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I looked at this the other day. There is about one recorded Bitcoin blockchain transaction, ever, for every $1000 of current valuation. The early transactions
by marshray 9y ago
I looked at this the other day. There is about one recorded Bitcoin blockchain transaction, ever, for every $1000 of current valuation.
The early transactions were at a much lower conversion rate so they would be of larger BTC that tended to raise the average $/txn. But if Bitcoin as a payment network were growing exponentially, we would expect a large proportion of transactions to be relatively recent and at recent valuations.
So either:
A. Bitcoin is used for transactions of over $1000 on average, or
B. speculation is driving up the valuation far beyond its utility.
In either case, it's clearly not about frictionless microtransactions anymore.
- leggomylibro 9y agoCould it maybe be about getting 8-10 figures of dirty money out of <insert country here> and into Switzerland? I mean, if I had made a killing out of the various petty crimes available to public officials and wanted to retire on that, what's my other option? Trying to ferry precious gemstones through customs? I'd take the transaction fee, the challenge would probably be finding an exchange that would let you cash out that kind of money.
- marshray 9y agoWhy would you ever want to use an immutable public blockchain for such a transaction? Bitcoin is perhaps the most traceable currency in the world. This is something I just don't understand about Bitcoin's value proposition. > what's my other option? I hear Oriental rug import businesses are popular. > the challenge would probably be finding an exchange that would let you cash out that kind of money. Even if, I hear the IRS is requesting transaction records from the major exchanges.
- deleted 9y ago[deleted]