Saturday, July 20, 2019

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that’s been generally overlooked, on Twitter.

His tweet showed an increasing number of bitcoin users on the rise daily. McDowall indicates that over $9.2 trillion transferred using bitcoins from wallet to wallet between 1st January 2017, up until 21st June 2019 (about 2.5 years), and little over $13 billion is being transferred daily.

$9.2 Trillion Transferred Using Bitcoins, Bitcoin Data Opposes Norm

In opposition to what many believe that bitcoin was only held for speculative reasons. New data surfacing has condemned that with over $13 billion daily transferred, it’s obvious that bitcoin is used way more than just for speculation.

The 21st of June 2019 precisely, over $16 billion was sent in 337,741 transactions. A further breakdown of this figure leaves each transaction with an average of $47,500.

Undoubtedly, these transactions could be peer-to-peer trading transactions, someone sending bitcoins from one wallet to another, or a cryptocurrency exchange making a large transfer internally within its wallets. But with the numbers of transfers, it brings a reminder of what bitcoin was meant to be – a currency for micropayments.

SMEs Adopting Bitcoin

Companies globally are beginning to adopt cryptocurrencies, giving their customers a more convenient payment option, and also bringing their businesses in front of a global audience.

Sometime in the past, businesses have remained sceptical of accepting cryptocurrencies because of its volatility issues – with the cryptocurrency increasing and decreasing and value within minutes.

Related Article:  Lightning Labs Blocks Bitcoin Core's Account on Twitter

Fortunately, crypto-processing platforms have come to bridge that gap. Crypto payments are being traded at current prices, converting crypto into fiat with no extra effort.

Bitcoins Continues To Grow

Although some argue that bitcoin will not remain in the top position for long, bitcoin has actually continued to grow in market capitalisation and dominance.

Bitcoin currently trades at $13,765.36, rising about 21.14% in the past 24 hours. Market capitalisation currently stands at $244.77 billion.

More Articles

Classic Ford Fan? Now You Can Buy Vintage Mustangs...

Luxury cars and cryptocurrencies have always been related, almost holding hands in the popular imagery. The old childish but romantic tale of buy low,...

Coinbase to List Over 30 New Cryptocurrencies by May,...

The long wait of the investors of Ripple (XRP) may finally be rewarded in time to come. Coinbase, one of the biggest crypto exchange,...

Shone Anstey Explains How To Curb Scams To Ensure...

Cryptocurrency has seen immense growth since its invention in 2009. The growth has however been stagnated with scams and price manipulation that has hindered...

Crypto Advisor Brian Kelly On ICOs: Too Many, Too...

Crytpo advisor Brian Kelly, portfolio manager of BKCM, a crypto investing firm, declared yesterday on CNBC about how he thinks that while the market is...

China Introduces Anti-Anonymity Regulations For Blockchain-Based Companies In The...

A new regulation for blockchain related firms has been put in place in China, and it is expected to be effective Feb 15. The...

E.U. Set To Beef Up Cryptocurrency Regulations In the...

With a particular interest in cryptocurrency, the European Union is set to add to the country's cryptocurrency regulation. European Union To Add To Cryptocurrency Regulations The...

Australian Woman Allegedly Steals 100,000 XRP Cryptocurrencies

Cryptocurrency theft is still a threat to the crypto community, as yet another criminal was caught after she allegedly hacked into her victim’s email...

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that's been...

Food to be Ordered in Over 1400 Restaurants in...

After discontinuing its Bitcoin payment service in 2017, Hungry.dk has started receiving the virtual currency again. This is an online platform where over 1,400...

Ripple Combines Three Products Into Ripplenet, Driving Transactions To...

The XRP cryptocurrency has seen a bullish move in its price in the past week, a development courtesy of its partnership and plan of...

Another U.S. Bank Blocks Customers from Buying Bitcoin

If you hold an account in Regions Financial Corporation, the good news is you can still deposit and withdraw money. The bad...

Bitcoin Mining Costs Study Shows Havens Around The World

A study was conducted recently by EliteFixtures, (a US-based electric company) to determine the real costs of mining a bitcoin in every country of...

Latest Articles

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...

How To Shop on Amazon with Bitcoin – Step-By-Step...

Wondered how to shop on Amazon with bitcoin? Then here's how you can purchase goods on one of the largest e-commerce websites that ships...

How To Buy Bitcoin On Coinbase – Step-By-Step Guide

Buy Bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally. Coinbase cryptocurrency exchange has enabled its customers buy the...

Grayscale Bitcoin Trust Boosts By 300%, Affects Oil &...

The institutional investment product, Grayscale Bitcoin Trust (GBTC), experienced a growth of more than 300% due to its outstanding performance since February, Forbes reports....

How To Create A Coinbase Account – Step-By-Step Guide

Create a Coinbase account with ease. Use this illustrative guide to create a Coinbase account for buying, selling, and storing cryptocurrencies. And you know...

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that's been...

Malware Posing as Movie File Manipulates Results and Steals...

A new form of malware posing as movie file was discovered last year and was designed to steal cryptocurrency and inject manipulated results into...

No-fee Mobile Trading App Quantfury Increases Crypto Support with...

The no-fees mobile trading app Quantfury has been expanding its crypto services lately, most notably with the addition of the DASH cryptocurrency. The coin...