I wanted to see how the transaction activity for Steemit has been going, and how Bitcoin compares both now and when it started. Maybe there is some information to gleam from a comparative analysis. So I did that and decided to post about it.
I ask you to offer your insights from the charts, but no one really knows how things will go. This is just a creative exercise to see what we can envision as possibly coming ahead, from the current and previous activity.
Steem
This is Steem's transaction activity level each day since it was online:
The above includes all transactions, including posts and comments, everything.
This is Steem's post and comment activity level each day since it was online:
I haven't yet figured out how to do a subtraction chart, but if you subtract the posts and comments from the total transactions then you get a better idea of the non-posting transactions that are being made, such as those related to the token itself.
This is what it looks like with an approximate adjustment on my part (not exact):
So that is the non-post transactions, that include all the token transactions involved, just not the posts themselves. This represents a more or less (I think, correct me please) the financial activity on the blockchain.
This prepares the data for a slightly more accurate comparison with Bitcoin.
Bitcoin
Here is the Bitcoin transaction activity (Confirmed Transactions Per Day) since 2009, with a 3 year section in a green box for relative comparison to Steem.
This is the same graph, but smaller, just to show you how it changes:
And now the Bitcoin transaction level for the first 3 year approximately.
I took that activity first because it was relative to the start of Bitcoin, and we are at the start of Steem.
This is what Steem looks like in terms of the first major bump in Bitcoin activity.
But, there is also the transaction volume to account for. That means another relative comparison needs to be done in terms of transactions scale.
So that's what I did next, to try to match Steem's transaction levels to Bitcoin's transaction levels.
Here is an overlay of Steem so far, at the transaction high matched to the same and current Bitcoin transaction activity level:
To me, that looks a bit more accurate considering the transactions levels match more. But the other one was more a start-up time frame, so it might match more.
Anyways, what do you think? Does this indicate where we are going? It's all just speculation, but it's a bit of fun to fantasize and dream about what we think is going to happen to Steem :P
Bonus, Steem's post only (no comments) activity level mainly coming from Steemit.com:
Well that's it for the charts and comparison.
Who knows what the future holds. But personally, it looks promising to me :)
What do you think?
References:
https://blockchain.info/charts/n-transactions?timespan=all
Thank you for your time and attention! I appreciate the knowledge reaching more people. Take care. Peace.
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@krnel
2017-01-08, 7:15pm
Hello @krnel,
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o0o thanks again!
круто
Nice analysis and great charts. Looks like healthy activity to me and seems to be following btc. I am hopeful, we shall see.
Hopeful indeed. It looks bright :) Thanks for the feedback.
I've been trying to get these statistics thanks. Now It's easier to see a bigger picture.
Sweet! Glad it helped you out as well. I was curious and just had to spend hours trying to get this data... lol... but I learned how to do it now. Thanks for the feedback.
Thanks for making a post about it. I've seen similar posts but they've been missing for the past few weeks. Maybe you could fill that hole? I'd like to see all kinds of data lrelated to steemit.
You're welcome. Fill what hole? Not sure I understand what you're asking. Thanks.
There were posts about various stats related to steemit like new users, user activity etc. but I haven't seen them for weeks. Now that you have the knowledge to pull the data and show it you could do those posts.
I have been wondering about this as well. Thank you for doing the work to put all these charts together @krnel. The confirmed transactions per day chart is especially exciting to see!
Hehe, yes exciting indeed. Thanks for the feedback.
Great post here @krnel, pretty clear to see the parallels as you have drawn it out. Though steem is moving at a much quicker pace developmentally then early BTC did. Good times ahead :D
Yup, we are already in the "bitcoin" era, so the adoption was much quicker compared to when bitcoin was the first. So that skews things. But I tried to see how to match it the best. Thanks for the feedback :)
I think what you did makes sense. :)
Very clear
Math makes Truth :) ...this is a very heavy job
Waiting for voting activity and views if you make it or have it, maybe some more evidence and truth of the state of Steemit
We are not retaining and attracting good curators and authors a main strategic and tactical problem to deal right now, in the interest of the future and all the community as well as the Human and financial values of Steemit.
Some friends I invited to see steemit loved the idealistic aspect of it but they noticed some low-quality content and they are reluctant to join because they write high-quality content in psychology but they have scholar reputation to defend too
But one is going to join with anonymity heheh, because he liked the idea involved
Let's make Steemit a better world, writing content that changes people and reality and makes traditional media obsolete, the first thing I felt when I joined steemit, because I understood that it was the main goal
Looks like STEEM is no way inferior to BTC and is following it in every aspects lets hope it continues this way ad there are more STEEMians in future.by the way terrific work @krenel
The similarity with the five year lag is remarkable. This article is shocking to me. The transaction rate seems to have an asymptote at 9 000. Bitcoin is delivering. 280 000! This network's use is a long way from Bitcoin's use. Although theoretically Steem can do a lot more it really is a long way from demonstrating it can do as much as Bitcoin.
That's the thing with all of these other altercoins that have an increased blocksize limit. Basically if the Steem had a one megabyte per ten minute transaction limit, we would have never noticed.
Good point, thanks for the feedback. The block size that holds an amount of transactions would change things.
Great post ...very concise and informative report. These kinds of chart patterns occur in the early phases of a products life cycle. Of course some products can go on for a long time but they never recover the original momentum but rather plateau. In the case of bitcoin we should expect it to lead other currencies since it is the most established. Over time, bitcoin will be become obsolete but may still act as a reserve currency since it established the market place. Maybe the best thing is to get out of bitcoin and buy steem...so many breakthroughs in cryptocurrencies have occured since satoshi's paper first came out. I'm definitely voting up on this post.
Well thanks for the feedback. That's something to be aware for sure. We are riding he bitcoin popularity and any other crypto project can surpass it if it has the chops to provide more and better service, which Steem seems to have ;)
This relative comparison is awesome. Let's us speculate into a time frame of that potential surge in activity. From an investments stand point I really enjoy this type of info. Also, good because it kind of set expectations for realistically as opposed to thinking steem is going to be massive within weeks.
Thanks for the feedback. Glad it provides some insight for you :) I wasn't sure how good this would be for others, but it was some interesting information to consider.
Great post! The only thing that holds my euphory a bit back is even though the transaction volume between BTC and Steem might look similar, the available supply of Steem is about 14 times higher than of Bitcoin, therefore both transaction have a total different weight.
That's true. There are many factors I wasn't considering in a more accurate assessment. This comparison is too simplistic. It was only intended as something fun to look at. Thanks for the feedback. I'll see if I can come up with something more accurate... hehe.
It has also been monumentally inspiring as it looks awfully promising on so many level, financially as well as on a socio-political level. Thanks a LOT for these charts I have been dreaming of for quite a while now. they are very informative. To me, this looks like history being made and we are majorly partaking to it. All for one and one for all!!! Namaste :)
Buenisimo amigo muy bueno gracias
Thks @krnel for your contribution to the community. I'm always amaze to see how community members can serve other community members and get compensate for their. It represent the vision of our inventor @dantheman when he design the infrastructure of this protocol since it's inception in 2014 with Bitshares. I see the power of this community and this is really revolutionning online publishing. Lets's keep up building and supporting each other. U can count on my vote.
my first reaction to this post was excitement :)
you are probably and hopefully right, this really looks promising.
I wasn't around when Bitcoin took off, not gonna make the same mistake again with steem(it).
Charts like this should always use a logarithmic scale. Trading charts too.
I hope it's one of those times history repeats itself.
By seeing this! I now believe it will surpass Bitcoin transactions greatly!
There is a peak in the post+comment figure, around Jan 11th. Any idea where this come from?
Except this naive question, it is cool to relate Steem first moments to the Bitcoin's ones! Thanks for showing the comparison.
November you mean? 11th month? Looking at the posts only there wasn't s spike, so that was heavy comments, many popular topics being commented on that date range.
Ahaha don't ask me why I wrote Jan 11th.... It was late yesterday. Yes November of course :)
Hi @krnel
Interesting graphs and comparison.
Is there anywhere/link that we can check the steem charts? I know there was steemle.com but now it's not available. Thanks.
Perhaps most of them are votes.
Oh damn, you're right, sorry, and more now that I go look. That is an incorrect statement for sure hehe. Well it was only not posts+comments then. Thank you for bringing this up.