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Willy Woo Announces Bitcoin (BTC) Surpasses Visa in Transaction Volume. Some Details Missing?

Wed, 02/12/2020 - 13:03
Vladislav Sopov
We've already gotten used to Justin Sun repeatedly boasting, 'TRON surpasses EOS, Ethereum...'. But Visa surpassing Bitcoin (BTC) is a new one!
Cover image via www.youtube.com
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Famous trader and analyst Willy Woo announced the statistics of brilliant Bitcoin's (BTC) superiority over Visa in the sphere of payments. But some figures in his report may be inaccurate.

Did Bitcoin (BTC) surpass Visa?

According to Willy Woo, the Coinmetrics research team studied the on-chain volume of Bitcoin (BTC) network transactions. This analysis ignored circular payments between wallets and multi-hops, but included exchange cold wallet movements to new wallets.

Image by Twitter

As a result, it was found that Visa processed $138B via its network while Bitcoin (BTC) surpassed this result by 426% in 'estimated investor movements'.

8.8 trillion instead of 138 billion

However, commenters on Mr. Woo's Twitter account noticed something strange in these calculations. Actually, according to the official Annual Visa Report 2019, the Visa network processed not $138B in transactional volume, but 138 Billion transactions during the year 2019. 

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Bitcoin to Exceed Internet in Terms of Transaction Volume in 2020: Willy Woo — READ MORE

The whole payment volume during this period is estimated at $8.8 Trillion which exceeds the volume of the Bitcoin (BTC) network by a factor of 12.1.

Image by Visa

Nevertheless, 2019 was splendid for Bitcoin (BTC) in terms of transaction volume. For example, on December 4, 2019, Bitcoin recorded its highest hourly USD volume in its entire history with more than $8.9B in BTC moved on-chain. 

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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