Connect with us
Apply Now

Diversity & Inclusion

BTC did 62% more in transactions than PayPal this year

QR code screenshot

MasterCard and Visa have always topped as the runaway leaders; however, Bitcoin’s Lightning Network will soon disrupt this norm. Starting with a smattering of cypherpunks and freaks, it is merely a decade after Bitcoin Network was launched, yet recently it attained the level of adoption. It is reported that Bitcoin also processed 62% more transactions in terms of dollar value than PayPal in 2021. 

Blockdata statistics per quarter show that in 2021 MasterCard led with $1.8 trillion, followed by Visa, which processed $3.2 trillion.  PayPal processed $302 billion per quarter as the Bitcoin network was ahead at $489 billion, mercilessly taking over the payment network and proving to be the most viable global payment network.

MasterCard and Visa are commonly referred to as ‘spending technologies’ while the Bitcoin network is more of a ‘saving technology.’ Despite their differences, Bitcoin is competing head to head, and it will be a surprise to many when the Bitcoin network takes over.

Bitcoin’s Lightning Network Is The Bridge To Elevate Bitcoin Network 

Lightning Network is a second layer technology applied to bitcoin that uses micropayment channels to scale its blockchain’s capability to conduct transactions more efficiently. The Lightning network smart contract functionality in the blockchain enables faster, less costly, and more readily confirmed payments than those undertaken directly on the bitcoin blockchain.

The key factors to consider that will bring bitcoin to the astounding levels of processing like the two established networks are; the number of transactions, the average amount of bitcoin per transaction, and bitcoin’s price itself.

If Bitcoin can handle the vast transactions, it will for sure be eligible to compete with the current leading networks. Enhancement and execution of the scaling solution will play a vital role for bitcoin to disrupt other payment networks.

Having recorded a record number of nodes and payment channels, the Lightning Network is the most feasible solution at hand. Granted, it achieved an enduring high capacity in late September 2021. Grounded on remittances, gaming, and streaming as the key use cases, it is certain that the Lightning network will boost the adoption of the scaling solution.  

Lightning Network Disrupts Payment Transactions

The globe’s widely used and valued digital currency, Bitcoin, allows anyone to send value with no trusted intermediary or depository. Bitcoin also contains an advanced scripting system that allows users to program instructions for funds.  However, there are some drawbacks to Bitcoin’s decentralized design where users must wait for some time to have confidence their transaction will not be altered, canceled, or overthrown.

Micropayments are always inconsistently confirmed, and fees render such transactions unviable on the network today. Well, the Lightning network is here to solve the problems as one of the first implementations of multi-party smart contract programmable money using Bitcoin’s built-in scripting.

Still, the competing lightweight software solution for scaling public blockchains and cryptocurrency interoperability will arrive sooner than anyone would expect. Arcane Research recently reported that the Lightning Network is anticipated to grow to 800 million users by 2030, which could be so bizarre in our naked eyes.  Granted, Bitcoin will require extra efforts before it is a threat to leading runaway MasterCard and Visa.

Continue Reading

Copyright © 2022 Disrupt ™ Magazine is a Minority Owned Privately Held Company - Disrupt ™ was founder by Puerto Rican serial entrepreneur and philanthropist Tony Delgado who is on a mission to transform Latin America using the power of education and entrepreneurship.

Disrupt ™ Magazine
151 Calle San Francisco
Suite 200
San Juan, Puerto Rico, 00901

Opinions expressed by Disrupt Contributors are their own. Disrupt Magazine invites voices from many diverse walks of life to share their perspectives on our contributor platform. We are big believers in freedom of speech and while we do enforce our community guidelines, we do not actively censor stories on our platform because we want to give our contributors the freedom to express their opinions. Articles are not commissioned by our editorial team, and opinions expressed by our community contributors do not reflect the opinions of Disrupt or its employees.
We are committed to fighting the spread of misinformation online so if you feel an article on our platform goes against our community guidelines or contains false information, we do encourage you to report it. We need your help to fight the spread of misinformation. For more information please visit our Contributor Guidelines available here.

Disrupt ™ is the voice of latino entrepreneurs around the world. We are part of a movement to increase diversity in the technology industry and we are focused on using entrepreneurship to grow new economies in underserved communities both here in Puerto Rico and throughout Latin America. We enable millennials to become what they want to become in life by learning new skills and leveraging the power of the digital economy. We are living proof that all you need to succeed in this new economy is a landing page and a dream. Disrupt tells the stories of the world top entrepreneurs, developers, creators, and digital marketers and help empower them to teach others the skills they used to grow their careers, chase their passions and create financial freedom for themselves, their families, and their lives, all while living out their true purpose. We recognize the fact that most young people are opting to skip college in exchange for entrepreneurship and real-life experience. Disrupt Magazine was designed to give the world a taste of that.