Recent research found that Bitcoin blockchain transactions defeated PayPal payment company in terms of transactions.
Bitcoin is the biggest crypto asset of the crypto market. And also the biggest contribution of the volume in crypto trading is only because of Bitcoin.
As we know, Bitcoin is the first crypto asset and is based on a traditional proof-of-work based mechanism, which is not a good option for the current crypto blockchain networks. Because of the traditional technology, Bitcoin Blockchain faces a lack of efficiency in the transactions over transaction fees and confirmation of the transaction time. Perhaps there are options to cover such issues like layer 2 scaling and lightning network concept but still, they are not in enough use, however, adoption of lightning network concept is surging over year by year.
Blockdata, a market intelligence analysis firm, did research on the Bitcoin network over other giant payment networks.
According to report of Blockdata, Bitcoin facilitated around $489 billion transactions in every quarter of 2021 which more over the PayPal’s $302 billion.
The age of Bitcoin is just around 12 years, but still in this small interval of time Bitcoin reached the level of 27% of MasterCard in terms of transactions and 15% to the Visa.
According to the report, there can be three factors that can push Bitcoin above these Visa and MasterCard-like platforms. These three factors are the total number of transactions, the average amount of Bitcoin sent per transaction, and the rise of the price of Bitcoin.
The report mainly targeted the first fact because it is important. According to a published report “if Bitcoin were to increase its value transferred per transaction today by ~260%, it would be processing an equivalent volume to Mastercard on a daily basis.”
The report of BlockData was dedicated to the comparison of Bitcoin network use over the payment network firms. Even such a high-level research report didn’t provided the amount of Bitcoin fascinated by the Bitcoin blockchain network.