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what is up ladies and gentlemen and welcome back to the channel for another video here today now in today's video I want to go ahead and discuss venmo and Bitcoin in how they're interrelated and guys I don't know if all of you know this but Bitcoin has been absolutely crushing venmo as of late in terms of volume of transactions and honestly it's really impressive to see this amazing shift of Bitcoin volume especially as we sort of you know exit the crypto winter and head for greener pastures so anyway guys that's what I'll be discussing in today's video I'll bring you all anthony pomp Liana's opinion on this as well so if you like the info if you know like me that bitcoin is the quote-unquote killer app that will end all other a payments go ahead and drop the video like subscribe and do share for more those things help the channel out a ton and they are greatly greatly appreciated so with that being said guys let's go ahead and discuss this exactly what we're looking at with Anthony pomp Leon Oh his opinion you know with the current volume of Bitcoin and venmo and let's go ahead and break it down so before anything else I want to go ahead and discuss a payments and how they relate to crypto currencies so we all know what a payments are in a basic sense basically e payments are when you make a transaction using technology especially the internet using venmo paypal or other services to send money to you know basically another individual or an institution or a store etc the list goes on and basically a lot of people believe that bitcoin can never overtake traditional payments as we've known them to exist now for a short while because companies like PayPal and venmo and others are so huge right well that's where things get a bit strange especially for people that believe that bitcoin can't hold a candle to traditional eep payment platforms so I'm sure many of us are familiar with venmo venmo is basically a modern offshoot of paper and I'm pretty much absolutely positive that everyone knows what PayPal is I've been using PayPal for quite a long time I've used it for a long time pretty extensively to be quite honest and you know it's been pretty good okay it's actually functioned pretty well but as of late especially after PayPal broke off their connection with eBay PayPal has been a bit worse than it has in the past now basically during its Golden Age PayPal was fantastic it was extremely easy to use to send money back and forth there were no fees and I really didn't have any complaints it was just straight up simple goodness in the past five years or so I don't know about you guys but I've definitely noticed that PayPal has gone downhill and I think part of the reason for that is that the you know the company as a whole has shifted its focus to other platforms and you know sort of making themselves more mobile versus more computer or a heavy usage based I look at PayPal as very much a sort of business tool and other people probably do the same but PayPal as a company is shifting its focus more toward the consumer market okay by introducing things like venmo that make transactions a bit more simple and straightforward now I don't necessarily love venmo but I do have to admit it is a pretty big mobile payments processor and it absolutely has a place in the modern world now I know many people that would look at PayPal and look at venmo and think you know these companies must be larger and more substantial than Bitcoin surely they are processing more transactions they have more business and they're talked about a little bit more so wouldn't that make them more viable and the simple answer to that is absolutely not okay and you might be surprised to hear that but Bitcoin as of right now in terms of volume is absolutely like I said absolutely and completely crushing venmo venmo looks like a puny little child compared a two bit coin and that is absolutely really funny to think about but it also proves that their coin is coming a long way in terms of overall transactions for retail for payments for sending money between friends for a mint says bitcoin is really coming out ahead is absolutely the leading horse in this technological race and to kind of put that into perspective okay Bitcoin is moving each and every day roughly 10% of what venmo moves in terms of volume in a year okay so every 10 days Bitcoin processes enough of volume to match a ven Mo's volume per year yes you heard that right it is absolutely incredible to think about and that is just right now okay bitcoins volume is rising at a very rapid pace especially as a lot of Latin American nations and other countries begin to realize that bitcoin is so useful for things like remittances or sending money back to family members in their home countries transactions with Bitcoin are simple they're lightweight and they're very effective which means that honestly speaking they are a very good tool for processing payments even more so than payment providers and processors like a venmo or even like PayPal so anyway guys that's my schpeel upfront now I want to go ahead and give all of you a bit more details so let's go ahead and tuck in to the real concrete info here and the numbers so Bitcoin scaling solutions may be getting huge publicity in 2019 but the amount of money the network processes daily could already cause headaches before competitors so for example the current usage of Bitcoin absolutely tramples venmo so as Morgan Creek digital co-founder Anthony pompano noted on social media recently bitcoins on chain transaction volumes grew to 7 billion dollars per day earlier on this week those figures came purely from standard transactions not those done off chain for example via the Lightning Network so in other words guys all of this volume is coming from standardized transacting it's nothing unusual it's nothing suspicious this is all normal volume and it's coming from many many different sources so by contrast pomp Leone Oh notes some fiat based networks handle significantly and could even lose out to Bitcoin as it advances no question there okay really no question specifically PayPal's venmo which offers database powered instant transactions and near zero transaction fees moved sixty two billion dollars in value this last year this means that in one day Vicco achieved eleven percent of the company's annual volume yes that's right annual volume and pomp leon o stated in a summary bitcoin is the killer app which of course refers to the long time debate as to whether bitcoin will or will not become the ultimate long term crypto phenomenon currently bitcoin has a daily transaction total of around 350,000 which blockchain comm shows pretty clearly so his comments come as bitcoins price continues to grow and is actually trending upward in a pretty substantial way and for example in this past march on chain transactions reached a volume not seen for fifteen months capping a trend which had run in contrast to previously declining prices through 2018 regarding bitcoins readiness to usurp fiat incumbent market players extensive analysis has already made bold claims about a major market shake-up coming as soon as ten years time as bitcoin issed reported the figures from software start-up data light published earlier ok characterized Bitcoin as already having the ability to become the world's foremost payment network and the researchers summarized and I quote traditional payment systems developed their companies for as many as 60 years prior to becoming industry leaders they have developed gradually conquering region after region unlike Bitcoin which became available worldwide immediately in just 210 years that coin has managed to compete with the leaders of the payment system industry in other words it's done a really good job of being competitive so far and it's not showing any signs of slowing down so data light nonetheless forecast it would be off chain solutions specifically lightning which would give the coin the edge and action capacity over rivals such as Visa and MasterCard those networks at present can handle sixty five thousand and forty thousand transactions per second respectively Vic coin transaction data further sets it apart from all coins this month as Bitcoin is noted despite device ratings championing network activity of assets such as tezo's the actual value represented by those transactions as a fraction event moved by the Bitcoin network no surprise there Bitcoin has an absolutely massive volume of ice itself appear to partially acknowledge this fact by saying in a summary and I quote of course not all transactions are qualitatively the same a ten million dollar Bitcoin transfers obviously more important than a simple vote or like on Steam so in 2018 of course the Bitcoin network transferred over three point two trillion dollars despite an 80 percent drop in price guys if nothing else shows us that the market is moving forward that absolutely is okay so don't lose hope you know remain confident and calm because guys these records show us that we are still moving forward in a big way and I also want to say just as a side note just as sort of a a funny note here Anthony pompano has been tweeting at Donald Trump to buy Bitcoin pretty consistently and it's it's really display to see so I want to go ahead and mention that as part of this video but guys three point two trillion dollars was transferred in 2018 okay three point two trillion that is absolutely impressive despite the quote unquote crypto winter prices are still starting to pick up and things are moving forward everything is still looking pretty darn good so with that being said folks I'm gonna go ahead and wrap up this video here hope all of you enjoyed and learn something as always if you did you folks know to do drop the video like subscribe and share for more check out the bitcoin shirts below if you want to spread the news I think there's stickers to use to spread the news get the message out there and I'll see all of you in the next video have a good one folks and adios