Bitcoin Forum

Dear Community,

After finishing our numbers late last night, we discovered that BitInstant exceeded $1.1 million in transfers for the month of April. This includes all our services (cash deposits, inter-exchange transfers, bitcoin-to-email, etc.). For perspective, December was a $250k month, and February was a $500k month. Additionally, April's figures were achieved regardless of the fact two of our largest revenue sources (Paxum and Tradehill) were removed in March.

So while this is exciting for us internally to have reached this milestone, it's also an extremely healthy sign for the Bitcoin economy in general.

Things are growing fast, and we are honored to be a part of it alongside you all.

-Charlie

Nice!!  Congrats!  You guys are an asset to the community.

1+

That's great to hear, Charlie. Congrats!

Nice work guys, and congratulations!

Congrats and thank you for sharing it with the rest of us!

Interesting. This shows that Bitcoin fills a void big enough to make working around any hurdles worth it.

Truly impressive.  Congratulations.

Bitcoin offers so few metrics available for trying to estimate its growth level so it is fantastic of you to share this info.  Transparency FTW!

Incidentally, there were 210,500 BTC issued to miners in April, 2012.  Using the weighted average price for the month (at Mt. Gox) of about $5 that means that there was more money that flowed in through BitInstant ($1.1 million) than all bitcoins mined for the month (210,500 X $5 = $1.05 million) are worth.

Congrats! And thanks for the info, being transparent like this is great.

Congrads Charlie you rock!  ;D

Also, it should be noted that BitInstant is a "derivative service" in Bitcoinland. Meaning, people only use BitInstant if they're already using (or plan to use) Bitcoins for some other useful purpose (whether entertainment, shopping, value transfer to 3rd party, paying for services, etc). BitInstant is not an end-point for Bitcoin funds, but merely a bridge to other end-points. What this means is that whatever size BitInstant achieves, the real Bitcoin economy must necessarily be some factor larger.

BitInstant can thus be viewed as a fractional proxy of Bitcoinland, so these figures are quite wonderful to hear :)

Congrats guys, awesome news.  :)

Congratulations! Thanks for sharing some statistics. Keep up the good work.
Looking forward to move to the states in less than 2 weeks so I can better use your services.

That's great news, and you guys deserve every bit of it, you've been working plenty.

That's a pretty hefty growth. Can you reveal any other statistics, like how much is deposits and how much is transfers, or how many different people have used you for depositing?

Good Job!

shhhhh don't tell anybody they'll try to sue you for ridiculous reasons to get at your pot of gold :)

I hereby file a lawsuit against BItInstant because bitcoin. hehe.

Terrific news Charlie!

Yes, a good Bitcoin economic indicator.  Even more so when/if they assume most of Dwolla's Bitcoin in/out business.

+1  :)

Good job, Charlie.

That's BADASS and I'm not talking about the Bitcoin Advertising Association.

that didnt take to long. I still havent had the need to use bitinstant yet dwolla has gotten me though so far. Im assuming this includes deposits and withdrawals?

What's for March?

Not necessarily.

https://bitcointalk.org/index.php?topic=74952.msg830254#msg830254

This image makes the amazing growth much easier to understand.


http://i49.tinypic.com/1z1ryu8.png

You mean volume growth, not revenue.. or?

All the better reason to stop using Dwolla.

Congratulations Bitinstant!