Bitcoin Set to Overtake eBay’s PayPal in Transaction Volumes

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Popular digital currency bitcoin is expected to overtake e-commerce giant eBay’s paymentprocessor PayPal in terms of US dollar transactions in the near future.

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.

PayPal processes payments totalling $315.3m every day, according to Statistic Brain.

“In the next one or two years, Bitcoin can surpass the dollar transaction volumes of other established payment companies including Discover, and even American Express, MasterCard, and Visa,” said SmartMetric CEO Chaya Hendrick.

Bitcoin was launched in 2008 and is traded within a global network of computers. They can be transferred without going through banks or clearing houses, reducing fees involved in the services significantly.

The number of retailers who accept the digital currency as payment option has been increasing, as it gained more in terms of popularity and value. Its value peaked at $1,250 in November 2013, but declined below $300 after troubles such as the collapse of exchange MtGox and crackdown on the currency in China.

In February, the hedge fund issued a “speculative” buy rating on bitcoin after the digital currency had survived two crashes causing a 70% drop in value within a few months.

In a filing with the US Securities and Exchanges Commission (SEC), eBay earlier regarded bitcoin as a “potential competitor” to PayPal. While PayPal charges a 2-3% fee for processing transactions, payments using bitcoin could be done with negligible fees.

John Donahoe, CEO of eBay, earlier said that he is actively considering an integration of bitcoin with PayPal. EBay still does not accept bitcoin or other digital currencies for payments.

Esto es una gran notícia para el Bitcoin, ya que ya a sobrepasado en volumen de actividad a uno de los grandes networks de transacciones de dinero diario como es Western Union lo que años atrás nisiquiera aparecía en los gráficos. Ahora apunta a sobrepasar al gigante de Ebay , Paypal que tiene un volumende transacciones diarias alrededor de 317 millones de dólares. Hasta en Ebay han advertido que Bitcoin puede ser un gran competidor para Paypal ya que para enviar y recibir dinero no hay comisiones como las hay en Paypal. Por eso han estado pensando incluso en incluir el Bitcoin como método de pago en paypal. Yo esto lo veo como ” En tu lucha contra el resto del mundo, te aconsejo que te pongas de parte del resto del mundo.”  Una frase de Frank Kafka, quiere decir que si no puedes con tu competidor , únete a él, y esto es posiblemente lo que acabe haciendo paypal. Se preveé que en un futuro no muy lejano el precio del Bitcoin se doble  y el nivel de transacciones aumente hasta llegar a hacer frente a VISA o MasterCard.

Carlos Dávalos

International Business Times

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