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re: So Warren Buffet sees no future in bitcoin...
Posted on 5/14/13 at 12:02 pm to gizmoflak
Posted on 5/14/13 at 12:02 pm to gizmoflak
quote:That's not a "transaction" as far as using bitcoins to purchase a good or service.
I'd guess that >98% of bitcoin transactions are just swaps in and out of dollars
I tried to determine the annual usage of btc for purchasing goods and services about a month ago when wiki first made his hilarious prediction of "1% of global GDP."
I couldn't find any consolidated estimates. The best I could do was I found an estimate on Silk Road's sales in btc and the Japanese gambling site that uses btc. The articles said those two enterprises were the two largest btc merchants. Their combine annual sales were about $25 million.
ETA: I think the name of the Jap gambling site is SatoshiDice.
This post was edited on 5/14/13 at 12:04 pm
1
Posted on 5/14/13 at 12:11 pm to LSURussian
It would have to increase about 275,000% to reach that number.
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