Highest number of 308488 Transactions on Tuesday, June 20, 2017 Lowest number of 1329 Transactions on Sunday, August 9, 2015What are Ethereum's 40k+ transactions per day used for?(self.ethereum)submitted by I spend most of my time in Bitcoin land, so I'm probably missing something.What use cases are going into all of Ethereum's transactions per day.The number is much higher than I thought it would be.I imagined most would be traders and devs who are testing their apps but the number of transactions per day seems too high for those to be the vast majority of uses.What else do you guys use Ethereum for?π Rendered by PID 12529 on app-521 at 2017-06-24 11:34:52.300721+00:00 running 3522178 country code: SG.Ethereum is barely two years old, but the currency is now already handling half of bitcoin’s transaction volumes, even though the later was launched some nine years ago, during the last decade.According to data by blockchain.info and etherscan, bitcoin is currently handling around 220,000 transaction with a max daily capacity of around 250,000 transactions, while Ethereum is now handling 125,000.

No other currency comes anywhere close.Litecoin, Dash, Monero and all the rest handle around 4,000 transactions or, at best, 10,000 transactions on a good day.Making Ethereum the only digital currency since bitcoin to handle significant volumes which currently stand around the same level as bitcoin’s last year.Who is making all these transactions is not easy to say.Ethereum does currently have around the same market cap as bitcoin last year, so it might be simply new users, but bitcoin is employed in commerce with some household brands accepting it for payments.Ethereum, on the other hand, has wider uses than just finance.It is used to power electric cars charging stations, for example, as well as to ensure goods authentication and to allow neighbors to trade solar power energy through a micro grid.On top, there are all the ICOs as well as projects like Plutus which aims to turn your smart phone into a credit card by allowing you to pay with eth any merchant as they convert it to dollars on the fly.

On the other hand, bitcoin’s real demand is probably higher than just 250,000 transactions a day, but, its capacity is limited, which may mean that regardless of why it’s not handling more transactions, the utility it provides is that of 250,000.Compared to ethereum, those transactions are very expensive and super slow.bitcoin blvdSo it may be the case many of ethereum’s current transactions are from businesses which have been priced out from bitcoin and have thus had to use other public blockchains.litecoin 1 gh/sThose businesses are diverse in nature.1000 ghz bitcoinMiners payouts, perhaps BitPay merchant’s payout in an integration through Shapeshift, maybe exchanges which have hedged, maybe Venezuelans who after getting into bitcoin last year may have now been priced out and may have begun looking at eth.sell litecoin gbp

That means the nascent currency is forming considerable network effects and very quickly because transaction volumes tend to highly correlate with price as they are reflective of utility which is what gives anything value.On top, it has carved its own niche ecosystems and network effects where it pioneers because of its smart contracts.litecoin gainToken sales are one, which have spurred a number of new innovative projects all revolving around eth.bitcoin feministThe industrial use of smart contracts is another, as is the financial use of smart contracts.как купить bitcoin qiwiMoreover, it may not be competing with bitcoin even on payments anymore because that currency may have abandoned the payments market due to its very high fees which have now reached $2-$3 per ordinary transaction, leaving it open to more nimble newcomers.bitcoin wallet scan

Can ethereum handle this growth rate?It depends how fast adoption and development moves in the coming years, but eth can currently handle around 20 transactions per second, which is close to 10x of bitcoin’s current capacity.That means, even in its current form, it can at full capacity handle some 2 million transactions a day.bitcoin hangoutThe roadmap plans to increase that through Metropolis, Proof of Stake, Raiden, and the grand prize, sharding, when it may be able to handle as good as unlimited capacity.So the currency and platform will probably be able to operate at above demand for the foreseeable future.Able to easily handle bitcoin’s current capacity and probably seven or 8 times more with no problems before gradually scaling it further to the point of, eventually, as good as unlimited capacity.Ethereum’s transaction volumes have now reached around 161,000 a day, up this month from around 100,000, in a sign of growing use and increasing utility of the barely two years old network.

Transaction volumes on bitcoin, on the other hand, have sort of leveled.Yesterday it handled around 319,000, but it varies up and down due to its backlogs which might be forcing users to not transact.That means ethereum is now handling more than 50% of bitcoin’s transaction volumes, transferring yesterday nearly $2 billion worth of value without any congestion or backlog as eth transactions usually confirm in seconds.The increase in volume corresponds to a considerable increase in price, with the currency yesterday experiencing a jump from around $87 to $122, showing a strong correlation between transaction levels and price.Ethereum’s market cap, however, has not yet reached 50% of bitcoin’s, currently standing at around 36%, with both currencies moving up recently as bitcoin now stands within touching distance of $2,000, a doubling from a few months ago.Ethereum has had a lot of recent news, but it’s not clear why bitcoin is increasing considering its backlog of around 200,000 that continues for the fourth day running, high fees, as well as a number of businesses moving to other chains while bitcoin hasn’t seen any new ones or new projects.

It may be because of recent front page publicity due to the ransom attacks, while ethereum has attracted attention more because of the many new projects that have and continue to launch as well as the Ethereal Summit yesterday.Eth’s rate of adoption is fairly remarkable with its transaction volumes far higher than any other digital currency, except for bitcoin.Some merchants have even began accepting it for commerce, but most of the volume probably comes from smart contracts.At this rate of growth, it might overtake bitcoin’s transaction volumes, not least because bitcoin can’t currently handle any more.Unlike bitcoin, it would continue operating normally, but next year or in 2019 it might begin needing more capacity.That is planned to be provided in two ways.One of them is Raiden, a second layer protocol similar to the Lightning Network, which can be used by smart contracts and repeated payments businesses.It was in alpha last year and plans to launch any time now.The second scaling method is on-chain with Vitalik Buterin stating they plan to use “a combination of sharding schemes, random sampling, heavy use of Merkle proofs and asynchronous calling in order to increase the potential transaction throughput from ~10-20 transactions per second to over 100,000.” That should be plenty of capacity if achieved with plans to increase it gradually through proof of stake and sharding.