How long will it take for Bitcoin transactions to surpass Visa at $ 727 billion? Only need to halve once

The scale of transactions processed by Bitcoin (BTC) is already equivalent to 1% of the world's GDP, and in each halving cycle, its number is growing at an "magnitude".

bitcoin-4728496_1280

According to Willy Woo, a statistician who analyzes data from monitoring resource Coin Metrics, Bitcoin's investment flows are $ 727 billion per year.

Bitcoin processes $ 727 billion in transactions annually

This number accounts for almost 10% of the annual transaction volume of Visa, a global payment processor-Visa processes $ 8.8 trillion in transactions.

Woo concluded: "Bitcoin's investment flow (ie annual investment rate) is currently increasing by an order of magnitude (10 times) every 4 years."

According to statistics, Bitcoin should "catch up" to Visa sometime after the next halving cycle that began in May. As Cointelegraph reports, smaller fiat money payment operators such as PayPal have been phased out-PayPal processed a total of $ 578 billion in 2018.

1E10DDEA237946D9A945DC298C1C0746 Adjusted Bitcoin 1-year transaction volume. Source: Coin Metrics

Woo acknowledges that this Bitcoin data is only an estimate and may include changes between cold wallets held by the exchange, which does not constitute a real transaction. Recurring payments between wallets and multi-hop transactions with multiple steps are not included.

Small wallet hits record high

This impressive statistic from a new high in the number of low-balance bitcoin wallets indicates that more and more private investors are experimenting with this cryptocurrency.

According to Glassnode, there are now more wallets with a balance of 0.01 BTC ($ 101) and 0.1 BTC ($ 1,080) than ever before.

D924221D4FE94AC1A126577D03CAD21D

Since 2009, Bitcoin wallets have grown. Source: Glassnode

Nonetheless, in terms of cryptocurrency storage, it has been found that both private and institutional investors prefer convenience over security. Because a recent survey showed that, for example, nine out of ten institutional investors use trusted third parties (such as exchanges) to store their coins.

To make more people aware of the importance of private keys, an industry effort called "Proof of Keys" aims to raise awareness of the importance of private keys in self-owned wallets, but so far It is not yet possible to estimate how many companies have realized that it is only important to own the private key.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Interpretation | FCoin Shutdown: A Quick Look at the Exchange's Death Stance

The content of today's interpretation is mainly divided into three aspects: The first aspect is the beginning an...

Blockchain

Coinbase publicly acknowledges that 3,420 user information is threatened by registration vulnerability

According to foreign media, Coinbase Exchange acknowledged in its latest blog post that a vulnerability in their syst...

Blockchain

Exchange Rollover Records: A Article Seeing 64 Rollover Accidents Since 2018

Editor's Note: The original title was "Exchange Overturn" Source: Tokenin Users using a centralized ex...

News

Twitter featured: Mancoin network suspected of being stolen 100 million US dollars, the official claims to maintain

01 CoinDesk Media News Lightning Labs released its first desktop application on the Bitcoin blockchain. Lightning Lab...

Blockchain

Latest updates on regulatory events: CZ releases internal memo, Gensler criticizes two exchanges again.

According to Gensler, his agency has obtained internal communications that allegedly indicate intentional illegal beh...

Market

Semafor The US Department of Justice is considering fraud charges against Binance, but is concerned about a FTX-style run in the market.

Insiders say that federal prosecutors are concerned that if they were to prosecute Binance, it could lead to a run on...