Crypto adoption is on the rise, and these are not the esteemed financial enterprises or states that are taking part in these systematic adoption channels for Bitcoin, but the common people have jumped right into this. Decentralization began its journey being a mode of finance that is available to everyone and is unbiased, and that is why Bitcoin being the flagship cryptocurrency, is available to every person who has access to the Internet and thus making it easier for them to pay in crypto and perform further transactions.
As a result, Bitcoin transactions have exceeded PayPal by a factor of 62% more transactions taking place on Bitcoin rather than on PayPal, or as the report prepared by Blockdata says. This was no easy feat for Bitcoin with all these restrictions and regulatory oversights breathing down its neck to be able to take down PayPal, which is a third-party payment processor and quite current among people all over the globe.
But this is not where the real test for Bitcoin lies as it is in taking down payment giants such as MasterCard and Visa in terms of surpassing the total number of transactions taking place on their individual networks. This might not be that easy because almost every person who has a bank account either has a MasterCard or Visa, and that is why Bitcoin might not be able to conquer this competition that easily. It might be difficult but not entirely impossible, but for that to happen, multiple countries would have to band together and approve Bitcoin as a mode of payment.
So that a proper legal framework could be developed which would allow Bitcoin to coexist with fiat currencies and thus establish or set up further assets which would help people have uninterrupted access to Bitcoin as a mode of payment. Only then might it be able to take down these payment giants. But as it goes, it is not impossible given all the big accomplishments between was able to coin in less than a decade. The crypto hype is on the rise, and people might start to work more on it or find access to cryptocurrencies such as Bitcoin, which would definitely make them choose Bitcoin as a preferred mode of payment over others in the future.