Within 10 years, Bitcoin will bypass the current giants of the payment system market like Visa and MasterCard. This is the conclusion reached by DataLight analysts, noting that such a scenario is quite likely if the first cryptocurrency keeps the current pace of technological development.
As the company writes in its blog, since the advent of Bitcoin in 2009, BTC has already managed to conquer a significant part of the payments market. And if the current exponential rates of cryptocurrency development continue, over the next ten years, Bitcoin will be able to win competition from major payment systems such as Visa and MasterCard with a considerable margin.
“Already, Bitcoin surpasses traditional international payment systems and bank transfers … Technical improvements to Bitcoin will almost certainly make it the main payment system in the world,” the researchers write.
They, in particular, support their conclusions with an analysis of the current activity of the network . Bitcoin may be still inferior to Visa and MasterCard in terms of bandwidth, but already in 2018 the average size of transactions in cryptocurrency significantly bypassed the similar indicators of both of these systems.
Thus, the average transaction size in the Bitcoin network in 2018 was more than $ 41,000, while Visa had this figure of $ 90, with MasterCard – $ 80, with PayPal – $ 58. This once again confirms that cryptocurrency is the most convenient method for transferring large sums, including due to its structure of transactional commissions.
Also, researchers note that with the growth of the Lightning Network Bitcoin in terms of commissions will take more and more advantageous positions compared to traditional payment systems.
Also, in the last days of March, the cumulative number of transactions included in the found bitcoin block reached absolute historical maximums.
Publication date 03/04/2019
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