Can Bitcoin usurp VISA, Mastercard and PayPal within 10 years?

04 Apr, 2019
by David Robb
Can Bitcoin usurp VISA, Mastercard and PayPal within 10 years?

A recent report from a new software company suggests that Bitcoin may become the world's leading payment technology sooner than many have predicted. DataLight's analysis claims that BTC could surpass Visa, Mastercard and Paypal in just 10 years' time.

The analysis compares a number of different figures from the Bitcoin network and the major established payment systems that it is competing with. Although BTC lags behind in terms of total market cap and transaction speeds, it has a good standing in a number of key areas, particularly considering how new the technology is. 

BTC's total transaction volume is higher than that of PayPal, and it doesn't lag that far behind the major payment card companies. In terms of how much it capitalizes on transactions, and the average size of a transaction, it is far ahead of the others. This points to its use as a large-scale international remittances system: "When transferring sums below $100, it is more reasonable to use Visa and MasterCard, but if the sum increases, Bitcoin begins to look better. Its $0.20 fee (as of the end of 2018) is the same for all transactions, even those worth millions of dollars."

Read more: 5 ways Fidelity and Bakkt could change cryptocurrency in 2019What does JP Morgan's Jamie Dimon really think about Bitcoin?

The Bitcoin network is also growing at a much faster rate than any of the other payment networks. With more than 10,000 nodes, it outstrips the number of datacenters operated by any of its competitors.

The report concludes by pointing out that, in "just 10 years, Bitcoin has managed to compete with the leaders of the payment system industry. Bitcoin’s development is occurring exponentially. If it maintains this pace, in another 10 years, it will surpass all competition...Technical improvement of Bitcoin’s network is almost certain to make it the world’s main payment system".

Read more: Why it's good you're still in cryptocurrency in 2019

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