Episode 220: How many active wallets are there on Bitcoin and Ethereum? - Crypto in Plain English - Episode 220 - by cryptohunt.it

Episode 220: How many active wallets are there on Bitcoin and Ethereum?

Welcome to the cryptohunt jam where we spend one minute a day explaining crypto. In plain English.

Last time we tried to answer the question of: How many people are actually using Bitcoin and Ethereum, the two largest crypto currencies?

We did that by looking at daily transactions. Today, we'll continue, and we are looking at something a little different: How many daily active wallets there are.

Think about it this way: You have a real wallet, and you use it to buy things once a day, let's say lunch. That's one wallet and one transaction. But your neighbor eats out for breakfast, lunch, and dinner - three transactions, but still just one wallet.

That's why daily active wallets are an interesting perspective to take, because they represent more accurately how many actual users there are on these blockchains.

And the story is interesting: Ethereum was lagging behind Bitcoin in the beginning, but shot up like a rocket almost immediately. It has since caught up with Bitcoin, and has roughly the same 800,000 daily active wallets now.

So, to summarize today and yesterday - Ethereum caught up in numbers of wallets, but has 5x more transactions. People are using it more actively, building decentralized apps, buying NFTs, etc. - all which is not possible with Bitcoin.

Now go out and do your own research! Just keep in mind one little caveat: While you and your neighbor will probably not carry around more than one wallet, creating those on a blockchain is easy and can be automated. So not every wallet also means there is a new individual behind it.

And one more thing: We just started a patreon account for this podcast. If you enjoy this show every day consider supporting us on patreon.com/crytptoinplainenglish.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.