Bitcoin Transaction Volume Tops PayPal, Creeps Up on Visa

[BitcoinNewbie15]

This is good, right? I really want bitcoin to beat PayPal. haha.... I mean sure, PayPal was convenient for a while, but now that we know how much money we can save with bitcoin transactions, I cannot wait for the day bitcoin officially becomes a digital currency. It will turn out cheaper, faster and way more convenient for all of us.

Of course this is good! However, this article is talking about the value of money transacted with the Bitcoin network, not the number of transactions in total. There is a very important distinction there. Unfortunately, for Bitcoin to truly compete with visa, it will need to handle an equivalent amount of transactions per second (TPS). Visa can handle around 3000 TPS and Bitcoin can handle only about 7 TPS. So this article is actually talking about the amount of money transacted with Bitcoin. The good news is that the lightning network will allow us to completely blow visa out of the water! Bitcoin continues to grow and make milestones, with a massive amount of value transacted and not to mention the insanely high hash rate! Future is looking very bullish, hodl!

[TIN1114]

Wow this is awesome to hear. Although prices now might now be so attractive but this is a milestone that we should celebrate. This only proves that the spirit of bitcoin and cryptos are not dying so we should not lose hope.

[RetiredPlanBTC]

Bitcoin is used to make transactions from one address to another address for various reasons. But even if doing other transactions BTC is still serving its purpose. People are now using the BTC into different applications as they know the process of block chain technology.

[BarnabyETH]

In order to transact from one address to another for different reasons Bitcoin is used. But that absolutely doesn’t mean that the Bitcoin is not serving its purpose, it’s doing so! As people know about the block chain now, they now are using the BTC for different applications!

[cryptotezi]

I think bitcoin will surpass visa soon. And from my opinion bitcoin can be a very good alternative for paypal. The transactions are faster and safe so i think more people are going to join in future.

[WindowsRepuX]

This is not the way we measure the efficiency or something like that. These are just values. Not all of them are real and unique transactions. So we should not compare them in this case.

[Tobt]

I don't think we can compare bitcoin with paypal or visa. They are completely different from bitcoin. The vision, working process, etc nothing is similar. So it's quite hard to replace paypal.

[bond07]

well it is not actually possible to have the accurate news about how much the transaction are happening everyday but as per the basic updates we can easily assume that how much high the transaction rate is so we shouldn't doubt  about it volume cause we can hope that I will increase more in the future.

[Anies_Sandi]

To many, Bitcoin’s shot at “real-world” utility is defined by the yardstick of Visa’s transactional throughput; yet, the original cryptocurrency now purportedly handles more annual transacted value than PayPal—and appears to be gaining on Visa, fast.

https://cryptoslate.com/bitcoin-transaction-volume-tops-paypal-creeps-up-on-visa/

the possibility will always emerge in the future bitcoin will be more developed again and all depends on the investor itself

[jseverson]

This is good, right? I really want bitcoin to beat PayPal. haha.... I mean sure, PayPal was convenient for a while, but now that we know how much money we can save with bitcoin transactions, I cannot wait for the day bitcoin officially becomes a digital currency. It will turn out cheaper, faster and way more convenient for all of us.

It already is digital currency and you can freely use it as such. The only problem is the lack of merchants accepting it.

Either way, it will be a long time before Bitcoin can be a true Paypal alternative. The Lightning Network is supposed to make it possible, but it's still in Beta and has a long way to go. For a more apt comparison, we should only be looking at Bitcoin transactions that were used for payments, and the only numbers of that sort that are tracked are the numbers processed by Bitcoin payment processors. Even that won't be entirely accurate because it doesn't account for peer-to-peer transactions.

[earnetheasy]

As far I know the much of the value move through the wallet that own by the similar person. A few transaction happen till now. If you find out we will see the actual transaction of paypal. Whatever the number It’s a positive things I believe.

[coinwizard_]

They should add all of crypto as bitcoin is a bit slow and clunky at the moment. Other altcoins are quicker and better so if they add monero and other dark market coins it will definitely go above paypal and visa.

[annasadia]

Bitcoin, as assumed, will take the place of Gold sooner or later. BTC is being used as a value and sometimes as an exchange, but it was, is and will be as "resource" and a worthy investment. Time will sing the song.

[earnadoge]

To many, Bitcoin’s shot at “real-world” utility is defined by the yardstick of Visa’s transactional throughput; yet, the original cryptocurrency now purportedly handles more annual transacted value than PayPal—and appears to be gaining on Visa, fast.

https://cryptoslate.com/bitcoin-transaction-volume-tops-paypal-creeps-up-on-visa/

So this might show all the shady people making enormous transactions, as well as gambling transactions.  IF PayPal is somewhat close to bitcoin transactions, they must make a lot of money.  I hope that sooner or later bitcon and other coins are accepted everywhere online.

[Phlaser]

what I see here, the obvious difference between bitcoin and paypal is, transaction time. bitcoin can be faster than paypal. even bitcoin only takes 1 hour when paypal must take up to 4 days. obviously it makes people switch to bitcoin and the volume of bitcoin transactions increases beating paypal.

You got the point exactly. With the transaction time cut off, many would prefer to make payment for services rendered with Bitcoin for speedy payment without much delay or having to submit queries to support. Bitcoin no doubt is taking iver the world.

[Spring_Butin]

Although prices can now be very attractive, this is an important milestone that we should celebrate. Bitcoin is used for transactions from one address to another for different reasons. When people know about chain blocking now, they are currently using BTC for different applications! The transaction is faster and safer so I think many will join in the future.

[Chrissanth5524]

I'm sure, PayPal is convenient for a while, but now we know how much money we can save with bitcoin transactions, I can not wait for official bitcoin to become a digital coin. Wow is great to hear. This only demonstrates that the spirit of bitcoin and cryptos is not dead so we should not lose hope. But even when doing other transactions, BTC is still serving its purpose.

[pawanjain]

To many, Bitcoin’s shot at “real-world” utility is defined by the yardstick of Visa’s transactional throughput; yet, the original cryptocurrency now purportedly handles more annual transacted value than PayPal—and appears to be gaining on Visa, fast.

https://cryptoslate.com/bitcoin-transaction-volume-tops-paypal-creeps-up-on-visa/

Isn't this should be obvious considering the fact that there is billions of amount of bitcoins held by the people of crypto community and most of them transact it from one address to other ? Or am I missing some info here ?
Anyway it is good to know that the volume is more than paypal and visa. This gives us a hope that Bitcoin might some day become a real world utility and might be legally used all over the world.

[Nathaniel_Jones]

I'm sure, PayPal is convenient for a while, but now we know how much money we can save with bitcoin transactions, I can not wait for official bitcoin to become a digital coin. Although prices can now be very attractive, this is an important milestone that we should celebrate. This only demonstrates that the spirit of bitcoin and cryptos is not dead so we should not lose hope. But even when doing other transactions, BTC is still serving its purpose. Bitcoin is used for transactions from one address to another for different reasons. When people know about chain blocking now, they are currently using BTC for different applications!

[[ProTrader]]

To many, Bitcoin’s shot at “real-world” utility is defined by the yardstick of Visa’s transactional throughput; yet, the original cryptocurrency now purportedly handles more annual transacted value than PayPal—and appears to be gaining on Visa, fast.

https://cryptoslate.com/bitcoin-transaction-volume-tops-paypal-creeps-up-on-visa/

Bitcoin is open for improvement and upgradable. Sooner or later there will be another fork to address that issue. It may not be today because we cannot rush everything and it needs more trial to make sure the security will not be compromise.