This post was most recently updated on December 2nd, 2019

According to new calculations, Bitcoin (BTC) as a network has transferred funds of 11 trillion dollars since its blockchain appeared on the market in 2009.

The latest Bitcoin statistics were shown on Twitter by crypto analyst, PlanB:

#bitcoin transferred $11 trillion in wealth (2009-2019) Still going strong at $10 billion each day pic.twitter.com/jAphbfYUzh — PlanB (@100trillionUSD) October 24, 2019

Statistics show that the largest cryptocurrency still defeats some of the competition in this field.

Bitcoin Competing Payment Platforms

The network currently processes around $ 9.6 billion a day. At this daily volume, Bitcoin exceeds the annual transaction volume of PayPal, which was “only” USD 578 billion in 2018.

PlanB used its full node in the Bitcoin network to verify transaction data. It turns out that these values ​​are rising despite the price slump in the second half of 2019.

Can BTC Disrupt Visa and Mastercard?

Does the question then arise whether Bitcoin will outperform the giant payment platforms like Visa and MasterCard? Bitcoin certainly has a chance in the future as pointed also in an analysis concluded by DataLight saying:

“In just 10 years, Bitcoin has managed to compete with the leaders of the payment system industry. Bitcoin’s development is occurring exponentially,”

However, it is important to outline that yes, bitcoin can gain dominance in a few years, but at one condition. There must be a clear breakthrough in the development of solutions for out-of-chain scaling. There is already, for example, the Lightning Network, whose popularization brings new progress. If this happens, less and less activity will occur in the Bitcoin blockchain, and more and more in the so-called “Second layer”.

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