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Luka KovičNovember 26, 2018
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The #1 cryptocurrency could soon overtake Mastercard’s daily transfer volume, judging by the official numbers released by Mastercard. This means Bitcoin is becoming a serious rival of the leading traditional money transfer system.

According to company’s public records, Mastercard has a daily volume of $11 billion, while Bitcoin on the other hand, transfers around $8 billion per day, meaning that it moves 73% of Mastercard’s volume. While Bitcoin daily transfer is especially noteable given the current situation in the crypto markets, it may seem that the cryptocurrency is already moving amount comparable to those handled by Mastercard.

Mastercardreports that it has processed transactions worth a incredible $4.4trillion since the beginning of the year. Although there’s no such statistic accessible for Bitcoin, it’s possible to accumulate it’s daily transfers. Supposably $8 billion daily transfer volume would mean Bitcoin could have an annual volume of $3 trillion, which is a incredible number for any transfer system, especially a cryptocurrency.

Ethereum, which transfers the second-highest daily volume, processed around $600 million in the 24-hour span. That would mean it equals approximately $0.25 trillion annualy. Moreover, Litecoin and Bitcoin Cash are also having a noteable amount of daily transfers, approximately $170 million and $120 million, respectively.

Despite having a far lower capacity in transactions per second, it could be speculated that all cryptocurrencies put together could rival Mastercard’s daily transfers. While Mastercards volume mostly stems from small purchases, cryptocurrency transaction could be worth millions. Although Mastercard’s main rival is Visa, which is handling 65.000 transactions per second, processes around $30 billion daily volume, that equals  roughly $11 trillion a year. Given that Bitcoin supports 7 tx/s on-chain, it would equal only 0.01% of Visa’s transaction capacity, the premier cryptocurrency still transfers around 25% of the value processed by Visa.


Luka KovičNovember 26, 2018
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3min298

In the course of last fourteen days, Bitcoin and the crypto market has taken a pummeling, as we seen major price drops, which caused Bitcoin holders to experience losses up to $2.600 per coin. 

The price of Bitcoin has dropped below $4.000 for the first time since September of last year, trading to an average price of $3.970, falling 40% in last 10 days, or staggering 80% of its all time high $20,000 back in December. The price downturn of #1 cryptocurrency also reflected on the global crypto market, experiencing losses of 18 billion U.S. Dollars, with total market cap of 132 bil., at the press time.

But Bitcoin is not the only one taking a beating, as Ethereum (ETH) and Litecoin (LTC) also reached lows of 2018 with price of $111 and $29, respectively. Other altcoins in TOP10 category have lost from 10-15% according to Coinmarketcap, with Bitcoin Cash (BCH), Stellar (XLM), Monero (XMR) and Cardano (ADA) being the worst performers.

The price drop could be due to several reasons, one of them being the discovery of price manipulation of Tether. Researchers have found out that the company have been printing Tether (USDT), cryptocurrency backed by 1 USD per coin, without any backing. This could be done to drive up market prices, so the U.S. Justice Department launched an investigation. One of the possible reasons for the downturn could be the SEC (Security and Exchange Commission) issuing its judgements on two ICOs; they had to return up to $27 million to investors, and paying $250.000 fines in addition to other penalties.

“We have made it clear that companies that issue securities through ICOs are required to comply with existing statues and rules governing the registration of securities,” said Stephanie Avakian, Co-Director of the SEC Enforcement Division.

Analysts are also mentioning another reason, that is Bitcoin Cash hard fork. The lack of consensus between Roger Ver and Craig Wright caused the coin to fork, splitting BCH community. While all this could be the reason for downturn, it might be none of the above. The market could just be correcting itself due to extreme volatility and a profusion of people investing in it.



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