On March 1, Reddit user “reddito321” posted a performance analysis of the world’s two largest blockchains, Bitcoin and Ethereum. The article highlights the number of transactions and costs for the two cryptocurrencies based on data from January 1, 2023 to February 28, 2023.
#Ethereum Outperform the market #bitcoin The number of transactions increased by 460%, but sending #bitcoin cheaper @azcoinnews https://t.co/cUH2mhZ0YB
— Kyptos (@azcoinnews) March 2, 2023
Analysis shows that Ethereum has completely overwhelmed Bitcoin in terms of transaction volume. During the analyzed period, Ethereum processed 61,654,763 transactions, 460% more than Bitcoin’s 17,146,792 transactions. The report noted that this was to be expected since there is a lot going on on the Ethereum chain, typically tokens and digital collectibles.
Bitcoin and Ethereum Daily Transactions
However, sending bitcoin is much cheaper than sending ether, with an average fee of $1.28 per transaction for bitcoin compared to $4.47 for ether. This means that sending Bitcoin is about 3.5 times cheaper than sending Ethereum.
Average Fee: Sending Bitcoin is about 3.5 times cheaper than Ethereum
The report also notes that the analysis does not include Layer 2 contributions, as that information is not available on etherscan. Layer 2 is a solution built on top of Ethereum that increases scalability and reduces transaction fees.
Overall, the analysis shows that both Ethereum and Bitcoin outperform in terms of transaction volume, 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, have a positive impact on their performance.
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according to Kyptos