Bitcoin Is Set to Take Over the World of Online Payment Systems: How Would PayPal and Other Major Online Payment Companies Re-Invent Themselves?
The way figures are being presented can’t simply be ignored and major players in the online payment sphere must take strides in innovating ways on how to incorporate bitcoin in their portfolio.
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The announcement made by The Laureat Trust about bitcoin to possibly surpass PayPal transactions in USD transaction levels by the end of 2014 is quite a big news for the bitcoin world.
Despite the restrictions being imposed on this cryptocurrency (which is healthy in a sense as it makes bitcoin less volatile and bitcoin trading eventually becomes a safe trading activity), bitcoin prices continue to rise as attributed to the number of major online merchants starting to adopt bitcoin as one of their payment options and with the continuous innovation on the technology governing this virtual currency.
The Laureat Trust’s CEO Peter Tasca, in his announcement about bitcoin beating PayPal soon, even believed that the caving in of Mt. Gox which is formerly the world’s largest bitcoin exchange, actually paved the way for better and more opportunities for the digital trading vertical. Newer bitcoin trading companies have indeed gained a lot of lessons from this major shut down and are being “better regulated, better financed, and are technologically stronger”.
Bitcoin currency exists as a software and is not supported by any banking organization. While some think that it would still be difficult for this new technology to beat the system that online payment systems like Mastercard and Visa have achieved over time, they still do not dismiss the fact that the rise of bitcoins and the advancement in its technology will still put pressure on bigger financial institutions to develop more modern payment schemes.
With the current upward trend in bitcoin prices and with bitcoin transactions averaging to $300 million per day, it is of no surprise that in a few years time, aside from the projections to beat Paypal, bitcoin can also overtake the dollar transaction volumes of other major payment companies like Visa, Mastercard, Discover, and American Express. PayPal’s current online payment transactions average to $315 million per day.
The invention of bitcoin ATM and bitcoin prepaid cards creating a greater reach for the average consumers creates further means for this digital currency to revolutionize the payment systems in the digital world. The innovation of bitcoin is indeed one proof of the very close connection between the digital world and the reality.
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