{"id":53580,"date":"2021-11-25T18:38:53","date_gmt":"2021-11-25T16:38:53","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=53580"},"modified":"2025-09-03T15:52:09","modified_gmt":"2025-09-03T12:52:09","slug":"bitcoin-surpasses-paypal-in-value-transferred","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-surpasses-paypal-in-value-transferred\/","title":{"rendered":"Bitcoin surpasses PayPal in value transferred"},"content":{"rendered":"

Since the start of 2021, the Bitcoin network has processed a greater volume of transactions in US dollars than the PayPal payment system, according to a Blockdata report<\/a>.<\/p>\n

The quarterly average for the decentralized network stood at $489 billion, compared with $302 billion for PayPal.<\/p>\n

\\\"Bitcoin
Quarterly comparison of transfer-value volumes by network. Data: Blockdata.\u00a0<\/figcaption><\/figure>\n

Both figures fall well short of the quarterly averages of giants Mastercard and Visa, at $1.8 trillion and $3.2 trillion, respectively.<\/p>\n

\n

\u201cIt is impressive how Bitcoin, being a 12-year-old P2P network, has 27% on one metric (value processed) compared with Mastercard \u2014 a company founded in 1966. Especially considering that this is a decentralized movement,\u201d Blockdata analysts noted.<\/p>\n<\/blockquote>\n

They acknowledged that the network’s metric includes more than payments. Users send funds to various services and receive them back, make transactions between their own wallets, and a number of other operations.<\/p>\n

However, in their view, the Bitcoin network is \u201cfundamentally\u201d different from Mastercard and Visa. It is more of a \u201csaving technology\u201d than \u201cspending\u201d and has more use cases.<\/p>\n

Experts consider it plausible that the cryptocurrency could surpass financial giants in transfer-value volumes, despite a significant lag. To do so, it is necessary to close the bandwidth gap, which they described as \u201cstaggering.\u201d<\/p>\n

Last year, the Bitcoin network processed an average of 25 million transactions per quarter. Mastercard\u2019s figure stood at 33 billion, and Visa at 53.7 billion.<\/p>\n

Experts emphasized that this problem is to be solved by second-layer solutions, including the micropayments Lightning Network (LN)<\/a>.<\/p>\n

\n

\u201cAll publicly available statistics, such as the number of LN nodes, the number of channels and BTC in them is growing exponentially<\/a>. If this continues for the next several decades, it is quite possible that the Bitcoin network will process more transactions than some other financial systems,\u201d Blockdata emphasized.<\/p>\n<\/blockquote>\n

Blockstream’s chief strategy officer Samson Mow defined the theoretical throughput of LN at 40 million<\/a> TPS<\/span>, meaning 57.6 billion transactions per day.<\/p>\n

According to Arcane Research analysts, by 2030 the number of protocol users could exceed $700 million<\/a>.<\/p>\n

Subscribe to ForkLog news on VK<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

From the start of 2021, the Bitcoin network has processed a larger volume of transactions in US dollars than the PayPal payment system, according to a Blockdata report.<\/p>\n","protected":false},"author":1,"featured_media":53581,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1227,167],"class_list":["post-53580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-cryptocurrency-transactions","tag-research"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=53580"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53580\/revisions"}],"predecessor-version":[{"id":53582,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53580\/revisions\/53582"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/53581"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=53580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=53580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=53580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}