Bitcoin Surpasses PayPal, Now Time To Overtake Mastercard - Know How?

Bitcoin Surpasses PayPal, Now Time To Overtake Mastercard - Know How?

2021-11-27 | Mike Hallen

Bitcoin Surpasses PayPal, Now Time To Overtake Mastercard - Know How?

According to Blockdata, the Bitcoin network might match the dollar value transacted on Mastercard's network as soon as 2026 or as late as 2060. By monetary value, the Bitcoin network now performs more transactions than PayPal, and the world's largest decentralized cryptocurrency network by market capitalization might overtake Mastercard as early as 2026. "When may the Bitcoin network process quantities like Mastercard & Visa?" according to a Thursday analysis from industry intelligence platform Block data. According to the report, the Bitcoin network handled $489 billion every quarter in 2021, which is more than the $302 billion processed by PayPal. BTC handles around 27% of Mastercard's $1.8 trillion every quarter and 15% of Visa's $3.2 trillion after only 12 years in existence. The total number of transactions, the average amount of Bitcoin transmitted each transaction, and the growth in the price of BTC are all variables that might propel the BTC network to the level of the two credit card behemoths in terms of total volume handled (BTC). The total number of transactions — the first element — is the most variable-dependent. "If Bitcoin increased its value transmitted each transaction today by 260 percent, it would handle a comparable volume to Mastercard on a daily basis," according to the theory. The research, however, was unable to locate recent statistics demonstrating that the average amount of BTC transmitted every transaction is increasing. Although the trend may alter in the future, a price increase of $245,000 at present volume would bring Bitcoin to parity with Mastercard. According to some experts, this price movement is more plausible than an increase in volume. Despite its youth, the decentralized Bitcoin network has managed to attain significant volumes when compared to the two centralized credit card giants, according to the research.

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