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Saturday, August 13, 2022

Bitcoin Goes Past PayPal On Value Transferred

The network of Bitcoin already consists of more volume by dollar than PayPal, and it has been expected that BTC would go beyond Mastercard soon. According to a Thursday report from market intelligence program Blockdata, it has been highlighted that the network of the largest decentralized cryptocurrency processed close to $489 billion per quarter just in 2021- which is exponentially higher than the $302 billion of PayPal.

After being in existence for just 12 years, the cryptocurrency has been processing close to 27% of Mastercard’s $1.8 trillion per quarter, and 15% of Visa’s $3.2 trillion.

Bitcoin Moves Past PayPal 

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There are quite a few factors that would see the network of Bitcoin rising to the level of the two giants in the credit card industry in terms of the total volume processed. The reasons could be the accumulated number of transactions, the average amount of BTC sent out during every transaction, and the rise in the price of the cryptocurrency.

The first factor seems to be the most variable-dependent. Theoretically, if the cryptocurrency was to go about and increase the total transferred value per transaction today by around 260%, it would be processing a sum equal to the volume processed by Mastercard every day. 

However, the report was unable to find any current data which could indicate that the average amount of Bitcoin that was delivered for every transaction was seeing an increase. This trend could definitely see a shift in the future, but an increase in price to about $245,000 at the current volume would also see the cryptocurrency matching Mastercard. According to a few analysts, this action in price could be the most likely- than just a simple uptick in the overall volume. 

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Blockdata finally claims that it is quite impossible for the price of Bitcoin to rise to the level of Mastercard. Now, if we were to consider the yearly price of BTC, it could take the next 39 years for the cryptocurrency. 

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