reply on: Bitcoin settled $13.1 trillion in payments last year, 20% more than VISA

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0 sats \ 2 replies \ @cryptocoin 3 May 2022 \ on: Bitcoin settled $13.1 trillion in payments last year, 20% more than VISA – Bloomberg bitcoin

Firstly, that is a nonsense number.

Secondly, that wasn't "Bloomberg", but "Blockworks".

Blockworks got the number from this Jan 2022 paper by ARK (page 47):

ARK Invest - Big Ideas 2022 - Annual Research Report https://research.ark-invest.com/hubfs/1_Download_Files_ARK-Invest/White_Papers/ARK_BigIdeas2022.pdf

Discussed (and debunked) on Reddit:

$13.1 trillion was paid in Bitcoin last year. That's 20% more than the value of payments settled by VISA https://www.reddit.com/r/Bitcoin/duplicates/uhd6ii https://teddit.net/r/Bitcoin/comments/uhd6ii <-- May be easier to read

The reason the number is nonsense is, ... things like Samourai Whirlpool will have numerous on-chain "settlement' even though value of a single transaction may be involved in numerous other transactions.

Not every on-chain transaction is a "payment".

20 sats \ 1 reply \ @bitcoinpleb_b OP 3 May 2022

Ok. Good to know. Will have to do more vetting of articles I guess

0 sats \ 0 replies \ @cryptocoin 4 May 2022

It was ARK Invest that made the mistake, then Blockworks that repeated the mistake. I couldn't find anything from Bloomberg on this, so not sure where Bitcoin Magazine got that from. Likely simply read Blockworks and type Bloomberg. Who knows. Fails all around!