The mainstream adoption and acceptance of Bitcoin over the past couple of years has translated into good numbers. The cryptocurrency network reportedly surpassed the leading payment platform PayPal, by conducting 62% more transactions in terms of dollar value, as per a report by Blockdata.
Although this was a significant milestone to achieve, the real test for Bitcoin lies ahead, in conquering payment giants such as MasterCard and Visa. In 2021, the Bitcoin network processed about $489 billion per quarter. On the other hand, PayPal processed $302 billion per quarter, while Mastercard and Visa were significantly ahead at $1.8 trillion and $3.2 trillion per quarter, the report noted.
The above chart shows that a significant feat is yet to be achieved by Bitcoin to match the level of established payment providers. However, Blockdata suggests it isn’t impossible after all. In this context, the report noted,
“It’s impressive how Bitcoin, as a 12-year-old decentralized network, is 27% of the way in terms of one metric (volume processed) compared to Mastercard, a company founded in 1966.”
It also noted that their significantly different use cases should also be taken into account. Since Bitcoin is essentially a “saving technology” while the rest are “spending technologies.” In any case, the report highlighted a few factors that could help bring Bitcoin to the levels of processing on the two established payment networks.
Among them, the first was…