FeedbackLoop (OP)
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October 31, 2014, 02:02:23 PM Last edit: October 31, 2014, 04:34:19 PM by FeedbackLoop |
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Bitcoin Number of Transactions (minus popular addresses) touching All Time High: https://blockchain.info/charts/n-transactions-excluding-popular?timespan=all&showDataPoints=false&daysAverageString=7&show_header=true&scale=0&address=This means that Bitcoin is now processing, everyday, over half of what "the clearing house automated payment system" AKA "Chaps" of the Bank of England processes during weekdays at work hours: http://www.theguardian.com/business/2014/oct/20/bank-of-england-payment-system-crashes"The clearing house automated payment system known in City circles as Chaps describes itself as the “unsung hero” of the banking world, as it processes about 140,000 transactions a day, worth on average £277bn." This level of transactions is happening outside of the environment of a speculative bubble in exchange rates, as was the case in the all time high that we may completely break next week. Edit: With popular addresses it already broke the ATH: https://blockchain.info/charts/n-transactions?timespan=all&showDataPoints=false&daysAverageString=7&show_header=true&scale=0&address=
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lihuajkl
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October 31, 2014, 02:22:47 PM |
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It is an good opportunity for bitcoin to show its stable, quick, anonymous, robust network to process transaction comparing to "the clearing house automated payment system" provided by the banks.
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Minecache
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Vave.com - Crypto Casino
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October 31, 2014, 02:28:24 PM |
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The "clearing house automated payment system" seems to cost a lot to process a transaction.
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bornil267645
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October 31, 2014, 03:09:25 PM |
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This much BTC in the stream then why the price isn't getting up. It should rise above 500 given the current market cap. But all this transaction, where are they leading to?
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ranochigo
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Crypto Swap Exchange
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October 31, 2014, 03:12:34 PM |
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This much BTC in the stream then why the price isn't getting up. It should rise above 500 given the current market cap. But all this transaction, where are they leading to?
It can just be people withdrawing or transferring coins from one another. Since the address don't give out names or personal information, some of the transactions may just be people moving or withdrawing coins to their wallet or people spamming dust amounts to advertise.
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CryptoCarmen
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★Bitin.io★ - Instant Exchange
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October 31, 2014, 04:15:56 PM |
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This much BTC in the stream then why the price isn't getting up. It should rise above 500 given the current market cap. But all this transaction, where are they leading to?
Does not matter where what matters is they pay transaction fee and feed the miners. More fees there will be, cheap BTC will be since miners wil mine more. So win/win situation for all.
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Q7
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October 31, 2014, 04:22:41 PM |
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It is a very important indicator that shows bitcoin is on the right path and expanding. It also means any average joe can have the ease and comfort of transferring money without the rules and regulations of the banking. I believe it is a positive move moreover when we are going to have the scenario that one day only the transaction fees alone are going to support and determine bitcoins continuity. Indeed Nice share
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stromma44
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October 31, 2014, 04:55:26 PM |
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It makes sence number of Bitcoin transactions increase as the Bitcoin popularity grows.
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bitnanigans
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October 31, 2014, 05:07:40 PM |
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There needs to be the ability to process a lot more transactions though. Bitcoin is being used all over the world, and that's definitely a lot of users.
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Nagle
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October 31, 2014, 08:36:47 PM |
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That's the Bank of England's large payment system, £277bn a day, average transaction £2m. Now check the dollar volume of Bitcoin transactions. Around $50 million a day, and flat for six months. Transactions in Bitcoins are going up because it takes more Bitcoins to buy the same stuff.
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solex
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October 31, 2014, 09:42:07 PM |
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Transactions in Bitcoins are going up because it takes more Bitcoins to buy the same stuff.
Godammit. I knew there was a reason why I was making twice as many trips to the corner shop after the price of milk doubled.
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tmfp
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October 31, 2014, 10:02:09 PM Last edit: October 31, 2014, 10:13:57 PM by tmfp |
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CHAPS is only one of three payment systems in UK banking, those figures don't include the cheque/debit card sector or direct debit payments at all, so you are really comparing apples and oranges. You can read what you like into charts, some people are looking at the current price chart and seeing $1000 in the future, others $1.... Compare this https://blockchain.info/charts/n-transactions?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=with this https://blockchain.info/charts/estimated-transaction-volume?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=(just a random month, although most recent) and you could say that the average BTC transaction is recently worth between $500 and $1200. Then look at this one https://blockchain.info/popular-addressesand you will see that the vast majority of the Top 100 addresses are gambling sites. If that ratio continued down for say, the TOP 1,000 or 10,000, it could bring you thinking that maybe there's a vast amount of low value gambling and a small number of very large whale/mining transactions, with a few pizzas and Overstock sheets in between.
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Extraordinary Claims require Extraordinary Evidence
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Robert Paulson
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October 31, 2014, 10:15:51 PM |
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this is far more important than the price.
any rich guy with 10 million USD could use them right now to send the price back to around 1000.
the only way the amount of transactions per day can rise is if people actually use bitcoin, that is much harder to achieve and its happening. we are living in some very interesting times indeed.
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newIndia
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October 31, 2014, 10:19:57 PM |
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this is far more important than the price.
any rich guy with 10 million USD could use them right now to send the price back to around 1000.
the only way the amount of transactions per day can rise is if people actually use bitcoin, that is much harder to achieve and its happening. we are living in some very interesting times indeed.
Cant agree more. Price does not reflect true health of Bitcoin, but number of transactions do.
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tmfp
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"Common rogue from Russia with a bare ass."
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October 31, 2014, 11:21:47 PM |
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you will see that the vast majority of the Top 100 addresses are gambling sites. If that ratio continued down for say, the TOP 1,000 or 10,000, it could bring you thinking that maybe there's a vast amount of low value gambling and a small number of very large whale/mining transactions, with a few pizzas and Overstock sheets in between.
That's irrelevant. The point is that Bitcoin could technically perform the job of the UK CHAPS system, with 100% accuracy, reliability, timeliness and security. This is very significant, even if current transactions are not anywhere near the same economic value as CHAPS ones. Hey, I was neither defending the CHAPS system which, like most fiat banking 'services' is expensive, unreliable and monopolistic nor was I doubting the integrity of the blockchain system, ignoring scalability issues. Price does not reflect true health of Bitcoin, but number of transactions do.
The "true health" of Bitcoin is continually increasing adoption and use outside of Bitcoin itself, which you can't assume from a gross transactions chart.
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Extraordinary Claims require Extraordinary Evidence
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2double0
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November 01, 2014, 12:23:40 AM |
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this is far more important than the price.
any rich guy with 10 million USD could use them right now to send the price back to around 1000.
the only way the amount of transactions per day can rise is if people actually use bitcoin, that is much harder to achieve and its happening. we are living in some very interesting times indeed.
Cant agree more. Price does not reflect true health of Bitcoin, but number of transactions do. Merchant adoption does, transaction numbers are easily inflated past averages. But total number of active and larger merchants accepting bitcoin as payment and reserve is an even better thing to look out for!
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p2pbucks
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November 01, 2014, 01:41:23 AM |
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it's a good sign but the price are still controlled by bitcoin exchanges and future exchanges like 796 maybe a good time to buy cheap coins
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Bit N Roll
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November 01, 2014, 02:15:09 AM |
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it's a good sign but the price are still controlled by bitcoin exchanges and future exchanges like 796 maybe a good time to buy cheap coins Yeah, bitcoin exchanges are getting richer.
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1echo
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scams hunter!
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November 01, 2014, 04:22:40 AM |
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might be due to all altcoins and scamcoins
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ScryptAsic
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November 01, 2014, 04:31:12 AM |
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this is far more important than the price.
any rich guy with 10 million USD could use them right now to send the price back to around 1000.
the only way the amount of transactions per day can rise is if people actually use bitcoin, that is much harder to achieve and its happening. we are living in some very interesting times indeed.
Cant agree more. Price does not reflect true health of Bitcoin, but number of transactions do. Merchant adoption does, transaction numbers are easily inflated past averages. But total number of active and larger merchants accepting bitcoin as payment and reserve is an even better thing to look out for! I would argue that it is actually consumer adoption that drives the health of the bitcoin economy. If every merchant accepts bitcoin, but no one uses it then the bitcoin economy will not be good. I would agree that merchant adoption will generally drive consumer adoption and will have a positive coloration
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