Firstly, Transaction volume and total number of transactions are two different metrics. Bitcoin transactions are generally in the $400k-$800k range. Couple things that makes bitcoin more than what it appears:
The metrics you quoted are on chain. There are no telling how many transactions are rolled up through the lightening network.
With around $20B of various wrapped bitcoins being used in defi, you can easily put that number up to hundreds of millions of transactions 'a-day' because bitcoin is being used as collatoral.
We are in a 'bear market' for crypto and it's market cap is $600B, which is larger than some countries let alone M-PESA.
I have a lot of questions about people who are making $400k-$800k cash-like transactions. But as far as I'm concerned, that's another sign of Bitcoin's failure in terms of its original goals. That's a sign that Bitcoin is even less useful for productive economic activity.
> market cap is $600B
Sorry, but talking about "market cap" for currencies and commodities is ridiculous. What's the market cap of the US dollar? What's the market cap of gold? Those are fundamentally stupid questions, because "market cap" only applies to equities, which are pieces of a single entity that is both economically productive and owns a bunch of assets. Market capitalization matters because with a company, anybody with enough money can go out and buy the whole thing. It's not a meaningful number for a currency or a commodity. Or for a cryptocurrency.
Money supply (M0, M1, M2, etc.) is an important concept, no citation needed.
Your quarrel seems be with the broad application of the term "market capitalization." From context, it's clear what people mean, much as it's clear what it means to "dial" a phone number on a phone that doesn't have a dial. Surely there's a better response against digital currencies than stating that Bitcoin's $607B aggregate value isn't technically called a "market cap."
It is clear what it means: a bunch of grifters are trying to pretend their magic beans are an actual investment like equities are. So they want a big and impressive sounding numbers, especially one that can be easily manipulated by wash trades and the like.
> Bitcoin transactions are generally in the $400k-$800k range.
What percentage of those 400k-800k transactions do you think are by the very banks and hedge funds that crypto advocates claim to be subverting and defying? For a currency that is supposed to help the masses that sure doesn’t seem like the kind of money most people play with.
The metrics you quoted are on chain. There are no telling how many transactions are rolled up through the lightening network.
With around $20B of various wrapped bitcoins being used in defi, you can easily put that number up to hundreds of millions of transactions 'a-day' because bitcoin is being used as collatoral.
We are in a 'bear market' for crypto and it's market cap is $600B, which is larger than some countries let alone M-PESA.