Bitcoin just settled $31 billion worth of BTC transactions in a single day ๐จ This article is 3 years old...
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Bitcoin just settled $31 billion worth of BTC transactions in a single day
Bitcoin has settled over $30 billion worth of transactions in one day.
2 min read
Updated: Oct. 11, 2021 at 7:53 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The world is growing increasingly pro-Bitcoin as the latest data has shown that the flagship digital asset settled over $30 billion worth of transactions in one day beating that of other payment gateway systems like that of MasterCard and Visa.
Bitcoin settled $31 billion transactions in a day
While the network has witnessed a drop in the figures of its settlement to around $12 billion now, it doesnโt negate the fact that the network has witnessed a 40x growth in its settlement value from the previous year when the figures were well below $10 billion.
$31 billion.
That's how much value was settled on the Bitcoin blockchain in a single day this week.
It's a new all-time high for Bitcoin, and a 40x jump in settlement value since 2020 began.
— Kevin Rooke (@kerooke) October 10, 2021
Neither does it reduce the fact that Bitcoin has become increasingly mainstream as we have witnessed a number of mainstream and institutional adoption.
Popular crypto market analyst, Willy Woo, speaking on this growth stated that Bitcoinโs growth has been phenomenal because judging by its settlement numbers, it means the asset is โpresently doing ~$190k per second. Compare this to $130k per second by Visa for US customers and $55k per second for Mastercard.โ
Money moving on Bitcoin's blockchain is back near all time highs.
It's presently doing ~$190k per second. Compare this to $130k per second by Visa for US customers and $55k per second for Mastercard.
Lightning Network not included. pic.twitter.com/J3Baop3LXE
— Willy Woo (@woonomic) October 9, 2021
BTC will only become more dominant
As the world becomes increasingly digital and more people get exposed to digital assets like Bitcoin, it is expected that the number of transactions the flagship settles daily increases.
Already, we have witnessed the adoption of BTC from El Salvador who is increasingly proving how crypto can be used to reduce the costs associated with sending money abroad. Other developing countries are also watching this development and this could spur them into adopting the asset too.
Anthony Pompliano, a popular pro-crypto Twitter user, opined that Bitcoin and the entire crypto industry would overthrow the traditional financial system to โbecome more dominant.โ
A recent Capgemini report on the state of payment across the world declared that โe-money payments will account for more than 25% of global transactionsโ by 2025. This means that digital money like Bitcoin, Ethereum, and others would play a more increased role in the new financial economy, thus, increasing the value of transactions BTC handles daily.
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
