Bitcoin Network Registers Over $3 Trillion Dollars in BTC Transaction Volume During 2018
Bitcoin price might not be moving anywhere except for downwards, however, Bitcoin network is surely gaining momentum. The new insight into the Bitcoin network is shared by Satoshi Research on Twitter stating,
Comparing #bitcoin's network performance in 2018 to prior years:
– Total trading volume: $2.2 trillion
– Total Layer 1 transaction volume: $3.2 tn
– Total change in tx volume 2017-2018: -8.23% ($0.3 tn)
– Median change year-on-year 2017-2018 for every day in the year: +2.91% pic.twitter.com/7tkzAJTtS1
— Satoshi Capital Research (@chartingbitcoin) January 19, 2019
However, Charting Bitcoin says the data related to Layer 1 transactions is not correct as it doesn't involve change value,
“Layer 1 transactions are NOT $3.2 trillion for the year. The bitinfocharts stats include ‘change' values. With Bitcoin-based blockchains, the entire UTXO is spent,”
“With whatever not being transferred to the other party returned as ‘change', so you need to estimate the value being transferred, as http://blockchain.com does.”
Back in April, Satoshi Research had shared,
There has now been over $6 trillion USD in value sent using #bitcoin, with just under $10 billion being sent daily.
Anyone doubting bitcoin's role as a medium of exchange is clearly not looking at the data. pic.twitter.com/lr1AXJRbbv
— Satoshi Capital Research (@chartingbitcoin) April 4, 2018
It’s been ten years since Bitcoin came into existence and since then it has been only growing. These numbers are growing at a rapid pace that further put things into perspective that Bitcoin is being actively used nowadays.
However, it also needs to be pointed out that this amount also includes the funds that are transferred to exchanges and rewards for miners. In mid-2018, Bloomberg had released a report stating that two-thirds of transaction activity registered on Bitcoin network has nothing to do with trading the digital asset or buying goods and service.
At that time, according to analytics provider Coinmetrics,
“Volume figures are being influenced by a range of other factors such as so-called mixers reshuffling balances between their own accounts, mining pools disbursing coins to members, outright scams such as spoofing and market manipulation.”
Bloomberg further shared that Nic Carter, co-founder of Coinmetrics figures that the true economic transaction volume for Bitcoin is about $2 billion a day.
The fact is the network is growing and the daily transaction volume is also seeing a surge while the transaction fees of the network keep on decreasing. Average fees have gone down considerably, from $20 in January 2018 to the current $0.23 as per Bitinfocharts.
What’s important is Bitcoin represents itself as the world’s cross-border currency that has no limitations, restrictions or trade agreements. However, if it has to become a global currency, Bitcoin still has a long way ahead of it.