Bitcoin to Surpass PayPal in Terms of US Dollar transactions

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Bitcoin Expected to Overtake e-commerce Giant eBay's Payment Processor PayPal in Terms of US Dollar transactions

The way Bitcoin is expanding and reaching to new people and international e-commerce sites are accepting and adopting it in their business, it is expected that the digital currency will reach new heights. The latest decision by several companies to accept Bitcoin to facilitate international transactions is further helping it.

California-based hedge fund Laureate Trust says that Bitcoin is fast establishing itself as the currency to use globally and instantly to make purchases or payments over the internet recording nearly $300m (£178m, €220m) daily in transactions. Thus, if the data presented by the company is to be believed, Bitcoin is going to reach to new heights.

The sources in Laureate Trust believe that Bitcoin is expected to overtake e-commerce giant eBay’s payment processor PayPal in terms of US dollar transactions in the next couple of years if the current pace continues.

Bitcoin Will Reach New Segments in the Market

Peter Tasca, CEO of Laureate Trust, believes that Bitcoin is reaching to new business and customers are accepting it for international transactions and according to him whenever someone has an instrument that trades over 300 million US dollars a day, it must be recognized.

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He also believes that Bitcoin works wonderfully and according to him the digital currency has greater volume transactions than Western Union and he anticipates it will overtake PayPal later this year. According to Statistic Brain, currently, PayPal processes payments close to $315.3m every day.

Even SmartMetric CEO Chaya Hendrick shares the opinion and says that in the next couple of years, Bitcoin can surpass the dollar transaction volumes of other established payment companies including Discover, and even American Express, MasterCard, and Visa. Thus, the digital currency that was launched in 2008 will continue gaining new ground.

The number of Outlets Accepting Bitcoin Growins Every Passing Day

Best part associated with Bitcoin is that these can be transferred without going through banks or clearing houses. Also, there is great amount of convenience as well as cost saving as there is not much processing fee. Also, as the number of retailers accepting Bitcoin as payment options has gone up, the morale is higher.

Last year, the exchange value of Bitcoin went up to $1,250. Though prices fell later on and currently trading close to $520, the investors are hopeful about the bright prospects of the digital currency.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com