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Bitcoin is already an option in the large payment processors

BTC trading has exceeded the amount of money transferred to PayPal so far this year.

The great objective of the bitcoin (BTC) community is that the cryptocurrency becomes a means of payment throughout the world. However, for now BTC stands out as a good store of value, and many investors are reluctant to ditch their cryptocurrencies, expecting a price jump. Even in this scenario, the Bitcoin network is already one of the most important payment networks in the world.

So far in 2021, Bitcoin processed 62% more transactions (in dollar value terms) than PayPal, according to the latest data released by Blockdata. As of January 1, Bitcoin processed about $ 489 billion on average per quarter, while PayPal “only” 302 billion.

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The analytics firm tried to show the potential of Bitcoin to compete with the most massive payment networks on the planet. Anyway, it is still far from the 2 most important; Visa and Mastercard stood out with $ 3.2 trillion and $ 1.8 trillion per quarter, respectively.

Blockdata highlighted certain factors that could bring Bitcoin (which it qualifies as a “savings” technology) to the levels of Visa and Mastercard (which it classifies as “spending” technologies). Namely: the number of transactions, the average amount of BTC per transaction and the price of BTC.

Despite the expectations that there are about the growth of BTC in the coming years, a fundamental aspect to analyze is the capacity of the network to host such large volumes of transactions. The improvements of solutions at scale – such as the Lightning Network – will be decisive to see how close the Bitcoin network can get to the two biggest players in the financial world.

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