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Realtime Bitcoin Stats

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Re: Realtime Bitcoin Stats

#11

Post by pazimzadeh »

rwinn wrote: post #5
qznc wrote: post #4

Earlier quoted context omitted.

And the "total volume" below?

It's the total amount of money passing trough the network. But since bitcoin transactions work by sending "change" back to yourself this value is not that relevant. In most cases 90% of the transaction amount is sent back as change. https://en.bitcoin.it/wiki/Change

So you spend your entire wallet minus the price of what you bought every time you make a purchase?

If the ratio of 'money spent'/'total volume' is 1/5, does that mean that people are, on average, spending one fifth of their wallet?

Re: Realtime Bitcoin Stats

#14

Post by samratashok »

spants wrote: post #8

Very nice rwinn! But I have a question. With the fast rise of bitcoins, lets say that I now have $10m worth of coins(I don't btw). How would I convert all to gbp/usd and would the governments tax you?. With anti-money laundering controls in place in the uk, such a windfall would cause huge problems!

I would be interested in the answer.

Re: Realtime Bitcoin Stats

#19

Post by andersaa »

spants wrote: post #8

Very nice rwinn! But I have a question. With the fast rise of bitcoins, lets say that I now have $10m worth of coins(I don't btw). How would I convert all to gbp/usd and would the governments tax you?. With anti-money laundering controls in place in the uk, such a windfall would cause huge problems!

You would trade them for gbp/usd on one of the exchanges. Mtgox.com is by far the biggest.

As for tax, this is probably taxed as any other profit you make on buying and selling stuff, at least in my country (Norway). If I buy an art painting and sell it with a profit, I am obliged to inform on this on my tax sheet. And the same goes for bying/selling other currencies as well, but bitcoins are harder to track for the government (but not impossible).

Re: Realtime Bitcoin Stats

#20

Post by dustcoin »

pazimzadeh wrote: post #11
rwinn wrote: post #5

Earlier quoted context omitted.

It's the total amount of money passing trough the network. But since bitcoin transactions work by sending "change" back to yourself this value is not that relevant. In most cases 90% of the transaction amount is sent back as change. https://en.bitcoin.it/wiki/Change

So you spend your entire wallet minus the price of what you bought every time you make a purchase? If the ratio of 'money spent'/'total volume' is 1/5, does that mean that people are, on average, spending one fifth of their wallet?

It would mean they are, on average, spending 1/5 of the sum of the transactions' inputs.

Bitcoin wallets generally contain multiple addresses, and transactions will be created with inputs associated with only a subset of these addresses.

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