Bitcoin Transaction Volume $7 Billion Daily

[morrisgonzalez]

I give the link below about daily transaction of bitcoin. Here you find the daily transaction of bitcoin. Bitcoin is the most popular and useful cryptocurrency in this time so it's transaction also huge. Below I drop the link here you get the details information about daily transaction of Bitcoin.

[1714756512]

1714756512

[1714756512]

1714756512

[1714756512]

1714756512

[1714756512]

1714756512

[1714756512]

1714756512

[angel55]

But how much of this is wash trading and transactions between the same wallet?  These numbers can be very misleading nad make it look like bitcoin is used more in commerce than it really is.

[MakeMoneyBtc]

I am not sure if those numbers are quite correct sine we don't know exactly how it is calculated. $7 billion seems like a huge amount each day and I am pretty sure people don't make so much transactions each day. A person can make dozens of transactions between his own wallets and this would still count to that calculation so this is not anymore accurate m

[Mandoy]

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

Bitcoin is really the killer app and I believe that except for the stats. Just imagine if you have 1 btc and then you send it to somebody and that somebody send it to another and so on and so forth that bitcoin was sent to 100 people that day. The question is how many bitcoins is involved the answer is 1 btc and if 1 btc value is 5,300$ then that is the total amount that we should compute. But if we are just looking at the number of transactions made then we will compute the value of 100 bitcoin.

If my logic is right then the stats of Anthony Pompliano have an error on it and the $7 billion could not be real since it could be lesser than that. But if they are using a certain formula to grasp the exact stats without counting the spam transactions then I guess his computation would be correct.

But overall, bitcoin is still a killer app just by counting the number of transactions on the mempool without looking at the value.

[tuvok007]

Do you know when we will have a real adoption? When there will be not 7 billion but only 1 billion of transaction volume but from BITCOIN to GOODS! Get it?, please can someone tell me what is daily transaction volume but not from just trading,speculations,spam transactions.... what is the volume directly from bitcoin to book,from bitcoin to meal,from btc to concert tickets,from btc to actual lambo (not btc-fiat-lambo but direct btc-lambo) anyone?

That will be real economy transaction volume, we"ll be there in some five years i guess.

[avikz]

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)

But isn't it the way banks also measure the transaction volume. When we say volume, it considers the exactly same thing that you mentioned, while the final settlement amount is different! I do understand, a certain percentage of the entire volume may be inflated, but the volume calculation method is correct and it is the practice followed by the industry as well!

[Astvile]

Bitcoins volume in dollars just boom because of the transaction blocks which shows multiple hash of the same transaction which makes the volume of the sent bitcoin to 2 or 5 folds,so thats the reason why bitcoin volume is that big

[Kakmakr]

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)

But isn't it the way banks also measure the transaction volume. When we say volume, it considers the exactly same thing that you mentioned, while the final settlement amount is different! I do understand, a certain percentage of the entire volume may be inflated, but the volume calculation method is correct and it is the practice followed by the industry as well!

Exactly, I for instance have 3 accounts at one Bank and I transfer money between the accounts. Let's say my salary gets deposited into my transmission account and I opened one account for expenses and one for savings, then I shift a percentage of that money to these accounts, then the Bank still count that money as transaction volume.

So the argument is flawed, if you cannot count the actual transactions between different entities. So you have to look at the total volume and compare the total volume to other payment options. 

[Herbert2020]

stats dont also account for spammers
...

true but it is only a certain small percentage of it. and the stats are only showing that bitcoin is handling that much transaction not saying it is all people buying shit.
besides the thing you said about your example with exchanges moving large funds is not a common thing. for instance it is not every day that an exchange moves 600k bitcoin around!

[blockchainwriters]

with the bitcoin transaction volume increase in record volumes daily we may expect this is the sign for bitcoin bull run