Despite the just finished tenacious crypto winter in the space, Bitcoin (BTC) has managed to emerge as the winner in yearly transaction volume. Bitcoin (BTC) recently crossed the payment processor, PayPal, by a mile for the second time running in yearly transaction volume.
The leading digital currency recorded $1 trillion in transaction volume in the last year. While international payment giant PayPal only managed $578.65 billion in yearly transaction volume. This figure is nearly half of that of Bitcoin. This is proof that BTC adoption has increased by a long shot.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin’s (BTC), Yearly Transaction Volume, Increased by 23% Between 2017 and 2018
Bitcoin’s annual transaction value, according to how it was charted by leading financial stats portal Statista, indicated a tremendous increase in the transaction volume of Bitcoin (BTC) in 2013. From 2017 through 2018 the transaction volume of the leading digital asset increased by 23%.
The most recent Diar research citing the source of the large Bitcoin (BTC) transaction volume, stated:
“The largest wallets are those owned by crypto exchanges holding coins on behalf of their clients. In fact, more than 3.8% of the sum of Bitcoin (BTC) supply is sitting among the top 5 wallets are managed by major exchanges. They amount to approximately $4.2 billion in value.”
World Banks Stats Show 10% Growth in Remittance Market Between 2017/2018
It should be recalled from a report from last year, that the World Bank’s stats had indicated the growth of the remittance market from the 2017 to 2018 fiscal year which stands at 10%. This figure means it surpasses the previous growth level of 8% attained in the year 2017. The World Bank has also estimated the remittance space to grow by 3.7% to a whopping $715 billion this year.
These statistics given by the world bank implies that there’s more adoption of Bitcoin (BTC) and other virtual currencies by extension in a bid to facilitate cheaper cross-border settlement. It will be less expensive than what the traditional financial institutions offer and will be conducted at a much efficient pace.
The largest crypto asset by market capitalization Bitcoin (BTC) reportedly shedded about 85% of its valuation. It came after the 2017 bull run.
Both silver linings in the most extended crypto winter is going to be the launch of the much awaited Bakkt solution and the SEC’s (Securities and Exchange Commission’s) go-ahead signal for the development and implementation of a Bitcoin exchange-traded fund ETF.
There’s a Gradual Increase in PayPal’s Transaction Volume
Statista’s payment volume chart depicts a gradual increase in PayPal’s transaction volume for the year 2018. Now considering the estimated remittance growth value for 2019, the trading volume should rise. This is due to the international payment’s giant’s extensive user base.
When it comes to the traditional payment industry, the senior vice president of the 2030 Development Agenda, United Nations Relations, and Partnerships of the World Bank, Mahmoud Mohieldin, had this to say:
“Even with the vast technological advances, the remittances fees remain on the high side. Now double the SDG’s 3% target. Opening markets to competition and the promotion of the use of less expensive technologies will reduce the burden on the poorer users.”