In 2009, Bitcoin was launched to give people an alternative means of sending money over the internet free from central control. Since then, the journey has been for the crypto to find mainstream adoption just like traditional currencies.
Thirteen years down the line, Bitcoin’s original plan is being actualized. According to a recent report, in 2021 Bitcoin processed more transactions than PayPal – one of the biggest payment platforms in the world.
According to the research, Bitcoin processed approximately $489 billion in transactions per quarter of 2021. On the other hand, PayPal completed an estimated average of $302 billion per quarter – 60% less than what Bitcoin handled.
Can Bitcoin Flip Mastercard and Visa?
While flipping PayPal is no doubt an impressive feat, payment agencies Mastercard and Visa lie far ahead of the pack in transaction processing. Per quarter in 2021, Mastercard processed an average of $1.8 trillion, while Visa completed $3.2 trillion.
For Bitcoin to flip industry leaders Mastercard and Visa, there has to be significant growth in the Bitcoin network. For example, an increase in the number of transactions, average amount per transaction, and BTC price would lead to an overall increase in the transaction processed.
With the adoption and price of Bitcoin predicted to grow in 2022, there is a possibility that Bitcoin could outperform Mastercard and Visa in processed transactions.
On the Flipside
- Bitcoin was able to record higher transactions than Paypal because Bitcoin has a much higher value than the U.S. dollar
Why You Should Care
Flipping one of the biggest online payment platforms shows how far Bitcoin has come since its launch in 2009. With more effort and adoption, Bitcoin could work its way to become of the largest methods of payment.