Bitcoin should usurp current global payment systems within the decade, a new report from software startup DataLight concluded on April 2.
In a report on transactions on the Bitcoin network versus those with Visa, MasterCard and PayPal, the company made the prediction that if Bitcoin's current rate of network growth continues, it will beat out competition from market incumbents.
"In just 10 years, Bitcoin has managed to compete with the leaders of the payment system industry. Bitcoin's development is occurring exponentially," the report's conclusion reads.
At the same time, Bitcoin has fewer users, in line with its only ten-year period on the market; Visa and MasterCard debuted in the 1950s and 60s, while PayPal followed in 1998.
There are currently around 25 million Bitcoin wallets, while the number of Visa and MasterCard credit and debit cards in circulation has reached 5.3 billion, the report notes.
In the near future, advances will make Bitcoin an attractive proposition for mainstream consumers, taking it out of its technical niche environment, according to the report.
"Right now Bitcoin's payment system is much superior to the conventional international payments and wire transfers," the report highlights.
"Technical improvement of Bitcoin's network is almost certain to make it the world's main payment system. This is why the bear trend of 2018 will be another dip before the exponential growth and new all time highs."
As Cointelegraph reported, last month saw other research sources eye 2020's block reward halving event as a watershed moment for enthusiasm around Bitcoin.
The ten-year timeframe meanwhile echoes similar words from Twitter CEO Jack Dorsey, who reiterated his belief in February that Bitcoin would become a form of global internet currency by 2028.
Research: Bitcoin Can Beat Visa, MasterCard to Top World Payment System in 10 Years
gepubliceerd op Apr 4, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.