Bitcoin Surpasses Visa in Annual Transaction Volume
Date: 2023-09-18 Author: Dima Zakharov Categories: BLOCKCHAIN, CRYPTO PAYMENTS
A Closer Look at the Numbers:
It's important to note that a substantial portion of Bitcoin's network activity last year originated from Ordinals, a protocol that enables unique identifiers for satoshis in the blockchain and facilitates additional data processing, such as images. This protocol conducts high-frequency transactions. Therefore, while transaction volume is on the rise, it doesn't necessarily reflect widespread adoption or integration in retail commerce.
Why Comparing Bitcoin and Visa Transactions is Complex:
Comparing Visa to cryptocurrency networks like Bitcoin in terms of transactions can be challenging due to their fundamental differences. Visa is a centralized payment system that has been in operation for several decades and is finely tuned for consumer transactions.
On the other hand, Bitcoin represents a decentralized network where transactions can take on various forms. These are fundamentally distinct systems, each with its set of rules, limitations, and use cases.
Bitcoin Surpasses Visa in Annual Calculated Transaction Volume:
Bitcoin's triumph over Visa in terms of annual calculated transaction volume marks a significant event. It signifies the growing influence of decentralized networks and raises questions about the future financial landscape. Could decentralized networks one day become the norm, rendering centralized systems obsolete? Such a scenario cannot be ruled out in the future.
Meanwhile, Bitcoin may be poised to start the week on a positive note. Although the recovery is still in its early stages, the Federal Open Market Committee meeting on September 20th could intensify volatility.
Bitcoin's Recent Performance:
Bitcoin surpassed the 20-day exponential moving average ($26,303 USD) on September 14th, indicating reduced selling pressure. Since then, bulls have thwarted several attempts by bears to push the price below the 20-day EMA.
Looking Ahead:
Buyers will aim to capitalize on their advantage and push the BTC/USDT pair towards the 50-day simple moving average ($27,295 USD). While this level may pose a minor obstacle, if overcome, the pair is likely to reach $28,143 USD.
