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- Despite some market headwinds, the Bitcoin blockchain processed over $8.2 trillion last year which translates to $260,000 every second.
- The Bitcoin network processes 33% more transaction value when compared to VISA and three times more than MasterCard.
The year 2022 was not very exciting for Bitcoin investors worldwide as the world’s largest cryptocurrency plunged more than 60% in one of the most brutal market crashes in crypto history.
However, the Bitcoin blockchain network still managed to achieve several important milestones in terms of transaction value during 2022. Over the past year, a staggering $8.2 trillion was transferred via the Bitcoin blockchain. As per data shared by crypto analytics company CoinMetrics, this data turns out to be $260,000 per second.

Courtesy of: CoinMetrics
The sheer volume of transactions despite a bear market highlights Bitcoin’s significant leap in adoption as well as its role in the global financial system. However, the data also shows that during the second half of 2022, the total number of transactions on the Bitcoin blockchain plummeted significantly during the second half of the year.
This was specifically a time when the cryptocurrency market witnessed some of the biggest bankruptcies in the history of the crypto market. It all started with the collapse of the Terra ecosystem in May which precipitated the collapse of popular crypto lenders like Voyager and Celsius.
Moreover, the crypto market faced a double hit in November with the collapse of crypto exchange FTX which resulted in massive withdrawals and draining liquidity from the market. This had a direct impact on the participation of investors in the market which decreased and as a result, Bitcoin transactions also fell significantly.
Bitcoin Beats VISA and Mastercard
Despite all the hurdles, the world’s largest crypto Bitcoin has managed to outperform the two largest payment processing networks – VISA and Mastercard. During the final year of 2022, VISA processed a total value of just under $6 trillion, while Mastercard was $2.5 trillion.
This means that the Bitcoin network processes 33% more transaction value, compared to VISA. Similarly, it processed more than three times the total value of transactions processed by Mastercard.
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Bitcoin is slowly emerging as one of the biggest challengers to some of the biggest payment systems. However, this traditional payment system is expected to increase its transaction value in the following years. Thus, Bitcoin here has a big challenge to do to keep up with the competition.
The world’s largest cryptocurrency Bitcoin (BTC) has had a great start to 2023 so far soaring more than 33% this month. However, Bitcoin still continues to face macro challenges from higher inflation and uncertainty with the Federal Reserve’s Monetary policy.
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