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Just to bring some perspective, JP Morgan alone transfers the equivalent of the U.S. real gross domestic product each week. $2.8T per day, just by one bank. Bi
by boc 6y ago
Just to bring some perspective, JP Morgan alone transfers the equivalent of the U.S. real gross domestic product each week. $2.8T per day, just by one bank.
Bitcoin+all of crypto combined is nowhere close to that scale. Bitcoin sees around 300k transactions per day. It's miniscule.
- er4hn 6y agoMinor nit, but you are comparing amount transferred vs number of transactions. Yes, there is a difference of several orders of magnitude, in favor of usd.
- boc 6y agoFair - it's hard to get accurate info on the sum value of the transactions. Even if every transaction was a full bitcoin, it's still only $17B per day. Or still just six tenths of one percent of what JPM processes daily.
- borg_ 6y agoNo it's not hard to get some idea of the transaction volume, at least on chain transactions: https://www.blockchain.com/charts/estimated-transaction-volume-usd https://www.blockchain.com/charts/estimated-transaction-volu.... It stands though that it's orders of magnitudes less than USD. We will never find out such data for USD anyway, where do you verify for yourself that the claimed 2.7T is accurate?
- deleted 6y ago[deleted]
- cblconfederate 6y agowhat if each of those BTC trasactions will be $1M ? btc is not going to be used to buy groceries obviously, and its slow tech will not become an issue for international trasactions. Banks still take days to clear their own international transactions and it hasnt stopped their adoption