. So, $7 trilion will be pass to next year in 2020 i hope.