More than 400,000 transactions in a single day

[countryfree]

I thought it was impossible but it happened 4 times already:

https://blockchain.info/charts/n-transactions?timespan=30days

Forget the price rise, which is speculation, but the rise in the number of transactions per day is a sure sign that BTC is winning. And that, despite a huge number of unconfirmed transactions, and sky-high fees. I guess the price will keep on rising...

[mk4]

Having 400,000 transactions a day sure shows that we're definitely slowly but surely moving towards mass adoption.

Though at the same time, having 100,000 unconfirmed transactions(200,000 a few days ago) shows that unfortunately we aren't ready for mass adoption yet. We're definitely going to achieve mass adoption with these extensive transaction times and abysmal transaction fees.

[bill gator]

I thought it was impossible but it happened 4 times already:

https://blockchain.info/charts/n-transactions?timespan=30days

Forget the price rise, which is speculation, but the rise in the number of transactions per day is a sure sign that BTC is winning. And that, despite a huge number of unconfirmed transactions, and sky-high fees. I guess the price will keep on rising...

I agree that the sheer amount of transactions is a good sign for adoption, but I think we may be being misled by these numbers simply because more "traders" have gotten involved with bitcoin and this is causing many more transactions than would be considered "casual" as Satoshi put it once.

I fear that the congestion and fees being imposed upon us and the people trying to get newly involved in bitcoin might get out of hand as the traders continue to play with bitcoin. The consistent and large price swings of bitcoin are attracting the wrong kind of people in my opinion, wall-street investors are going to have a strangle on bitcoin before regular people will even get a chance to adopt; when they do adopt they will be scared away by these fees, confirmation times and "intimidating" technology.

[jekjekman]

August 4, 2017 is the last below 200k recorded transactions per day and the price since that date is increasing up to this day despite of issues that against to Bitcoin so it's very true that a massive transactions is one of the main reason of the Bitcoin's growth.

How I wonder if Segwit2x was fully implemented in the Bitcoin network as we all know that the main purpose of this is to increase the blocksize and afterwards lightning network will take place, maybe it will cater all this 400k+ transaction in a day with much more faster and cheaper tx's, who knows.

[stompix]

I thought it was impossible but it happened 4 times already:

https://blockchain.info/charts/n-transactions?timespan=30days

Forget the price rise, which is speculation, but the rise in the number of transactions per day is a sure sign that BTC is winning. And that, despite a huge number of unconfirmed transactions, and sky-high fees. I guess the price will keep on rising...

If you interpret the number of tx solely based on simple single numbers you're on the wrong path....

The last  blocks:

498937  1,780   tx,  size 1,146
498930  2,919   tx,  size 1,084

And block
https://blockchain.info/block-height/367853 had 12239 at    999.956 KB
while block:
https://blockchain.info/block-height/492444  had 100 at 998.705 KB

Remember that bitcoin was supposed to carry 7tx/s that't 600k  day.
The increase in number of transactions only means less inputs/outputs per tx.
Nothing more.

[YRFCHIPOJNP]

yeah volume of $12 billion were withdrew the other day lol whales getting off the sinking ship besides holidays are comming, they going to buy luxury presents lol

[ahmadakbari]

For sure the real number of transcations is much more than this as there are many buys and sells that are done in exchanges and they are not shown in blockchain.

[Argoo]

Such a large number of transactions - 400 000 per day, this indicates that interest in bitkoyu as payment means increases. In addition, it is necessary to take into account the approach of New Year and Christmas holidays, on the eve of which people are forced to make different purchases.
     I think that the situation of bitcoin bandwidth will improve as the "lightning" project is implemented, which ensures fast transactions, including small transactions and with commission charges of less than one dollar.

[Ctn]

I thought it was impossible but it happened 4 times already:

https://blockchain.info/charts/n-transactions?timespan=30days

Forget the price rise, which is speculation, but the rise in the number of transactions per day is a sure sign that BTC is winning. And that, despite a huge number of unconfirmed transactions, and sky-high fees. I guess the price will keep on rising...

I don't think this is just speculation, it is actually reality that we are now experiencing in the first place. The speculation is long gone and what we are seeing now is real investment and real people are taking everything seriously.

Yes, number of transaction are increased and that is also can be seen from the dominance % of BTC over the other currencies which makes sense its really winning.

Having 400,000 transactions a day sure shows that we're definitely slowly but surely moving towards mass adoption.

Though at the same time, having 100,000 unconfirmed transactions(200,000 a few days ago) shows that unfortunately we aren't ready for mass adoption yet. We're definitely going to achieve mass adoption with these extensive transaction times and abysmal transaction fees.

Indeed unfortunately the rise in the number of transaction has increased so massively that our blockchain is unable to take the load yet. The miners are numerous in number but still have insufficient power to solve the transaction and confirm it quickly. This is thinkable that does that mean our miners are not efficient enough or the hardware is not well verse with the block chain?

[bitbunnny]

Huge number and it will increasing. This also shows that users have accepted the new fees policy as inevitable and price for using Bitcoin.
But is the Bitcoin system ready to take such burden without significant issues, is it ready for the future and much biger number of users and transactions? This is yet to see.

[~Bitcoin~]

Demand for bitcoin has definitely increased over last few months and price is also reacting accordingly. More and more common people are investing in bitcoin and moving their coins between wallets + exchanges to learn some basics of bitcoin and do some trading.

Many merchants accepts bitcoin payments so some % of those daily transactions might have came from such payments specially with bitpay.

Many traders right now moving their coins out of the exchange wallet because during huge pumps like this exchange platforms are not safe place to keep your coins.

[buytheeffinD]

Wow I didn't know this and it is a good step in the right direction. Now we need more accounts to get on SegWit so we can enable Lightning Network. Then people will really see the power Bitcoin possess.

[Melquart]

The bitcoin community is increasing every day and market cap of bitcoin grew from 10B to over 290B in less than a year. I don't think any business did it before.

[btcprospecter]

It will continue to grow and grow but something still has to be done about the huge fees and transaction time for bitcoin to totally work as a daily currency we can't have people waiting 24 hours plus for conferment.

[stephenv26]

wow this is the first time i saw a block chain info. thank you for this post TS

[Youghoor]

Yeah, well, i think that you are talking about the drug bussiness right? 

The bitcoin community is increasing every day and market cap of bitcoin grew from 10B to over 290B in less than a year. I don't think any business did it before.

I dont know why you are saying that having 400k of transactions a day is healthy for bitcoin, you should know that there are more than 150k stucked on the mempool.

I had to pay $100 of fees to withdraw $6000 of my ledger nano, maybe it is nothing compared to what i withdrew from there.. But just put yourself on the shoes of those who need to pay $100 to withdraw less than $500.

I would prefer to hold all those coins instead of paying that fee.

[furry04]

yeah you are right, now this shows us the real price of the coin. I hope it will continue like this and people don`t panic to sell it whenever it sees a correction.

[marky89]

Having 400,000 transactions a day sure shows that we're definitely slowly but surely moving towards mass adoption.

The long term trend is definitely going up, and I see that as an indicator that adoption is increasing. Personally, I think that price (supply vs. demand) is more indicative of adoption, as it accounts for hoarding.

Though at the same time, having 100,000 unconfirmed transactions(200,000 a few days ago) shows that unfortunately we aren't ready for mass adoption yet. We're definitely going to achieve mass adoption with these extensive transaction times and abysmal transaction fees.

That's why 400,000 transactions is an arbitrary milestone. It doesn't necessarily mean anything given the context of the recent spam attacks. Take a look at this chart and tell me if you think it looks organic:



That looks like very clear fee rate manipulation to me. It's likely being carried out by a large miner, like Bitmain. Big blockers and Bcash supporters are using this narrative to promote Bcash. That's what the congestion is about, more than anything else.

[Slark]

Forget the price rise, which is speculation, but the rise in the number of transactions per day is a sure sign that BTC is winning. And that, despite a huge number of unconfirmed transactions, and sky-high fees. I guess the price will keep on rising...

Bitcoin will keep winning price-wise - but what will happen we will see a situation when the network will be congested to the limit and fees will reach hundreds of dollars.
Seriously, when bitcoin's price will keep rising and the fees won't be adjusted it will happen fairly soon.
Then we can say goodbye to the idea of bitcoin being a currency for good - and it will be only speculative store value asses (not that it isn't one already...)

[batang_bitcoin]

I thought it was impossible but it happened 4 times already:

It only means that bitcoin is getting more popular day by day.

Forget the price rise, which is speculation, but the rise in the number of transactions per day is a sure sign that BTC is winning. And that, despite a huge number of unconfirmed transactions, and sky-high fees. I guess the price will keep on rising...

Demand gets higher and yes despite of the high fees many are still transacting and keep on using bitcoin for their trades. I guess the mindset behind this is that the belief that everyone wants to have their own bitcoin before the price increases as there are too many speculations out there that it will go more than 5 digits in the upcoming months - years.