The Bitcoin (BTC) network is now processing more volume in terms of transactions than payments platform PayPal, according to blockchain analysis firm Blockdata.

Looking at average transaction volumes, Blockdata says that the Bitcoin network outshone PayPal by $187 billion (£140.4bn) per quarter this year. An impressive overtake for a payments system twelve years younger than PayPal.

Blockdata reported that: “The Bitcoin network processed an estimated average of $489...