Bitcoin: Volume up from 2021

The annual volume of bitcoin on-chain transactions already exceeds those of last year.

$14 trillion since January 1

Two months from the end of the year, BTC transfers on-chain have already reached the equivalent of 14,000 billion dollars.

At this pace, volumes should increase by 30% compared to last year. They had then reached 13,100 billion dollars.

Volume “on chain” refers to the volume of BTC transferred within the Bitcoin network. Not to be confused with the volume of trading.

The volume of trading corresponds to transactions taking place within exchanges. These transactions “off-chain” do not lead to modification of the blockchain. These volumes are known only to exchanges which often magnify the line.

The growing use of the Bitcoin network despite its decline proves that adoption continues. While it took four years to reach a new record annual volume after 2017, it only took one year this time around.

Annual bitcoin transfer volume

300 million Bitcoin users

Note in passing that many transactions are now done on the Lightning Network (LN). More than 80 million people had access to the LN in March 2022, in particular thanks to CashApp, the application of the Block company, which is managed by Jack Dorsey, the former CEO of Twitter.

Arcane Research estimated in its April report that “half of the total value of LN s transactionse carried out between individuals”. “A third comes from withdrawals and deposits to and from exchanges, while 20% comes from purchases made from sellers. »

That being said, the Lightning Network is mainly used for very small transactions. For Arcane, it would only be exchanged there 20 million dollars per month.

But let’s bet that the LN will soon become even bigger, the Bitcoin core and its 300 million users:

“Bitcoin took 6 months to have 1000 users; 5 years reach 1 million users.
Today, 13.8 years after its creation, it has more than 300 million users, or 4% of the world’s population.
At the current growth rate, 1 billion users will be reached in the next 3 years. That’s 12% of the world. »

In terms of adoption, bitcoin has as many users as the Internet in the year 2000. In other words, after almost 14 years of existence, the growth of bitcoin is even faster than that of the web.

Within the next three years, if the current trend continues, the number of Bitcoin users will reach 1 billion.

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