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You don't understand Bitcoin. $30 million/month is just the Bitpay figure. In reality, there are many more payment processors other than Bitpay, and many econo
by mrb 13y ago
You don't understand Bitcoin. $30 million/month is just the Bitpay figure.
In reality, there are many more payment processors other than Bitpay, and many economic transactions happen outside of payment processor networks. It is hard to estimate money velocity in Bitcoin: http://blockchain.info/charts/estimated-transaction-volume-usd http://blockchain.info/charts/estimated-transaction-volume-u... shows approximately $3 billion/month ($100 million/day) but this is an upper bound, because some of these transactions are just people moving coins around their wallets. The real figure is probably $100+ million/month to give an order of magnitude. And $100 million/month is not bad at all considering that it started from zero merely five years ago!
- throwaway_yy2Di 13y ago"The real figure is probably $100+ million/month to give an order of magnitude." So we are completely in agreement on the numbers. I used $30 million as my anchor point: the same power of 10. Either way it's 2.5-3 orders of magnitude from $30 billion (B), which is what you'd predict if money was moving around as fluidly as the rest of the economy. Emphasis: you're fiddling with a factor of 3, within an uncertainty of a factor of 10 and a shortfall of a factor of 1,000.