Bitcoin attacks Visa, Mastercard and PayPal: here is its progress


Statistical data on Bitcoin and cryptocurrencies are a good way to understand the place of digital tokens in the economy, their evolution and their uses. This week, a new study looked at the place of Bitcoin transactions compared to those transiting by Visa, Mastercard or PayPal.

What does Bitcoin represent compared to traditional payment networks? According to the analysis of the Blockdata site, Bitcoin managed to overtake PayPal’s transaction volume in the first quarter of 2021, and surpass it to this day. Still according to the site, it would now be necessary for the number of bitcoin transactions to increase by 260% for the cryptocurrency to exceed Mastercard. Exceeding Visa would require a 540% increase.

© Blockdata

In numbers, the Bitcoin Blockchain has recorded around $ 489 billion per quarter on average this year, against 302 billion for PayPal. Mastercard is at 1.8 trillion dollars and Visa peaks at 3.2 trillion dollars. That said, Bitcoin will not be able to continue to grow so easily. The number of transactions is limited to 280,000 per day.

Ethereum number of transactions per day

© Etherscan

To rely on a less limited Blockchain, you have to turn to Ethereum. In this year 2021, supported by all the decentralized finance projects that adopt it, Ethereum processed up to more than 1,500,000 transactions per day. A graph generated by Etherscan shows the surge. But the record is held by another blockchain: the Binance Smart Chain, which reached 9 million transactions per day this year.

Read also – The big challenges of the Blockchain in 2022

“It is impressive that Bitcoin, a decentralized network that has existed for twelve years, is already 27% of Mastercard, a company founded in 1966, in terms of volume processed”, wrote Blockdata. We estimate today between 100 and 300 million the number of people who hold bitcoins.

The main transaction networks and bank card issuers do not, however, see cryptocurrencies as a form of threat. To counter Coinbase, Binance, Crypto.com and all companies that offer payment methods to pay in cryptocurrency, Visa and Mastercard continue to invest.

Without PayPal, Bitcoin might not have experienced its wild ascent of 2021 either. Since the end of 2020, it is thanks to the adoption of the platform that institutional confidence has arisen.


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