Bitcoin Transaction Volume $7 Billion Daily

[pushups44]

According to Anthony Pompliano, on-chain bitcoin transactions reached $7 billion per day, putting it head and shoulders above Venmo. This, according to him, makes bitcoin the "killer app."

https://twitter.com/APompliano/status/1118506225052860416

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[squatter]

According to Anthony Pompliano, on-chain bitcoin transactions reached $7 billion per day, putting it head and shoulders above Venmo. This, according to him, makes bitcoin the "killer app."

https://twitter.com/APompliano/status/1118506225052860416

He didn't post his source for the data, but I'm assuming that number doesn't account for change outputs.

If I send a 2 BTC output to make a 0.05 BTC payment, it shows on-chain as a 2 BTC transaction but that's a drastic overestimation of the actual economic activity taking place. The Venmo numbers aren't inflated in this manner.

It's still really impressive, but I think this is important to point out.

[franky1]

stats dont also account for spammers

EG
i send out
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
then next block
1MeFr4nky1Addr355 (1btc) -> 1MeFr4nky1Addr355 (2btc)
1MeFr4nky1Addr355 (1btc)
then next block
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
1MeFr4nky1Addr355 (2btc) -> 1MeFr4nky1Addr355 (1btc)
then next block
1MeFr4nky1Addr355 (1btc) -> 1MeFr4nky1Addr355 (2btc)
1MeFr4nky1Addr355 (1btc)

the stats show that in 40 minutes 8btc has moved. but in reality i still have and always had just 2btc so reality is only 2btc ever moved

take some exchanges that like to refresh their cold store. they start with say 60,000btc and end up with the same 60,000btc but they pushed the 60k coins through 10 layers of spam transactions (600k volume)
which statistically would be $3bill volume. but actually only 60k moved to a new final cold store that day($300k)

[lyks15]

It is a great news. We can say that bitcoin is killer app or we can say that bitcoin is killer currency. I am not surprised that bitcoin transactions will hit in $7 billion per day specially now that bitcoin is now growing and more merchant are now accepting bitcoin and going to accept bitcoin in near future because they believe that bitcoin will be the future currency.

[Arianne_Danzel]

I'm not surprise with the rate of acceptability of BTC as Means of transaction all over the world.

[dothebeats]

$7-B volume of transactions per day is already a large number, but we all know that it's not purely linear transactions that are happening in the whole network. There are multiple cases in which coins are just condensed into different addresses for obfuscation yet always ends up into one single destination ultimately, and if they added that into the $7-B volume, it could ultimately be a lot lower than the actual volume of coins being transacted into the whole bitcoin network--but the figure already is a staggering one even if it boils to $2-$3B actual volume.

[AntoineCjp]

Why does the guy kept retweeting his own tweet?

[mk4]

I'm not surprise with the rate of acceptability of BTC as Means of transaction all over the world.

Because it doesn't. Majority of those transactions are most likely from people on exchanges. Though I have no data to back this up, I'm pretty sure only a small minority are actually from merchant transactions. Not saying that this is a bad thing though, just not as good as some people might be expecting when they hear than bitcoin's transaction volume went higher(assuming this claim by Pomp is legit in the first place).

[Bitinity]

It is a great news. We can say that bitcoin is killer app or we can say that bitcoin is killer currency. I am not surprised that bitcoin transactions will hit in $7 billion per day specially now that bitcoin is now growing and more merchant are now accepting bitcoin and going to accept bitcoin in near future because they believe that bitcoin will be the future currency.

Not that good news as the number does not represents the real amount of the real transaction (as per stated by franky1 and squatter) previously. Transactions made by exchanges that moves bitcoin from their wallet to another wallet cant be called as real transaction as well. Those who believe that bitcoin will be future currency are dreaming too high imho. It wont be global currency so it cant be called as future currency.

[Kasabus]

I am not sure if the figure is accurate or it could only be an estimate.

However, I have to believe that daily transactions for crypto already reached to billion dollars, everyday there are people who love to transfer
their money from exchanges, gambling sites, and other businesses that accept crypto, but the first two I mentioned were surely getting most of the transfers.

This is good for the market and investors as we keeps growing in numbers.

[Johnzky]

NO matter what everybody says above for me what is important is the moving of the market now,actually in uptrend because for how long what we have seen is just a downtrend and always reddish value of the cryptocurrency.and now that theres a greenish still theres alot of questions going around,do you think this could help the continuation of growth?

[Nadziratel]

In order to increase the gains of the exchanges a little more, they display a fake volume. That's forcing us to get the right information. I think some organization can help all the market in one way. For example an organization which creating for watching true information can watch and verify their volume and trade without any personal data.

[morrisgonzalez]

According to blockchain charts I share the link where you get details about daily bitcoin transaction. Blockchain is the most trusted source for data on the bitcoin blockchain, here you gets the all important information that you need. It's really huge amount of money about bitcoins daily transaction. Day by day bitcoins transaction increase and I think it's a good sign for bright future of bitcoin.

https://www.blockchain.com/en/charts

[manok jepang]

Speculation obviously is another aspect and some of this $7 billion of on-chain transfers is probably just trading Over the Counter or otherwise, but there’s also a significant amount of economic activity. Specifically, PayPal’s Venmo, which offers database-powered instant transactions and near-zero transaction fees, moved $62 billion in value last year.

[sunsilk]

Why does the guy kept retweeting his own tweet?

Is there something wrong if the Pomp keeps on retweeting his own tweet? The guys a bitcoin bull and he's contributing to the community through his own way.

Going back to the main topic, does this means that off-chain transactions is another thing to account?

[Haunebu]

Those who believe that bitcoin will be future currency are dreaming too high imho. It wont be global currency so it cant be called as future currency.

What the heck are you going on about? What makes you think that Bitcoin has no chance of becoming a global currency? The data revealed by op might be flawed, but it still paints a pretty picture.

Everyone can observe the organic growth of Bitcoin and the growing volumes across all popular exchanges which is Bitcoin has tremendous potential to become a global alternative source of payment(Won't replace FIAT) once its adoption rates grow with time.

[agatha90]

Isn't that a good start for the development of bitcoin. The more investors arrive, the higher the value of bitcoin. This is what we are waiting for.

[ralle14]

That's the big question, change or no change. If this does indeed include change outputs this statement is worthless.

It does include change I looked for a chart showing the total amount of total daily transaction volume and found this one.

Without the change, the daily transaction volume goes down to BTC150,000+ (90% difference) here's the chart from blockchain.

Isn't that a good start for the development of bitcoin. The more investors arrive, the higher the value of bitcoin. This is what we are waiting for.

The high volume we make every day doesn't really say a lot because it's not the real volume.

[ExFrozze]

it's amazing, the transaction is so huge, marked by the price of bitcoin that grows every day, bitcoin is indeed a killer digital currency at a fantastic price, but if compared to last year, the price is still cheap

[fndsr]

good news for bitcoin holders. with such a transaction it allows bitcoin to drop drastically a small chance, marked by prices that continue to rise every day even though there are price reflections

Money flow
24H Inflow 4,839.04 B
24H Outflow 4,080.05 B