The concept of bitcoins might be confusing for some. We are talking about a crypto-currency that is traveling with the speed of internet with no borders and regulations. The Bitcoin does not respect the common patterns of the economy, and if it is affected by inflation, it is still too early to establish, until the financial analysts are able to figure it out.
Even if during the first five years of existence, the world of bitcoins was based exclusively on mining by some enthusiasts, and the financial aspect, and the impact on the financial world were left on the second plan, in 2013, when WordPress and other major websites accepted the bitcoin as a payment method, the eyes of the internet and financial world were set on this currency.
Why do you need Bitcoin Stats and Graphics?
As the possibilities of estimating the value of a bitcoin compared with international currencies are limited, the charts are needed by advanced financial specialists to try to establish a pattern of this new currencies, or at least some conclusions about the factors in the market that influences this currency. Besides this, miners need to check the current difficulty of mining, the progress that they made, and the progress on the block where they are working. Here are the most important charts that you need to follow, charts that can be found at Blockchain, MtGox and on Bitcoin.org, as well as on the website of the Bitcoin partners.
1. Market Capitalization – this is the bitcoin monetary base, a website that displays the number of bitcoins created since now, multiplied with the rate for the BTC/USD pair. It is interesting especially for those that want to know more about bitcoin, people that want to speculate the course exchange between the bitcoin and the USD.
2. Price Chart – the website allows you to get courses, details and statistics for the bitcoin compared with a large number of other currencies. There are also some tools allowing you to analyze the evolution of price on the long term, and the prices on several important markets, such as MTGox, which attracts about 80% of the total volume of transactions made with this currency.
3. Exchange Volume Distribution – this is a website offering pie charts, which are considered simple to understand by some, allowing you to determine the course differences between different currency pairs compared with the BTC.
4. Network Hashing Rate – besides the exchange courses of the bitcoin, it is important for miners to determine the effectiveness of their mining process, and this can also be done with specialized websites. At Network Hashing Rate, you will have the current difficulty of mining, the estimated difficulty for the upcoming period, and some interesting charts that would allow you to create your own mining strategies. The difficulty determines the possibility for a block to be accepted, and based on this number, you can determine if it is worth it to contribute to the current block, or to wait a little.
5. Hash Rate Distribution – this is another interesting chart that offers you the possibility to determine how much contributors exist for each block, and this is an important indicator, as one of the conditions for a block to be validated is for the hashing power to be distributed fairly. If a single miner contributes more than 50% to the current block, the respective block might not be validated, and the rest of the miners might not get such an important share of bitcoins once the block is validated.
6. Number of daily transactions – this chart shows you how many transactions were made during a day, and this determines the length of the waiting line. Many transactions mean many blocks to be processed, which means that you can mine more effectively, and that you also have a high liquidity on the market.
7. Average transaction confirmation time – this measures the time needed for a transaction to be accepted in a block, and put into the processing queue. It is an important chart, as sometimes, your transactions are confirmed in less than 10 minutes, while other times, you need to wait for a few days for a transaction to be executed, and this chart gives you the average waiting time, which might be exactly the time you need to wait for your bitcoin transaction to be confirmed.
8. Recent transactions – another interesting chart that allows you to estimate the size of the Bitcoin market, the volumes of money that are used in this world, and the interest created about it.
Besides Bockchain.info and bitcoin.org, there are other interesting websites offering you bitcoin charts and statistics. Check Bitcoin network graphs, Bitcoin Charts, and Bitcoin Data Platform, as here, you will find everything you need about bitcoins, as besides charts, there are resources for miners, traders, electronic wallets, as well as communities of people interested about bitcoins, communities that where you will find everything needed for effective mining.