Bitcoin transaction volume over the past 12 months has surpassed Visa transaction volume, said analyst Will Clemente.
The Bitcoin network has reached another important milestone, surpassing the annual transaction volume of Visa, one of the global giants of the traditional financial system.
Through his account on terms of billions of dollars, than the Visa network, whose centralized payments solution dominates a significant percentage of the global market share.
Clemente highlighted that this is a quite interesting and incredible fact, considering that Bitcoin is a decentralized network, in addition to being relatively new on the market.
Bitcoin was launched to the public in 2009, just 14 years ago, while Visa has been operating in the market for more than four decades.
While Visa is a payment network, where transactions reach their finality once they are pooled and settled through Fedwire, the real-time gross settlement system of the United States Federal Reserve (FED), Bitcoin is a settlement network with a 10-minute settlement that allows its users to make value transfers directly, from person to person (peer-to-peer) without the need for intermediaries.
Bitcoin, more than an investment asset
The new milestone for the Bitcoin network confirms that the growing adoption of the cryptocurrency goes beyond being considered an alternative investment asset and a long-term store of value.
Although some consider that networks like Visa's offer a more functional solution for everyday activities, others see in Bitcoin the opportunity to access a new financial payments system without banks, where people can send and receive value without permission from anywhere. of the world.
The rise of Ordinals in Bitcoin
Considering the boom that the Ordinals protocol has had this year, analysts point out that a significant part of the transaction volume that Bitcoin has recorded comes from this NFT protocol, which currently dominates the network's transaction activity.
According to data from the analysis platform Dune Analytics, to date more than 33 million ordinals have been registered in the Bitcoin blockchain. In the last week, the Ordinals protocol has registered between 205.000 and 419.000 daily registrations on the blockchain.
Source: Dune Analytics
In recent years, Bitcoin adoption has grown exponentially globally.
The Ark Big Ideas report, published by Ark Invest last year, indicated that between 2021 and 2022 the Bitcoin network had experienced a year-on-year growth of 469%, in terms of annual transaction volume, while Visa's growth in the same period was only 15%.
On the other hand, Glassnode estimates that the Lightning Network, Bitcoin's scalability solution, could offer a faster and more effective payment system with the cryptocurrency. The firm indicated that Bitcoin's layer 2 network is 1.000 times cheaper than traditional Visa and Mastercard networks, in terms of transaction fee costs.
Continue reading: Daily Bitcoin visits increase on Wikipedia
