The Daily Value Of Bitcoin Transactions Has Passed Western Union's And It's Catching Up To Paypal's

The value of all daily Bitcoin transactions is now just about one-third less than transactions on online pay service giant PayPal.

That's according to Coinometrics, a site that tracks digital currency data.

Around 80,000 transactions occur in Bitcoin daily. The dollar value of those transactions total around $257 million.

Compare that with $397 million for Paypal.

And that's already greater than $216 million worth of transactions conducted by Western Union, the company that Bank of America's David Woo compared Bitcoin to in his forecast for the digital currency's potential.

However, those 80,000 overall daily transactions still pale in comparison to more mainstream American companies, including Western Union, which does 633,000 exchanges a day, Coinometrics says.

Here's the chart:

And here's the data in table form:

And here's the fun graphic: