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Author Topic: Milestone: BitInstant surpasses $1,000,000 in monthly transfers  (Read 3459 times)
Yankee (BitInstant)
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Charlie Van Bitcoin


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May 01, 2012, 04:46:33 PM
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Dear Community,

After finishing our numbers late last night, we discovered that BitInstant exceeded $1.1 million in transfers for the month of April. This includes all our services (cash deposits, inter-exchange transfers, bitcoin-to-email, etc.). For perspective, December was a $250k month, and February was a $500k month. Additionally, April's figures were achieved regardless of the fact two of our largest revenue sources (Paxum and Tradehill) were removed in March.

So while this is exciting for us internally to have reached this milestone, it's also an extremely healthy sign for the Bitcoin economy in general.

Things are growing fast, and we are honored to be a part of it alongside you all.

-Charlie

"In a free society, private payments should be covered by merchant-customer privilege just as attorney-client privilege covers confidential legal communication." - Jon Matonis, Director, Bitcoin Foundation
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May 01, 2012, 04:47:03 PM
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Nice!!  Congrats!  You guys are an asset to the community.

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May 01, 2012, 04:51:43 PM
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1+

bitmessage:BM-2D9c1oAbkVo96zDhTZ2jV6RXzQ9VG3A6f1​
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May 01, 2012, 04:53:38 PM
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That's great to hear, Charlie. Congrats!

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May 01, 2012, 04:59:35 PM
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Nice work guys, and congratulations!
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May 01, 2012, 05:04:02 PM
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Congrats and thank you for sharing it with the rest of us!
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May 01, 2012, 05:05:36 PM
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Additionally, April's figures were achieved regardless of the fact two of our largest revenue sources (Paxum and Tradehill) were removed in March.
Interesting. This shows that Bitcoin fills a void big enough to make working around any hurdles worth it.

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May 01, 2012, 05:11:36 PM
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Truly impressive.  Congratulations.

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May 01, 2012, 05:17:15 PM
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Bitcoin offers so few metrics available for trying to estimate its growth level so it is fantastic of you to share this info.  Transparency FTW!

Incidentally, there were 210,500 BTC issued to miners in April, 2012.  Using the weighted average price for the month (at Mt. Gox) of about $5 that means that there was more money that flowed in through BitInstant ($1.1 million) than all bitcoins mined for the month (210,500 X $5 = $1.05 million) are worth.

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May 01, 2012, 05:18:11 PM
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Congrats! And thanks for the info, being transparent like this is great.

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May 01, 2012, 05:50:39 PM
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Congrads Charlie you rock!  Grin

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May 01, 2012, 05:51:19 PM
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Also, it should be noted that BitInstant is a "derivative service" in Bitcoinland. Meaning, people only use BitInstant if they're already using (or plan to use) Bitcoins for some other useful purpose (whether entertainment, shopping, value transfer to 3rd party, paying for services, etc). BitInstant is not an end-point for Bitcoin funds, but merely a bridge to other end-points. What this means is that whatever size BitInstant achieves, the real Bitcoin economy must necessarily be some factor larger.

BitInstant can thus be viewed as a fractional proxy of Bitcoinland, so these figures are quite wonderful to hear Smiley

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May 01, 2012, 06:51:58 PM
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Congrats guys, awesome news.  Smiley

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May 01, 2012, 07:09:44 PM
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Congratulations! Thanks for sharing some statistics. Keep up the good work.
Looking forward to move to the states in less than 2 weeks so I can better use your services.

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May 01, 2012, 07:12:46 PM
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That's great news, and you guys deserve every bit of it, you've been working plenty.

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May 01, 2012, 08:18:29 PM
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That's a pretty hefty growth. Can you reveal any other statistics, like how much is deposits and how much is transfers, or how many different people have used you for depositing?
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May 01, 2012, 08:58:47 PM
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That's a pretty hefty growth. Can you reveal any other statistics, like how much is deposits and how much is transfers, or how many different people have used you for depositing?

Good Job!
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May 01, 2012, 09:02:38 PM
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shhhhh don't tell anybody they'll try to sue you for ridiculous reasons to get at your pot of gold :)
Matthew N. Wright
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May 01, 2012, 09:04:02 PM
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shhhhh don't tell anybody they'll try to sue you for ridiculous reasons to get at your pot of gold Smiley

I hereby file a lawsuit against BItInstant because bitcoin. hehe.

Terrific news Charlie!

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May 01, 2012, 09:29:12 PM
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Also, it should be noted that BitInstant is a "derivative service" in Bitcoinland. Meaning, people only use BitInstant if they're already using (or plan to use) Bitcoins for some other useful purpose (whether entertainment, shopping, value transfer to 3rd party, paying for services, etc). BitInstant is not an end-point for Bitcoin funds, but merely a bridge to other end-points. What this means is that whatever size BitInstant achieves, the real Bitcoin economy must necessarily be some factor larger.

BitInstant can thus be viewed as a fractional proxy of Bitcoinland, so these figures are quite wonderful to hear Smiley


Yes, a good Bitcoin economic indicator.  Even more so when/if they assume most of Dwolla's Bitcoin in/out business.

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