September 25, 2020

Since 2009, the Bitcoin network has made transactions worth $ 11 trillion

Since 2009, the Bitcoin network has made transactions worth $ 11 trillion

Statistics on the Bitcoin network uploaded by PlanB analyst on social networks on October 24 show that the largest cryptocurrency is still ahead of its fiat competitors.

The network currently processes around 9.6billion dollars every day. With such indicators, the volume of the bitcoin network for two months exceeds the annual volume of transactions of the PayPal payment system (578 billion dollars for 2018).

PlanB used its Bitcoin node to verify transaction data. Statistics emphasize the continuing interest in bitcoin, despite the bear market in the second half of 2019.

Can BTC overtake Visa and Mastercard in ten years?

Bitcoin's ability to compete with Visa andMastercard is not new. According to a new study published in April, by 2029, Bitcoin will be able to overtake the giants of fiat payments.

In the future, since the development of off-chain solutionsfor scaling, such as the Lightning Network, brings new achievements, less and less activity will occur on the blockchain. This, commentators note, should ensure that the current block sizes cope with increasing demand.

Earlier this month, Samson Moe, director of technology at Blockstream, suggested that there was more than enough reserve power in Bitcoin.

According to the materials cointelegraph.com