Move Aside PayPal and Discover, Bitcoin Transaction Value Exceeds $1.3 Trillion Eyeing VISA Next
This news story should be shown to people who hold the opinions that we are approaching the doom of Bitcoin. The value Bitcoin transactions hangs around the $1.3 trillion mark in 2018 alone, outpacing those of enormous payment processors such as PayPal and Discover while coming in second to Visa.
Yassine Elmandjra, a New York-based analyst published a graph showing the original digital currency’s transaction volume compared to that of Visa, UnionPay, Mastercard and the Discover cards.
Elmandjra, yet, agrees that we cannot compare Bitcoin and say Visa or MasterCard in terms of their Base layer transaction volumes. But he also points out that that was never the intention. Yet, the top cryptocurrency has seen tremendous growth in its transaction volumes since 2013, the analyst tweeted. He also provided a graph showing the transaction volumes of Visa, MasterCard, UnionPay, and Discover Credit Card.
The Bitcoin market has seen an approximate 80 percent increase per year over the last five years, touching its peak in 2017 with an eight-fold increase in transaction value. This is definitely pretty impressive for an asset class that a lot of financial experts deem to be a niche market.
If the same growth rate could be achieved in the years ahead, interesting things will be bound to happen in the future, including Bitcoin overtaking Visa by the end of 2022, as the aforementioned growth rate theoretically puts the cryptocurrency on target to surpass $13 trillion in transactions.
To many within crypto circles, Bitcoin needs to find answers to its scaling difficulties if it has to compete with the likes of Visa. However, there are some who believe that the original purpose of cryptocurrency was never to compare or compete with these traditional payment processors.