The Most Popular Cryptocurrency in Terms of Transactions
The fight for Crypto dominance is real. Every coin wants to fetch the spotlight from Bitcoin and surpass it as the number one Cryptocurrency. But this can’t happen without competing Bitcoin by the number of use cases, transactions, and community growth. Bitcoin has seen exponential growth among many Asian and European countries in terms of acceptance. With more than a million merchants accepting it as a medium of exchange, the Altcoins look for other ways to dominate the Crypto sphere.
You might already know most of them, such as Dash, Neo, Litecoin, etc. but not all Cryptocurrencies process the same number of transactions as Bitcoin. In fact, some Altcoin process more transactions than Bitcoin but still are not able to dominate Bitcoin’s market cap. And guess what the most popular Cryptocurrency is? Well, from a top-to-bottom list it includes:
Sorry to pop your bubble if you were guessing Ethereum or Binance. Instead, Tron is the most popular Cryptocurrency by daily transactions. When speaking about Tron, there is no doubt that it has a lot of potentials to overcome most of Ethereum’s scalability issues. But it is still a young Blockchain and needs more time to dominate the ICO and Dapps market.
Upon its inception, Tron quickly gains a lot of support from the Crypto community. Many developers rapidly begin integrating it into their Dapps, such as in Casinos and Games. You can also browse most of the popular Tron Dapps here. As per the data from Tron Block Explorer, the Blockchain process an average of 2.1 Million transactions daily. This is quite far from what Bitcoin and other currencies usually process.
Perhaps, the fast growth of Tron can be because of the popular Dapps operating on its network. Which alone boasts around half a million transactions per day! You can also read more about Tron here.
Ripple also termed as the banker’s coin boasts around 875,000 transactions on a daily average. Its stats easily beat the average daily transactions compared to Bitcoin and Ethereum. Released back in 2012 by Ripple Labs Inc, it caters to banking needs and reduces the cross border transaction cost. The coin rapidly became popular to dominate the Coin market cap. It now ranks among the top 3 Cryptocurrencies by market capitalization.
There might be several reasons for this Cryptocurrency to outperform its rival in terms of daily use, such as fast transactions. The transaction on the Ripple network comes within 1-2 minutes after initiation. Besides, I have used XRP several times to transact money across the border, and it has always gone smoothly.
And finally, Ethereum makes it to the third most popular Cryptocurrency of 2019. A Russian-Canadian developer Vitalik Buterin made Ethereum, and today it powers several Dapps. The coin quickly gained attraction among the Crypto community by fueling popular ICOs such as Binance, Bancor Network, and TenX.
Ethereum was, in fact, the most popular Cryptocurrency back in early 2018 and surpassed XRP quite a lot of time in terms of daily transactions. But eventually, Ether failed to maintain its position and now boasts a daily volume of 610,000 transactions on average. However, Ethereum is still popular in the Dapps community and still functions a lot of decentralized projects.
Well, the king is here. Bitcoin might be the dominant Cryptocurrency by market capitalization and kind of the industry. But it is not the most used one. This might be because of different reasons, such as use cases, block generation time, and scalability issues.
Bitcoin dates back to 2009 and is the was the first Cryptocurrency that came to inception. The technology comes up with a block generation time of 10 minutes and functions as a decentralized financial ecosystem. It is ranked as the number one Cryptocurrency and has been holding this position despite several downturns such as flippening.
As at the time of this post, Bitcoin boasts daily transactions of around 300,000 on average. This might seem significantly lower when comparing it to Tron (TRX), but it doesn’t mean that Bitcoin would die or go obsolete. In fact, Bitcoin is widely used as a medium of exchange on several online stores and companies.
Wrapping it Up
Cryptocurrency is a volatile industry. The usage of coins can highly fluctuate depending on the occasion and market sentiment. At times, currencies such as Dash, BSV and, etc. have recorded more transactions than Tron over a day. Hence, the high usage of Cryptocurrency can fluctuate extensively and shouldn’t be a basis for investment. When it comes to Crypto, it is essential to do thorough research about the coin and team, and picking one just because of the volume and the number of transactions is not likely a great strategy!