Bitcoin surpasses Paypal in transfer value, set sights on MasterCard: report

In terms of dollar value, the transaction volume processed by the Bitcoin network has exceeded Paypal, and in terms of market value, the world’s largest decentralized cryptocurrency network may surpass MasterCard as early as 2026.

Market intelligence platform report on November 25 Block data Titled When can the Bitcoin network handle transactions like Mastercard and Visa? Pointed out that the Bitcoin network processed approximately US$489 billion per quarter in 2021, which is higher than Paypal’s US$302 billion. In just 12 years of existence, Bitcoin has handled 27% of Mastercard’s $1.8 trillion per quarter and 15% of Visa’s $3.2 trillion.

In terms of total processing volume, three factors can make the Bitcoin network rise to the level of the two major credit card giants: Total number of transactions, The average number of bitcoins sent per transaction, and the increase in bitcoin price (Bitcoin).

The first factor-the total number of transactions-is the most variable-dependent factor. In theory, “if Bitcoin’s transfer value of each transaction increases by about 260% today, then the volume of transactions it processes every day will be equivalent to MasterCard.”

However, the report cannot find current data indicating The average number of bitcoins sent per transaction is on the riseThis trend may change in the future, but based on current quantities, an increase in the price to $245,000 will also make Bitcoin rival MasterCard. This price movement may be more likely According to some analysts, not an increase in numbers.

Blockdata eventually claimed that the price of Bitcoin is unlikely to rise to an appropriate level to match MasterCard. If you consider the average annual price of Bitcoin, it may take until 2060. On the other hand, “using the current growth rate in 2021 as an indicator, it may happen as early as 2026.”

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The report pointed out that although it is relatively young, the decentralized Bitcoin network has successfully achieved high transaction volumes compared to the two centralized credit card giants.

“Impressively, compared with MasterCard, which was established in 1966, as a 12-year-old decentralized network, Bitcoin’s processing volume is only 27%.”