STEEM Surpasses Bitcoin!

5 days ago
69 in steemit

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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68
  ·  5 days ago

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.

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37
  ·  5 days ago

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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69
  ·  5 days ago

Welcome!

  • Community Liaison, Steemit Inc.
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67
  ·  5 days ago

LOL your signature makes it look like you are replying to yourself with an oversized avatar.

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69
  ·  5 days ago

Hmm, that is a great point

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57
  ·  5 days ago

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

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65
  ·  5 days ago

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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54
  ·  5 days ago

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

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57
  ·  5 days ago

I even bought at $3. No regrets.

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25
  ·  5 days ago

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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50
  ·  5 days ago

Welcome to Steemit. Enjoy the ride.

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26
  ·  4 days ago

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

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64
  ·  3 days ago

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

57
  ·  5 days ago

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

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26
  ·  4 days ago

your right its going to keep going up!

73
  ·  5 days ago

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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57
  ·  5 days ago

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

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59
  ·  4 days ago

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 :)

55
  ·  5 days ago

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

74
  ·  5 days ago

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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35
  ·  5 days ago

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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59
  ·  4 days ago

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

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58
  ·  5 days ago

Imgur

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25
  ·  4 days ago

Is that a tampon your riding? :-)

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49
  ·  3 days ago

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

71
  ·  5 days ago

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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71
  ·  5 days ago

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

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42
  ·  5 days ago

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

66
  ·  5 days ago

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25
  ·  4 days ago

Wow! A rocket powered Steemit vibrator! Great pic!

64
  ·  5 days ago

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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69
  ·  5 days ago

haha [:applause_hands:]

70
  ·  5 days ago

AND WE ARE STILL GROWING!

65
  ·  5 days ago

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

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69
  ·  5 days ago

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

47
  ·  5 days ago

Steem is my retirement investment.

57
  ·  5 days ago

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

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59
  ·  5 days ago


Yes!

56
  ·  5 days ago

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

66
  ·  5 days ago

Onward and Upward my friends!!!

59
  ·  5 days ago

Great News !!!

52
  ·  5 days ago

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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64
  ·  5 days ago

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

67
  ·  5 days ago

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

64
  ·  5 days ago

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

  • Comments - Ranked 10 with 96 comments
70
  ·  5 days ago

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

67
  ·  5 days ago

That's great to hear, congrats.

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

Good luck in the future!

58
  ·  5 days ago

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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64
  ·  5 days ago

So I'm not alone ;-)

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58
  ·  5 days ago

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

65
  ·  5 days ago

This is some great news to celebrate!!

Resteeming this one for sure
@shayne

38
  ·  5 days ago

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!

25
  ·  5 days ago

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

68
  ·  5 days ago

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

43
  ·  5 days ago

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

51
  ·  5 days ago

should hold lot of steem.

46
  ·  5 days ago

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

46
  ·  5 days ago

Let's sail this rocket to Andromeda!

44
  ·  5 days ago

and it will only go up

53
  ·  5 days ago

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.

46
  ·  5 days ago

woohoo! Great news!

72
  ·  5 days ago

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!

57
  ·  5 days ago

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!

71
  ·  5 days ago

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.

67
  ·  5 days ago

Huge milestone! Great work Steemit Team!

65
  ·  5 days ago

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

40
  ·  5 days ago

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

49
  ·  5 days ago

Great news! STEEM is gainning its place on top.

41
  ·  5 days ago

iiwicked

57
  ·  5 days ago
45
  ·  5 days ago

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

69
  ·  5 days ago

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

62
  ·  5 days ago

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

65
  ·  5 days ago

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

45
  ·  5 days ago

Wow, amazing!

56
  ·  5 days ago

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

68
  ·  5 days ago

This is awesome!

50
  ·  5 days ago

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

25
  ·  5 days ago

Great to see an innovative publishing platform getting traction!

69
  ·  5 days ago

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.

57
  ·  5 days ago

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

58
  ·  5 days ago

This is a remarkable milestone for Steem. Kudos

67
  ·  5 days ago

MOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOON

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

58
  ·  5 days ago

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

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69
  ·  5 days ago

Eventually we'll surpass it in price too ;)

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58
  ·  5 days ago

I live on the same hope :)

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57
  ·  5 days ago

Of course. Maybe even much sooner than we expect.

70
  ·  5 days ago

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

61
  ·  5 days ago

Wow. I am in awe of the power of STEEM

58
  ·  5 days ago

Nice ! :)

66
  ·  5 days ago

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. :-)

71
  ·  5 days ago

Just incredible!

46
  ·  5 days ago

All very possible if SegWit does not get activated.

38
  ·  5 days ago

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

45
  ·  5 days ago

OMG!

55
  ·  5 days ago

Happy.

74
  ·  5 days ago

@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)

61
  ·  5 days ago

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 !

68
  ·  5 days ago

Steem is better in many ways.

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57
  ·  5 days ago

You should say in all, I think.

56
  ·  5 days ago

Excellent news..wow
Time to party

72
  ·  5 days ago

This is amazing news!!

26
  ·  4 days ago

Great keep the Steem pumping!

25
  ·  4 days ago

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

37
  ·  4 days ago

Nice, keep it up

58
  ·  4 days ago

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

67
  ·  4 days ago

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

60
  ·  4 days ago

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??

56
  ·  4 days ago

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

53
  ·  4 days ago

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

40
  ·  3 days ago

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

31
  ·  13 hours ago

Nice! Good job everyone. :-D