Steem Transfers are only 1.5% of Steem Transactions, But Are About to Surpass ALL Litecoin and Dogecoin Transactions Per Day
The following is a logarithmic chart of transactions per day in some of the top cryptos. They are not all the top cryptos by market cap, but if you investigate the other most capitalized cryptocurrencies such as Ripple, NEM, and Ethereum Classic you will find that they have trivial transaction per day counts.
Steem is vastly surpassing even the top cryptocurrencies (Bitcoin and Ethereum) in transactions per day. On Tuesday Steem did over 820,000 transactions, that's over three times what Bitcoin did on the same day. Some argue that the metric gives an unfair advantage to Steem because Steem transactions are free and they are mostly votes etc. They are not the equivalent to Bitcoin transfers. To the former I say, well yes, the fact that Steem transactions are free are a huge selling point, it is one of Steem's best advantages so of course it results in more transactions. The same can be argued for the latter point, yet Ethereum and Dash also allow a wider range of transaction types, including votes in Dash, yet they achieve nothing like the engagement that Steem does.
All that said, let's concede the latter point. Let's only look at transfers on the Steem blockchain, while comparing them to all transactions on the others. On Tuesday, Steem did over 12,000 transfers. Ok, so it still has some way to go before those are comparable to Bitcoin*. However, it's more than twice Dash, and nearly 4 times Monero, much more well established cryptocurrencies with higher market caps. More impressively, it is on the same level as Dogecoin (12,500) and Litecoin (16,600). Further, none of those other cryptos have beaten their peaks since June. Steem is still breaking records right now. If trends continue, Steem transfers will surpass Litecoin in a matter of days or weeks.
The growth of Steem is not yet recognized by the market. Cryptocurrency is experiencing an enormous bubble, and that's why new coins can appear with hundreds of millions of dollars in capitalization on the first day. Like with the DotCom bubble, most of these will turn out to be nothing but hype, but there are real opportunities as well. Even at the height of that bubble Google and Amazon and PayPal would have been amazing buys, if you looked past the hype of Pets.com and found the real businesses. There is only one crypto which is genuinely reaching a large audience for more than just speculation, and for that reason I'm continuing to focus mostly on Steem.
* Side note: Other than a brief spike in 2011, it took Bitcoin 3 years and 5 months to reach 12,000 transactions per day. Back then Bitcoin transactions were free.
very nice huh! steemit is the future!
Checks out, @demotruk. Damn cryptos :^). I want to see more folks like You on this channel.
Currently I am curating inteviews with blockchain people and also steemians.
So question: Who would you like to see approached in a life conversation?
Thank you for the invitation, but I don't really want to do an interview.
kk, keep up the good work, anyway!
I tottaly agree with you man, a lot of hypes nowadays. Hope Steem and even Steem Dollars will grow this year. Let's hope for the best
wohaa that would be amazing to see how it goes from now in market cap values.
You know, it really is damned impressive and yet undervalued in the market imo.
Thanks for these stats, I know it's fast and busy around here, but a digital "stop and smell the roses" with this info is always a good thing. Steem is doing all the things.
Not only that, but finding a new consensus on steem is so much simpler! while Bitcoin miners/users are taking months to solve their problems, steem can find a new consensus in just a few days. For example recently the block size on steem was increased. No drama, no fuss, you probably didn't even hear about it if you're not following hardcore steemians.
https://steemit.com/steem/@neoxian/steem-has-just-increased-its-maximum-blocksize-to-98304-like-a-boss
I think Dan Larimer said that steem was one of the most transacted currency on the markets and it is evident from the vast volume of trade that it has on some days.
Let's hope this persists and steem becomes one of the biggest coins on the market! :)
So if steem is so wonderful how come I hear that steem dollars are worthless? And I see more and more posts where people are realizing the 'income' they thought they were going to get is by and large bullshit. One of their founders is in total power down and has moved on to other things. The price is down, I bought at $2.35, it's what now $1.17, I'd hardly say that is doing well. Probably the only thing it's got going is the free transactions. I think steem is a dying dog and is not going to do as well as you all think.
Steem cannot be a living for everyone. Neither can YouTube or any platform. It would be wonderful if it could, but that's simply an unrealistic expectation. It's a fact that thousands of people are making income here though, some very significant.
Steem Dollars are worth about a dollar, more or less. That's exactly what is intended.
I didn't know this stats wow the steem blockchain works really good you just can see it when you send to any exchange the transfer almost fly
Thanks, friend, for this outstanding analysis. It gives me considerably greater insight into the advantages of Steem and how it compares to other currencies.
😄😇😄
