Due to the recent crash in the prices of Bitcoin and altcoins, most traders may not have realised the strengths and benefits of these assets since their existence. When Bitcoin first came out, MasterCard was the only means for daily transaction but as time went by, Bitcoin started gaining popularity. Now, Bitcoin can boast of generating $8 Billion in a day-to-day transaction while MasterCard averages $11 billion a day.
MasterCard’s recent quarterly report states that transactions worth $4.4 trillion is being processed by them on a yearly basis, while Bitcoin would account for $3 trillion year if we calculate using the daily $8 Billion.
Altcoins all have low daily trade volume compared to Bitcoin but if all the transactions carried out by Bitcoin and other altcoins are put together, it maybe somewhere very close to that of MasterCard’s.
For example, ethereum records about $600 million in a day-to-day transaction, which is approximately one-quarter of a trillion dollar. Litecoin comes third with $170 millions daily trade.
Despite the downtrend in the price of Bitcoin, it’s still possible and likely that it will soon surpass that of MasterCard. That is likely to occur when more and more bigger industries begin to adopt the new technology in their daily transactions.