The Bitcoin network already handles more dollar volumes than Paypal, and the world’s largest decentralized krypton network by market value can take over Mastercard by 2026.

The report, published November 25 by the market analysis platform Blockdata, is entitled “When can the Bitcoin network handle volumes such as Mastercard and Visa?” He notes that the Bitcoin network processed around $ 489 billion every quarter in 2021, more than PayPal’s $ 302 billion. After just 12 years of existence, Bitcoin processes approximately 27% of Mastercard at $ 1.8 trillion every quarter and 15% of Visa at $ 3.2 trillion.

There are three factors that can make the Bitcoin network grow into two credit card giants in terms of total volume processed: total number of transactions, average amount of bitcoins sent per transaction and the high price of bitcoin (BTC).

The first factor, the total number of transactions, is the most variable dependent. In theory: “If Bitcoin increases the transfer cost per transaction by ~ 260% today, it will process the corresponding volume of Mastercard on a daily basis.”

However, the report failed to find current data indicating an increase in the average number of bitcoins sent per transaction. The trend may change in the future, but a price increase to $ 245,000 in current volume will also put Bitcoin into a competitor to Mastercard. According to some analysts, this price action is more likely than an increase in volume.

Blockdata finally claims that the price of bitcoins is unlikely to rise to Mastercard level. If you include the average annual price of bitcoins, this can take up to 2060. On the other hand, “if we take the current growth rate in 2021 as a measure, this can happen already in 2026”.

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The report notes that while Bitcoin’s decentralized network was relatively recent, it managed to achieve significant volumes compared to the two centralized credit card giants.

“It’s amazing how Bitcoin, as a 12-year-old decentralized network, accounts for 27% of processed volume compared to Mastercard, founded in 1966.”

Source: CoinTelegraph