Will Bitcoin overcome Paypal?

[carlfebz2]

" PayPal processed 450 payments per second on Cyber Monday last year {2015}. This equates to 27,000 transactions per minute, 1.6 million per hour, and 38.9 million per day. Do you see the problem here? Bitcoin will not be able to touch that, without scaling solutions applied to the current protocol.

Bitcoin was supposed to be a P2P payment alternative, but it turned into a commodity and a store of value. ^hmmmmm^

Thanks for the statistics but it shows on previous years already and that numbers are possible on that time but i want to know the current statistics as of now and im sure it already lessen because of bitcoin regarding on online transactions.I would make some research regarding on this paypal transactions and if i found out it do lessen compared on 2015 then bitcoin is giving impact to them.

[coin@coin]

Not sure if Bitcoin will ever be faster than PayPal but does it have to?
I'm pretty happy with the current speed however as more and more people joins a bunch more Tx per second would help keeping it running smooth.

[chixka000]

Not sure if Bitcoin will ever be faster than PayPal but does it have to?
I'm pretty happy with the current speed however as more and more people joins a bunch more Tx per second would help keeping it running smooth.

This is not possible in my own opinion. Paypal can easily do the numbers to your account during transaction because paypal do have fundings on it and it only requires them one bank account. Unlike bitcoin in which you could consider as sending a bank account to other bank account.

[cengsuwuei]

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. 

if about capitalization and userbase is now bitcoin above paypal
you can see in markeplace, every day volume transaction bitcoin over 100 million dollar(only transaction in data market placed exchanger , not include store online and individual tansaction)

but about store online support payment use paypal and bitcoin , paypal is above bitcoin

[ReLieD]

Looking at the present growth , i might overcome paypal.
Like now steam and even Starbucks have started accepting Bitcoins , and its a great achievement .
But we cant predict anything . Bitcoin have to try a lot harder to overcome Paypal . 

[noictib]

Looking at the present growth , i might overcome paypal.
Like now steam and even Starbucks have started accepting Bitcoins , and its a great achievement .
But we cant predict anything . Bitcoin have to try a lot harder to overcome Paypal . 

Here the condition is same for me but here something going to different because the bitcoin can replace the PayPal at this time but for what if we talk about future . Because as I am from India , here new rules are coming for bitcoin . So probably it may be happened that the transactions with bitcoin will come in many tax systems in the my country & results into huge taxation and transaction charge .

[TastyChillySauce00]

Looking at the present growth , i might overcome paypal.
Like now steam and even Starbucks have started accepting Bitcoins , and its a great achievement .
But we cant predict anything . Bitcoin have to try a lot harder to overcome Paypal .  

Here the condition is same for me but here something going to different because the bitcoin can replace the PayPal at this time but for what if we talk about future . Because as I am from India , here new rules are coming for bitcoin . So probably it may be happened that the transactions with bitcoin will come in many tax systems in the my country & results into huge taxation and transaction charge .

If that's true that India will eventually implement taxation onto bitcoin then I'm really curious how is their method of taxing those bitcoin users except through some sort of merchant or bitcoin company.
And if taxation were as huge as you mentioned then how people there who have bitcoin in such large amounts can holding on and might be a new obstacle for bitcoin to overcome paypal.

[royalfestus]

I dont think paypal can stand bitcoin. paypal had stayed 10 years before bitcoin but is gaining more active users than paypal in recent years. Bitcoin is better secured and hoping to improve its transaction period. Bitcoin account cant be frozen and payback cant be blocked

[erikalui]

I just dislike PayPal as I tried selling my product on Ebay by using PaisaPay as a payment method but they only let me accept PayPal payments. In case of any disputes, PayPal says that the buyer can return the product and I would need to bear the shipping fee as well as the product would be returned (in God knows what condition).

Bitcoin on the other hand doesn't protect anyone as once the money is sent, it cannot be reversed at any cost. It's more preferable for the seller but with reputed brands like Openbazaar acting as a mediator, it makes it beneficial for both (I don't know how would they handle disputes).


I've seen more sites letting users sell their goods for bitcoins but they have a huge commission which makes it not beneficial for the seller. I would still accept bitcoin payments instead of PayPal as the Goods/Services charge is too high.

[Blawpaw]

I do believe that PayPal will be surpassed sooner or later. If it will be Bitcoin surpassing I don’t know, but what I do know is that we need an alternative to PayPal and for now Bitcoin seems to be the best one!

[pinoycash]

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. 

Paypal has its own advantage and disadvantage over bitcoins, since most paypal users are confident in buying online due to buyers protections program while bitcoins dont have one. but in terms of fees bitcoin is more competetive in mode of payment and transfer

[bitloud]

Paypal is always giving importance for buyer. I am affraid to use Paypal. They are not investigating the real matter.

I am a web developer. Some clients disputed in my paypal after completed work. I cant prove the real things. Because I am not selling any products. I am doing web developments. They are not accepting my words.

Actually now I am not using paypal. Bitcoin is always safe. I love very much..

[klf]

Paypal is always giving importance for buyer. I am affraid to use Paypal. They are not investigating the real matter.

I am a web developer. Some clients disputed in my paypal after completed work. I cant prove the real things. Because I am not selling any products. I am doing web developments. They are not accepting my words.

Actually now I am not using paypal. Bitcoin is always safe. I love very much..

Yes, you are right they always give the first preference to buyers. And without asking any question, they will refund money to buyers this is not fair. Even I also faced this problem in the Bitgold transaction. And this PayPal transaction will take a long time to confirm our payment. This is not good for online workers. So I will also prefer Bitcoin is better than PayPal.

[AD72]

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.

I agree with your statement. Bitcoin and Paypal are two completely different things and Bitcoin can only complement Paypal as another mode of payment ... So, the question should really be "Will Bitcoin overcome the USD or some other fiat currency?"

[bitjoin]

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. 

Paypal will use BTC and provide services around it just like they do with fiat now.  There are always ways you can help people with their money, people dont have time to be their own bank 100%.

[webtricks]

Yes! Bitcoin can easily overcome Paypal.
Maximum 5-6 years!
The main reasons-
1. Paypal has very high fees. Whereas Bitcoin has negligible fee.
2. Paypal has several terms and conditions, Bitcoin is purely based on concept of decentralisation!

[SamMurphy]

I'm guessing that one day might be. If you think about it, bitcoin is much better than paypal bcs pp if it's thinks that you may do something dangerous ( but you didn't do anything at all) they will close your account for 3 months and am not sure if they will give it to you back. Bitcoin has no control about that you will do and that's bad but they can't tell you what to do. If something like that happen big changes we will see.

[caxandra]

I really do hope BTC will rise one day and replace PayPal. Atleast I don't have much trust on PayPal to do p2p transactions, and the fees are too big. Unfortunately I do not think that the cryptocurrency that will eventually replace PayPal will be bitcoin. Bitcoin is good for now as a form of investment and currency for the 20 million users or so. I think bitcoins fees will go up and code will need to be changed for it to replace PayPal.

However I think some new cryptocurrencies such as Ethereum (maybe?) have a chance in taking over, since they can improve the code and bring new features to new coins. In my opinion the smartcontract system which Ethereum and some other new coins use is going to be the future, rather than bitcoin. This is because bitcoin cannot handle the same amount of transactions PayPal does right now. Also fees would go through the roof if bitcoin would replace paypal.

Thats just my 2 cents though, who knows what will happen 

[digaran]

It should be that way but I don't think we see it happening another decade, it is entirely up to people whether they want to pay more fees or less.

[FaucetRank.com]

It should be that way but I don't think we see it happening another decade, it is entirely up to people whether they want to pay more fees or less.

People always do not look at fees they also look at security since paypal transactions are reversible so if any person feels that he got cheated by a seller/dealer than buyer can charge back his money so in case of fraud fees is nothing while you can not get back your Bitcoin if you get cheated by a online dealer.