Record $3.2 trillion processed in Bitcoin transactions last year
Approximately $3.2 trillion in Bitcoin were processed throughout 2018, and this figure doesn’t include the over-the-counter (OTC) volume, which always tends to be higher.
The high transaction volume made many industry players think if bitcoin is indeed a replacement for fiat, or even a more efficient alternative to gold because of its ability to function as a medium of exchange.
According to Binance, in November 2018 109,000 bitcoins were moved during one transaction, which at that time was equal to approximately $600 million. This amount was transferred in only an hour, and resulted in only $8 fee paid to the exchange. Should this same amount be transferred through gold or any other traditional financial transfer system, the participants would have to pay tens of thousands in fees and would have to go through a comprehensive compliance process.
Researchers at Satoshi Capital Research have run their numbers: median change in daily volume of bitcoin transactions rose 2.91% up in 2018, in comparison to the previous year. This ultimately puts us on a positive outlook – despite the crypto winter, the trade volume continues to rise, moving cryptocurrencies closer and closer to a wider, mainstream adoption.