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Comment by bob1029 | Hacker News Reader

There is over $34 billion settled on the Visa payment network every day (averaged over 12 months), and nearly 100% of this is merchant transactions for actual things and services.

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So Bitcoin manages to compete with Visa in terms of amount of value settled while being decentralized, permissionless and uncensorable. That's pretty cool.

Also I just checked the median transaction amount on Bitcoin and it's something about $200. So it's reasonable to assume that at least half of all transactions are actual purchases of things and services.

I had to comment because you’ve pulled off possibly the biggest non sequitur I’ve seen on this site. Congrats.

You need a false implication for a non sequitur. I didn't imply anything.

You said that a $200 average transaction implies at least half of transactions are for goods or services. That doesnt follow, at all.

And this coming from Dr Nonsense himself! What an honor.

(I agree though, that was impressive mental gymnastics.)

> Also I just checked the median transaction amount on Bitcoin and it's something about $200. So it's reasonable to assume that at least half of all transactions are actual purchases of things and services.

No it isn’t.

Any other reason why you would move $200 worth of BTC? I've only ever done such transactions when I was making purchases with it.

Wash trading.

Wash trading happens on exchanges, not on-chain.

Lots of people invest by buying small amounts regularly.

Isn't that comparing apples and oranges? Doesn't your bitcoin figure include trading?

No, it only includes on-chain transactions. Average daily Bitcoin trading volume over past 3 months on exchanges was $36 bln, according to Yahoo Finance.

https://finance.yahoo.com/u/yahoo-finance/watchlists/crypto-...

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