Saturday, November 23, 2013

Bitcoin Tops PayPal For First Time in Total Transactions

Activist Post

Yesterday represented a milestone for the Bitcoin network which recorded over $416 million in transactions.  It was the first time Bitcoin topped PayPal in the dollar amount of daily transactions.

However, one transaction alone in Bitcoin was valued over $145 million. Of course, these levels are not achievable on PayPal which is part of why they, and everybody else, will be left in Bitcoin's wake.

From Nov. 22, 2013

Also notable, this same address has been used to move a total of $500 million the last few days, according to Redditors who study the blockchain.  It seems like some heavy hitters are swinging for the fences with Bitcoin.

UPDATE: The $150 million transfer was reportedly done by BitStamp's address, the world's second largest exchange.

Read more about Bitcoin here.

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Renard Moreau said...

[ Smiles ] I have a feeling that Bitcoin would be a force to reckon with.

Causal Observer said...

At this rate how long till VISA and MC are left behind? A year or two, a few months?

Anonymous said...

To be fair, most of these transfers stem from purchasing bitcoin (ie converting other currencies into bitcoin), not from using bitcoin to purchase goods and services. Paypal, on the other hand, is primarily used as a payment service.

Anonymous said...

I agree with anonymous above me. however if these are buy and hold purchasers then this will reduce supply, and as long as demand doesnt diminish, we will see the price rise.
its not the tulips faults the dutch government printed willy nilly.
its not bitcoins fault the fraudulent bank cartel aka the federal reserve is printing willy nilly.

Anonymous said...

Bitcoin will never succeed as projected because it relies upon anonymous trust. There is zero recourse / recovery with Bitcoin for buyers or sellers. This will forever undermine it's alleged legitimacy and prevent Bitcoin from acheiving anywhere near the success of other financial transactions.

As an online merchant, I'll never allow Bitcoin to be used as payment for this reason.

Anonymous said...

there are escrow services that help protect transactions. We are in the last phase of bitcoin, in that they are fighting it, then we win.....when the big money decides to get in on the action, and I feel they are already doing that, hold on !....

Mike Boudet said...

Anonymous... If you lose cash what is your recourse?

As an online merchant, you're much better off using Bitcoin because you avoid huge transaction fees cutting into your margins, costly chargebacks, and all sorts of fraudulent activity. There are escrow services but they are expensive and again cut into your margins. Bitcoin allows you to sell to anyone in the world without having to avoid areas that are ripe with fraud, because as the merchant, you get the money up front.

There are services that allow you to accept Bitcoin as a form of payment and have it immediately converted to fiat, so you don't risk anything by accepting bitcoin as an online merchant. So what is your actual problem with Bitcoin then, because I think I've addressed every "issue" you mentioned which turn out to not be issues at all.

Anonymous said...

"Bitcoin will never succeed as projected because it relies upon anonymous trust."

Bitcoin requires no trust.

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