Bitcoin will process more transactions than PayPal by 2021. Bitcoin was launched in 2009 to provide an alternative way for people to send money over the internet for free and without centralized control. Since then, cryptocurrencies have found mainstream adoption, just like traditional currencies.
Thirteen years later, Bitcoin‘s original plan is realized. after a current report, in 2021 Bitcoin processed more transactions than PayPal – one of the largest payment platforms in the world.
According to research, Bitcoin is processed, for example $ 489 billion in transactions per quarter of 2021. PayPal, on the other hand, closed an estimated $ 302 billion per quarter – 60% less than what Bitcoin processed.
Bitcoin Flip Mastercard and Visa maybe?
While flipping PayPal is certainly an impressive feat, payment agencies Mastercard and Visa are way behind when it comes to transaction processing. Each quarter in 2021, Mastercard processes an average of $ 1.8 trillion, while Visa processes $ 3.2 trillion.
In order for Bitcoin to overthrow the industry leaders Mastercard and Visa, the Bitcoin network needs to grow significantly. For example an increase in Number of transactions, average amount per transactionand BTC price overall will result in an increase in transactions processed.
With adoption and Bitcoin price expected to rise in 2022, the chances are that Bitcoin could outperform Mastercard and Visa in processed transactions.
Why should you care?
Turning the page of one of the largest online payment platforms shows how far Bitcoin has come since its inception in 2009. With more effort and acceptance, Bitcoin could work its way to the top.