The Number Of Daily Bitcoin Transactions Hasn't Budged In A Year

The number of daily Bitcoin transactions has barely budged in the past 12 months.

Here’s the chart according to Blockchain. Daily transactions remain stuck in the same 60,000-70,000 range they were at this same time late-spring early-summer time

Another view showing the 7-day averages:

And one other view, from Coinometrics, showing a table of daily transactions at other payment processor compared with Bitcoin.

Coinometrics Jonathan Levin told us recently that these may even overcount how many true transactions are occurring, as these may include movements by the same Bitcoin holder between two different wallets, as well as transactions used by exchanges and other large corporations for every day internal settlement and security.

“Bitcoin transactions have to be made to ensure security and privacy – these are not transactional,” he said. “A lot of this creates price insensitive demand for transactions as it is not strictly economic activity.”

He said Bitcoin ecosystem remains years away from resolving some important kinks, like how to address mining centralization, and that painting too rosy of the current picture of the current situation is actually counterproductive to attracting the developer talent needed to address the problems it faces.

“This is really a long game,” he said.

Bitcoin was trading at $US590 Friday according to Coindesk.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.