The Bitcoin Network Has Transferred $11 Trillion Worth of Wealth in 10 Years

Wilfred Michael 

Wilfred Michael

News reporter

25 October 2019,
15:24
The Bitcoin Network Has Transferred $11 Trillion Worth of Wealth in 10 Years

Since the Bitcoin blockchain went live in 2009, fresh data suggests that the network has facilitated the transfer of wealth worth $11 trillion within the near ten years that it has been in existence (2009-2019)

Shared on Twitter by Bitcoin enthusiast, Plan B, the data which was collected from a Bitcoin node shows that the largest cryptocurrency still rules the day when compared to its fiat counterparts.

Given that near $10 billion worth of wealth is moved on the Bitcoin network daily, it would take only two months for Bitcoin to process the annual transaction volume of $578 billion reported by payment giant PayPal.

As shown in the image above, the $11 trillion value was derived from the price value of Bitcoin in Dollar in the last month of the year, and the number of BTC transferred within the same period.

Understandably, the new figures, although slightly flawed since most Bitcoin transactions come from traders, still show an increase in the number of people who are willing to use Bitcoin for large scale transactions.

Of course, Bitcoin achieving such numbers despite being a highly volatile asset perhaps highlights the global demand for censorship-resistant and decentralized payment systems built on blockchain technology.

In a similar development in July, we reported that the Bitcoin (BTC) network recorded a $3.58 billion daily adjusted transfer value putting it ahead of Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV) networks a preferred exchange of value channel.

 

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