STEEM Surpasses Bitcoin!

5 months ago

We’re happy to announce that in the last 24 hours, we’ve surpassed the Granddaddy-of-Cryptocurrencies (Bitcoin obvs) in number of transactions over a 24 hour period!

Fast, Free, and More Transactions

Now, STEEM has been beating Bitcoin at a few things for a while. It takes only 3 seconds to transfer STEEM anywhere in the world while Bitcoin transactions recently averaged 18 hours! That means STEEM can be as much as 2,160,000% FASTER than bitcoin! And unlike Bitcoin, transferring STEEM doesn’t cost anything. There are absolutely no fees. It’s totally free. So it’s ... infinitely cheaper.

Now we’ve got yet another notch in our belt: yesterday 278,464 transactions took place on the Steem Blockchain at a rate of 3.223 transactions per second over the course of 24 hours! That’s 15,091 MORE transactions than Bitcoin with no hiccups! The Steem Blockchain is handling the volume with ease.

For Us, It’s A Big Deal

This milestone validates years of hard work. We built a platform that was designed to do things no other cryptocurrency was capable of, while being able to scale (something our competitors like Ethereum admit they are still struggling with). We wanted to develop a protocol that would enable people to earn rewards for the valuable content they shared with the public, and we did that. We accomplished all of that when we created the Steem Blockchain.

Finally we wanted to develop an application that anyone (not just people who are into cryptocurrencies) can use to share content and receive rewards. And we did that too with Steemit.com. Lately, signups have been accelerating and we have every reason to believe that trend will continue, so surpassing Bitcoin is really only the beginning. One day the number of transactions occurring on the Steem Blockchain will eclipse those on Bitcoin, and maybe then we will look back on this day fondly as the day when everything started to change

Happy Steeming!

The Steemit Team

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Precisely! This is a great achievement, but the target audience should be people outside of Steemit. Get the word out there - this story has a great hook. Focus on the currency aspects of Steem.

WoW... I just joined Steemit 4 days ago and this seems like really Great news !!

Thank You for the Heads-up

  ~~~ STEEM On !!! ~~~
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and I joined 2 days ago. getting ready to plow $5k into it, having decided against plowing $5k into bitcoin when it was at a dollar. can you even imagine?

steem, seriously, has the potential to be a most serious RESOURCE going forward. from now on, my social media posts will be exclusively STEEM. This is totally it.

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Its never late to make a fortune. You missed out on bitcoin but here you are getting in on STEEM early enough.

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Welcome!

  • Community Liaison, Steemit Inc.
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LOL your signature makes it look like you are replying to yourself with an oversized avatar.

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Hmm, that is a great point

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Try to buy some steem. This price won't last for long.

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I bought STEEM back in August, probably at around $2, and it was an excellent investment: the price may have immediately started falling, but the sense of commitment and engagement that having even a small stake gave me has given me immense value in terms of motivation. So that although financially it is now, in the last few weeks, a vindicated purchase that I made, that is not the main point. For me, the main point was purchasing the motivation to keep writing. So: win, win, win.

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I bought account for 0.1BTC. Don't ask :).

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I even bought at $3. No regrets.

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i f ound u again... u bought it at price 3$ before?

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I'm just getting into Crypto's, but when I saw Steem, and the price it's currently sitting at, I bought a few immediately. It's a great platform that will shape the way information is shared in the future.

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Welcome to Steemit. Enjoy the ride.

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i joined a few days ago and still trying to work out how it all works!!

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Welcome to Steemit! Definitely join us at https://steemit.chat =)

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most welcome..

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I´m getting in now. Really new to all blockchain tech but have been reading, wathcing videos, listening to podcasts and doing loads of research for the past 5 weeks. Incredibly exciting tech!! Have started buying and trading a bit as well and it seems very interesting so far! :) Hope to become a good member of this community and learning a lot, but also sharing my experiences and engaging in this. Hope you all will bare with me and answer my noob questions. I´m sure there will be many of them... :)

We all expected this to happen. And we didn't started steem engine even half speed yet.

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your right its going to keep going up!

Bitcoin was the first, but they are a dinosaur in terms of the technology at this point. It's only a matter of time before they are overtaken by something better... hopefully Steem ;)

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Like @craig-grant said a while ago : analog vs digital.

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Yes, another comparison that I like, which I believe Andreas Antonopoulos used, is Web 1.0 versus Web 2.0.

Perhaps Web 3.0 to 2.0 is the more accurate analogy, though :)

This is nothing new if you follow the graphene tech. Bitshares is Steems older brother and achieves blistering fast transactions.

considering i just sent a $10 Bitcoin transaction today and the fee was an astonishing $1.50, the free aspect to transacting, will be huuuuge.

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just what I thought. Lately, BTC has really started to sssuck. Constant increases in mempool size, hence need for higher-and-higher fees. It's a pretty big reason for other coins advancing, and rightly so: the idea of COMPETING CURRENCIES (Austrian School of Economics) is just that and will result in ppl moving to other (better as in faster, less expensive, more power-efficient etc) Cryptos and, at the same time, give Altcoins a boost...

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You nailed it right there!

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I believe you meant to say "yuuuuuge"...if so, I agree :)

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Imgur

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Is that a tampon your riding? :-)

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I think this is where I'm supposed to call you a misogynist pig or something...but that's pretty funny

These are absolutely stellar numbers and are a credit to all working behind the scene developing the system. One word... AWESOME..!! Proud to share this on twitter. Stephen

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Thanks Stephen!

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You are very welcome. Keep up the good work. Stephen

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Dear Stephen, you are a GOOD man who seems kind and honorable - I will proudly to join our efforts!

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Wow! A rocket powered Steemit vibrator! Great pic!

Yeah well, that's because Steem transactions are free and there are many more things you do with Steem transactions like voting, unlike Bitcoin which is 100% money transfers
- Hypothetical self defeating response

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haha [:applause_hands:]

AND WE ARE STILL GROWING!

That is actually mind-blowing, even though it's not really surprising. Congratulations, and thanks, to all involved!

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I know right! It's nice to hit the milestone even if we saw it coming.

Steem is my retirement investment.

Don't go spilling the secret yet, I still need to load up on more Steem power!!

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Yes!

Nice! :D Now we need to surpass Bitcoin's market cap :D Steem to the moon

Onward and Upward my friends!!!

Great News !!!

STEEM is never competing with BTC. They work on different niches. I like Steemit but it is nothing like BTC. Also the volume is soooooo extremely lower still.
@bitworkers

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Steem competes directly with Bitcoin on digital money transfer and store of value.

Up next... Steem beats Bitcoin's marketcap!

Congratulations @steemitblog!
Your post was mentioned in my hit parade in the following category:

  • Comments - Ranked 10 with 96 comments

Whenever I want to send money from exchange to exchange I sent Steem instead of BTC. Takes ages with BTC!

Steem on my friends. This is just one of many great milestones to follow

That's great to hear, congrats.

So, when will steemit.com be out of beta? :)

Good luck in the future!

Wow! I love this. The fees on transacting Bitcoin, will sooner than later pull it down. I see a future where Steem gets higher than Bitcoin even in Price. Someone may want to call it wishful thinking, how I wish you will remember this comment 3 years from today.

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Most Certainly, you are not alone my Friend. I'm on Bitcointalk Forum and the complains on transaction fees are becoming very severe.

This is some great news to celebrate!!

Resteeming this one for sure
@shayne

Joined today and everything looks great. Quite the noob here but soon will be up n rolling.......
Thanks everyone

This is so exciting! Congrats to all of you who have been here and built this platform to where it is now. I'm brand new, learning the ropes and very happy to be here. Wishing the best of success to all as Steemit continues to grow and gives more people the chance to create here. I'm definitely sharing the word!

Outstanding milestone! Any clue what our max transaction rate is? Are we close to hitting a ceiling?

The fundamentals of Steem are fantastic and keeps getting better! Keep up the great work!

Like the Energizer Bunny, it keeps going... and going... and going... and going... ;P

Transactions on steemit are unbelievably fast...Congrats on beating bitcoin in transactions.... hope to see it surpassing in market cap as well very soon. Steem ON!

Thumbs up to Steemit, we taking over with the value our platform is delivering to the community

So it’s ... infinitely cheaper.

That is sadly not true. It is 100% cheaper.

'Bitcoin is infinitely more expensive than Steem' would be true.

Sry for being so German.

Wow, alert the presses. This is huge news! Congrats to the developers who have worked so hard to make this system strong and the community which is rapidly adopting Steem for so many transactions!

woohoo! Great news!

Just incredible!

Wow. I am in awe of the power of STEEM

Steem is better in many ways.

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You should say in all, I think.

Soon the Steem mantra of "1-2-3-Done" will be known all over the world.

The 200K Bitcoin transaction jam would be gone in just over minute if BTC were on Steem.

They do not get it yet. A transaction of 0.001 or 1000 Steem all done for free, in 1-2-3...

Resteemed and shared on Twitter that sends it to Facebook.

This day went from good to even better. :-)

This is pretty epic. We're still early adapters. All to play for.

I've got to say that Steemit.com is one of the main reasons i was able to get into the crypto world. And it continues to be an amazing resource for education and networking. Thanks so much steemit community !

WOW , I love the striking energy generates here!!!

Huge milestone! Great work Steemit Team!

Great news! STEEM is gainning its place on top.

Let's sail this rocket to Andromeda!

This is awesome, happy to see the Steem plaforms growth.

Wow, amazing!

Wowww!!! Great News!!!...:0)...

This is awesome!

hi luke, i like your posts, extremely informative about alt coins.
please check my posts out.
haven't done anything on alt coins but would like to get your interest.
please resteem and follow if you like.
thanks
https://steemit.com/introduceyourself/@sunildkavuri/hello-my-steemit-family-from-sunil-introduction

Great to see an innovative publishing platform getting traction!

This is good evidence for the utility of the steem blockchain. It can handle a helluva lot of transactions and not even blink an eye.

Cryptocurrency & Creativity -- oo la la!! Count me in, but maybe not Flynn. 🤑🤑🤑

This is a remarkable milestone for Steem. Kudos

I'm so stoked to be here with you all! My first couple of days have been fantastic. Thank you all, fellow Steemians!

and it will only go up

It feels great to be part of history and part of this community! What's next?

GO STEEMIT!..GO STEEMIT!!....GO STEEMIT!!!

I though it was some kind of a joke before I read the whole article.. :p

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Eventually we'll surpass it in price too ;)

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I live on the same hope :)

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Of course. Maybe even much sooner than we expect.

MOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOON

Or good work steemit team, you guys are creating a product that can see an exciting future.

Woo hoo! Now if only the world was a meritocracy, we'd be dominating the cryptocurrency space. That's why marketing is so important. Keep working hard, team, and we'll support you however we can. Resteemed for sure.

All very possible if SegWit does not get activated.

should hold lot of steem.

OMG!

@steemitblog - somehow I find this part slightly misleading

Now we’ve got yet another notch in our belt: yesterday 278,464 transactions took place on the Steem Blockchain at a rate of 3.223 transactions per second over the course of 24 hours!

imo, it should be phrased as

278,464 transactions took place on the Steem Blockchain at the average of 3.223 transactions per second over the course of 24 hours! Not only that - at the time of writing, the Steem Blockchain can support up to 10,000 transactions per second when it comes to the crunch.

(Just thought it could be misconstrued)

Nice ! :)

Beautiful ! Great post. I think that this is just the beginning.

Excellent news..wow
Time to party

This is amazing news!!

Great keep the Steem pumping!

I'm going to sign up with bittrex so i can buy some steem. Thanks.

Nice, keep it up

This ought to be a selling point when commenting on that twitter post from BTC China or anywhere else.

Congrats. I think people are finally catching on to steemit.

So...I've probably missed something because I've never actually cashed out any steem...but don't you need to transfer steem into bitcoin before you can change it into dollars??

This is awesome news! Keep on steeming on everyone :)

Nice! Feels like we are in on the ground floor... I just hope governments or other organizations don't try to block Steemit.

Where is this data available? I can't find a good block explorer with daily tx counts anywhere.

Nice! Good job everyone. :-D

Great news 😎😎

this is great step

We're all gonna be rich?

This is a really good news for steem lvers like me .
thank you @steemitblog for sharing this post.

thats fly !!

benderrion.jpg

Steemit is unstoppable!

Interesting post. I was about to post a similair thread. Feeling sorry for all the uneducated investors that will loose a shitload of money in this high risk crypto market. Do you know this interesting site? https://www.coincheckup.com The site that lets you check all there is to know about the team, product, communication transparency, advisors and investment statistics on every crypto.