200,000,000 USD is being transfered daily using bitcoin!

[BitcoinHodler]

according to blockchain.info charts, every day about 170 Million dollar to 350 million dollar is being moved around with bitcoin. the average of this amount is something around 200,000,000 USD per day.

this is about 200,000 to 350,000 bitcoins daily.

https://blockchain.info/charts/estimated-transaction-volume-usd (the past year)*


* This is only showing the total USD value of bitcoins that were transferred from one address to another in one day excluding change (coins returned to sender).

[Lauda]

You should probably add a disclaimer somewhere in OP. In no way does this represent actual people moving money for actual services, goods and whatever. It includes everything, including:
1) People moving money to their own (other) addresses/wallets.
2) Exchanges and other services moving their money.
3) Moving Bitcoin into cold-storage (can fall under both point 1 or 2).

[Kprawn]

That is not really a big amount compared to it's competitors, like SWIFT. ---> SWIFT handles about $5 trillion per day, or given about 250

business days per year, about $1.25 quadrillion dollars a year. Similarly, CHIPS handles about $400 trillion per year, and Fedwire handles around

$900 trillion per year. SWIFT payment message volumes are usually around 11.5 million per day, giving an average payment size of around

$45,000.

Source : https://www.fincen.gov/sites/default/files/shared/Appendix_D.pdf

[BitcoinHodler]

You should probably add a disclaimer somewhere in OP. In no way does this represent actual people moving money for actual services, goods and whatever. It includes everything, including:
1) People moving money to their own (other) addresses/wallets.
2) Exchanges and other services moving their money.
3) Moving Bitcoin into cold-storage (can fall under both point 1 or 2).

i thought it was implied
i also don't think "moving around" is a big/considerable percentage of this amount.

That is not really a big amount compared to it's competitors, like SWIFT. ---> SWIFT handles about $5 trillion per day, or given about 250

business days per year, about $1.25 quadrillion dollars a year. Similarly, CHIPS handles about $400 trillion per year, and Fedwire handles around

$900 trillion per year. SWIFT payment message volumes are usually around 11.5 million per day, giving an average payment size of around

$45,000.

Source : https://www.fincen.gov/sites/default/files/shared/Appendix_D.pdf

1. SWIFT is working with fiat so people will use it blindly without even asking what the hell it is.
2. SWIFT has been around for 44 years.

1. bitcoin is a new thing. people always think twice before using it, specially with all the bad media.
2. bitcoin has been around for only 8 years!

you can never compare what happens in the fiat world with bitcoin which is practically a toddler in comparison.
i'd say 200 million dollar is a great achievement.

[Pettuh4]

That's quite huge, I didn't know this but this goes to tell us that Bitcoin is gaining grounds globally so the fear of the unknown that was attached to it should be cleared once and for all because it's doing pretty good on the market as well.

[Sundark]

On their own that number is making me gasp in awe. The thing is, it is nowhere near where standard payment processors are.
I would like to see how much daily transactions are done using VISA, PayPal, Amazon Payments and other services.
Also statistics of other cryptocurrencies would be nice: Ethereum, Ripple, Dash. Litecoin. Where to find it?

[odolvlobo]

You should probably add a disclaimer somewhere in OP. In no way does this represent actual people moving money for actual services, goods and whatever. It includes everything, including:
1) People moving money to their own (other) addresses/wallets.
2) Exchanges and other services moving their money.
3) Moving Bitcoin into cold-storage (can fall under both point 1 or 2).

When transactions were free, that was a good argument for why simple transaction volume is not representative. But now that transactions cost real money, it can be argued that the volume is representative, at least to some extent.

A good measure of the utility of a payment system is the amount of fees people are willing to pay to use it. Currently, people are paying $250,000 per day. I wonder how that compares to other payment systems.

[xskl0]

This is a lot of money although considerating that include transfers of the same person betwen their own wallets.

[Nomad88]

Surely price increase showing higher numbers on bitcoin charts. There are significant amount of btc transfer from one wallet to another by the same owners. The most imnportant questiong is how big percentage of this transactions are actually for daily usage such as shopping, paying bills or buying a cup of coffee. We simply need bitcoin becoming part of our daily life more.

Hard to give a number but most bitcoin transactions are for investment, moving assets and exchange services.

[fachant]

It is a lot of money, but to be honest Bitcoin is just at the beginning of his way to popularity.. I'm sure that in just two - three years this amount will be five or ten times bigger. And it still will be not mainstream!
I'm just affraid what then will happen with transaction fee... 

[ImHash]

On their own that number is making me gasp in awe. The thing is, it is nowhere near where standard payment processors are.
I would like to see how much daily transactions are done using VISA, PayPal, Amazon Payments and other services.
Also statistics of other cryptocurrencies would be nice: Ethereum, Ripple, Dash. Litecoin. Where to find it?

https://coinmarketcap.com/
All those payment processors you mentioned are private companies owned by private sectors of powerful countries such as US.
While transferring/investing/trading altcoins is no where near profitable, this kind of volumes for bitcoin shows that there is a potential to buy and sell at least 70% of the daily volume if you are just a single investor/whale.

[Lauda]

i thought it was implied
i also don't think "moving around" is a big/considerable percentage of this amount.

Doubtful. A lot of the people here are uneducated tools.

That is not really a big amount compared to it's competitors, like SWIFT. ---> SWIFT handles about $5 trillion per day
-snip-

1. SWIFT is working with fiat so people will use it blindly without even asking what the hell it is.
2. SWIFT has been around for 44 years.

This comparison is pure bullshit. Bitcoin is a currency, and SWIFT is not.

When transactions were free, that was a good argument for why simple transaction volume is not representative. But now that transactions cost real money, it can be argued that the volume is representative, at least to some extent.

I still disagree. I often consolidate UTXOs or move my coins to one of my other wallets.

[bitbunnny]

This is huge sum and this would be great news if this were overal transfers of many users. Unfortunately, this is not the case and many of these transactions are concentraded within smaller number of users that have large amount of coins. So, basicly it seems that majority of coins belongs to certain number of whales. I would like that Bitcoin spreads more.

[Bitcoinsummoner]

Yeah i think that is why many transfer bitcoin in the chart it is in trading site and other people who are using multiple account they want their bitcoin to be safe.. and i think the other people who are accepting bitcoin as payment  online as you can seen many people or website owners are accepting bitcoin as payment for their service also people or marketers they are also accepting bitcoin as  payment.

[megynacuna]

Yeah i think that is why many transfer bitcoin in the chart it is in trading site and other people who are using multiple account they want their bitcoin to be safe.. and i think the other people who are accepting bitcoin as payment  online as you can seen many people or website owners are accepting bitcoin as payment for their service also people or marketers they are also accepting bitcoin as  payment.

I thought as much because the amount looks too huge but if it is indeed credible then Bitcoin is really going places and I have no doubt the rate at which it is rising in price might propel a lot of us into riches.

[DoublerHunter]

according to blockchain.info charts, every day about 170 Million dollar to 350 million dollar is being moved around with bitcoin. the average of this amount is something around 200,000,000 USD per day.

this is about 200,000 to 350,000 bitcoins daily.

https://blockchain.info/charts/estimated-transaction-volume-usd (the past year)*


* This is only showing the total USD value of bitcoins that were transferred from one address to another in one day excluding change (coins returned to sender).

Wow that is huge amount of bitcoins and money that are being transferred everyday and that is living proof that the bitcoin is getting much bigger and stronger day by day. If this will continue then there is no doubt that the other countries will start using bitcoin also and the stores in those countries will accept bitcoin and adopt it as an another type of payment system.

[machinek20]

It is a huge amount of money that being transferred everyday using bitcoin, and in the future it will keep on increasing, this can happen because it is so convenient to do transaction using bitcoin and i think most of the transaction that recorded is because the traders transaction

[DomainMagnate]

Comparatively this may not be the huge amount but it is still exciting given the fact that bitcoin still has a long way to go and has not completed even a decade of its existence.

[voise]

This is just the beginning lads, bitcoin is objectively better than any of the mainstream transaction systems so there is no doubt that bitcoin itself or something better will replace the current inefficient systems given enough time.

[panju1]

A good measure of the utility of a payment system is the amount of fees people are willing to pay to use it. Currently, people are paying $250,000 per day. I wonder how that compares to other payment systems.

May not be strictly true. If the block size increases, the utility of the Bitcoin system will increase. But I suspect the overall transaction fees people pay to miners will come down.