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Bitcoin tops PayPal by 62% in the number of transactions processed in 2021 By BTC Peers

by Mike Robinson

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© Reuters. Bitcoin beats PayPal with 62% more transactions per month in 2021

Although there is still much to be doubt about the validity of cryptocurrency as a global payment method, this flagship cryptocurrency continues to grow and has processed 62% more dollars than PayPal (NASDAQ;) this year.

Blockdata released a Nov. 23 report comparing Bitcoin to payments giants MasterCard (NYSE:). Blockdata’s report on Bitcoin and payment networks was positive.

The Bitcoin network has processed $489 billion each quarter since the start of this year. PayPal handled $302 billion every quarter. MasterCard and Visa held the lead at $1.8 billion and $3.2 trillion respectively per quarter.

These figures show that Bitcoin has some work to do before it is able to compete with Visa and MasterCard, however it may be possible sooner than expected based on the advancements made by this digital asset. Bitcoin has reached the current state of adoption only twelve years after its inception, when it was just a small group of people.

Blockdata considers MasterCard and Visa spending technologies, but Bitcoin can be considered a saving technology. There are several factors that may help Bitcoin get to the level of payment on established networks. These factors include the number of transactions, the average amount of BTC per transaction, and Bitcoin’s price itself. But, it is important to know if Bitcoin can handle large amounts of transactions.

Bitcoin’s ability to handle more transactions will hinge on the implementation and improvement of scaling solutions. Lightning Network is currently the most efficient solution, reaching an all-time peak in September 2021. In that same time period, record numbers of nodes as well as payment channels were created.

Arcane Research estimates that by 2030, the Lightning Network will have 800 million users. The Lightning Network would be used in a variety of applications, including gaming and streaming, which will increase its adoption.

Given the success of the Lightning network, it seems very possible that Bitcoin will surpass MasterCard and Visa.

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