Since Bitcoin was launched, the network has processed an astronomical amount of transactions. The well-known analyst PlanB shows this in a tweet that he sent out on 24 October.
PlanB, known for its stock-to-flow model, showed in a tweet on the basis of data that Bitcoin has been processing $ 11 trillion in transactions since 2009. He tweeted:
Bitcoin sent $ 11 trillion (2009-2019)
Still processing $ 10 billion every day.
#bitcoin transferred $11 trillion in wealth (2009-2019)
Still going strong at $10 billion each day pic.twitter.com/jAphbfYUzh
— PlanB (@100trillionUSD) October 24, 2019
Bitcoin has grown considerably in its relatively short existence. Against the current $ 9.6 billion that the network now processes daily, Bitcoin could match PayPal’s transaction volume within two months. PayPal processed around $ 578 billion in 2018.
PlanB used its full node to check the transaction data. The data would suggest that interest in Bitcoin is still there and that it continues to increase. However, the network still has a lot to catch up on in other areas compared to other large payment processors such as MasterCard and Visa.
For example, the number of transactions that Bitcoin can process per second is many times lower than the capacity of the aforementioned payment processors. As a result, BTC is not ideal for micropayments, for example. However, according to a study published by DataLight as early as April this year, it appeared that by 2029 Bitcoin could become a competition for the major payment processors.
Off-chain solutions, such as the Lightning Network, could offer a solution in the future to increase the capacity of the network. DataLight analysts said at the time: “In just 10 years, Bitcoin has succeeded in competing with the leaders of the payment system industry. The development of Bitcoin takes place in an exponential way, ”
That Bitcoin seems to be doing well is also apparent from the fact that the hash rate has set a new all-time high. This could indicate that bitcoin- miners have confidence in the future despite the unstable rate of recent times.