Furthermore, the transaction value of Bitcoin has also surpassed that of Discover credit card.
Despite this year’s bearish trend, over $200 billion in value is sent per month using BTC.
According to cryptocurrency analyst Yassine Elmandjra too many people are focused on the number of transactions Bitcoin handles each year, instead of looking at the actual dollar amount. He agrees that we cannot compare Bitcoin and say Visa or MasterCard in terms of their Base layer transaction volumes.
Look 👀 at the transaction *value*, NOT the transaction *volume*. $3-4 B worth of bitcoin has been transacted daily in the last year. At ~ $1.3T annually, Bitcoin’s base layer transactional value is within an order of magnitude away from Visa’s. pic.twitter.com/KhGva4I1rB— Yassine Elmandjra (@yassineARK) August 22, 2018
Forecasts show that Bitcoin transactions will continue to grow. Much of Bitcoin’s transactional value, however, still comes from speculative trading.