Since Bitcoin (BTC) garnered some semblance of traction, it has been touted as a viable alternative to traditional digital payment rails, like Visa, Mastercard, or PayPal. As ShapeShift’s Erik Voorhees said in a recent interview, BTC, unlike centralized digital monies, is free to use (accessible), borderless, and uncensorable — arguably making it a perfect substitute. And yes, the leading cryptocurrency is probably best used as a store of value (gold alternative), as scaling efforts are deemed lackluster by pundits, but recent data compiled by BlockData confirms that Bitcoin has potential as a medium of exchange, too.
Through a graphic, Blockdata’s team accentuated that by many measures, traditional merchant payment processors, like Visa and Mastercard, pale in comparison to Bitcoin, XRP, and other digital assets in this age. In fact, as the analytics startup estimated, merchants would see their margins swell by up to 4% if they accepted crypto instead of fiat on credit/debit cards.