Bitcoin has already surpassed the Paypal network in terms of processing volume. Will it be better than Mastercard and Visa?
Although centralized payment systems such as PayPal, Mastercard/Visa and the like are still considered “modern”, they are actually quite old. Bitcoin is growing. It also explains why the two giants PayPal and Mastercard/Visa are looking to integrate cryptocurrencies into their network. Have we ever reached a tipping point? And if not, when?
Bitcoin has already surpassed the Paypal network in processed volume
PayPal offers a system of digital wallets like crypto wallets, but currently only government currencies can be stored anyway, i.e. dollars, euros, etc. So it’s “enough”to add them to stay in the race. For a little over a year now, the platform has been allowing its users to use bitcoins. And indeed, the time has come for the appearance of this cryptocurrency.
Indeed, according to a Blockdata report, it appears that the Bitcoin network has outperformed PayPal in at least one area. On average, $489 billion will be processed on the Bitcoin network in 2021, compared to “only”$302 billion for PayPal.
Will it be better than Mastercard and Visa?
The Visa and Mastercard networks continue to outperform the bitcoin network, with Mastercard processing at least $1,800 billion quarterly in 2021 and Visa processing $3,200 billion. However, according to Blockdata analysts, the growth of the Bitcoin network should be such that the BTC network can surpass the Mastercard network between 2026… and 2060. The difference is still quite large.
Also, according to Blockdata, three main factors could allow bitcoin to outperform Mastercard: an increase in the number of transactions – with second layer solutions or various optimizations – an increase in the average number of bitcoins sent per transaction – with new institutional investors – and an increasing price. bitcoins.
After all, the only major hurdle still standing in the way of bitcoin is the threat of regulation looming in many countries.