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Wrong graph. You need to look at the volume of transactions, not at the number of transactions: http://blockchain.info/charts/estimated-transaction-volume-usd

by mrb 14y ago

Wrong graph. You need to look at the volume of transactions, not at the number of transactions: http://blockchain.info/charts/estimated-transaction-volume-usd http://blockchain.info/charts/estimated-transaction-volume-u... As you can see, the graph is similar to the market price.

dcc1 14y ago
@MRB transaction volume is dependant on the price isnt it? If price goes up so does the volume?
- mrb 14y ago
  Yes and this is my point. If the exchange rate doubles while the volume remains the same (say 100k BTC per day), then the economy is effectively increasing. It means people are spending twice the USD despite merchants halving their BTC prices (they generally index their BTC prices depending on the exchange rate).