Figures from Blockdata suggest that the BTC network has handled an average of $489 million in every three-month period of 2021, compared with PayPal's $302 billion.
The Bitcoin blockchain now processes higher levels of value on a quarterly basis than PayPal, according to a new report.
Figures from Blockdata suggest that the BTC network has handled an average of $489 billion in every three-month period of 2021.
The report's authors suggest this far eclipses PayPal's $302 billion.
However, the world's biggest cryptocurrency has some way to go before it overtakes major credit card brands.
Right now, Mastercard handles $1.8 trillion in transactions every quarter, while Visa is streets ahead on 540%.
PayPal, Mastercard and Visa have all expressed enthusiasm for cryptocurrencies and their potential — integrating digital assets into their business models to reduce the risk of being left behind.
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Can Bitcoin Beat Them All?
The question now is whether Bitcoin's network has the potential to process trillions of dollars a quarter.
Blockdata notes that the blockchain has an impressive record when it comes to uptime — coming in at 99.987% over its 12-year lifespan.
According to the report, there are three factors that could help BTC overtake Visa and Mastercard in terms of value transferred.
Inevitably, the first would involve the number of transactions completed on the blockchain increasing. New innovations such as the Lightning Network are making this possible by increasing capacity — adding an additional layer on top of the existing network.
An increase in the average value of BTC in a transaction could also make a big difference — and inevitably, if the cryptocurrency manages to achieve a six-figure price in the coming years, this would have an effect too.
Blockdata's estimates suggest that — if BTC's price rose to $245,000 — current activity would put the value transferred on par with Mastercard. But to match Visa, the cryptocurrency's value would need to stand at $435,000.
