Bitcoin network processed more transaction value than Visa and Mastercard last year

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Despite several headwinds in the market, the Bitcoin blockchain processed more than $8.2 trillion last year, or $260,000 per second. The Bitcoin network processed 33% more transaction value compared to VISA and three times more than MasterCard.

2022 hasn’t been very exciting for Bitcoin investors around the world, as the world’s largest cryptocurrency, 9999, fell over 60% in one of the most brutal stock market crashes in history. crypto.

However, the bitcoin blockchain network still managed to achieve some key transaction value milestones in 2022. Over the past year, a staggering $8.2 trillion in value has been transferred onto the bitcoin blockchain. . According to data shared by crypto-analytics company CoinMetrics, this data turns out to be $260,000 per second.

Courtesy: CoinMetrics

This scale of transactions despite the bear market highlights the significant increase in Bitcoin adoption as well as its role in the global financial system. But, the data also shows that in the second half of 2022, the total number of transactions on the Bitcoin blockchain dropped significantly in the second half.

This was precisely the time when the cryptocurrency market witnessed some of the biggest bankruptcies in the history of the crypto market. It all started with the fall of the Terra ecosystem in May, which triggered the downfall of popular crypto lenders like Voyager and Celsius.

Furthermore, the crypto market faced a double whammy in November with the collapse of crypto exchange FTX, which led to massive drawdowns and a drying up of market liquidity. This had a direct impact on investor participation in the market which deteriorated and as a result Bitcoin transactions also dropped significantly.

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Bitcoin beats VISA and Mastercard

Despite all the hurdles in place, the biggest Bitcoin crypto in the world has managed to outperform two of the biggest payment processing networks – VISA and Mastercard. In the last year of 2022, VISA processed less than $6 trillion in total value while Mastercard’s was $2.5 trillion.

This means that the Bitcoin network processed 33% more in transaction value, compared to VISA. Likewise, it processed more than three times the total value of the transaction processed by Mastercard.

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Bitcoin is slowly emerging as one of the biggest challengers to some of the biggest payment systems. However, these traditional payment systems are expected to increase their transaction values ​​in the coming years. Thus, Bitcoin has a big challenge here in order to keep up with the competition.

The world’s largest cryptocurrency Bitcoin (BTC) has had a strong start to 2023 so far, jumping over 33% this month. However, Bitcoin continues to face macroeconomic challenges of rising inflation and uncertainty with Federal Reserve monetary policy.

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