This, of course, does not even factor in all the transactions that happen off blockchain.
This, of course, does not even factor in all the transactions that happen off blockchain.
Another factor to consider is that if you count purchasing power transferred (which I assume means dollar value times transactions) you'll end up giving a lot of weight to events like when coinbase/mtgox moved their coins from one wallet to another.
[1] http://www.ofnumbers.com/2014/06/23/separating-activity-from...
Here he compares bitcoin to m-pesa which is a deeply misleading comparison. The former has a floating price, the latter is a money substitute and its price is fixed against the currency which is substitutes for. This is why I've suggested to Tim that it is total purchasing power transferred that should be measured, and I think I have convinced him of that.