Bitcoin set to surpass rival payment systems, DataLight

Bitcoin is on track to usurp Visa, Mastercard and PayPal as the top global payment system within the decade, according to a report from DataLight.

This is based on such factors as a greater number of nodes, lower fees and average transaction size. “In just 10 years, Bitcoin has managed to compete with the leaders of the payment system industry. Its development is occurring exponentially,” the report states. “If it maintains this pace, in another 10 years, it will surpass all competition.”

At the moment, the only factor that hinders quick development of its network is an upscaling problem. However, the solution for this – the Lightning network  – is upcoming. This will allow Bitcoin to increase its upscaling potential and network bandwidth tenfold, DataLight says.

Read the full report here.