It is just eleven years since the Bitcoin whitepaper was released, yet it has already climbed into the third position in online payments in Italy. The other two payments systems that are currently ahead of Bitcoin are PayPal and PostePay.
PayPal is an American payment system, while PostePay is a prepaid card service provider in Italy. Bitcoin’s rise to prominence is significant and visible for everyone interested in the technology.
Meanwhile, Bitcoin’s market capitalization stands over $166 billion at the time of writing. Despite the stiff resistance that it has faced, primarily due to the disruption that it brings, this innovative system of payment has continued to thrive.
Bitcoin Is Work In Progress
Bitcoin is not a finished product yet, especially when you put into consideration the scalability issues that confront it. Though it has continued to grow in terms of adoption and usage in different parts of the world.
Moreover, It is the increasing demand for Bitcoin that has pushed the price up to $9,217 at the time of writing, representing a 6,712% increase in price in just about one decade. The pioneer Crypto’s rise in Italy is significant as data reveals that the use of Bitcoin for online payment has surpassed that of other payment giants like Visa, Mastercard and American express.
The figures available show how the payment systems line up in terms of the number of transactions in Italy every month as follows.
- PayPal – 1.3 million purchases per month
- PostePay Cards – 1.2 million purchases per month
- Bitcoin – 215,800 purchases per month
- American Express – 189,000 purchases per month
- Visa/Mastercard – 33,950 purchases per month
The figures for Bitcoin is expected to rise as more and more people get attracted to this technology. It is mainly as a result of the various advantages that it has over the existing systems.
Some of these advantages are in the areas of cost, security, transparency and the pseudo-anonymous enablement.
The Future Looks Even Brighter for Bitcoin
One critical technical area where Bitcoin still has grounds to cover with the other systems like PayPal is in terms of scalability. There are ongoing efforts to ensure that the Bitcoin network improves on its capacity in the number of transactions processed per time.
Once it becomes possible, the kind of adoption that the technology will receive can only be imagined for now. Meantime, Bitcoin’s technical issues are being taken care of.
Various jurisdictions are developing implementable regulatory frameworks for the technology. The move will give a more unobstructed view to participants, mostly those waiting on the sidelines to become part of the ecosystem.
As it stands, Bitcoin appears to be heading in the right direction when it comes to adoption. More people are learning about the technology and find it useful for various purposes. The development in Italy is one of many that we are sure to see in the future.