Bitcoin’s daily transaction volume stands at around USD 8 billion, closing in on that of multinational financial services corporation Mastercard’s total of USD 12 billion per day.
Mastercard, the world’s second-largest credit card network released its Q3 financial report on the 30th October showing a USD 4.4 trillion processed so far this year.
Bitcoin clears an average of 272,000 transactions per day totaling USD 8.14 billion- that is 11,333 transactions every hour.
Admittedly, it is difficult to pull a direct comparison of the two payment processing networks as Bitcoin handles more transaction types than Mastercard (as such seen in exchange transfers). For Bitcoin to handle similar numbers is a huge significance for its nearly 10-year history, meanwhile, Mastercard has been around for over two decades.
What is notably different in the patterns of payments between the two is the disparity in transaction totals. Mastercard handles a far greater number of transactions and is the preferred choice for daily payments, while cryptocurrencies are still seen by many as either a store of value, for cross-border payments or for larger payments.
It is these larger, international payments which the data indicates Bitcoin and other cryptocurrencies prove their real value over legacy systems, being often faster, cheaper and easier for both parties.
In proof of this, leading cryptocurrency exchange Binance made a cross-border payment of USD 600 million in BTC accruing just USD 7 fees. The traditional banking sector may collect close to USD 10,000 in fees alongside strenuous identification checks, verification and approval periods, all-consuming a lot of time and creating a lot of paperwork.
A future where daily payments are completed using cryptocurrencies should not be quickly dismissed, that is indeed what the Lightning Network and other projects are currently focused on. However, merchant adoption remains a crucial element to this milestone success.
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