The Bitcoin (BTC) network, which launched in early 2009, just surpassed 500 million transactions.
The milestone was recorded by Blockchain.com, which tracks overall transaction activity.
So how does the number stack up to legacy payment platforms like Visa?
Crypto research firm DataLight took a close look, comparing BTC to the big dogs as of April of last year.
According to the report, Bitcoin is now pulling in about 81 million transactions per year, compared to Visa’s 124 billion, MasterCard’s 74 billion and PayPal’s 10 billion.
When it comes to the amount of value moving through these networks, BTC is well above payments giant PayPal, with Bitcoin powering $3.4 trillion a year compared to PayPal’s $578 billion. Visa grabs the top spot at $11.2 trillion, followed by Mastercard’s $5.9 trillion.
Bitcoin is on top in one metric – the average sum of each transaction. Bitcoin’s average transaction is worth about $40,000 – 450 times bigger than Visa’s.
The report concludes that about a decade after its inception, BTC’s prospects are looking up.
“Traditional payment systems developed their companies for as many as 60 years prior to becoming industry leaders. They have developed gradually, conquering region after region, unlike Bitcoin, which became available worldwide immediately.
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.”
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