Bitcoin overtakes Paypal on value transferred, sets sights on Mastercard: Report

Bitcoin overtakes Paypal on value transferred, sets sights on Mastercard: Report
The new data from the World Bank shows how Bitcoin is now worth more than traditional electronic payment services like PayPal. A report by Cambridge Global Payments in August revealed that Bitcoin surpassed $5 billion in annual transactions and was supplanted Paypal’s market share to only 12 percent. The cryptocurrency has also set its sights on monopolizing other financial giants such as Visa Inc., which makes up nearly one-third of all global card payments. The majority of these transactions are currently processed through banks and credit cards but blockchain technology could change this with a low cost for users at less risk for merchants; however, it will take time before the industry becomes widespread .
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Bitcoin overtakes Paypal on value transferred, sets sights on Mastercard: Report

 

By monetary value, the Bitcoin network now handles more transactions than Paypal, and the world’s biggest decentralized cryptocurrency network by market cap might overtake Mastercard by 2026.

When may the Bitcoin network handle quantities like Mastercard and Visa?, according to a research published on November 25 by industry intelligence platform Blockdata. According to the report, the Bitcoin network handled $489 billion every quarter in 2021, which is more than the $302 billion processed by Paypal. Bitcoin handles around 27% of Mastercard’s $1.8 trillion every quarter and 15% of Visa’s $3.2 trillion after just 12 years in existence.

The total number of transactions, the average amount of Bitcoin transmitted each transaction, and the growth in the price of Bitcoin are all variables that might propel the Bitcoin network to the level of the two credit card behemoths in terms of total volume handled (BTC).

The first element, the total number of transactions, is the most reliant on variables. “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 Bitcoin 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.

Blockdata concludes that the price of Bitcoin is unlikely to rise to the level required to match Mastercard. It may take till 2060 if one considers the average annual Bitcoin price. “Taking the present growth rate in 2021 as a yardstick, it might happen as soon as 2026,” says the report.

Despite BTC ‘probably’ not reaching $98K in 5 days, Bitcoin bulls have a lot to be happy for.

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.

“It’s astonishing that Bitcoin, a 12-year-old decentralized network, is 27 percent of the way to Mastercard, a firm created in 1966, in terms of volume handled.”

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