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For the second consecutive time, Bitcoin is again a winner in the payment sector outpacing PayPal. According to the statistical report, Bitcoin has a transaction of over $1 trillion, while PayPal stood at $578.65 billion, which is half of Bitcoin.
As per the statistical reports from Statista, there is tremendous increase in volume since 2013. The reports show a transaction volume increase of 23% from 2017 to 2018. Citing to this large Bitcoin large volume, the latest Diar research stated that,
“… the largest wallets are owned by cryptocurrency exchanges that are holding the coins on behalf of clients. In fact, 3.8% of the total bitcoin supply are currently sitting in the top 5 wallets that are known to be managed by major exchanges – approx. $4.2 billion in value.”
During the previous year, the World Bank statistics elaborates that the remittance market has seen a growth of 10% ranging from 2017 to 2018. This surpasses the growth level of 8% in the year 2017. Also in the year 2019, the remittance space may soar by 3.7% to $715 billion in 2019.
Hence this implies a greater adoption of Bitcoin and other cryptocurrencies. Also facilitating cross-border settlement at a cheaper and efficient pace. After the 2017 bull run, Bitcoin shed 85% of its value. In the longest crypto winter, the two silver linings will be the launch of Bakkt and the Securities & Exchanges Commission’s green signal for Bitcoin exchange-traded fund ETF.
The statistical report by Statista depicts a gradual increase in online payment transaction volume for 2108. Taking the estimated remittance value growth for 2019, the trading volume may rise owing to PayPal’s extensive user base.
Speaking about traditional payment industry, Mahmoud Mohieldin, Senior Vice-President of 2030 Development agenda, United Nations relations, and partnerships of World Bank stated:
“Even with technological advances, remittances fees remain too high, double the SDG target of 3 percent. Opening up markets to competition and promoting the use of low-cost technologies will ease the burden on poorer customers.”
Also Read: How To Buy Bitcoins Using PayPal?