Bitcoin Forum

Bitcoin Number of Transactions (minus popular addresses) touching All Time High:
https://blockchain.info/charts/n-transactions-excluding-popular?timespan=all&showDataPoints=false&daysAverageString=7&show_header=true&scale=0&address=


This means that Bitcoin is now processing, everyday, over half of what "the clearing house automated payment system" AKA "Chaps" of the Bank of England processes during weekdays at work hours:
http://www.theguardian.com/business/2014/oct/20/bank-of-england-payment-system-crashes
"The clearing house automated payment system known in City circles as Chaps describes itself as the “unsung hero” of the banking world, as it processes about 140,000 transactions a day, worth on average £277bn."


This level of transactions is happening outside of the environment of a speculative bubble in exchange rates, as was the case in the all time high that we may completely break next week.

Edit:
With popular addresses it already broke the ATH:
https://blockchain.info/charts/n-transactions?timespan=all&showDataPoints=false&daysAverageString=7&show_header=true&scale=0&address=

It is an good opportunity for bitcoin to show its stable, quick, anonymous, robust network to process transaction comparing to "the clearing house automated payment system" provided by the banks.

The "clearing house automated payment system" seems to cost a lot to process a transaction.

This much BTC in the stream then why the price isn't getting up. It should rise above 500 given the current market cap. But all this transaction, where are they leading to?

It can just be people withdrawing or transferring coins from one another. Since the address don't give out names or personal information, some of the transactions may just be people moving or withdrawing coins to their wallet or people spamming dust amounts to advertise.

Does not matter where what matters is they pay transaction fee and feed the miners. More fees there will be, cheap BTC will be since miners wil mine more. :)  So win/win situation for all.

It is a very important indicator that shows bitcoin is on the right path and expanding. It also means any average joe can have the ease and comfort of transferring money without the rules and regulations of the banking. I believe it is a positive move moreover when we are going to have the scenario that one day only the transaction fees alone are going to support and determine bitcoins continuity. Indeed Nice share

It makes sence number of Bitcoin transactions increase as the Bitcoin popularity grows.

There needs to be the ability to process a lot more transactions though. Bitcoin is being used all over the world, and that's definitely a lot of users.

That's the Bank of England's large payment system, £277bn a day, average transaction £2m.

Now check the dollar volume of Bitcoin transactions. (https://blockchain.info/charts/estimated-transaction-volume-usd) Around $50 million a day, and flat for six months.

Transactions in Bitcoins are going up because it takes more Bitcoins to buy the same stuff.

Godammit. I knew there was a reason why I was making twice as many trips to the corner shop after the price of milk doubled.

CHAPS is only one of three payment systems in UK banking, those figures don't include the cheque/debit card sector or direct debit payments at all, so you are really comparing apples and oranges.
You can read what you like into charts, some people are looking at the current price chart and seeing $1000 in the future, others $1....

Compare this
https://blockchain.info/charts/n-transactions?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
with this
https://blockchain.info/charts/estimated-transaction-volume?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
(just a random month, although most recent)
and you could say that the average BTC transaction is recently worth between $500 and $1200.
Then look at this one
https://blockchain.info/popular-addresses
and you will see that the vast majority of the Top 100 addresses are gambling sites. If that ratio continued down for say, the TOP 1,000 or 10,000, it could bring you thinking that maybe there's a vast amount of low value gambling and a small number of very large whale/mining transactions, with a few pizzas and Overstock sheets in between.

this is far more important than the price.

any rich guy with 10 million USD could use them right now to send the price back to around 1000.

the only way the amount of transactions per day can rise is if people actually use bitcoin, that is much harder to achieve and its happening.
we are living in some very interesting times indeed.

Cant agree more.

Price does not reflect true health of Bitcoin, but number of transactions do.

Hey, I was neither defending the CHAPS system which, like most fiat banking 'services' is expensive, unreliable and monopolistic nor was I doubting the integrity of the blockchain system, ignoring scalability issues.


The "true health" of Bitcoin is continually increasing adoption and use outside of Bitcoin itself, which you can't assume from a gross transactions chart.
   

Merchant adoption does, transaction numbers are easily inflated past averages. But total number of active and larger merchants accepting bitcoin as payment and reserve is an even better thing to look out for!

it's a good sign but the price are still controlled by bitcoin exchanges and future exchanges like 796  ::)
maybe a good time to buy cheap coins

Yeah, bitcoin exchanges are getting richer.

might be due to all altcoins and scamcoins :)

I would argue that it is actually consumer adoption that drives the health of the bitcoin economy. If every merchant accepts bitcoin, but no one uses it then the bitcoin economy will not be good.

I would agree that merchant adoption will generally drive consumer adoption and will have a positive coloration

This is great news. We see everything going smooth this year, except for the price.  :-\

Price is good also. What would happen inf Bitcoins would be $10k? Everyoen woudl thought now will soon go to $1k and noone would ant to adopt them in their business, since today they will sell something for 1 BTC that will be half of worth next day.

They are also selling it for fiat too much that's why the price is going down.

Is it? I think price is still a little bit unstable right now.

Its all margin trading bots anyways. Transaction volume doesnt reflect the demand. Its all bot.

As a broker, I can also fee the user base has increased by 4x comparing with last year

its good for bitcoin
it show that more users and merchants show their trust in cryptography
bitcoin is growing with stable growth, also its price are more stable now then past

It can only be positive, its show the credibility of this virtual money.

how to beat a free, worldwide, instant, uncensored payment system? i give a shit on the price, look at the fundamentals   8)

Compare  volume in US dollars (https://blockchain.info/charts/estimated-transaction-volume-usd), which is flat.

There are more transactions, but the transaction size is dropping. This suggests 'bots busily making little trades.

Yes, this is true, sadly.

USD value of transactions is pretty steady.

It really feels more and more like 2013 again!!! I also believe that the traffic of SatoshiDice-like sites went down, in favor of sites were you first deposit some BTC in order to bet. That way the amount of transactions will most likely have gone down!