The combination of descriptions about NZ as a small, empty, remote island and news about Tesla buying lots of Bitcoin made me compare this graph of blockchain transactions per day (from Wikipedia, by user HocusPocus00)
with an infographic from paymentsnz for 2019.
There are about a third of a million Bitcoin transactions per day, and nearly 1.25 million Ethereum transactions per day. How does that compare with the NZ economy?
We get through about a million direct electronic transfers per day — when you send money from your bank account to someone else’s, like your plumber or a guy on TradeMe or splitting an accomodation bill with your mates. There’s about 360,000 direct debit transfers — when Vodafone sucks your phone and broadband bill out of your bank account. We have about 2.8 million EFTPOS debit transactions per day, and about 2.3 million credit card and PayWave transactions per day at point of sale (that was 2019; I’m guessing Paywave is up and EFTPOS is down in 2020).
Now, a single Bitcoin transaction can be more complicated than a single debit card purchase, and it might actually package a whole lot of transactions together (and, no, this isn’t quite like how a single supermarket debit card transaction might include toothpaste and cheese). It’s still a little surprising how few blockchain transactions there are.