Abiky (OP)
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www.Crypto.Games: Multiple coins, multiple games
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January 10, 2017, 11:55:01 AM |
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Do you think that sometime in the future, Bitcoin might overcome Paypal, as it scales in capacity and userbase over the years? We already have the ability to create our own marketplace with OpenBazaar, that uses Bitcoin as its payment method, so it should be no surprise that the combination of these two may be a fierce competition for both eBay and Paypal. Nevertheless, feel free to vote on the poll above and express your opinion about it, if desired.  |
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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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Zadicar
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January 10, 2017, 12:28:51 PM |
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Ive voted "Yes" on the options because i could really see the potential of bitcoin regarding on online payments and if people would find out bitcoin benefits related to this transactions then they would surely change their mind but for now people still use paypal and ebay because these are the things are being used since from the start thats why they would hardly switch easily to bitcoin and also everybody still didnt know about it.
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Pursuer
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Where is my ring of blades...
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January 10, 2017, 12:33:45 PM |
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bitcoin certainly has the potential to replace bitcoin and it is a lot better than paypal even. but in my opinion there are two things that are preventing this to happen.
1) is the volatile price: when price of bitcoin is not stable, people aren't seeing bitcoin as a currency. instead they treat it as an investment and nobody uses investment to buy things.
2) the block size: which is making the transactions pile up in the mempool, making things slow and increase the amount of fees by a great deal.
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Only Bitcoin
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Jet Cash
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https://JetCash.com
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January 10, 2017, 12:38:44 PM |
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I wish something would "overcome" PayPal. How they can get away with 6 month confirmation times, and call themselves "new Money" is beyond me.
To answer the OP - Will oranges replace sausages? They are totally different things, as are Bitcoin and PayPal.
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Offgrid campers allow you to enjoy life and preserve your health and wealth. Save old Cars - my project to save old cars from scrapage schemes, and to reduce the sale of new cars. My new Bitcoin transfer address is - bc1q9gtz8e40en6glgxwk4eujuau2fk5wxrprs6fys |
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Denker
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January 10, 2017, 12:39:09 PM |
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Do you think that sometime in the future, Bitcoin might overcome Paypal, as it scales in capacity and userbase over the years? We already have the ability to create our own marketplace with OpenBazaar, that uses Bitcoin as its payment method, so it should be no surprise that the combination of these two may be a fierce competition for both eBay and Paypal. Nevertheless, feel free to vote on the poll above and express your opinion about it, if desired. Yes I think this is possible. But for that to happen we have to get our sh** together! Meaning that SegWit or some other proposal gets overwhelmingly accepted and finally realized to be able to push more transactions through the system and into the blocks. Then we will able to overcome PayPal with it's actual $50 billion market cap easily imo. |
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blacksmithtm
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January 10, 2017, 12:41:52 PM |
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Bitcoin is not competing with Paypal or Visa its competing with the US dollar. So in a sense the relationship between Bitcoin and Paypal is like the Trojan horse and Troy. If we get bitcoin inside paypal, then that will be a big blow to the US dollar.
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Jackido
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January 10, 2017, 12:54:32 PM |
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About the legal fact, Bitcoin can not overcome paypal at this point. Paypal is controlled by financial organizations of the government . It's like an online midde bank for purchase and payment and it helps buyers and sellers to be safe with all transaction online. Bitcoin is not still accepted by government so that bitcoin transactions are considered as illegal transactions . I expect someday, Bitcoin will be accepted by government and I'm sure bitcoin can overcome paypal in the future.
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shinratensei_
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Leading Crypto Sports Betting & Casino Platform
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January 10, 2017, 01:44:36 PM |
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Do you think that sometime in the future, Bitcoin might overcome Paypal, as it scales in capacity and userbase over the years? We already have the ability to create our own marketplace with OpenBazaar, that uses Bitcoin as its payment method, so it should be no surprise that the combination of these two may be a fierce competition for both eBay and Paypal. Nevertheless, feel free to vote on the poll above and express your opinion about it, if desired. Yes, i think, bitcoin has punched WU and no doubt about paypal ASAP. bitcoin certainly has the potential to replace bitcoin and it is a lot better than paypal even. but in my opinion there are two things that are preventing this to happen.
1) is the volatile price: when price of bitcoin is not stable, people aren't seeing bitcoin as a currency. instead they treat it as an investment and nobody uses investment to buy things.
2) the block size: which is making the transactions pile up in the mempool, making things slow and increase the amount of fees by a great deal.
1) in this time we are seeing it about the payment gateway. 2) there are some ways for fix it soon. SegWit,LN although if they won't be releasing. But the development team will pick up the other ways. |
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mk3000
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January 10, 2017, 02:33:32 PM |
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There's one problem with bitcoin. sometimes absolute freedom is too much freedom. People need to feel "safe" about their money, even if it is just an illusion. Banks, Paypal, etc give people that safety. Bitcoin on the other hand, where every single transaction is final and there's no central authority, makes most people a little uncomfortable.
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Bitrated user: comoto3000.
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KennyR
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January 10, 2017, 02:37:12 PM |
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As users quoted, sure bitcoin has the potential to overcome PayPal. But several features as well ads promoting PayPal reach more users than the bitcoin. PayPal needs to be given complete identity, so this is something similar to a legalized service. This helps government in the taxation.
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A.M.
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January 10, 2017, 02:39:42 PM |
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Not sure what you mean by overcome because right now also the transactions made by paypal cannot match the transactions made by bitcoins. Almost 1000 transactions per second happen with btc and we all know with PP not so many happen. Though btc cannot overcome PP because some sites and companies only allow paypal payments and they don't allow deposits with bitcoins. Once such sites accept BTC we might overcome paypal.
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Arcteryx
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January 10, 2017, 03:00:39 PM |
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The funny thing is coinbase allows you to buy bitcoin with paypal if your account if verified and same with your account with them. For certain countries of course.
This wasn't a surprise since they are the biggest company that has any sort of connections to do with bitcoin and had enough capital to throw at paypal to have them take on this association with them.
They must of seen that they were losing out on the potential sales of bitcoin going on behind the scenes with the ones paying for bitcoins with paypal on the ce section.
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pepethefrog
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January 10, 2017, 03:17:03 PM |
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Given time, I hope to see all decentralized solutions displace the old dinosaurs into oblivion.
Not just with currencies.
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Bipcoin: bip1W2nq2vhM4f6kaHSsVD5J1LdRb1M3mCqftwq6erpEeKzsj8Kjrxy5xUs9VAtF233nNzcMQN2ZQfJ fvi2WensZ5tGJv2ysY8
Pepe is NOT a hate symbol.
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mobnepal
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January 10, 2017, 03:37:54 PM |
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Do you think that sometime in the future, Bitcoin might overcome Paypal, as it scales in capacity and userbase over the years?
Sometime in the future, other than bitcoin and paypal there may be another processor/hybird crypto that may overtake both bitcoin and paypal. Future is uncertain... Bitcoin might overcome paypal if it scales up in capacity because with current 1mb block per 10 minute bitcoin network may not be able to handle large volume of transactions (fees may get too high and transaction may have to wait hours for confirmation) per second like paypal. Talking about bitcoin userbase it is growing rapidly and i don't think there is anything that can stop this momentum so obviously we may see lot of big merchants accepting bitcoins and we may be able to use bitcoin just like visa/mastercard in almost every corner of the world. In this situation we may be able to say bitcoin have overcame paypal. |
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Daniel91
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January 10, 2017, 03:48:23 PM |
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I don't think that you can compare Bitcoin and Paypal.
OK, both you can use for online payments but they are very different.
Paypal is US based company, regulated by SEC and American law.
Paypal works only with official money and follow government orders.
Bitcoin is virtual currency, decentralized and don't follow any financial law or regulations.
Because of this differences, Paypal will not die and will always have a lot users.
A lot people will also use Bitcoin, but for different reasons like protecting their privacy, for example.
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Jeremycoin
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𝓗𝓞𝓓𝓛
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January 10, 2017, 03:58:06 PM |
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For the number of users, maybe yes. But for the entire thing, it won't be. Because Bitcoin and PayPal is a different thing, you can't just compare it because both of them are used on the internet. PayPal is an online payment system that using government's currency, but Bitcoin is the currency itself. So maybe many people will use Bitcoin, but PayPal won't die because people still need it somehow.
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faucet used to be profitable |
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Red-Apple
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January 10, 2017, 04:23:18 PM |
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interesting question and it certainly is one of every bitcoin user's hopes to see this happen. but it needs more time because we need more transaction per second capability and also we need lots more adoption so that there is someplace to spend bitcoin on. first people have to start adopting bitcoin then they have to start asking/forcing merchants to accept bitcoin and in time i believe it can replace Paypal completely.
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Juggy777
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January 10, 2017, 05:05:41 PM |
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I am sure it's already working in the right direction, the baby steps have been taken, and it's evident by the rise of no of people coming to Bitcoin. There's a school that accepts Bitcoin as payment, swizz has opened its doors for Bitcoins. Dubai use it to. I am sure somewhere the big brass of paypal are looking at btc and wondering how to work it out in the near future. Let's hope for the best.
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Patrikson
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January 10, 2017, 05:06:08 PM |
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I think that this is possible but right now we are maybe not super close to that but I think in the future there is no doubt that it can do this.
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olubams
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January 10, 2017, 05:26:08 PM |
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I go for maybe because I dont see it happening without some conditions being met among which include:
1. Government finds a way to tax bitcoin as it currently earns some revenue from paypal otherwise paypal will continue to dominate.
2. Government finds a way to regulate the currency where it can holds people responsible for their actions or able to curb the incidence of scam, illegal uses of the currency among other things...
With this two conditions still pending then paypal all the way will still be dominating...
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Poll
