Bitcoin now seeing more transactions than PayPal
The leading cryptocurrency has reached a milestone for the second time
In 2017, Bitcoin (BTC) was able to catch up with, and charge ahead of, PayPal in the number of transactions conducted on the network. At the time, BTC was in the midst of an “awakening” of sorts that was seeing the top cryptocurrency receive a lot of attention, making the achievement very significant. BTC has done it once again and, this time, completely blew away PayPal.
According to data available on remittances and BTC transactions, the BTC blockchain managed $1.3 trillion in transaction volume last year. Comparatively, PayPal didn’t even come close, only seeing around $578.65 billion.
It isn’t completely possible to ascertain where the source of the volume comes from for BTC – some transactions are money remittances, others are trading. However, given that the amount is almost three times that of PayPal, it is still very significant.
The World Bank estimates that the remittance market is going to grow this year to $715 billion, an increase of 3.7% over last year. BTC, and other digital currencies, is grabbing more of the share, allowing almost instantaneous cross-border money transfers for pennies compared to the high fees of PayPal and SWIFT transactions. As more people begin to realize the power of crypto, the switch from conventional money remittance platforms to crypto will only continue to increase.
That increase is also going to be driven by the growth of institutional investments in crypto. Platforms like Bakkt and Fidelity’s crypto arm are going to help attract substantial investments, leading to greater adoption and an embracing of digital currencies on multiple levels. This is just the beginning, and there are a lot of awesome changes coming to the crypto ecosystem.