Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day...
by AaronFriel on Monday February 15, 2021 @07:58PM
(#26149751)
Market cap is not a meaningful measure of a currency. A better measure is the velocity of money within a currency.
For context, just one part of the US economy is the stock market. The Depository Trust & Clearing Corporation (DTCC) which came up in the news recently processed $2.15 quadrillion in securities in 2019.
The 30 day average for estimated transactions in Bitcoin is around 5-6 billion, or still around 1/1000th just one art of the US economy's transaction volume.
At 5 transactions per second, the average transaction size would have to be around $1,268,2308 to equal the velocity of just one portion of one sector of the US economy. 5 transactions per second is actually higher than the average transaction throughput over the past several years.
For context, just one part of the US economy is the stock market. The Depository Trust & Clearing Corporation (DTCC) which came up in the news recently processed $2.15 quadrillion in securities in 2019.
The 30 day average for estimated transactions in Bitcoin is around 5-6 billion, or still around 1/1000th just one art of the US economy's transaction volume.
At 5 transactions per second, the average transaction size would have to be around $1,268,2308 to equal the velocity of just one portion of one sector of the US economy. 5 transactions per second is actually higher than the average transaction throughput over the past several years.