Bitcoin Needs 10 More Years to Surpass Visa, Mastercard as Payment System

New transaction research from tech firm DataLight shows that Bitcoin will still need a decade of adoption and technological development before it can overtake competitors like Paypal, Visa and Mastercard.

The data shows that Bitcoin, as a payment system, lags far behind Visa and Mastercard on several key transaction indicators, but has already surpassed its rivals in several parameters.

DataLight projected that at current network growth rates, Bitcoin has already shown its potential and staying power, with established leaders in the payment system sector considering Bitcoin as a competitor only ten years since its introduction. There are currently around 25 million Bitcoin wallets already created while there are 5.3 billion Visa and MasterCard credit and debit cards in circulation worldwide. The firm argues that, if adoption pace maintains, in another decade it “it will surpass all competition”.

There were several statistics that indicated this. For example, Bitcoin already has a far larger number of nodes (over 10,000 active nodes compared to Visa’s 119 data centers, Mastercard’s 98 and PayPal’s 51), far lower comparative fee costs and size of transactions.

“Transaction/capitalization indicator allows us to examine the network’s activity through the prism of market evaluation. In this case, Bitcoin’s indicator is higher, which leads us to the conclusion that the market evaluates Bitcoin higher than it does Visa and Master Card…”

Bitcoin’s transactional volume of USD 3.4 trillion in 2018 already surpassed PayPal’s USD 578 billion, while its average transaction value completely dwarfs its competitors, clocking in at over USD 41,000, compared to USD 58, 90 and 80 for PayPal, Visa and Mastercard respectively.

The report concludes:

“Right now Bitcoin’s payment system is much superior to the conventional international payments and wire transfers. Technical improvement of Bitcoin’s network is almost certain to make it the world’s main payment system. This is why the bear trend of 2018 will be another dip before the exponential growth and new all time highs.”

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com

The post Bitcoin Needs 10 More Years to Surpass Visa, Mastercard as Payment System appeared first on BitcoinNews.com.

from BitcoinNews.com RSS Feed
via TOday BItcoin New