[2014-05-27] Bitcoin Projected to Overtake PayPal in U.S. Transaction Volume

[roslinpl]

Interesting article by virtualmining.com which provide some informations and calculations:

What once was considered a fad in the financial world is now turning into a primary form of online money exchange. Bitcoin, the most recognized digital currency, has already grown to nearly $300 million in transactions a day.

Bitcoin has already surpassed Western Union in daily transactions, and at its current rate of growth is projected to surpass PayPal later this year, according to estimates by Laureate Trust. PayPal processes an estimated $315 million in payments every day.

“In the next one or two years, Bitcoin can surpass the dollar transaction volumes of other established payment companies including Discover, and even American Express, MasterCard, and Visa,” said SmartMetric CEO Chaya Hendrick.

Bitcoin has only been in existence since 2008, but it has become a trusted way to trade money online.

“Whenever you have an instrument that trades over 300 million US dollars a day, it must be recognized,” said Peter Tasca, CEO of Laureate Trust.

Bitcoin is continuing to make its way into the offline world with the invention of the Bitcoin ATM and Bitcoin prepaid cards.

A link to an article

[qwerty555]

Nice bit of Hype, but as i corrected in other threads.

1 This $300M daily average was for one week ...Nov 26 to Dec 3 2013.

2 After Mt Gox issue  sell off and drop in March this average was running nearer to 30-50Million a day

3 This continued to the May 17th low of $19Million a day

4 It spiked up to $179Million on may 24 and is currently averaging $60M over the last 4 days

6 years dollar value history can be found on this link

http://www.quandl.com/BCHAIN/ETRVU-Bitcoin-Estimated-Transaction-Volume-USD

I suspect that $50-$60M will be the new average until the next spike upward which should put it in the $80-100M range .

I do believe the sentiments of the article but the facts are that it is not as far advanced as we would like but definitely heading in the right direction .

[yatsey87]

Yeah the figures seemed exaggerated or off to me. I'm sure bitcoin will one day overtake paypal by a longshot, but I think were a way away yet. We need to have a worldwide celebration when this happens though  .

[Jesu]

Oh so its not actually overtaken pp yet? That's disheartening. Everybody here wants paypal to go down it seems  .

[roslinpl]

Oh so its not actually overtaken pp yet? That's disheartening. Everybody here wants paypal to go down it seems  .

Well bitcoin is just 100 times better in world wide money transfer services so I believe paypal days are soon going to be over :-) or they will join bitcoin revolution.

[Jesu]

Paypal has its place but they need to improve their ways or theyll take a big hit.

[bryant.coleman]

Oh so its not actually overtaken pp yet? That's disheartening. Everybody here wants paypal to go down it seems  .

Not yet.... but it will overtake Paypal very soon.