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Today Bitcoin is having a daily $34,227,224 volume of transactions and a total of 65,394 number of transactions and that gives it a privileged place in the top10 online paying systems with the biggest volume and that also conduct the biggest quantity of transactions. A lot has been speculated wether bitcoin will replace big players such as Visa, PayPal or Western Union among the rest of the top10. And that is something one should certainly consider. Bitcoin is both a currency and a payment system. A cheaper, self-sustained and fast system, it does have serious advantages over its competitors.

Data: “” (1)

Nowadays it is not possible to instantly sned cash through the Internet with next to zero fees. Many migrant workers are able to send money back home to their families in another country only by giving 10% of the transaction value to Western Union. With bitcoin the process becomes almost free.
Another example is that, to use PayPal, you have to sign up for an account, link it to your bank account(giving all sorts of personal information) and waiting three days for the money to be sent from your bank account to your PayPal account. Again this with Bitcoin doesn't happen. The process is simplified. (2)
Until the invention of bitcoin, online digital payments had to rely on trusted third parties like Visa, Western Union or PayPal to keep a ledger of account-holder balances. As to say, a record of who owns that. For example, if “A” sent 1€ via PayPal to “B” ,PayPal would deduct 1€ from “A's” account and add it in to “B's” account.
Another reason for the existence of a third party is the double-spending1 proble...

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...itcoin still might not be able to compete with proven and trusted companies like Visa, Paypal or Western Union it is on the right track to becoming more viable. Its infrastructure is being strengthened (by the ever increasing difficulty and security of the network) and the adoption rate slowly increasing. Truth is that more people and business keep joining daily the Bitcoin ecosystem increasing the spread of the wealth and the uses of Bitcoin. Also new programs are continually being developed in order to make bitcoin more user-friendly so that everyone can be able to surpass the technological barrier that is holding back the majority of the population.

Bitcoin is a decentralized movement leaded equally by its users. Unlike the rest of the competitors in the graph it has no leadership, and to be in the 10th position under that conditions says a lot of its nature.

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