Milestone Transaction Volume

Transaction volume surpassed 2 bitcoin

In November 2023, after 18 operational months, we passed the 1 Bitcoin mark. Naturally, neither we nor our clients’ clients remained idle. Now, 6 months later, we have surpassed the 2 BTC mark, looking at the total amount of processed transactions.

We thought it would be interesting to zoom in on the transaction data. In recent months, we’ve been handling about 200 transactions per month. This was fairly stable, although there are two outliers.

The first outlier was around Bitcoin Amsterdam in October 2023. Here, we processed transactions for BitcoinTaps and assisted Bitkassa at Braai. The real spike was in May 2024. Mid-month, Papa’s Ambacht and BitcoinTaps were at Zitadelle in Hanover. In total, we processed about 2,000 transactions in 3 days, which is 10 times the monthly average. The second spike in May was during Adoption Bitcoin Arnhem. We processed about 400 transactions for BitcoinTaps and Bitcoin Brabant.

Looking at the number of payouts, we are currently averaging 70 payouts per month. This is fairly stable. This means that on average, two to three merchants receive a Bitcoin payment each day.

Finally, let’s take a look at the development of the average transaction amounts. It fluctuates quite a bit, but looking at the trend, it is rising.

Looking at the same graph, but in Bitcoin, we see almost the opposite happening. This can be explained by the increase in Bitcoin’s price over the past year.

In addition, there are a few general matters worth mentioning.

• About 80% of the transactions we process come in via the Lightning Network. As soon as the on-chain fees rise sharply, the on-chain transactions almost completely disappear.
• During Zitadelle in Hanover, it was noticeable that many transactions came in via Acinq’s node and much fewer than usual via Blink’s or Wallet of Satoshi’s node. This could mean that the predominantly German visitors use custodial wallets like Blink and Wallet of Satoshi less and Phoenix more. This is a best guess; it remains speculative, as we cannot deduce this from transaction data.