Bitcoin Network Sets Record Processing 31 Billion In One Day

The Bitcoin network reached a new milestone on October 6, processing a transaction value of $ 31 billion. The new all-time high represents an astonishing increase in payment value since the beginning of the year and marks 40-fold growth from the beginning of 2020.

The source: Twitter

Since then, however, there has been a marked decline to about $ 11.6 billion a few days later.

Several notable figures in the blockchain and crypto space have commented on this milestone, including Morgan Creek co-founder Anthony Pompliano and market analyst Willy Woo. Pomp said the global, decentralized payment system is becoming more and more dominant.

Woo compared the payment value to using Visa and MasterCard payment processors in the US. With the exception of Lightning Network, Woo said that Bitcoin “currently processes ~ $ 190,000 per second, while Visa processes only $ 130,000 per second and Mastercard processes $ 55,000 per second”.

Many companies, both in and out of space, comment on the increasing use of cryptocurrencies. Capgemini recently released its World of Payments 2021 report, which stated that crypto will be the predominant method as 45% of customers use crypto to transfer money.

Developing countries in particular benefit from Bitcoin. As the country of El Salvador has established, cryptocurrencies can significantly reduce the cost of sending money abroad. Other countries, particularly in Southeast Asia, will adopt this approach as well, as the world’s eyes are on El Salvador.

Such comparisons reflect the tremendous strides Bitcoin has made in just a few years after it was adopted by the broader investment world. In addition, governments also accept Bitcoin and cryptocurrencies as legal tender.

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