The top valued cryptocurrency, Bitcoin surpassed the online payment giant, PayPal in annual transaction volume for the second time since its inception. The Global Statistics portal revealed this data.
Bitcoin Transactions Continues To Increase Despite Winter Market
The cryptocurrency market has been experiencing what is characterized as the longest winter market in its history for over a year now. The market has seen a massive loss of market capitalization in this space of time. Also, many crypto firms have been affected by the winter market negatively.
Despite the effects of the crypto winter market, the transaction volume of the top valued cryptocurrency volume still surpassed the transaction volume of the popular online payment processing firm, PayPal. The data released reveals that Bitcoin had $1.3 trillion of transactional volume in 2018 while PayPal had $578.65 billion. In the year 2017, Bitcoin had 543.52 billion transactional volume than PayPal.
Regardless of the gap in the transactional volume of both payment methods, they have both benefited from the increase in remittance. The World Bank noted in a recent report that cross border settlement grew by 10 percent to $689 billion in 2018.
Also, the World Bank projects that the world remittance market will grow by 3.7 percent to $715 billion in 2019.
Bitcoin For Remittance
There is no data for the rate of Bitcoin usage for remittance, especially when cryptocurrencies has become a haven for speculative investors. Also, a report by Diar noted that the crypto industry had a record transaction volume across leading crypto exchanges in 2018 with Bitcoin leading as the most dominant asset. This shows that Bitcoin transaction volume is dominated by trade than its use for remittance purpose.
Meanwhile, the Bitcoin market is expected to see significant growth in 2019. Investors and enthusiasts alike envisage that the launch of the crypto trading platform, Bakkt and SEC’s approval of a Bitcoin ETF would change the fortune of the long winter market.