Bitcoin (BTC) Is Crushing Venmo By Processing More Than 40x Of Its Transaction Value
Bitcoin Is Killing Venmo By Processing More Than 40x Of Its Transaction Value
It’s not just the price that is making headway over the last few days, the number of transactions on the Bitcoin blockchain is registering some big numbers as well.
Just yesterday we reported that in 24 hours Bitcoin processed about $7 billion worth of transactions. If we compare it with the traditional payment network such as Venmo, Bitcoin has outperformed it to a fairly good margin.
Venmo, a mobile payment service owned by PayPal in the last quarter of 2018, reported $19 billion in payments volume, that has been an increase of 80 percent year-over-year. Whereas, in the entire 2018, Venmo processed $62 billion in payments, a 79 percent increase from a year earlier.
Earlier this week, Bitcoin processed $7 billion onchain in a single day.
Venmo did $62 billion in volume in 2018.
That means Bitcoin did more than 11% of Venmo’s annual volume in a single day.
Bitcoin is the killer app.
— Pomp 🌪 (@APompliano) April 17, 2019
Earlier this month, DataLight, a cryptocurrency data analytics platform shared a report where it stated that last year, the transaction volume on Bitcoin network has been 450 times higher than that of Visa’s average and 5.8 times higher of PayPal.
“In just 10 years, Bitcoin has managed to compete with the leaders of the payment system industry. Bitcoin’s development is occurring exponentially. If it maintains this pace, in another 10 years, it will surpass all competition.”
Bitcoin Trading Volume Seeing A Surge All Across The Globe
We are also seeing a surge in the trading volume of Bitcoin in countries like Brazil, Kazakhstan, Mexico, Colombia, and Chile.
Recently, Brazilian cryptocurrency exchanges traded more than 100,000 BTC on April 10 that coincided the surge in Bitcoin price the went to $5,450 level. It exceeded BRL 20,000 price mark with the total amount transacted to be more than BRL 2 billion (1 USD = 3.9 BRL).
— Cointrader Monitor (@CointraderM) April 15, 2019
Back in February, this year a number of Bitcoin exchanges in the country have had their bank accounts closed after the court ruled that banks can terminate crypto exchanges’ accounts at their will. However, in the case of Santander Bank, the decision was reversed by another judge on the grounds that Bank failed to provide prior written communication for the same.
Moreover, a slump in the economic activity of the country could have been the reason for this surge in bitcoin trading.
Though really small in value, Kazakhstan is seeing a rise from 23 BTC in April 2017 to 27 BTC in volume in the previous week of April 2019.
Mexico also saw its biggest volume of date in pesos after US president Donald Trump threatened to crack down on remittances by illegal immigrants.
Another country that has been registering a spike in Bitcoin volume throughout the first quarter of 2019 in Colombia. The BTC volume in Colombia remained above 470 BTC going as high as 760 BTC in early 2019 on a peer-to-peer Bitcoin exchange, LocalBitcoins.
The BTC value traded in these countries might not be much but given the fact that it is constantly increasing is a good sign for Bitcoin that could further extend to cryptocurrencies.