Friday, December 3

Bitcoin surpasses PayPal in transaction volume

2021 has been a very busy year for Bitcoin, both when it comes to pricing or adoption, and we also have a good year in motion, with recent data showing that the Bitcoin network moved a higher dollar value than the giant PayPal.

According to a recent study by Block data the Bitcoin network has performed very well this year and has so far surpassed the dollar amount transferred by PayPal.

The data indicates that the bitcoin network transacted about $489 billion on average per quarter during 2021, PayPal’s average for the same period was $302 billion, less than $100 billion from the bitcoin network.

Bitcoin vs PayPal

The discrepancy between the two values ​​is 62%, showing that the Bitcoin network is able to “face” the Paypal payment system. But there is a caveat.

It is worth noting that the study takes into account the value transacted in dollars and not the total number of transactions. Thus, it is important to highlight that the Bitcoin network still processes fewer transactions than PayPal, however, it is being preferred for large value transactions.

Part of this result is from the transactions made by ecosystem whales, which tend to move large amounts (often from portfolios to other portfolios) from time to time.

BlockData graph showing dollar amount transacted per quarter. Bitcoin, in orange, surpassed Paypal in 2021.

MasterCard e Visa

In addition to Bitcoin and PayPal, Blockdata also analyzed the main companies in the market, including the giants Mastercard and Visa, which end up overshadowing the average volume transacted for Bitcoin and Paypal, as you can see in the chart above.

Both PayPal and Bitcoin lag behind major companies in the payment processing industry.

Mastercard averaged $1.8 trillion per quarter while Visa is the soaring leader with $3.2 trillion in dollars transacted.

But that didn’t discourage the study researchers, who still believe this is a pretty significant evolution for an asset like Bitcoin.

“It’s impressive how Bitcoin, as a 12-year-old decentralized network, is 27% of the way, in terms of a metric (volume processed), compared to Mastercard, a company founded in 1966,” the report said.

For researchers, this metric is even more surprising when we consider that it is a decentralized movement.

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