One of the biggest indicators of the success and utility of a technology has been the amount of use it gets. In the Bitcoin and Blockchain world that can be measured in several ways, but an important one is the number of transactions on any given chain. By that measure, the Bitcoin SV (BSV) blockchain has recently achieved a significant marker, passing BTC in total transactions per day.
Captured by Twitter user BitcoinHoarder, BSV passed the BTC blockchain in daily transactions on October 6, recording over 290,000 transactions in a 24 hour period, edging out BTC’s 288,000.
— BitCoinHoarder (@BHoarder1) October 6, 2019
Using the tools available on bitinofocharts.com, BSV ranks as having the third most transactions of any cryptocurrency they track, ranking behind only XRP (915,220) and Ethereum (571,945).
A deep dive into the numbers reveals how Bitcoin SV (BSV) is able to achieve such volumes, and the answer lies in utility and usage. The average BSV transaction comes in at 0.6263 BSV ($51.42 USD) and the median comes in at 0.0038 BSV ($0.31 USD). The latter figure is nearly impossible on the BTC chain, as it typically fail to cover the transaction fee to even make a transaction.
But a transaction for less than a dollar is the norm for BSV because it has become a popular data carrier, allowing services like WeatherSV and UptimeSV to use the Metanet protocol to transmit data over the blockchain, and in turn, pay for their services with micropayments. Over time, this new data carrier service and micropayment economy will prove to be a better model for many enterprises.
As one Twitter user noted, this trend is set to continue, as more developers build on BSV, this trend is bound to continue, as new applications will increase the number of transactions, proving the massive scaling model of BSV and increasing its utility.
More apps please, lets double their transactions
— buyemoney.com (@buyemoney) October 6, 2019
Those new applications may be just around the corner, as many of the presentations at the recent CoinGeek Seoul noted. Several products are due to come out soon for BSV, and with them, increase the volume on the blockchain.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.