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Bitcoin: How Accurate Is The Data?

Samantha Mitchell

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Bitcoin data

The 17th Million?

Bitcoin has now reached the 17 million mark as expected this week. This takes it ever closer to its threshold of 21 million. Although this is not anticipated to be reached until 2040.

However, the exact date and time this 17th million figure was reached cannot be stipulated. And as with everything Cryptocurrency related, things are never black and white and most things are up for argument. As is well known in the industry, a block of transactions produces 12.5 new Bitcoin and this occurs roughly every 10 minutes although this figure is not exact. Every single one of these moments has been logged since Bitcoin was released back in 2009. Although many were thrilled that this milestone had been reached, there were still some skeptics that were concerned that the magic 17 million had not yet been reached. There were a variety of reasons why there were concerns but these included the fact that some of the miners would not have obtained the totality of their Blockchain reward because of bugs or different features that affected the reward as well as a few other factors.

It is not only this milestone that highlights the problems with the precision of data from Bitcoin. There are many worries and questions about the transaction value of Bitcoin. It is something that has never quite been nailed down and the industry as a whole is very keen to identify this estimated figure sooner rather than later. There have been several rumors that Blockchain has recently overestimated their transaction values and has then done the necessary to report a truer figure i.e. underestimate the value.

Although Blockchain has not responded to these rumors, gossip is rife especially when you consider just how important accurate data is for everyone concerned.

A further example can be seen with Bitcoin nodes where it is cited that there are only 10,000 Bitcoin nodes. But this figure only counts a certain type of node and not all. Only those nodes that allow incoming connections are to be incorporated in this figure. Therefore the total number of nodes actually in existence could be a whole lot more and is in fact suggested at 140,000.

How Industry Responds

Because of all of these issues, many professionals do not actually use the data because they are never sure whether the information is accurate or not. Large corporations are also of the same opinion and prefer to use their own internal information. The large companies would rather trust their own sources simply because they know where the weaknesses and faults lie because they run their own Bitcoin node software.

It should be noted that the sites that do make the Bitcoin information available are invaluable and they do offer a very good service. They are also very thorough. Issues such a consistency in time zones need to be fixed but this is not seen as a major problem. Those involved in the accuracy of Bitcoin data are very aware of the agitation it is causing and are working their way to improving things going forward.

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