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Author Topic: how much fiat currency has been exchanged for bitcoin up until now ?  (Read 359 times)
Stingray1970
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August 24, 2017, 08:43:18 AM
 #1

That the question. Do we actually have any idea about this ?
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August 24, 2017, 09:10:01 AM
 #2

That the question. Do we actually have any idea about this ?

Nope, and we couldn't even get in the ballpark.

Firstly, we have no idea about P2P transactions. For instance, I've often used LocalBitcoins to find buyers and sellers, but then transacted outside of their service. Secondly, I'm not sure that we have data for all of the defunct exchanges. Thirdly, we have no idea whether exchanges are gaming their volumes. Before Chinese regulators stepped in earlier this year, Okcoin and Huobi had zero trading fees and were trading millions of BTC a day sometimes. Such volumes aren't believable. There are still zero-fee exchanges like Bitflyer, and I don't know how seriously we should take their volume.

Whatever rough picture you might be able to get from exchange activity, you need to assume a very, very wide margin of error.

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August 24, 2017, 09:16:50 AM
 #3

That the question. Do we actually have any idea about this ?

I have no idea, since you asked, I've read some articles about it. But what I know is the total count of the money but not the total money exchanged to bitcoin. You can read it in the link. http://www.investopedia.com/tech/how-much-worlds-money-bitcoin/. .



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ivrynx
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August 24, 2017, 10:37:10 AM
 #4

we no knowledge how much fiat currency has been exchanged for bitcoin, since bitcoin has been here for years now, and there are a lot of transaction that had been made already, I think we could try to calculate it but, we will never arrive at the real answer, considering that the start of bitcoin was below $1 per bitcoin, and now it has grew to $4000 per bitcoin, some people have been given the chance to have bitcoin, before the price can even reach $100 per bitcoin, and we could not also ignore the fact that other countries have been exchanging their currency to bitcoin. I think if there was somehow a tracker for all the transaction made of changing fiat to bitcoin, we could see the answer, but right ow, we could only just estimate, I also tried to search the web for this answer, however, I failed to do so, some articles are date way back 2016 others 2010, but what I can assure is that more than $1000000 of fiat had already been exchanged to bitcoin, and the amount is still going up, considering the fact people are buying bitcoin, knowing that the price will still go up

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August 24, 2017, 10:42:34 AM
 #5

Such a calculation about the amount of bitcoin exchanged to fiat is not at all possible. The reason is that the exchanged bitcoins never goes into a reserve. If that happens we can calculate with the total available including the reserve to the currently available bitcoins.

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August 24, 2017, 10:45:43 AM
 #6

That the question. Do we actually have any idea about this ?
The answer on the question which is being asked on the topic title. I would say no one knows how much fiat currency has been changed for bitcoin since we don't have the track on any transactions involves directly on exchanging fiat to bitcoin knowing that there are lots of thousands of transactions made happen on a single day and we cant determine on how many are those who do make exchange.

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August 24, 2017, 01:41:45 PM
 #7

A common misconception is marketcap is the amount that has actually gone into crypto, but in reality its far far far less because many people hold their coins and even a 10 million dollar investment can push the market cap up a billion dollars in many cases.
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August 24, 2017, 01:57:32 PM
 #8

That the question. Do we actually have any idea about this ?

Recently have been wondering about this also.

The real answer is, we will never know.
But it would be very interesting to have this information.

If we had information about from all the exchanges, we could have some approximate about the real number of FIAT invested.

A common misconception is marketcap is the amount that has actually gone into crypto, but in reality its far far far less because many people hold their coins and even a 10 million dollar investment can push the market cap up a billion dollars in many cases.

Yes, market cap is something completely different from Real FIAT "number".
But if we think about it, the market-cap of stock-market is the same thing, only in this case one would have far better chance of calculating FIAT "number" .

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September 12, 2017, 06:57:46 AM
 #9

That the question. Do we actually have any idea about this ?
No one has directly made hand to hand transaction with fiat for bitcoin, though bitcoin is now being accepted as a means of payment in daily life, most times you get to buy your coins online through the use of a credit card and other stuff.
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September 14, 2017, 10:01:46 AM
 #10

That the question. Do we actually have any idea about this ?
There are now lots of online stores that accept bitcoin and so there is now no use to convert your bitcoin to cash, since companies have started accepting bitcoin as a means of payment. BitPay, allows you to pay thousand of sites.

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