Want to see what free hard numbers really mean? Would you like to know how big an advantage Hive has over both Ethereum and Bitcoin in this area?
We often argue that Hive is an advanced technology that is much cheaper to run. So let's start pouring it into numbers.
As we can see, Ethereum is about 400K more per day than Hive, while Bitcoin is about the same amount less. Some question the accuracy of Block numbers, especially in Proof-of-Work chains. Still, it shows that neither Bitcoin nor Ethereum is processing 10 million or more transactions per day, even if it is not a 100% factor. This makes sense considering the time required to complete a single transaction. It is the limiting factor of both chains.
Of course, we know that the USD amounts in both chains are much higher than in the Hive. There are some enormous amounts of money carried in both Bitcoin and Ethereum. However, it is vital to remember that sending $ 1 billion costs the same amount as $ 1 billion. The data size does not change as the value increases.
The same place also shows us what the current fees in Bitcoin and Ethereum are. We know that these have dropped a little from where they were in the past month. This may be temporary or may be at this level for a while. The users of the platforms simply do not know.
As we can see, a Bitcoin transaction costs about $ 28, while Ethereum is just shy of $ 10. Obviously, those that are as high as these are really increasing.
How much does this add up?
Here are a few titles that caught it.
This is a huge amount. Of course, close to $ 60k Bitcoin really helps with this. However, there is another issue to focus on.
Bitcoin transaction fees totaled $ 247 million for April. This is money paid from people's wallets to simply send a transaction.
However, this is not the worst.
A similar title.
Almost half of the month's revenues came from transaction fees. A fee of $ 700 million was paid by users to send money from one wallet to another.
We are discussing how Hive has free trades. The fees paid by users of Bitcoin and Ethereum have reached large sums of money for the privilege of trading on these blockchains.
How does the hive accumulate?
The numbers to use are from where I trust, who prepares a weekly Witness earnings report. Some freedoms will be taken, such as finding roughly a monthly amount by taking the weekly total and multiplying it by 4.2.
Using some advanced math skills, we see that on a monthly basis, 57,732 are 242,474 Hives. If we apply the current HIVE price of 63 cents, we see that the total is $ 152,758 for the month.
This is a healthy amount, but much less than what we see with Bitcoin and Ethereum. We must remember that if the numbers of Blocktivity are correct even remotely, the number of transactions will not exceed the Hive by a huge amount.
Of course, the price of HIVE is much lower than others. For the sake of argument, 10 times the price of HIVE. This makes $ 6.30 and the amounts rise to $ 1.5 million. This is a much larger amount.
However, there is a difficulty in doing this. Price in USD doesn't really matter to the ecosystem (as it applies here). None of this comes from anyone's wallet. It comes from all HIVE (HP) blockchain being distributed. This is similar to miners winning the race in Ethereum and Bitcoin.
Therefore, we may want to look at the income of the block validators that came as a result of the fees.
This is where free comes in.
This total for the month of April in Hive: ZERO.
This is truly an eye-opening result.
Hive users paid ZERO fees to transact in Ethereum compared to more than $ 700 million and Bitcoin at $ 240 million. Of course, the reason for sending the money through Ethereum is a little different. This is the people involved in DeFi as well as the NFT craze.
However, from a payment or money transaction point of view, it's easy to see how these charges can be avoided.
We generally accept the free idea until we look at the numbers. Surely anyone can come to the conclusion just to send some money when faced with a $ 30 fee. However, the sum of everything for the entire system can really put things in perspective.
This is one of the biggest advantages of Hive over the other two chains. With over tens of millions of transactions per month, the difference reaches hundreds of millions of dollars.
In fact, if we add the two chains, we get closer to $ 1 billion. There was a time when it was thought to be a lot of money.
Total revenue from transaction fees on Hive: ZERO.
