Bitcoin Boasts Better On-Chain Transaction Volume Than American Express By Over 2x Pace
Many people would argue that Bitcoin is already mainstream. While this is not really the most popular opinion ever, the truth is that it is simply not too far from the truth. If you disagree, you will probably change your mind when you read how much Bitcoin has been used.
Kevin Rooke, a Bitcoin enthusiast, has recently posted on social media that Bitcoin settles $6.3 billion USD worth of daily transactions each day. He then compared to the other most important payment networks in the U. S. and the results were astonishing
Bitcoin is settling over $6 billion of transactions each day now.
How does BTC volume compare to America's top payment networks? pic.twitter.com/NX5oeJUaQY
— Kevin Rooke (@kerooke) May 23, 2019
According to him, Visa settles $30.3 billion USD in transactions while Mastercard settles $16.2 billion USD daily. This is obviously more than Bitcoin, but nobody expected BTC to topple Visa so soon. Bitcoin surpassed American Express, however, which has $3.2 billion USD in transactions per day, and Square, which only has $0.2 billion USD in volume.
The value of the transactions surged recently as the price of Bitcoin went up. Initially, the prices were below the $5,000 USD mark, but they went as far as the $8,000 USD mark recently, which prompted several investors into making and more transactions.
Bitcoin currently has a market cap of $140 billion USD and it is shown to be only increasing as the year passes. Being just ten years old, Bitcoin is certainly a phenomenon of great importance for the financial industry.
American Express is much older and has a very powerful base and yet, it is considerably behind Bitcoin. This is how much BTC is getting mainstream now, in Rooke’s opinion.
Criticism: Fake Volumes Hurt Numbers
Despite the fact that BTC is so well accepted, according to these numbers, some people disagreed on Rooke’s conclusions. For instance, they affirmed that the number does not come from true transactions among people, as many of them are only exchange transactions and wallets moving funds. In fact, the volume would be considerably lower if this was excluded.
Rooke affirmed that these were only on-chain transactions (therefore, transactions like the Lightning Network did not count) and that exchange volume was not being considered.
There is also the case of fake volumes, something that plagues the Bitcoin industry. All of this could actually put a dent on the legitimacy of these affirmations.
In any case, it is clear that the volumes of Bitcoin trading are surging and this will be very important for the future of the token. Do you believe that Bitcoin is already mainstream? How far can BTC go?