Bitcoin Projected to Overtake PayPal in U.S. Transaction Volume

Bitcoin Projected to Overtake PayPal in U.S. Transaction Volume

What once was considered a fad in the financial world is now turning into a primary form of online money exchange. Bitcoin, the most recognized digital currency, has already grown to nearly $300 million in transactions a day.

Bitcoin has already surpassed Western Union in daily transactions, and at its current rate of growth is projected to surpass PayPal later this year, according to estimates by Laureate Trust. PayPal processes an estimated $315 million in payments every day.

"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 has only been in existence since 2008, but it has become a trusted way to trade money online.

"Whenever you have an instrument that trades over 300 million US dollars a day, it must be recognized," said Peter Tasca, CEO of Laureate Trust.

Bitcoin is continuing to make its way into the offline world with the invention of the Bitcoin ATM and Bitcoin prepaid cards.