Bitcoin scaling solutions may be getting huge publicity in 2019, but the amount of money the network processes daily could already cause headaches for competitors.
Bitcoin Usage Tramples Venmo
As Morgan Creek Digital co-founder Anthony Pompliano noted on social media April 17, Bitcoin’s ‘on-chain’ transaction volumes grew to $7 billion per day earlier this week.
Those figures came purely from standard transactions, not those done ‘off-chain,’ for example via the Lightning Network.
By contrast, Pompliano notes, some fiat-based networks handle significantly less – and could even lose out to Bitcoin as it advances.
Specifically, PayPal’s Venmo, which offers database-powered instant transactions and near-zero transaction fees, moved $62 billion in value last year.
This means that in one day, Bitcoin achieved 11 percent of the company’s annual volume.
“Bitcoin is the killer app,” he summarized, referring to a long-time debate as to whether or not BTC will become the ultimate long-term cryptocurrency…