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Bitcoin to Become the Main Payment Method within 10 years, Report Predicts

By Chris Torres | April 5, 2019
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Bitcoin to Become the Main Payment Method within 10 years, Report Predicts

Bitcoin (BTC) is predicted to outrun Visa and MasterCard to become the most popular payment solution of the world within 10 years, according to DataLight report published on Apr 4.

The “Transactions Research”, conducted by the IT firm DataLight, reveals that if Bitcoin remains its rapid growth rate, it can beat out other opponents from the payment market, including Visa, MasterCard, and Paypal within a decade.

“In just 10 years, Bitcoin has managed to compete with the leaders of the payment system industry. Bitcoin’s development is occurring exponentially,” the report reads. “If it maintains this pace, in another 10 years, it will surpass all competition,” it continues.

As per the document, Bitcoin has fewer users than other payment networks like Visa and Mastercard, as these two were established over 50 years ago. Currently, there are around 25 million Bitcoin wallets in the world, while the total number of debit and credit cards has reportedly reached 5.3 billion.

Furthermore, the report mentioned that Bitcoin can only process seven transactions per second, compared with Visa’s 65,000 transactions per second.

However, the firm suggested that the crypto-related industry will continue to develop in the next few years, that will make Bitcoin more valuable to mainstream customers. For example, scaling solutions like Lightning Network can help Bitcoin rise.

DataLight also pointed out that individual transactions on Bitcoin fee cost lower than the other two. Besides, while Bitcoin has about 10,000 active nodes, Mastercard and Visa only manage 89 and 119 data centers respectively.

“Right now Bitcoin’s payment system is much superior to the conventional international payments and wire transfers. Technical improvement of Bitcoin’s network is almost certain to make it the world’s main payment system. This is why the bear trend of 2018 will be another dip before the exponential growth and new all-time highs,” the report concluded.

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