While the usability of Bitcoin as a global payment instrument continues to be debated, its adoption is promising as it has 62% higher volume in terms of transaction volume than Paypal this year.
Blockdata published a report on November 23 comparing Bitcoin with payment giants MasterCard, Visa and Paypal. The report focused on whether Bitcoin could compete with the three payment networks.
Paypalis an online payment system that works on the internet. It allows safe shopping on the Internet or sending money to the desired person via just an e-mail address.
Since the beginning of 2021, Bitcoin has recorded an average of approximately $489 billion per quarter, while PayPal has recorded $302 billion in transaction volume per quarter. However, MasterCard and Visa were far ahead, with an average of $1.8 trillion and $3.2 trillion per quarter, respectively.
The numbers show that Bitcoin is still far behind MasterCard and Visa. But Bitcoin only for 12 years Considering that it exists and is constantly developing, it is thought that it can compete with these two giant companies in the future.
The Lightning Network, which processes Bitcoin transactions with the features it has outside of the blockchain; It increases the transaction capacity of Bitcoin under normal conditions. According to Arcane Research of Lightning Network, a decentralized network that can handle millions of transactions per second 800 million by 2030 reach the user is estimated.