Bitcoin Cash Surpasses Paypal’s Transaction Speed

 

It is no secret that all sorts of companies are looking to cryptocurrency as a way to process global payments. We know that one of the United States’ Top 10 banks – PNC Bank – has partnered with Ripple in order to increase the efficiency and speed of their settlements. Similarly, tech giant IBM has partnered with the Stellar Protocol for similar reasons. The Ripple token is XRP, while the Stellar Protocol’s token is Lumens (XLM).

Bitcoin Cash has officially made history in terms of transactions per second, as it has processed 830,000 transactions in five blocks. With each block containing around 166,000 transactions – this translates to a capacity of 277 transactions per second.

This is the highest level of capacity for any decentralized Proof of Work (PoW) based public blockchain. It also means that Bitcoin Cash handled more transactions than Paypal, which handles about 200 transactions per second.

Paypal CEO Peter Thiel (left) and founder Elon Musk (right) (AP Photo/Paul Sakuma, File)

Paypal is the largest online payment system by far and handles billions of transactions per year.  The company was established in 1998 but acquired by Ebay in 2002. It boasts some of the most high-profile founders of the modern world, such as Elon Musk, who went on to create companies such as Tesla and Space X, and Peter Thiel, who has gone on to become one of the most powerful entrepreneurs and venture capitalists in Silicon Valley.

There are many in the cryptocurrency community who are focused on the fact that the cryptocurrency markets will grow exponentially once individuals use cryptocurrencies in their daily life, to send and receive money.

This particular milestone would certainly indicate that more people, around the world, are open to utilizing cryptocurrency as a form of global payment. This is certainly a great sign for those who are concerned about “mass adoption” in terms of cryptocurrency projects.

There has been more attention on Bitcoin Cash than ever before. In fact, it reached over $1.4 billion recently in daily volume, which is quite significant, considering Bitcoin Cash’s market capitalization is $9.4 billion. In fact, this is around 7x more the usual volume associated with the cryptocurrency and can be attributed to the fact that there is a hard fork scheduled for November 15.