OpenRuby.com

04 Oct '12, 3pm

BitCoin Economy Size

The size of an economy is a very important measure, and also a measure that is very hard to define. The usual way of measuring economy size is GDP . But this measure is very hard to calculate right and it is vulnerable to political influence . Now, we want to measure the size of the Bitcoin economy. I didn't see any GDP numbers for Bitcoins. It will be very hard to collect the raw data necessary to calculate the Bitcoin GDP. Since Bitcoin is a global phenomena, the Domestic part means actually all the world. Also, a lot of Bitcoin transactions are probably an exchange for non-legal economic value with the intent of not leaving an official trace. But, one advantage of Bitcoin is the fact that every transaction is actually transparently recorded in the blockchain and every one, not only govenrment officials, can go and mine the blockchain to gain insight. So, we can come up ...

Full article: http://leancrowds.com/blog/2012/10/04/bitcoin-economy-size

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