We wanted to take a look at global e-commerce from 2019 and estimated for 2020 compared to Bitcoin and other leading Crypto. The transaction volume you’re going to see is for transactions on the blockchain only and does NOT include transactions done on exchanges.
What you’re going to see is quite surprising, just to be transparent I check these numbers on a daily basis and they fluctuate. As an example, just last Friday the Bitcoin transactions were double from the past 24 hours which you will see in this article. With that said it’s still relevant and a good example of how far Crypto has come. Remember these are blockchain transactions and do NOT include transactions done on exchanges.
First let’s start with global e-commerce, in 2019 there was $3.5 trillion and its estimated 2020 will reach $4.2 trillion. On a daily basis that works out to $9.6 billion and $11.7 billion per day respectively.
Over the past 24 hours Bitcoin has done $6.5 billion in blockchain transactions, that’s 68% of 2019 global e-commerce and 56% of the estimated 2020 global e-commerce. Very impressive, without a doubt showing Bitcoin is for real. As mentioned earlier, last Friday this figure was over $13 billion, surpassing global daily e-commerce transactions, even more impressive.
With the Lightning Network in place and improving all the time this figure will rise on a consistent basis. But one thing to remember, Lightning Network is a second layer solution and transactions are not done on-chain until the channel is closed. With that said the daily Bitcoin transactions is actually larger than reported especially as more transactions move to the Lightning Network.
Bitcoin Cash is not nearly as large as Bitcoin, it’s the second largest by transaction volume except for Ethereum. We aren’t looking at Ethereum as it’s somewhat different than Bitcoin and the forks we are following for this article.
Bitcoin Cash has done $402 million over the past 24 hours, that’s 4.2% of 2019 and 3.4% of 2020 estimates. Although much smaller it shows people are using it for its speed of on-chain transactions. Something Lightning Network is trying to compete with but remember it’s not on-chain like Bitcoin Cash transactions.
Bitcoin Cash can also handle micro-transactions, less than $0.01 which makes it perfect for everyday use. One can literally buy a piece of gum for less than $0.01 something Lightning Network can do as well but again remember it’s not on-chain.
Litecoin, a fork of Bitcoin has done $76 million over the past 24 hours, that’s 0.8% of 2019 and 0.6% of 2020 estimated global e-commerce. Obviously much smaller but still one to watch. Just last Friday it processed over $300 million so the fluctuations are there and needs to be monitored.
Lastly we look at Bitcoin SV, in the past 24 hours it’s had $23 million in on-chain transactions which is just 0.2% of 2019 and 0.2% (rounded up) of 2020 estimated global e-commerce transactions.
Although Bitcoin SV is currently very small it’s worth watching because it’s handling a much larger volume of on-chain transactions. On a daily basis those transactions are 750,000 - 1,000,000 about 3x Bitcoin and about 2,000x Bitcoin Cash. As you can imagine the transactions are very small but the amount of transactions Bitcoin SV can handle on a per second basis is very impressive, in the many thousands per second. This opens Bitcoin SV up a huge range of possibilities.
As you can see Bitcoin is the overwhelming leader in crypto market and it’s truly becoming a rival to global e-commerce. Bitcoin can not be ignored any longer, not only are large investors on Wall Street taking notice but people around the world are using it on a daily basis. Just imagine the impact of Bitcoin’s price when billions of people are using it on a daily basis.
bitcoin is on of the imports cryptocurrinces. it earn and best earnings site, so all like it.