Bitcoin price has been on a continuous rise over the past few days. The massive surge in the value of the digital currency was triggered by the sharp crypto bull run. Bitcoin price recently broke over the $5k level, a level last seen in November last year. The sharp crypto bull run carried other cryptocurrencies along, not only Bitcoin. Ethereum (ETH) and XRP amassed massive gains also. Bitcoin Cash and Bitcoin SV were also part of the top gainers. Bitcoin Cash price surged by more than 30 percent while Bitcoin SV price surged by more than 10 percent in less than a day.
The dominance level of BTC and BTC price massive surge has made many digital asset investors consider the coin as one of the best cryptocurrency to invest 2019. While many consider Bitcoin the best cryptocurrency 2019, many altcoins in the market are fighting for that position.
Erik Voorhees Said Bitcoin Will Conquer PayPal and Visa
As Bitcoin dominance increases, many digital asset investors are now considering the cryptocurrency as an alternative to traditional means of payment, such as PayPal, Visa, and MasterCard. In a recent interview, he said that Bitcoin (BTC) is not centralized like other digital monies. Voorhees said that Bitcoin is free to use, uncensorable, borderless, and accessible, making it one of the best cryptocurrency 2019.
Recently, a top industry research team – DataLight – came out to say that Bitcoin might outperform traditional payment ecosystems. The research unit compared the total transaction volume of Bitcoin, its daily volatility, transactional throughput, and yearly usage trend to that of Visa, PayPal, and MasterCard.
The comparison showed that traditional payment networks outperform Bitcoin, as their daily transaction volume is what Bitcoin sees in a year. This is mainly due to the fact that Bitcoin lacks network bandwidth and mainstream adoption. The Bitcoin blockchain can only process 7 transactions in a second. That is far less than the 65,000 transactions Visa can process in a second, or even the 400 transactions PayPal can process in one second.
Does This Make Bitcoin the Best Cryptocurrency to Invest 2019?
However, the researchers pointed out that Bitcoin has long-term potentials in the world of payments. The research team added if Bitcoin continues to grow at its current pace, it will outperform every other competition in the next couple of years. Bitcoin (BTC) is already ten years in the industry, and another ten years will make it twenty. So if Bitcoin continues at its current pace, it will surmount every competition when its clocks twenty years. The fact that the blockchain of Bitcoin had processed $3.4 trillion of value only solidifies this theory.
In its lifetime, Bitcoin has processed $3.4 trillion of value. Whereas, PayPal has processed only $578 billion of value. MasterCard and Visa had processed $5.9 trillion and $11.2 trillion of value respectively. The transaction fee of bitcoin is also far cost-effective than the three big fintech firms mentioned earlier. Bitcoin transaction fee is just about 0.0005%. Whereas, PayPal attracts an average transaction fee of 4.5 percent. The transaction of MasterCard and Visa are hefty. With all these attributes, it is possible for Bitcoin to surmount other payment channels in the next couple of years.
Bitcoin (BTC) Price Today – BTC / USD
At the press time, Bitcoin price is $5,000 after a decrease of less than one percent over the past twenty-four hours. The current market cap of the digital currency is $87.46 billion and its trade volume over the past twenty-four hours is $22.71 billion.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.