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Bitcoin Surpasses PayPal In Network Processing Volume

Cryptocurrency keeps breaking new grounds and achieving spectacular results as it marches towards global dominance. Bitcoin, the world’s first blockchain network and cryptocurrency, has now set a record by becoming the first blockchain network to surpass a mainstream payment processor in the amount of network processing value. As of today, Bitcoin sits above PayPal in value rankings.

This was reported by Blockdata, a platform that tracks market parameters using intelligence features. Blockdata revealed that a total value of $489 billion was processed on the world’s first blockchain in every quarter of 2021. This is way more than the $302 billion processed on PayPal’s platform.

In the report, Blockdata also noted that Bitcoin had the potential to reach and surpass the level of two of the biggest payment processors in the world, Visa and MasterCard. Bitcoin currently processes one-sixth of Visa’s processed value and about one-third of MasterCard’s. The Bitcoin network has achieved all these in just over a decade of existence.

Bitcoin Needs Three Key Factors

According to current data available on Bitcoin, three factors are key to its rise to a level where it can compete with both Visa and Mastercard in processed value. These include an increment of the Bitcoin token’s value, BTC, a growth in the total number of transactions on the Bitcoin network, and a growth in the number of Bitcoin transactions per block.

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Each of these factors will favorably increase its processing value and also its intrinsic value. Although Bitcoin has existed for a relatively shorter time than both payment processing giants, its processed value is still important when compared to the two giants’. Bitcoin reached this level because of an increasing interest in cryptocurrencies in the last decade.

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However, based on Bitcoin price projections over the last decade, Blockdata estimates that it could take until 2060 for Bitcoin to reach MasterCard. However, Blockdata noted that if Bitcoin’s growth continues this year, that milestone could be reached as early as 2026, a stunning 34 years earlier than the initial projection.

Crypto Regulations Will Impact Bitcoin

Whatever projections that Blockdata makes, Bitcoin’s growth might be subject to whatever regulations that governments decide to enforce. Growing calls and activities towards regulating the digital asset industry mean that Bitcoin and othEr digital assets may be impacted by the decision of comparatively fewer people in government.

Bitcoin’s $489 billion processing value per quarter was achieved through a deep belief in the new blockchain-powered financial system. Whatever regulations and sanctions are imposed on crypto companies and individual investors may ultimately affect how people use Bitcoin and can lead to a drop in the total processed volume on the network.

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And regulations are coming. In the US, Europe, Africa, Asia, and the Middle East, governments are holding panels, hearings, and conducting investigations about digital asset technology to ascertain its possible status in the economy. While some countries are going ahead with a ban, some others are content with preparing regulations to guide the crypto industry in the future.


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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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