The average quarterly transaction volume exceeded $489 billion

​The Blockdata: the Bitcoin network processes more transactions than PayPal

26.11.2021 - 09:15

185

1 min

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.

Author:

Michael Golikov Michael Golikov

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy