Bitcoin (BTC) will be able to usurp current global payment systems within the decade, a new report of the start of the DataLight software concluded on April 2.
In a report on transactions in the Bitcoin network compared to those of Visa, MasterCard and PayPal, the company predicted that if the current growth rate of the Bitcoin network continues, it will beat the competition of the market giants. This forecast was made after observing the rapid advances that the cryptocurrency has had since its inception in 2009.
“In just 10 years, Bitcoin has managed to compete with the leaders of the payment systems industry. The development of Bitcoin is happening exponentially, ” the report concludes. Keep going:
The basis for that assumption is found in the already much larger number of nodes, lower rates, and average transaction size, among other technical factors.
Visa first appreciated in the market in 1958, followed by MasterCard in 1966. PayPal, which was launched in 1998, has already established itself with a major competitor for industry veterans, while the progress of Bitcoin is even faster .
Bitcoin, for example, has around 10,000 active nodes, compared to the 119 data centers of Visa, MasterCard’s 98 and PayPal 51.
At the same time, Bitcoin has fewer users, in line with its only ten-year period in the market.
Currently, there are around 25 million Bitcoin wallets, while the number of Visa and MasterCard credit and debit cards in circulation has reached 5,300 million, according to the report.
For DataLight, however, these are signs of a work in progress . According to the report, the advances will make Bitcoin an attractive proposal for the main consumers, taking it out of its technical niche environment.
Specifically, while cryptocurrency can only handle about seven transactions per second today compared to Visa’s 65,000, scaling solutions, mainly Lightning Network , have more than enough time to transform the Bitcoin utility, writes DataLight.
In this way, DataLight goes further and forecasts that, in spite of the technical obstacles currently presented by the cryptocurrency, Bitcoin will become the most important payment network in the world.