Bitcoin Processed More Payments Than PayPal In 2015
The bitcoin blockchain processed $ 3.2 trillion in transactions in 2015. That beats out PayPal, which had $578 billion in payments volume. And it’s not too far behind Mastercard ($ 5.9 trillion) and Visa ($ 8.2 trillion).
That $3.2 trillion does not even consist of the volume of the second layer Lightning Network, which grew to more than 5,000 nodes and more than 19,000 channels by the end of 2018.
This is a fantastic indication for bitcoin. And it’s an even better sign for its future. Here’s why.
The Lightning Network, one of the most appealing bitcoin scaling solutions available, will keep this momentum going. Lightning enables users to make payments rapidly and cheaply. And it’s assisting bitcoin end up being more scalable, which has been its greatest challenge en route to mass adoption.
The Lightning Network has actually been removing since November 2018, when its capability grew from 125 bitcoin to 450 bitcoin in just two weeks. Throughout the first 3 months of 2019, the network capability increased to 1,059 bitcoin. And the number of Lightning Network nodes has been gradually increasing in addition to it. The network’s present capability is 939 bitcoin, or $11 million Which’s just the screening phase!
This capability will continue to grow. The Lightning Network has some of the world’s most intelligent designers working to enhance it every day. And it’s gaining support from other crypto services. Popular crypto wallets, including Electrum, are including assistance for the Lightning Network. And Bitrefill, a service that permits users to top up any pre-paid cellphone utilizing bitcoin, is now permitting numerous Coinbase users to access its Lightning Network services directly from their Coinbase accounts.
The Lightning Network is playing a really essential role in driving bitcoin adoption. It’s not just improving scalability on a large scale but likewise making bitcoin more available and convenient at a private level. If somebody thinks about bitcoin as an unknown, hard-to-understand property, they’re unlikely to use it. However if they can make a bitcoin payment as easily as a PayPal or Mastercard payment … why not use bitcoin?
Assistant Handling Editor, Early Investing