real btc usage

[pinkpanther03]

hi

is there a way to find out how many BTC are really used to buy things.

e.g the amount of BTC that are transfered through bitpay transactions and similar services.

thank you

That's hard to determine of how many bitcoinBTC used to buy things, because the only things I know was that all transaction are being made everyday in the blockchain. So as long we can used bitcoin for buying a things online, and buying coins on the exchange site lets continue to patronize it.

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[Bitcoin1216]

According to the official data, the current marketcap bitcoin is about $16.5 billion, so I think this is the biggest and already beat paypal.

[Mometaskers]

I don't know of a way to find how much bitcoins are being used to buy from "mainstream" outlets. I've only used online wallets and they don't have stats on where coins are being used. Even if there is a way, that would not include bitcoins used for buying things directly from the vendor. The variety of items available for buying in bitcoins in stores and physical shops are still not that large so there may still be people using bitcoins in f2f transactions.

[Gotottack]

Maybe a better way to measure this is just look at how much bitcoins is moving. So look into the transactions that are happening on a daily basis and just use a percentage that would represent how much of these money are really used for purchases. Because right now there is no way to know since there is no regulatory board or entity that is monitoring all the stores that accepts bitcoins. It's practically hard to create this data.

[HabBear]

Ok, I thought about this, the answer is out there and it's more simple than I first thought.

Why do people make transactions?

(A) To buy goods
(B) To pay for services
(C) To transfer bitcoin to a different wallet

What percentage of transactions in a day are conducted by A, B, or C?

A and B apply to the OP's question, so if you add your assumption for A and B you'll arrive at a % of all daily transactions that can be attributed to payment for goods and services. Then multiply that percentage by the daily transaction volume to get your answer on any given day.

Let's say A + B = 85%.

On March 7th the Bitcoin transaction volume totaled $102M. (https://blockchain.info/charts/trade-volume?timespan=all)

85% * $102M = $86.7M - this is my estimate of the amount of transactions used to buy goods or services conducted in a single day (March 7th).

What do you all think of this approach?

[vlom]

thanks for all the answer. so nobody knows and nobody can really know. so i think it is time to collect some data. but i won't find the time to day that. and i think this could be something that a "BTC-magazin" could do for us.