ChristopherCarrollSmith

How to import Quandl data into TradingView

Education
QUANDL:BCHAIN/CPTRV   BCHAIN/CPTRV
Quandl is a data library with all sorts of useful macroeconomic data. Unfortunately a lot of it you have to pay for, but there are also many data series you can access for free, including the "Blockchain" library with lots of useful data such as Bitcoin transaction fees.

To access Quandl data, go to quandl.com. In the left-hand column, check the "Free" box to ensure your search results include only free data sets. Then type what you're looking for in the text box (e.g. "US wages" or "Bitcoin transaction cost"). Click the name of a data set in the search results. You should now see a chart. On the right hand side of the chart, click the "TradingView" button to import to TradingView.

For an example of how to use this data, watch the video or check out my previous idea on Bitcoin transaction fees as a predictor of Bitcoin's price:

Check out my free market news and education podcast, Wall Street Petting Zoo, on YouTube or your favorite podcast app! On Podbean at https://wallstreetpettingzoo.podbean.com/ and on Twitter at https://twitter.com/WSPZoo.

Comments

Thanks for sharing this walkthrough! We've featured it in Editors' Picks. Using TradingView and Quandl at the same time is a great way to find unique data for your charts.
200 coins
+4 Reply
This is GOLD! Thanks a lot.
100 coins
+2 Reply
@syr3f, you're most welcome!
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fantastic . thank you. wasn't very much aware of the relationship between oil price and btc . Thank you!
+3 Reply
@anagarika, same logical fallacy as the example... correlation is not causation. Total deaths increasing with the rate of ice cream consumption is an easy example- is the ice cream causing the deaths or the fact the ice cream is generally eaten when it is hot outside?
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ChristopherCarrollSmith realcryptodidact
@realcryptodidact and @anagarika, FWIW, I haven't observed any correlation between oil prices and transaction fees. I am just making an inference that because most crypto mining is powered by fossil fuels, a sharp increase in oil prices probably *should* have some effect on crypto transaction fees, at least in theory.

And inversely, any major collapse of crypto mining (e.g. due to a government ban) would probably affect oil prices at least a little bit. The BTC network uses the same amount of energy as Argentina.
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Thanks for showing the use of Quandl. However correlation does not equal causation. Most people and especially those with the most dollars are looking to store their BTC long term, and they won't care whether they have to pay $0.5 to $100 in a transaction fees in order to do that. As transactions get larger and larger, your red line will continue lower and lower as it has. It'll never get up into the 300% range again as price is too high, so transaction fees would need to be $1000s of dollars for that to happen. The average on chain transaction fee is now over $300k USD and fees are only a couple dollars. Transaction fees DO NOT drive price.
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@Broom, wonderful response to a theory with zero statistical significance....
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@Broom, in retrospect, you are probably right that transaction costs are a function of average transaction size rather than the other way around. I can't find an average transaction size data series to confirm, but it would make a lot of sense for average transaction size (in USD) to be higher when the price is high.

I don't think it's true that transaction fees don't matter. Price will always matter; that's a basic economic principle.
+1 Reply
Broom ChristopherCarrollSmith
@ChristopherCarrollSmith, Actually the cool thing about BTC is whether you are sending $50 or $5 Billion worth of BTC, the transaction fee is exactly the same. Right fees matter a little bit... but they don't drive price. If anything ... higher price causes higher fees as people get excited to sell so they transfer them to an exchange, which causes network congestion, which causes fees to rise.
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