PayPal Skips Bitcoin While ‘Clearly Working on Blockchain and Cryptocurrency’
Online financial services firm PayPal believes it is too early to pronounce Bitcoin as the future of payments. Nevertheless, the $128 billion financial services firm is pursuing blockchain and cryptocurrency projects, Yahoo Finance reports.
Nothing wrong with the statement of PayPal. Bitcoin is not the best and ultimate product of blockchain technology. Why should we stop right here? Bitcoin is first, why should we consider it as last?
There are many flaws in Bitcoin blockchain, it is certainly not the future of payments. I would rather see Paypal integrating the blockchain technology in their own remittance system, probably their own cryptocurrency allowing free transfer within Paypal ecosystem. The recipient user can convert it into fiat and withdraw to bank on Paypal. This could be a solution and will save the fees at the same time.