Bitcoin Transaction Volumes Were Six Times More Than PayPal in 2018

Bitcoin Transaction Volumes Were Six Times More Than PayPal in 2018

By Bhushan Akolkar
Posted on Jan. 22, 2019

Although 2018 turned out to be a disappointing year for the investors, the recent analysis fro Satoshi Capital Research shows that Bitcoin emerged as an important medium of transacting funds across the globe. 

On Monday, January 21, Satoshi Capital Research tweeted saying that over 3.3 trillion USD were sent through BTC transactions. Interestingly, the analysis goes to show that this was six times the volume sent using the widely use money transfer platform PayPal. The tweet from Satoshi Capital Research notes:

“BTC is not just a serious global currency, but a serious global payment system as well”. 

If at all this indicates anything, it shows that the future of Bitcoin is bullish. Several analysts have argued that Bitcoin’s underlying technology is not up to the mark to cater to the global demand. There is no denying to it that the Bitcoin network is undoubtedly facing some issues when it comes to scalability.

However, projects like the Lightning network with an aim to reduce the stress of the Bitcoin network while facilitating faster and cheaper payment provide a ray of hope. There are many enthusiasts who continue have faith in the future of the digital asset. 

Seamless Cross-Border Transactions Is the Major USP of Digital Tokens

The major reason why cryptocurrencies have grown to fame is its decentralized control and the fact that you can send funds anywhere across the globe in a fraction of seconds at low cost. The ability to transact funds seamlessly through the underpinning blockchain technology is the reason FinTech revolution. 

On the other hand, platforms like the PayPal have to follow the regulatory jurisdictions of the regions they operate in. This considerably increases the period of payment settlements during a cross-border transaction. Additionally, it also increases the cost of transferring the funds in the form of the transaction fee. 

Thus, cryptocurrencies are seen as a potential challenger for such platforms as they are backed by peer-to-peer technology. Looking at the benefits of the blockchain technology, even traditional banking systems are considering to move over the SWIFT infrastructure. Of course, this will be a gradual process in the next few years. 

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