The Blockdata: the Bitcoin network processes more transactions than PayPal
The average quarterly transaction volume exceeded $489 billion
26.11.2021 - 09:15
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What’s new? The Blockdata analysts have published a report examining the transaction volume indicators for the bitcoin network, as well as payment giants such as PayPal, Visa, and Mastercard.
News source on the company's website
What conclusions did the researchers come to? According to the report, the bitcoin network processed $489 billion worth of transactions in 2021, exceeding that of payment giant PayPal over the same period ($302 billion). However, both bitcoin and PayPal are still far behind Visa and Mastercard, which process $53,7 billion and $33 billion worth of transactions each quarter, respectively.
The report’s authors concluded that such a significant gap was formed due to the low bandwidth of the bitcoin network. In their view, a full-scale implementation of the Lightning Network will bring the cryptocurrency closer to Visa and Mastercard.
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