Ethereum Transferring $1 Billion Worth a Day, 6x More than Western Union

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Ethereum is currently transferring some $52 million worth an hour, with the currency moving around 2.2 million eth ($1.3 billion) per day.

That volume has remained above the one billion dollars level for now months, reaching a peak in January during the then fast price movements.

While bitcoin’s far higher price means their 1 million bitcoin transfers a day translates to some $10 billion every 24 hours.

Ethereum and bitcoin processing volumes.

That’s far higher than Western Union, which processed some $80 billion in 2016, translating to around $200 million a day, more than six times less than ethereum.

On the other hand, ethereum’s yearly $370 billion is far less than Visa which processed nearly $9 trillion worth in 2016.

Bitcoin, however, isn’t far off. Extrapolating its estimated $10 billion a day makes it some $3.7 trillion, around 1/3rd of Visa. Quite an achievement for the 9 year old.

As bitcoin and ethereum are public blockchains, one can easily see how much was sent within any time period, but knowing where it was sent to is a different question.

Some of them may well be moving between addresses owned by the same individual or entity, especially in bitcoin, to either obfuscate or for privacy reasons.

Plenty would be going to exchanges you would think, although since the address of most crypto exchanges is known we look forward to a detailed peer-reviewed study analyzing where all this money is going.

A data analytics company has suggested some 53% of ethereum transactions go to smart contracts, but that doesn’t mean 53% of all eth. The estimate there is 27,000 ethereum, translating to some $16 million a day.

DAU = Daily Active Users, stats from Dappinsight.

That’s seemingly growing as only recently it was $7 million, with ethereum’s smart contracts/dapps space constantly moving and at very great speed, from supply chains to now potentially gaming being the hot new thing.

Some $6 billion yearly active usage of dapps if that $16 million a day extends to an entire year is in a way fairly impressive considering ethereum is no where near its final form.

A significant economy, therefore, has now been created, with hundreds of billions moving yearly across the globe without any intermediary or any trusted party.

That’s at a very limited current capacity with ethereum planning to expand that considerably by 2020 when its value transfer services can be opened to far more industries.

Copyrights Trustnodes.com

 

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