Bitcoin Transferred $11 Trillion Since 2009 According to New Data
By Tyler Smith – Crypto Investor
Since its inception back in 2009, the Bitcoin network has transferred over $11 trillion in wealth, according to new calculations. Buying Bitcoin has seen enormous interest over the past decade.
$9.6 Billion a Day
The latest buoyant statistics for buying and selling Bitcoin, that were uploaded to social media by analyst PlanB on Oct. 24, reveals that the largest cryptocurrency is still outpacing fiat currencies.
The network is making around $9.6 billion a day as of this writing. At this rate, Bitcoin is sure to pass PayPal’s annual transaction volume which amounted to $578 billion for 2018, in about 2 months. This suggests health and usability on the network and could encourage more to buy Bitcoin.
To verify the transaction data, PlanB used their Bitcoin full node. The numbers underscore the present interest in Bitcoin, which comes in spite of the bearish price action in the second half of 2019.
Can BTC Pass Mastercard and Visa in 10 Years?
Beating major fiat alternatives like MasterCard and Visa is nothing new for Bitcoin. In April, CoinTelegraph reported that buying Bitcoin to use for transacting could likely overtake the fiat payment heavyweights by 2029. For Bitcoin to achieve this the network would still need to overcome issues in scalability.
Analysis firm DataLight said, “In just 10 years, Bitcoin has managed to compete with the leaders of the payment system industry. Bitcoin’s development is occurring exponentially.”
With the development of off-chain scaling solutions like the Lightning Network bringing new advances, Bitcoin is likely to experience less and less activity on the blockchain. When a user is Buying crypto, it does not necessarily need to be included into a block but transacting to another wallet will require it. Commentators noted that it should ensure current block sizes can cope with demand.
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