Bitcoin Forum

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You know, when companies start out, they make these FREE forever promises and then they grow into multinational

companies with profit driven goals and all of this amounts to lies. Satoshi promised us "cheaper" transactions... Are we still

trying to honour that promise or will we turn into another PayPal?

Just reminder that we are supposed to be different than our competitors. Right?

Actually the transaction cost in the bitcoin is low but it is higher in relative term but it needs to make it lower. I think this will happen as the number of users of bitcoin is increasing day by day. So investors need to be calm and give some time to the bitcoin.

The chances are pretty slim, because the people accepted the BTC for what is it and for the way it is. If it does change, it will be a change for the betterment of the coin and for the people.

What suddenly made you think that bitcoin transactions are costly?? It was earlier during late 2017s but with the adoption of segwit, it has come down to a very nominal level. People pays in cents for thousands of dollars of transactions with bitcoin. Paypal will never be able to achieve that in its lifetime.

Actually the comparison between paypal and bitcoin is wrong. One is a profit making organization and another one is decentralized p2p currency system. They don't belong to the same league!!

Bitcoin was created to be different from the way we used to transact online, if we turn into another paypal then decentralization where Bitcoin is a big proponent is lost, Bitcoin is decentralized no third party transaction it should stay that way or it's not going to be cryptocurrency anymore.

Actually, the transaction fees are not that high. Sometimes, you feel that the transaction fees are expensive because the value of Bitcoin increases. It's that value that changes and becomes expensive not the amount. Aside from that, there are other alternatives in the market. You can buy altcoins which offer lower transaction fees and faster transaction process.

 bitcoin is far much excellent than paypal. more reliable than paypal. bitcoin charges are low and minimal compared to paypal. but bitcoin should keep to its promises to keep on

Comparing bitcoin to a company....

/thread

Paypal is fuckall shit. I hate it, but unfortunately a lot of services only accept paypal.

I am shook that you think that the possibility of bitcoin ever becoming like paypal exists. It won't. They are based on different backgrounds. Bitcoin's fees may go high up when all the 21 million bitcoins are mined,since miners would only be able to get fees as a reward, but who knows what will happen till then. Just live in the moment.

It won't happen that way. PayPal is a company and they answer to shareholders and the public. Bitcoin isn't a company, there's no shareholders, and no central repository.

PayPal's popularity comes indeed from its world wide merchant adoption, but the other crucial aspect is that it always favors the buyer, which is what people absolutely love about PayPal.

I have seen loads of complaints from sellers when it comes to reversed transactions and whatnot, but they keep using it to remain relevant. You can't stop using PayPal as merchant, it's that simple.

It's not for nothing that PayPal managed to grow consistently throughout the last few years. The only negative thing is that they recently changed their F&F fee structure.

Sending $1 to 'friends' costs me $1 while before the F&F fee was fixed at 1% of the transaction value. Not sure why they decided to change their fee structure, but I hope it will help boosting Bitcoin's adoption somewhat.

To change Bitcoin supply, its inner workings, I think there has to be a consensus among its core developers. Remember PayPal is centralized however, Bitcoin is decentralized that's why I think its kind of hard to change things with Bitcoins. My feeling is that in the short run, nothing will change for Bitcoins.

Am pretty sure time will be the conclusive  answer to this because we can not definitely determine what will happen but i think virtually the transaction fee as we see will have significant change as in reduced price if the global usage bitcoin keeps on incresing.

hmm, i like this topic, i think bitcoin transfer fee right now is low, but there are many transaction in this world about bitcoin, so the priority is very important right now if we want to spend much fee i think the transaction will confirmed in fast way, if we use the small fee i think our transaction will need some tome

Bitcoin is the most useless blockchain, it is overprices cuz of hype 2017, it is the worst blockchain solution....it will go down and will not change

paypal is dieing now with growth of crypto, there wont be a global social trend that will bury bitcoin but rather a fashion style change, and loss in keeping market attention

Maybe for some people they see it as a risk to trust or not in this project. But Bitcoin is more than Paypal and any other. It has been a great project, and I know that if it changes, it will be to improve.

I don't know that Mr.Satoshi promise anything about Bitcoin investments but i know that the blockchain needs more improvements to meet the users satisfactions like cheaper fees and fast transaction process. I think they are already working on this now about improvements because they already know that this is very necessary specially that Bitcoin investment are growing fast.

It doesn't matter if the fee of Bitcoin goes up and down because we still have choices like Altcoins but yeah we have choices now like using segwit wallets with a minimal fee. Though we can be affected if all these alternatives doesn't exist because of the fact that fees are way too important as it will be used in every transaction we made and I am pretty impressed because there are still ways and alternatives for to continue using Bitcoin either as an investment or as payment without having issues regarding fees. Thanks to the Bitcoin developers and the strong community that still and will still support Bitcoin in the future.

You can't say PayPal is a competitor to Bitcoin  ??? completely different infrastructure, completely different possibilities!
and, Bitcoin is open source and anyone can contribute, and it's supposed to be developed in the direction that the community wants..

Even if you do priority transaction fees are very low, they cost around 20 cents.

bitcoin will definitely changed but in a good way hopefully cause it already has a very good position but if the market fall then things can be changed so it cannot be ensure now

Well maybe both that we could be use or turn into another Paypal but it could be cheaper than paypal. Anyway wether cheaper transactions to be happen or not the important thing is that cryptocurrency or the bitcoin should be incorporated with other system and get an optimal use of cryptocurrency make it as way for advancement to a certain technology or a project being incorporated.

I don't think bitcoin will become as the same PayPal or companies with profit, bitcoin develop and decide base on users.

May be. We cannot predict anything now. Lets just hope for the best :)

Currently, bitcoin transaction fees are low because transactions are not that high but we had seen last year transaction fees were sky high and some exchanges like XAPO was charging more than $100 per transactions. Many small people small amounts was stuck in their wallets for many months.

Not sure whether bitcoin can become like a PayPal because currently many countries are not accepted bitcoins so don't know how many years need to wait for that to happen.

I don't think that bitcoin will change. In the Q4 of last and early this early, bitcoin has high transaction fees. Which many people think it was crazy. But now there's lightning network which help bitcoin scalability and speed. Also I believed that there will be more development for bitcoin transaction speed in the future.

when bitcoin becomes a central cryptocurrency for all altcoins and if it is considered to be a gold asset, we will get cheaper transactions from alternative tools with reasonable fees.

We don't know yet. But there is always that possibility. I mean that there will always be change no matter what. It could be good or bad depending on how the outcome will be or how we the community views of that.

Another PayPal, but unlike PayPal. PayPal uses fiat money to make transactions, but bitcoin is different from that.

PayPal only has one function, which is an online credit card that covers all countries, but bitcoin can be used as a payment system throughout the country but other functions, bitcoin can be used as an investment place.

Regarding payment fees, I can say developers still need a process to make it real.

Changing some for good is always appreciated and i believe that if bitcoin would change or modified something then definitely that would be for the welfare of us.

bitcoin is not a company that you are comparing it with one and it is not promising anything, it is what it is. a decentralized payment network that has certain characteristics. and people (the peers) are on this network because of those characteristics and if those characteristics go away then those peers will also go away.

for example decentralization is one thing that everyone would agree that if it goes away everyone would also go away with it.
cheap transaction fees is another one. people will not stick around if fees go up and stay up because one important characteristic of bitcoin would die and that is being a currency. and without it there is no point staying around in my opinion. not that you should not confuse a spam attack higher fees with natural high fees because of lack of capacity.

It was so much easier and predictable for a PayPal because it is a centralised system with coordinated principals. But per bitcoin which is decentralised it is so much harder to be changed or something like that happened with it.

While bitcoin transaction fees vary, they really depend on the difficulty of mining set in the coding of bitcoin. Higher network congestion, higher fee. The only thing that will make it have excess fee than this is if you use exchangers' services.

Change is constant and any thing can happen in the future  ,no one ever believe PayPal will dump when some years ago it was used by all online merchant, so another might still come better than btc.

Bitcoin is not as paypal I think. Many of the countries still against with bitcoin and they haven’t clear concept about bitcoin. If bitcoin is recognized as paypal I hope it will be have feature like paypal.

Technically, PayPal isn't using anything to transact with.

The only thing its doing is hold fiat (the asset) in custody and allow you to transact with others through their ecosystem. While you think you are sending fiat back and forth, the only thing that's happening is PayPal digitally changing both your and the receiver's balance. That's how basically every centralized financial service works; you don't ever get the actual asset unless you physically withdraw it.

With Bitcoin you are directly moving the actual asset back and forth, which is why we should never aim to be similar to any financial service.

Lightning Network delivers on those "promises" (Bitcoin is not a company so I don't think it's correct that Satoshi has promised us anything), LN is cheap, fast and even private 

As for being better than competitors, then the thing that matters the most is wirting code. Users can suport different chains and projects, but really 99% of the work is done by developers. I don't see how average user can make Bitcoin transactions cheaper, they could try to boycott Bitcoin by switching to some other coin, but that wouldn't have any effect on devs, they already try their best.

Yeah, once we get Lightening functional then it should be able to handle these promises no problem. And it will make people more willing to use it for different purposes.

I think that Paypal is different because it focuses on business transactions rather than peer to peer exchange. It's just trying to give sellers on eBay an easy way to collect cash, and its charging the shit out of these people in the meantime. Paypal collects so much money, probably almost as much as Western Union, in all of these ridiculous fees, and most users don't even notice it.

I don't think it will become like Paypal any time in the future, after all, Satoshi did invent it for to introduce it to us as a better alternative to fiat money, which is easy to carry with you, have low transaction fees and can be send anywhere all around the world. Don't think they will stand aside from their own principals.

No I don't think Bitcoin will change. Maybe it's just getting lower nowadays but I'm thinking it will go higher in a few months.

Yes, I think changes are inevitable. Not in the way like PayPal did but with time adjustments will be needed in order to progress further and to preserve position on the market. Nothing can't stay still and frozen in time, development is always needed.
So far Bitcoin doesn't have some serious competition that would endanger it but there is room for improvements that can make Bitcoin even stronger and better.

I don't think that we're having an opportunity to bitcoins for being changed, and it is because it is the centralised system what means that nobody rules it so nobody can not willingly go and change it by his desires.

bitcoin and paypal are different. paypal in the earlier of their services wants to attract many people to come and use their services and paypal success to get potential buyer and seller to use the service. and from that time, paypal wants to give the best things for their customer, so they change their rule, but they give the best services to their customer. and now bitcoin, I don't know much about the transaction fee, but I am sure that bitcoin still in the development phase and many things need to fix or manage so maybe what Satoshi said that the cheaper transactions will apply on the bitcoin transaction, but everything needs to be done first, right? and we are still in the new phase and bitcoin have a long journey although we are almost on the ten years from the invented. so maybe we need to wait for a while.

I think Bitcoin is going to be stronger than PayPal. We all know PayPal has a very good function only in the payment area, but Bitcoin can promote cooperation between more industries.

As the world changes, there may arise some new problems for which we have to update our self or find a solution. It may not change like paypal did but changes has to be done to improve the usability.

I don't think bitcoin will never change the way paypal has become change but in order to develop there are always some changes is mandatory.

There's also the threat of becoming publicly traded as futures. I think this is an outside threat because it allows easier access for major investment funds and institutional traders to interfere as they please.

Internally though Bitcoin can't really change, can it? I mean how would they do it if it's so decentralized? Sure, we can introduce new technologies to keep it competitive and more useful, but in terms of a standardized fee or higher commission? That would just result in another fork.

for now i dont think so because too many people didnt know all about this and it is too compilacaated because bitcoin value is flactuating always this is volatility but i think after 50 years maybe? because this cruptocurremcy is a new era .

If bitcoin prices were to stabilize the richest people would do the same thing they always do, hold productive assets rather than currency. We could denominate their wealth in bitcoin but they wouldn't need to actually have any in their wallet to do so. Holding a means of exchange isn't advantageous unless you plan to actually make an exchange. Rich folks don't have money, they have appreciating assets.

If bitcoin becomes like Paypal which has zero percent chance to happen, it will lose all the support it has gotten so far by the community. Currently whatever position bitcoin is in is only because of the huge amount of trust people showed for BTC and it is one of the features of bitcoin that it hasn't changed over the year.

Advantage of PayPal - cheaper fees for most transactions, no waiting for confirmation, higher adoption.

Advantage of Bitcoin - no chargebacks.

Doing transactions via Bitcoin is still waaayyy cheap. If you compare it with PayPal that company pays too expensive.

Fun fact Elon musk was an inventor of PayPal.

Your advantage for Bitcoin is why nobody on eBay will use it... And eBay is PayPal's primary usage. Nobody really uses PayPal otherwise.

All things considered the exchange cost in the bitcoin is low however it is higher in relative term yet it needs to influence it to lower. I think this will occur as the quantity of clients of bitcoin is expanding step by step. So financial specialists should be quiet and give some an opportunity to the bitcoin.

Yes the comparison of paypal with the bitcoin is really a good example and i believe Bitcoin will also developed soon as same as the paypal did few years back and it will rule the Financial markets all over the world. Right now the transactions fees and charges are been a great headache for everyone who are attached to the Bitcoin and Cryptocurrency and once we overcome from this headache we are sure to see some changes in the bitcoin soon.

I don't think so because btc is another thing and it doesn't have any similar features to my mind, i don't see any. I think that btc has great potential and it will be great to use it instead of dollar

Paypal isn't a competitor, both Bitcoin and Paypal are different. Paypal is a payment processor and Bitcoin a currency hence can't be compared.
As a company Paypal needs to make profits otherwise there is no use to create one. Comparing the fees it's also not much comparable, yes with Paypal you can send and receive money without a fee but it's a minority, the major transactions are done with merchants and a fee is involved so.
Still, if you really want to compare Paypal VS Bitcoin I would say the fees may be cheaper with Bitcoin and another advantage is Bitcoin doesn't forbid some countries or some merchants like Paypal is doing

That's right, it's very phenomenal bitcoin or cryptocurrency in general. Merdeka believes in Satoshi who has never seen his nose, just by making Fomo a price as a free promotion. Many new investors are investing in bitcoin.

For myself, I have been out of bitcoin investment since the highest price at the beginning of the year.

Bitcoin is decentralized and neither paypal nor any other payment systems can be. It is true that bitcoin had reached its limit last year but there are people that are continuously making solutions. Like segwit where fees were almost halve. Satoshi's promise was the white paper and when bitcoin went live on jan 3 2009, he already did his promise. All we need to do is to keep using bitcoin and believe on the core developers that had been working for years.

Bitcoin and PayPal are not same and we can't compare both because bitcoin is decentralized currency and no one controlling it also we are sending bulk payment with minimum transaction fee and PayPal is charging much amount name of transaction fee also they need all kind of KYC for send and receive payments internationally and domestic, in upcoming years bitcoin transaction fee will be low as compare today because of worldwide adaption.

No I don't think bitcoin will change and another popular cryptocurrency will come soon...like PayPal. I don't think negative because PayPal and bitcoin two both separate currency.

i hope this doesn't happen but i think it will:
i think bitcoin will change and we will end up having higher fees because although we are having scaling but it is not going on with the same speed as the adoption at times and we may end up seeing higher fees again even without spam attacks. and some people would think that is ok as they showed last year with saying "bitcoin is not a currency but a store of value" but it simply can not last because we will either scale to match the demand or lose the demand as it goes elsewhere and those "storing their value" would realize their mistake as their "value" drops.

I believe bitcoin will not change. Peoples are investing in this project because it is stable in the market and its price fluctuation range is not too much high.