24 Hour BTC Turnover – $1Billion

The quantity of money is important for most economic calculations, but the velocity of money is what’s important to the common user. See, without money currency being exchanged from hand to hand, less and less come in contact with it. If less come in contact with it there is money scarcity in which everyone feels poor.


Now in a free market, this would be corrected by the cost of goods and services coming down to the amount that people can actually pay for. But, in todays age, far too often the price of goods and services increases (usually due to inflation) when the money velocity slows.

If only there was a currency where velocity was greatly improved by technology. Alas, there is! Bitcoin. 

Bitcoin has already hit record highs for transactions, matter of fact some calculations say the entire bitcoin (BTC) market exchanges hands every 10 days. That is something most governmental currencies do only a few times a year.

The reddit poster states:

Bitcoins Sent in last 24 hours shows “2,562,273.26” – at current prices that is over $1billion in the last 24 hours alone.

Even if 50% of that isn’t actually transactions but unspent outputs, the market cap of bitcoin is still being turned over every 10 days… This, compared with the USD whose money velocity is 4-5 times per year.

source: http://bitcoinwatch.com/
source2: http://blockchain.info/stats
and a graph: http://blockchain.info/charts/estimated-transaction-volume-usd?daysAverageString=7

Reddit Post: http://redd.it/1qr492

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