Steem Surpasses Litecoin
A Favourable Comparison
For months now Steem has been surpassing Bitcoin and Ethereum in transactions per day. No other decentralised blockchain network does even half the number of transactions that Steem does on a daily basis. The common objection to this is that it is not an apples to apples comparison. But how do other cryptocurrencies compare when you make it easier on them?
Surpassing Litecoin and All Altcoins
Two weeks ago I wrote about how by even the most favourable metric to other alts, Steem was still on par with Dogecoin and set to surpass Litecoin as well. Several competitor coins have billion dollar markets, and Steem is being more used by any metric.
Well it has already happened. On August 1st there were 26215 transfers on the Steem network. Not only was that more than Litecoin transactions that day, it was almost as much as Litecoin has ever done in a single day. Keep in mind that this metric excludes about 97% of Steem transactions, it only includes the most basic transfers between accounts vs. absolutely any transaction on Litecoin, and there are many other financial transactions that happen on Steem.
Still More To Beat
Since that post there is a new contender on the scene. Bitcoin had a hard fork and we have witnessed the emergence of Bitcoin Cash. Again Steem has them both beat in pure transaction count, but both are well above Steem by this more favourable metric. As all the altcoins fell before Steem, so too will the two Bitcoins.
Hope the price will grow to.
A few more days like today would do nicely...
Lots of transactions is interesting. Buy very little actual value transacted. Look at coinmarketcap to see the low daily transaction value for STEEM
Coinmarkcap doesn't record network transaction value, only trading value. It's true that Steem has low exchange trading volume relative to other cryptos, but I don't believe exchange trading volume is a solid metric in the middle of a speculative bubble.
Nice and so far Ive only seen one little hiccup with the site. Seems like steemit does not really struggle much with growth compared to some of these other cryptos
Long live steem! Be the best in speed!
Steemit is great! Glad I join it.
Steemit is great! More and more people will start to use it!
I believe we have a good future with Steem.
Wish the price of Steem will also go up!
Great post demotruk! Do you think steem's price will increase to more than $2?
It has done that several times. I expect it to go way beyond that eventually.
Will steemit face an issue in scaling if the transaction become bigger like facebook?
Yes, however Steemit Inc are working on solving those scalability issues as we speak.