For the second time since its inception, Bitcoin surpassed online payment giant PayPal in annual transactional volume.
Per the data collected from global statistics portals, the Bitcoin network posted $1.3 trillion worth of transactional volume in 2018. Within the same timeframe, PayPal recorded $578.65 billion worth of payment transactions. It was the second time in a row Bitcoin outran PayPal. In 2017, the digital currency network had posted 543.52 billion more transactional volume than the global firm.
Regardless of the stark difference between their performances, both Bitcoin and PayPal benefitted from an increase in remittance. The World Bank reported that overall cross border transactions grew 10% to $689 billion in 2018. Large diaspora and overseas expat population contributed hugely to the uptrend, leading to higher usage of services like PayPal and Bitcoin.