Digital assets like Bitcoin try to disrupt financial systems. For instance, the main competitor for SWIFT is Ripple. It tries to eliminate all the litigations of traditional payment systems. The flaws like transaction speed, security, and fees hamper transactions.
DataLight is a crypto data analytics platform which compares payment methods of different service providers recently. It compares Bitcoin’s payment methods from that of PayPal, Visa, and MasterCard.
Cryptocurrency arena explodes despite the bearish streak. The volumes and use of digital currencies grow more than other assets in physical or digital formats. Bitcoin emerges to prove it as a reference for cryptocurrencies. It is because Bitcoin is the first token and has the largest market cap. Bitcoin has the most users of the significant community as compared to others.
Surprisingly, Bitcoin surpassed Visa in terms of the number of transactions as per a report by DataLight. The company compares the results of many payment services providing to show surprising results. It shows an optimistic outlook on the future.
Traditional Financial Indicators Analysis
As per reports, the research examined traditional financial indicators. It included an analysis of annual change in price and capitalization.
Research tells that the traditional payment systems saw growth of about 10% whereas bitcoin saw a decline. The total number of yearly transactions also indicates the differences in the payment methods.
According to online publication reports on the different transactions every year. It says Visa secured the first rank with 124 billion transactions. Reportedly, Bitcoin secured the second highest position with 81 billion transactions per year. Mastercard comes after Bitcoin with 74 billion transactions per year. And, at last, PayPal comes with 10 billion transactions.
As a result of the analysis, Bitcoin surpasses PayPal. It does so in terms of total transactions per year with a payment volume of $3.4 trillion. It is high as compared to PayPal’s payment volume which is about $57 billion. Visa again tops the chart with a total payment volume of about $11.2 trillion. It surpasses MasterCard with $5.9 trillion.
As per facts and figures, the annual change in the number of transactions for Bitcoin comes out to be negative 22%. While for Visa it is a positive 12% which is a few times lesser than Mastercard with 28%. The highest rank in this field is secured by PayPal. It does so with an annual change in the number of transactions i.e. being a positive 28%.
Bitcoin in the world Cryptocurrency Market
Bitcoin does great in pricing which continues to go higher and higher for a few days. It has become a matter of concern in the world of cryptocurrencies. The popularity grows from west to east across the globe.
The current pricing of BTC shows around $4975.84 and is trading high. Many experts and analysts predict the surge of Bitcoin to bring about positive change in the crypto market. They predict the pricing of Bitcoin to rise more in the upcoming years.
Towards the mid of 2020, the price of Bitcoin will rise higher. It will be more than what analysts expect and might reach about $50,000 to $55,000 mark.
As per conclusions from researches, various cryptocurrencies lost over 90% of their capital in 2018. But, the number of transactions increases rapidly. There is no relation between this fact and the popularity of BTC.