Ninjastic
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Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
Sitarow
on 08/02/2015, 00:34:56 UTC
Quote from: JorgeStolfi on February 08, 2015, 12:27:56 AM
Quote from: Sitarow on February 07, 2015, 11:40:30 PM
Quote from: NotLambchop on February 07, 2015, 11:37:29 PM
-The fact that nobody is really interested in buying bitcoin to mainly use it as a currency aside from illicit goods, but more as a wild musical chairs speculation instrument.

-the fact that merchants "accepting bitcoin" just create more selling pressure. Spending bitcoin = dumping bitcoin.
Your first argument is a feeble attempt to push fallacy as fact.
Bitpay one of a few service providers says otherwise.

http://blog.bitpay.com/2015/02/04/bitcoin-and-bitpay-in-2014.html

That infographic is a masterpiece of misinformation.  Casual readers will think that the "23 billion USD (57% increase)" is usage for e-payments, but it is either the blockchain traffic or the trading volume at the exchanges.  BitPay has not released any meaningful numbers about the usage for e-payments through them.  Analysis of what seems to be their incoming wallet shows about 1000-2000 BTC per day, constant since mid 2013 at least, which may be miners paying their bills.  Excluding that component, BitPay's traffic seems to be a few hundred BTC per day, which would be perhaps 50 million (not billion) USD in 2014.  So, their unwillingness to post actual numbers is not surprising.

Also, needless to say, all of the companies that they list as "accepting bitcoin" infact do not accept bitcoins, only dollars.



I use Bitpay as an example however indeed their banner would hold more weight if backed but figures. Understandably this is a competitive market. It is but one service payment option doing business today. More are entering the market including Paypal themselves. Much like the internet As adoption continue in time these numbers will only grow.

Note that this article makes note that they extrapolate the numbers bassed on the fact bitpay has been reusing address.

Analysis of what seems to be their incoming wallet
"A couple days ago I noted that because Bitpay reuses its addresses, it is possible to monitor them and that there hasn’t been much of a growth since May (the last time they announced numbers)."

They refer to this May announcement.
http://www.btcfeed.net/news/bitpay-processed-over-100-million-in-bitcoin-transactions/
As of May 2014,
"Today BitPay has processed over $100 Million in total and is currently processing $1 million in transactions a day."
Cheesy