Bitcoin has been in existence since 2009. For the past ten years, the flagship crypto has experienced a rollercoaster due to heightened volatility. New data now shows that BTC has transferred a blinding $11 trillion in wealth since its blockchain was launched in 2009.
$9.6 Billion Daily
On October 24, an analyst by the name PlanB uploaded a post to social media. PlanB highlighted on the latest statistics for Bitcoin. The data suggests that the flagship cryptocurrency is still beating out all its fiat competitors.
Currently, the network is reportedly procession almost $9.6 billion daily. Therefore, considering that to be the rate, it suggests that Bitcoin surpasses PayPal’s annual transaction volume in a mere two months. PayPal reported its annual transaction volume for 2018 to reach $578 billion.
PlanB used his Bitcoin full node to authenticate the transaction data. These numbers affirm the continued interest in Bitcoin in spite of the bearish price action experienced in the second half of 2019.
Can Bitcoin Rush Past MasterCard and Visa in Ten Years?
The ability of Bitcoin to beat out most of the major fiat alternatives including MasterCard and Visa is nothing new. According to earlier reports published in April, new research suggests that Bitcoin may overtake the fiat payment behemoths by 2029. At that time, analysis firm DataLight concluded:
“In just 10 years, Bitcoin has managed to compete with the leaders of the payment system industry. Bitcoin’s development is occurring exponentially.”
Soon, as many other developments of off-chain scaling solutions like the Lightning Network provide new advances and solutions, lesser activity in Bitcoin will occur on the blockchain. This development convinces most commentators that it will enable the current block sizes to cope with demand.
Earlier in October, the CSO of Bitcoin technology company Blockstream, Samson Mow, said that there is already more than adequate spare capacity in Bitcoin.