Ethereum Outperforms Bitcoin by 460% in Number of Transactions, But Sending BTC Cheaper
On March 1, a Reddit user known as “reddito321” published an analytical article on the performance of two of the world’s largest blockchains, Ethereum and Bitcoin. The article highlights the number of transactions and costs of these two cryptocurrencies, based on data from January 1, 2023 to February 28, 2023.
The analysis shows that Ethereum has outperformed Bitcoin by a significant margin in terms of the number of transactions, with Ethereum settling 61,654,763 transactions, 460% more than Bitcoin’s 17,146,792 transactions. The report notes that this is expected as there are more things happening in the Ethereum chain, such as tokens and digital collectibles.
However, sending Bitcoin has been much cheaper than sending Ethereum, with the average fee per transaction for Bitcoin being $1.28, while for Ethereum, it’s $4.47. This means that sending Bitcoin has been around 3.5 times cheaper than sending Ethereum.
The report also notes that this analysis does not include contributions from Layer 2 technologies, as this information is not available on etherscan. Layer 2 technologies are solutions built on top of Ethereum that aim to improve its scalability and reduce transaction fees.
Overall, the analysis shows that both Ethereum and Bitcoin are performing well in terms of the number of transactions, but there are still significant differences in transaction costs. It will be interesting to see how the performance of these two blockchains evolves over time and whether new technologies, such as Layer 2 solutions, will have an impact on their performance.
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