Litecoin transaction counts have collapsed 83%
37k transactions per day - Down over 83% since the peak
The likely explanation for the decline was that Litecoin was being used as a stopgap for the high cost of Bitcoin transactions, users moving money between exchanges would prefer to use Litecoin, which while not as cheap as some alternatives, is more widely available with many trading pairs. Since Bitcoin fees have come down, you're no longer saving much if any money by using Litecoin instead.
At the peak of the bubble Litecoin did almost 226,000 transactions in a single day. This is about 1/7th the peak transaction count that Steem achieved today.
There are some common objections to comparing Litecoin transaction counts directly to Steem.
- Steem transactions are free while Litecoin has fees
Yes, that's why Steem is awesome. The fact that we can scale with free transactions is not something to hold against Steem.
- Litecoin is primarily a currency, Steem transactions are of many different types, most are not financial
While I don't agree that votes (the most popular transaction type) are not financial transactions, it is true that they are not comparable to direct transfers, where money is debited from one person to credit another. Steem does have a transaction type like this however, called 'transfer'. In recent days, Steem has been doing 65000 to 75000 transfers per day. In other words, even if you exclude 96% of Steem transactions and only count those directly comparable, Steem is doing twice as many transactions per day as Litecoin.
It's interesting to note that Steem transfers are also catching up on Bitcoin itself, which is only doing 170k transactions per day now.
I think ETH is going to go really well also.
Maker DAI ramping up for a stablecoin(tether is a scam and their auditor quit, interesting read if you haven't yet).
Sharding and POS coming to allow more tx per second. Lots of interest in developing games on their smart contracts(which I do admit right now almost all are ponzis), but there are some decent projects coming out like decentraland or parsec frontiers.
I am long ETH/Maker/Steem for sure. I can see Steem getting really big here shortly as more youtubers are starting to show up here. The crazy thing I don't think many people have talked about yet, is that your favorite youtubers coming here mans they can also upvote your comments and you have a small chance of getting a small amount of crypto if they enjoy your comments. I think that is really good and will encourage more quality comments from people overall. Not to mention that people can upvote their favorite youtubers here without actually having to send them money.
I see Steem in the future as being a good place to raise small to mid sized amounts of capital for projects that are interesting and need funding, simply through posting quality content/roadmaps and getting upvotes/donations from people in Steem. It is quite possible projects that only need 50,000 USD can make raise that money simply through upvotes and making quality posts here(kinda like how Dtube gets lots of upvotes or EOS does, though EOS declined payouts).
Hope all is going well!
interesting information
very true greeting you @demotruk
I see very low transactions the last few days,
it's because of the influence of low bitcoin prices.
but some people do it because they have to, they have no money stock.
thank you for sharing information
The market of crypto currency is almost overall collapse.
Nobody should try comparing steem to Litecoin. I feel Litecoin is trying too because I support them as a reputable project without trying to be sentimental here.
Nice one man!
Why not? Steem can do everything Litecoin can do while the same can't be said in reverse. They exist in a competitive market. Litecoin will be swallowed by superior competition.
I understand your point well but truth remains that steem has more patronage then Litecoin and you know that is an edge.
I'm not sure what you mean exactly.
Very interesting read😀
This is great news. Very encouraging and making us proud for being steemians. Investing in Steem is the best deal. Thanks so much @demotruck for sharing this vital information on crypto.
and now Litecoin price is going up up
cheers @demotruk
There's no substance to Litecoin. If everyone is chasing price and hype that isn't backed by substance, it will only end in tears.
You're right, so this why everyone should do their own research!
I like you... nice post..thanks for sharing