10% of BTC are moving around every day

[evoorhees]

Interesting statistics from BitcoinWatch.com

Total Bitcoins: 6.8m
Bitcoins sent last 24h: 621,000

This means almost 10% of all Bitcoins in existence are moving around every day! (unless this figure is abnormal?)  Likely the majority is just people moving coins around between wallets, but it does indicate a very active and dynamic environment, no?

Remember also that simple day trading at an exchange is not going to show up here, because the coins aren't really moving around, it's only ledger notations within Mt.Gox or Tradehill, etc.

Interesting?

[FreeMoney]

Interesting?

No, every time I make a .04 donation to bitcoinporn.tumblr it reads 200 coins moving because I'm that rich and that's my change.

Bitcoin watch should take that stat down because it doesn't mean anything other than "Maybe there was more movement today or maybe someone with a 10k address made 200 payments"

Also 6.8m is not 10% it's about all of them.

[FreeMoney]

Does this take into account the change that is sent with each transaction? For example, I have 50 bitcoin in an account, I send .001 to you, the transaction shows up as .001 going to your address and 49.999 going to another one of my addresses. Would that add 50 to the total transactions, or just .001?

It can't differentiate change. Really there is no such thing as "change" you are just making a payment from 1 address to 2 addresses 1 of which you happen to control, maybe. Or maybe you used SendMany and paid two employees at once.

[static]

Interesting statistics from BitcoinWatch.com

Total Bitcoins: 6.8m
Bitcoins sent last 24h: 621,000

This means almost 10% of all Bitcoins in existence are moving around every day! (unless this figure is abnormal?)  Likely the majority is just people moving coins around between wallets, but it does indicate a very active and dynamic environment, no?

Remember also that simple day trading at an exchange is not going to show up here, because the coins aren't really moving around, it's only ledger notations within Mt.Gox or Tradehill, etc.

Interesting?

cool story...

[Serge]

it's not abnormal, yesterday or the other day i sow 2.8M

[evoorhees]

Also 6.8m is not 10% it's about all of them.

Maybe you misread? The 621k number is roughly 10% of the total bitcoins in existence (6.8m).