Will Bitcoin overcome Paypal?

[Abiky]

Bitcoin will not overcome paypal because paypal really helped with those who wanted to purchase bitcoin, but you should be carefull in those who are dealing btc through paypal because some of them were scammers. Paypal has a specific use compared to bitcoin because the account is used to do payments using fiat money, and that options has nothing to do about digital currency.

True. There are many scammers around that would easily want to get ahold of your Bitcoins, by trying to offer services that would allow you to convert your funds from one another. In the case, of PayPal, you can always request your money back by submitting a claim to the payment processor, unlike Bitcoin which has irreversible transactions. There is also the convenience of using an escrow in Bitcoin for this, but there are also fraudsters in this area that would get away with your hard-earned Bitcoin.

Nevertheless, I think that Bitcoin and PayPal will co-exist in the future as mediums to transact money with them, as both have their advantages and disadvantages. It is up to the user to choose which is his or her preferred payment method, when making a transaction.

Still, if Bitcoin would scale up to a point where it can handle large TPS, it would become easily adopted by major merchants and businesses worldwide, leaving path for the digital currency to become a big competitor against traditional payment networks. Just my opinion. 

[splitups]

Someday, I believe so, it has already started to overtake PayPal's place in the E-currencies world, Already surpassing WU exchange volume -I guess it was a year or so ago- and growing, PayPal would be hard being multiple years old and highly established. Nevertheless it would still be able to overtake it.

[warwar]

For me there is a possibility so.Since paypal transactions is not that good as bitcoins (in my own experience) and bitcoin now is more popular i think than paypal this days due to many uses of bitcoins in world market and online market.But there still a possibility that bitcoin will level on to paypal and not overcoming paypal in future.Or paypal and bitcoin being associated to each other in future

[Mr.grin]

Someday, I believe so, it has already started to overtake PayPal's place in the E-currencies world, Already surpassing WU exchange volume -I guess it was a year or so ago- and growing, PayPal would be hard being multiple years old and highly established. Nevertheless it would still be able to overtake it.

Well, today people generally prefer the paypal of the bitcoin. but I also believe that bitcoin will be better than paypal. besides, if compared, bitcoin is currently better than paypal, however, not everyone recognizes it.

[machinek20]

I Think the possibility is very high, but it is still a long time before bitcoin can overcome paypal, we still need to increase the user amount, and not all people in the world know bitcoin, but most of the people in the world know paypal, but bitcoin got a huge potential to grow and overcome paypal

[Pattart]

Bitcoin will not overcome paypal because paypal really helped with those who wanted to purchase bitcoin, but you should be carefull in those who are dealing btc through paypal because some of them were scammers. Paypal has a specific use compared to bitcoin because the account is used to do payments using fiat money, and that options has nothing to do about digital currency.

I think it might just be happen because bitcoin has huge potential. and the future course bitcoin will become very famous, it is possible to exceed the popularity of paypal

[citywise2]

Yeah if I may say pay pal has nothing to compared with bit coin.
Pay pal served as exchanger while bit coin servers as currency.
So bit coin is more powerful.

[Hazir]

I will share with you some PayPal statistics:

- Total amount of PayPal payments made everyday $315.3 million
- Number of internet sites that use PayPal 341,497
- Number of active PayPal accounts 106 million
- Total percentage of e-commerce that is processed by PayPal 18%

I don't think that direct comparison between Bitcoin and PayPal are necessary, but these numbers illustrate how far behind bitcoin is.

More stats: http://www.statisticbrain.com/paypal-statistics/

[hardtime]

Probably not going to based on the pure fact that paypal is the easiest payment option to use for many services such as EBay which alone probably helped to build the vast empire that PayPal has today.

I will share with you some PayPal statistics:

- Total amount of PayPal payments made everyday $315.3 million
- Number of internet sites that use PayPal 341,497
- Number of active PayPal accounts 106 million
- Total percentage of e-commerce that is processed by PayPal 18%

I don't think that direct comparison between Bitcoin and PayPal are necessary, but these numbers illustrate how far behind bitcoin is.

More stats: http://www.statisticbrain.com/paypal-statistics/

The stats right here shows how far bitcoin is behind and I personally don't think they're going to be able to pull forward through it. When you think about it, when we started using services like PayPal it was because it was easy, safe, and we kind of had to at the time. People are already using it and it works fine for their needs even with the high fees that come with it.

[meemiinii]

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.

yes bitcoin has a big potential in surpassing paypal but his will only happen if the price of bitcoin become stable. unlike paypal, the type of currency they use is dollars or the currency available in you country of which these are far more stable than bitcoin. if the pricce of bitcoin becomes stable then possibly this will surpass or perhaps even replace paypal.

[RoommateAgreement]

i voted yes.
mostly because paypal has too many faults and is bothering so many people specially the small time merchants who are the victim of paypal's charge back and them not caring about these guys.
and bitcoin simply fixes all of these problems that paypal has which makes it a very good substitute.
the only step is going to be adoption which will remain slow.

[johnnyyash]

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.

I secondly agree with you..price not been stable of Bitcoin will make others seen Bitcoin as no currency
..

[Xenophoto]

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.

yes bitcoin has a big potential in surpassing paypal but his will only happen if the price of bitcoin become stable. unlike paypal, the type of currency they use is dollars or the currency available in you country of which these are far more stable than bitcoin. if the pricce of bitcoin becomes stable then possibly this will surpass or perhaps even replace paypal.

Almost everyone in here treats bitcoin as both payment method and an investment. But most of the time, it's an investment for us. It's the reason why we look at the bitcoin charts every single day -- to know if our investment has finally made profit.

If bitcoin has a stable price, it can't be an investment anymore. It can only be used as a way to invest somewhere else, but itself wouldn't be an investment. People wouldn't be here if the price is stable, I might say. It wouldn't interest us that much if it's just another type of payment method but has lower fees and not reversible.

The only way for bitcoin to surpass Paypal is for it to have mass adoption. But how would mass adoption even happen when bitcoin would just be some plain old nothing-so-special payment method.

[BeGoods]

Someday, I believe so, it has already started to overtake PayPal's place in the E-currencies world, Already surpassing WU exchange volume -I guess it was a year or so ago- and growing, PayPal would be hard being multiple years old and highly established. Nevertheless it would still be able to overtake it.

bitcoin has surpassed western union, and I think the goal of bitcoin should go beyond the paypal. bitcoin development is very fast compared to paypal. so I'm sure bitcoin could surpass paypal

[Abiky]

I will share with you some PayPal statistics:

- Total amount of PayPal payments made everyday $315.3 million
- Number of internet sites that use PayPal 341,497
- Number of active PayPal accounts 106 million
- Total percentage of e-commerce that is processed by PayPal 18%

I don't think that direct comparison between Bitcoin and PayPal are necessary, but these numbers illustrate how far behind bitcoin is.

More stats: http://www.statisticbrain.com/paypal-statistics/

Yes. These statistics reflect the true reality, among transaction capacity and user base from the well-known payment processor. While Bitcoin is far behind PayPal, it may improve over time if the developers give constant improvements to the ecosystem. The first step would be to achieve SegWit acceptance between the miners, to open the path towards Lightning Network implementation. Then, it would be up to gather enough users to make it even bigger and widely used towards helping it achieve mainstream status.

One cryptocurrency that can aim to expand in transaction throughput is Bitshares, due to their claim that it can handle over 100,000 TPS. But still, it would be quite interesting to see how blockchain technology can scale up to a point where it could reach mainstream status. If scalable solutions, won't affect the decentralization of the same, then it should be no problem. Just my opinion. 

[ilovefeetsmell]

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 do agree that bitcoin overcome the PayPal if you're comparing the security and services. In Bitcoin, it has lower fees while PayPal has 3% transaction fees. Paypal was not available in other countries like Iran, Afghanistan, North Korea, and Haiti but bitcoin did. The minimum amount that you can place in PayPal. Bitcoin has decentralized that no one controls it.

[DoublerHunter]

I believe that bitcoin already does overcome paypal but not on users because paypal comes first and it has a lot of users around the world and that what is bitcoin lacking of, If bitcoin can attract more users around the world and also businesses then it will be a true proof that bitcoin already overcome paypal.

[megynacuna]

Bitcoin has already overcome PayPal but PayPal only has the edge in terms of popularity and so with time I guess everything will be evident for all to see because Bitcoin transfers and transactions presents better alternatives to PayPal.

[Abiky]

I believe that bitcoin already does overcome paypal but not on users because paypal comes first and it has a lot of users around the world and that what is bitcoin lacking of, If bitcoin can attract more users around the world and also businesses then it will be a true proof that bitcoin already overcome paypal.

Yes. Paypal has a massive user base, and I believe that to be able to overcome it, Bitcoin would've need to become used as a mainstream currency for everyday transactions. But for BTC to be able to become mainstream, it would need to implement scalable solutions first. If no desicion is made, then I believe that Bitcoin's primary purpose would be as a store of value, while the rest of the altcoins would be used to handle everyday transactions.

Nevertheless, I'm hoping that Bitcoin would continue to improve over time, to help it become a better rival against traditional payment processors. It is quite disappointing to see transactions take longer than expected to confirm. Just my opinion. 

[Vaskiy]

I believe that bitcoin already does overcome paypal but not on users because paypal comes first and it has a lot of users around the world and that what is bitcoin lacking of, If bitcoin can attract more users around the world and also businesses then it will be a true proof that bitcoin already overcome paypal.

Yes. Paypal has a massive user base, and I believe that to be able to overcome it, Bitcoin would've need to become used as a mainstream currency for everyday transactions. But for BTC to be able to become mainstream, it would need to implement scalable solutions first. If no desicion is made, then I believe that Bitcoin's primary purpose would be as a store of value, while the rest of the altcoins would be used to handle everyday transactions.

Nevertheless, I'm hoping that Bitcoin would continue to improve over time, to help it become a better rival against traditional payment processors. It is quite disappointing to see transactions take longer than expected to confirm. Just my opinion. 

These days more people consider the transaction confirmation an issue. By the years to come as quoted by above mate bitcoin will continue to improve. When compared to PayPal, bitcoin haven't gained trust similar to PayPal. But this will soon get changed as the top authorities of PayPal too have supported the blockchain technology to get implemented on PayPal. So PayPal continues to be a rival to bitcoin.