Bitcoin Forum

I want to hear you guys why PayPal is not a digital currency and maybe Mr. Satoshi Nakamoto saw the benefits of Cryptocurrency after PayPal that's why he came up with the idea and create that simple idea into reality.

Let's talk about it...

I suppose there is a huge difference between PayPal and cryptocurrency at first sight:
- centralized system of PayPal and decentralized system of cryptocurrencies
- blockchain based transactions and balances of wallets are public
- transaction via PayPal can be returned, not like for cryptocurrencies
...

I would add "anonymity" to cryptocurrency but it is controversial argument. I have read somewhere about software which allows to track transactions and analyze it.

I have been using paypal for a long time now and I feel that it is nothing like crypto. Firstly, banks need to authorize all my transactions before processing them which shows how centralized this digital currency really is. Second point is that paypal provides a digital form of fiat currency and is not actually a digital currency itself. Third point here is that paypal transactions are not anonymous at all while crypto transactions are mostly anonymous in nature.

Bitcoin is not provide any anonymity ,how would you consider a public ledger to be anonymous ,it is transparent and every tokens send and received are available for everyone to see,paypal is a service aimed to send and receive money and not a currency . :P

There is nothing to talk here,first understand what paypal is and what is a cryptocurrency. Satoshi Nakamoto introduced bitcoin when there a big recession going on in the financial field where billions of dollars went to dust and none of the economist had any idea on how to tackle the issue and that is when this brilliant genius introduced this revolutionary technology so the world will have a better monetary system,it has nothing to do with paypal. ;D

Perfectly said, Paypal is the cash wallet, which is used to pay to merchants for trading. Its fees and procedures are very high. The transaction are reversible so their are lot of scam running through paypal. But Bitcoin low transaction charges and very easy to use it. Transactions are non reversible once send. Apart from that you dont have to disclose your identity to use bitcoins.

Nope, Because the crypto is not popular at the early time of paypal already built by the owners. If you are seeing the latest news of paypal owners already said about the crypto will be popular in the future.
The paypal service still not see the benefit by using the crypto.

Paypal is not a currency, it's just a payment processor. Nothing to do with currencies. They take the money you have, and send them safely to where you want to send them.

Interesting question. But here too, the question arises, why Paypal will be a digital currency, they are also a mega company

It's not that controversial tbh, for instance, with Bitcoin there are many ways to track transactions to an especific IP, although difficult, it can be done. But there are also cryptos that offer way better anonymity, but i don't wanna go into that.

To answer OP's question: Paypal isn't a digital currency, it is an 'online payment system' where you can make financial transactions using fiat currency, it is also a centralized system.

Why do you assume PayPal was is a cryptocurrency in the first place? Nobody said it was so there's genuinely no point in disproving it. PayPal is probably as centralized as it gets so in that sense it really doesn't have anything to do with cryptocurrency. Satoshi probably was aware of the existence of PayPal but we'll probably never know if they took inspiration from PayPal or not. But I feel like bitcoin is a lot broader than PayPal so I think it's unjust to (partially) credit PayPal with the existence of bitcoin.

Well, i have been using their services for quite some time now. And i can really say that they are way too far from a crypto currency. Plus their rules suck. When you are the one selling and the customer decides to give negative feed back or say that something is wrong with an item even when there isn't when you packed it, they will get their money back. Amd that is just b'sht. I freaking hate PayPal. In definitely moving to utrust. Kind of same to how paypal works but is so much better.

Paypal is not a currency,it is a cryptocurrency.

Currency is a generally form of money,including coins and paper notes,which is issued by the government circulated within an economy.Paypal is an online payment service that allows individuals and business to transfer funds electronically.

It's pretty simple to see that the whole Paypal company will not have a cryptocurrency that will compete with Bitcoin. It is also simple to see that Paypal is not a digital currency.

Paypal is only a mean of payment and is banned in some countries like in Turkey for example. Initially, Paypal has been creating for merchants to accept easily credit/debit cards.

Paypal is definitely not a digital currency. They're like an online bank with stupid transaction fees lol.

The whole point of digital currency is the decentralized aspect of it. Centralized systems like banks and paypal are all delayed, tagged with fees, and subject to regulation/reviews, and have limits.

PayPal is a fairly standard fiat to fiat payment gateway, it has no blockchain, no tokens and instead relies on a linked bank account, so all in all it's nothing like a digital currency by simple definition.

Paypal and cryptocurrency are same concepts but with different approach . The best part of crypto is decentralized where as paypal belongs to only few guys, in crypto a coin belongs to large number of people from all over the world.

Bitcoin is not gonna come along and freeze your funds, or return the money to a person that claimed you never shipped something.  Bitcoin doesn't have a hand in your pocket, or on your nuts.

I hate Paypal very very VERY Much. It's so retarted, even PerfectMoney is better in performance than PP.

It's really a centralized company and they never had a target to be a coin. Their purpose is to get profit from peer to peer transactions, that's all. It cannot be a coin, their executive team won't announce issue of a coin for paypal.

Paypal is digital paying system, and they don't need to be a currency. And they of course don't need to be a cryptocurrency. They have fast speed of transactions, good security and nice usability, what cryptocurrencies don't have.

Many cryptocurrencies have fast transactions, good security and nice usability, they just aren't yet established like paypal, eventually paypal will be rivaled by a crypto service that will be able to offer much lower fees than paypal do currently.

One of the reason is that paypal already exist even before bitcoin.  Aside from that paypal have lots of bank partners that is quite hostile to cryptocurrency.  They have the proven method and they do not want to explore in an uncertain charter.  probably they will on the next decade :)

PayPal is to be moral in something immoral) PayPal works in a regulated environment. If you do not like someone (the powerful of this world), then your money is weeping. Bitcoin passes the banks! Bitcoin is the answer to the financial crisis that undermined confidence in the global financial system. All currencies depend on the dollar, and the exception is bitcoin. The one who controls money controls the world.

I don't like PayPal that much as well. I know that the people here will change their minds if PayPal decided to implement BTC into their payments.

like people told you.. paypal is not like a currency its more like a service for currencies
i would like to use coins in paypal :P
it will happen soon.. if not paypal, so other companies like paypal

indeed, paypal is just like a debit account that needs to be filled up by US dollar money before you can use it as payments for products and other services.
PayPal had been around since 2006 but I think Mr. Satoshi Nakamoto had getting this kind of idea and this is one reason also that drives him to make Cryptocurrency because he knew that the world needs cryptocurrency as the replacement of fiat.

One is history, the other the future. There are no similarities or any comparison between the two except maybe meeting similar challenges and the effort to overcome them.

is it true paypal is first digital currencies? I think paypal is only a platfom provider only for those who want to use the services of intermediaries for buying and selling, but paypal pioneered the creation of new tokens such as monetha and utrust recently, it is great for competition and future improvement

The first and the biggest difference here would be the type of currency. Cryptocurrencies, as the name says, are cryptographic currencies which are encrypted end to end whereas paypal supports digital currencies which are jsut a digital form of fiat currency. So there is a huge difference between the both.
Both use totally different technologies and platforms. Both have different uses and abilities.
I dont Nakamoto was inspired by PayPal but he wanted to change the way banking and financial platforms provide their services. Crypto is always best when compared to paypal or any other digital currency.

It is being said that Mr. Satoshi Nakamoto got ideas from paypal that it could be enhanced and to be called Cryptocurrency because PayPal is just a digital fiat that only spendable only if you put amount before you can use it as payments for products and other services on the internet.
Blockchain just came up with an idea from different existing digital money like PayPal so that's why PayPal isn't away of being the first digital currency in the market today.

As much hate as paypal might get, it's still important very important.

It was important when it was first introduced and revolutionized online bankings. Nowadays, it's still one of the best ways to send money online I think, despite the fees and the shortcomings.

I got your point. Blockchain is cryptographic encryption on both end and most of them were decentralized and uses multiple servers for verification
but PayPal and Visa were using single data server that would verify the transactions between wallets.
So, this things and differences are one of the reasons why Mr. Satoshi Nakamoto got an idea that the world couldn't rely on Paypal and Visa credits as the replacement of Fiat but will be another revolution os technology that will transform into Cryptocurrency.
this fact had been mention on The Satoshi Revolution as well.

Cryptocurrency is backed by Blockchain which assure of its timely delivery and correct data storage and recovery. These are the major difference between Bitcoin and paypal.

Can anyone explain the hate behind paypal? I use it a lot but I'm open to other alternatives, preferably ones with a lower fee percentage.

Firstly, i like your thread topic. It will make someone wanna open it to see your reason for calling paypay a cryptocurrency.
I am sure you yourself know that Paypal is not a cryptocurrency. Paypal and bitcoin are two different things entirely. Paypal is a payment gateway and not a digital currency like bitcoin. I guess Mr. Satoshi sees the need to improve on the existing online payment system then and hence the blockchain technology.

PayPal is not a digital currency by itself cause it's a payment system. They didn't make a new currency, they just make possible to spend fiat currencies online.

PayPal is not a digital currency and never claimed to be one. PayPal is just a wallet that you transfer your money into and then from it.

Heh.. Do you know Ebay decided 'divorse' with PayPal? :)
Yes! Becouse PayPal is not so convenient and expensive (about 4% per transaction).
Ebay looked on Amazon and Alipay (they accept more than 200 different payment methods) ......and  have already  choose Swedish payment system as a main partner.

PayPal is debit account for fiats at the moment and cryptocurrencies are blockchains.
If PayPal decide to have their own coin on blockchain that would be the point of this thread.

Yeah we can say it in a way that Nakamoto was influenced by it and wanted to optimize the financial system and rather created his own. Paypal and Visa are still associated with fiat currencies which is why I don't like it. Since the data is verified on both ends , it provides less/no anonymity than bitcoin. We must definitely thank Nakamoto for creating such a huge platform for us but it would been at a different level if he was still indulged with Bitcoin.

PayPal never was and is not currently a digital currency, but rather a platform and facilitator of fiat transactions; whereas crypto is actual currency.  If anything, PayPal is a wallet you can spend and receive from, fiat funded.  Saying PayPal is digital currency is like saying Electrum is currency instead of a wallet.

I would say that you are right, but Paypal isn't exactly a digital currency. Paypal helps buyers and sellers keeping their credit card numbers secret. It is of a great help indeed for everyone who doesn't want to disclosure them to unknown people.
It is also a ledger keeping the amount money you have spent or what you would expect to get.
It is a centralized system compared to the majority of cryptos today and of course, it makes big money by depositing them in the bank at high-interest rates

I have been using PayPal for a long time, and I feel that this is nothing more than crypto. First, banks need to resolve all my transactions before their processing, which shows how centralized this digital currency is.

PayPal has nothing the same with crypto apart the fact that it can carry out transactions globally.

Paypal is digital currency that is fully centralized and open to abuse and manipulation and unmerited power to regulate users finances and users' life as it were. Bitcoin and cryptocurrency in a matter of years would made PayPal as redundant as steam engine !

paypal is licensed registered under controll by the banksters

bitcoin was created anonymously, outside of the controll of the banksters and their masters,

the banksters are a segment of countries populations that funds and controlls everything, including printing money lending to each other.

they are systematically excluding others

Those who follow the crypto money exchange know better. PayPal crypto will bring a new excitement to the money world. but they are very different from each other. PayPal is more universal now.

Yes, they use fiat money but with their own version of technology. Its not like Blockchain and they have no plans to implement Blockchain technology because it is not Scalable for PayPal like transactions. Though by centralising it is possible like XRP etc.

Paypal is decentralized cause it was controlled by bank.It was universal and we used fiat money over it.It is different from crypto that no one can ruled out on digital currency.

The very personality of Satoshi Nakamoto or a group of people is very popular, because people love riddles, and even more like to build different speculations. Such a discussion is meaningless

Paypal is not a digital currency, it is just an online platform that allows users to top up their account in Paypal via bank transfer of funds or credit cards in order to make payment to other users worldwide. Bitcoin is truly the world first digital currency, it is decentralized and users does not need any banks to process their withdrawals or deposits.

People replied all here explained the paypal is not a cryptocurrency. Everyone will be fine understand this. Hope this discussion is one of the worst discussion in this child board.
Paypal is just a shit consuming the huge fees with the approval of Government side to steal all your funds.
So avoid using paypal and swap to segwit enabled bitcoin wallet for cheap fees.

Paypal is indeed the first digital currency that was accepted by the world which is a centralized currency because it is being regulated and its price is fixed and paralled to USD.Satoshi nakamoto might see paypal as a good opportunity to create a currency which is decentralized,his thoughts didnt came from nowhere maybe paypal was his based perpective in creating bitcoin but paypal and cryptocurrency are different.

Well, frankly speaking, you probably are right that PayPal was the first service in this regard to transfer funds, but now this service starts to fade temporarily, because now it is possible to send money directly to the cards, why then do I need PayPal

I do not think that there is a similarity between paypal and Bitcoin. in theory then paypal is the value of USD substitute with the same value with the prevailing dollar price. While Bitcoin has a value that can change, Bitcoin prices are not based on the USD because Bitcoin has its own value. When compared with the things in the world then Bitcoin as well as gold, Bitcoin has value and the price can increase and decrease. When Bitcoin is needed then Bitcoin prices will automatically increase, while when Bitcoin starts to be unreliable then Bitcoin prices may decrease.

If equated then the use of Bitcoin and paypal is indeed similar, used digitally so it is easy to perform various financial transactions whenever and wherever we are. Bitcoin chooses something much better than paypal. Not everyone can have a paypal account, but I'm sure everyone can have and use Bitcoin easily.

I think the second comment (or first response) answered the question perfectly. PayPal is centralized unlike the majority of cryptos. Most importantly the technology (blockchain) that is changing the world is not involved in the paypal system whatsoever. Also cryptos have an avenue for the people (you and me) to enjoy making money and reaping the rewards of being involved. I personally do not like PayPal to much because they cut off Wikileaks from being able to accept money. In affect they were trying to silence them. Crypto is about freedom (at least most cryptos). PayPal is the exact opposite in my opinion

Paypal is like a virtual bank. we can deposit our money and withdraw whenever we want. we can use it like a bank. but the value will never change like Bitcoin. and here you can request to refund your money it is possible. have customer support. But Bitcoin is completely different the value will be not stable and there is no customer support if you face any issue. one you send BTC to any address that's it you won't get it back.

Yes using Bitcoin is easy to compare Paypal.

Paypal is an online payment method that allows us to pay or get paid online and the process is fairly fast and secure. It's tends to provide transaction processing facilities between users who have online wallets. Not limited to one currency, paypal accepts different types of currency as user chooses

To me, Paypal is like a easy worldwide currency exchange for goods if you think about it. You still have to have a traditional bank or CC to purchase or exchange for goods in any form of payment. IE USD, YEN, ETC

It may well be I've already read an article with a similar assumption, but as for me such guesses are meaningless. Because we cant know for sure

Do you think that Nakamoto created Bitcoin based on the ideas of PayPal? It is difficult to say, but his contribution to society is simply invaluable

The basis of cryptography is anonymity. Transactions in PayPal are not anonymous, unlike most cryptocurrencies