Will Bitcoin overcome Paypal?

[carlisle1]

Paypal is already a mainstream payment processor and is widely used by many people from different country not like bitcoin which seems to be still on the first stage of adaption but the possibility that bitcoin will reach the same level as paypal will never disappear . and if ever it happens I don't think that Paypal will be totally overcome by bitcoin I don't know what will be the most used for payment so I would just wait for that moment .

[ethbits]

Paypal is really flawed on many levels and only backs the sellers. With Escrow bitcoin is far more secure for both.

[BigBoom3599]

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. 

I believe that the Bitcoin will over Paypal because Bitcoin has better aspects like the low fees and fast transfers.
And the community of the Bitcoin is growing very fast. And anything is possible in this world.

Paypal will always be faster than Bitcoin, unless services don't require confirmations on txs that is. Low fees are also not the case anymore, with an average fee of 0.50$ per tx atm, it's rapidly catching up to Paypal's fees.

[Dudeperfect]

Paypal is really flawed on many levels and only backs the sellers. With Escrow bitcoin is far more secure for both.

Sellers are facing very critical issues while using PayPal in the deal (especially while exchanging bitcoin) because one can revert the sent payments even after several weeks in PayPal, no one usually deal with the buyer who is willing to pay with PayPal. Due to limitations is PayPal, the companies like bitpay are getting more attention and it will not be a surprise if we see more user using bitpay rather than PayPal.

[1Referee]

Paypal is really flawed on many levels and only backs the sellers. With Escrow bitcoin is far more secure for both.

I definitely understand your concern, but apparantly sellers are willing to take that risk as PayPal offers a great level of adoption throughout the major part of the world. It means that the chances are greater to have people buy something from them as it's very likely that they have a PayPal account. Merchants, and sellers not from a professional level just want to extend their reach by offering people enough payment options to settle purchases. And then we have the buyers - they love PayPal because they can basically shop and buy things from all kind of places/platforms where they enjoy buyers protection in case something goes wrong. That's exactly the reason that PayPal to this day is still growing.

[matt80]

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.

And what about European euro? Or any other currency for that matter? I think that bitcoin is a big thread for all the currencies in the world, not just US dollar.

[Itchyworm]

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.

Same thing also im on the "Yes" side.Because its clear that it has potential to be one of it and totally overcome paypal.Because of features offering that can out stand paypal

[BeGoods]

Paypal is really flawed on many levels and only backs the sellers. With Escrow bitcoin is far more secure for both.

but I think with paypal you can do when you contact support so that you can finish fooled by contact support so that it will be safe enough? I think both have advantages

[HanSchultz]

Bitcoin may be useful for investment purpose but for online payment purpose still Paypal is best, and I don't think bitcoin will overtake that any time in future as well. Paypal best thing is they are giving protection to buyers money online. That's is a very important thing in today's fraud world so as long as no protection for bitcoin transaction they can't overtake Paypal in the online payment system.

Paypal is just a payment system that supports money transfer and bitcoin on the other hand is an virtual commodity and two are entirely different protocols in the first place.Why are people getting confused regarding the two.Paypal cannot be used to transaction when you are dealing with unknown people as it has return policy and so you cannot call it the best.

[Abiky]

The stores don't accept bitcoin yet because the price is very unstable. Today it can price 1100$, tomorrow it can price 800$. Paypal is just a payment system operating official currencies of the world, centralized currencies.
Bitcoin as decentralized currency doesn't have the confidence of most world's population, but it will change in the future, when the blockchain technology evolutes more.

That is certainly true. But, while Bitcoin may not be ideal for use as a normal currency due to its price volatility, there is always the choice of smartcoins or smartassets that are pegged to the value of real world currencies. Look at Tether for example, which lies within the Bitcoin blockchain using the Omni protocol. The possibilities are endless, but still I think that Bitcoin would become more accepted once it becomes a stable cryptocurrency in the markets.

These days, people are looking at Bitcoin as a store of value so it should only be a matter of time before it becomes stable, and would gain the attention of mainstream stores like Walmart, Best Buy, and Big Lots. Since Bitcoin is still an experimental cryptocurrency, it will aim to improve as time passes by. Just sharing my thoughts. 

[maku]

At this point I am rather sure that bitcoin will never be a good currency for daily use.
That is, unless something will drastically change, i.e conflict between miners and Bitcoin Core-Blockstream developers will be resolved somehow,
we will see some kind of consensus, protocol will be updated etc. Bitcoin enthusiasts are hyping bitcoin and expect main adoption and acceptance as payment method.
How Bitcoin can be used as global payment method when 1 MB block size limits BTC capacity to 7 transaction per second?

[fullypak]

Bitcoin may be useful for investment purpose but for online payment purpose still Paypal is best, and I don't think bitcoin will overtake that any time in future as well. Paypal best thing is they are giving protection to buyers money online. That's is a very important thing in today's fraud world so as long as no protection for bitcoin transaction they can't overtake Paypal in the online payment system.

Paypal is just a payment system that supports money transfer and bitcoin on the other hand is an virtual commodity and two are entirely different protocols in the first place.Why are people getting confused regarding the two.Paypal cannot be used to transaction when you are dealing with unknown people as it has return policy and so you cannot call it the best.

You understood it opposite because Paypal is been used do deal with an unknown person online, and that's why it is so popular. Just imagine if you want to buy a product from some shop which you don't know personally then can you send BTC to them first? I will not send, but I can send PayPal money because I know my money is protected. But if you want to use bitcoins then you need find a escrow to complete the transactions.

[requester]

yes definitely because bitcoin have opportunity to make profit by using the currency as a medium of trading and renting lending one money and they will get profit and interest based on their invested capital.

[el kaka22]

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.  

I believe that the Bitcoin will over Paypal because Bitcoin has better aspects like the low fees and fast transfers.
And the community of the Bitcoin is growing very fast. And anything is possible in this world.

Paypal will always be faster than Bitcoin, unless services don't require confirmations on txs that is. Low fees are also not the case anymore, with an average fee of 0.50$ per tx atm, it's rapidly catching up to Paypal's fees.

It is true, not only PayPal is faster and doesn’t require confirmation like bitcoin but also it is really popular and it is used by everyone and every online shop on the internet, but not having confirmation time is also what makes it bad for security reasons, I mean PayPal are easily hacked these days, I think that bitcoin is still a new thing and just like PayPal was it is going to need some time for people to adopt it.

Bitcoin will overcome Paypal, I am not having any doubts on that. But when that is happening bitcoin needs to be a versatile payment system to accomplish more number of transactions. I guess increasing the block size must be the first step for making bitcoins to overcome PayPal.

[szpalata]

It has already overcome PayPal by my standards but it's left for the entire world to come to terms with this reality and I hope it will soon because the merits of Bitcoin outweighs it's shortfalls and I cannot say the same for PayPal.

[Abiky]

At this point I am rather sure that bitcoin will never be a good currency for daily use.
That is, unless something will drastically change, i.e conflict between miners and Bitcoin Core-Blockstream developers will be resolved somehow,
we will see some kind of consensus, protocol will be updated etc. Bitcoin enthusiasts are hyping bitcoin and expect main adoption and acceptance as payment method.
How Bitcoin can be used as global payment method when 1 MB block size limits BTC capacity to 7 transaction per second?

You do have a point there, mate. The constant debate about making Bitcoin scale, and the disagreement between miners and Core developers, might limit Bitcoin's ability to grow. If no decision is made towards helping Bitcoin scale, then the pioneer cryptocurrency would remain as is with higher fees than ever.

I guess that people would look for other faster alternatives like Litecoin for their everyday transactions. Bitcoin would not be used as a payments processor, but more as a store of value where it involves minimal movement in transactions.

Nevertheless, the day when Bitcoin would scale to its full capacity, would be such where the pioneer cryptocurrency would become a better rival against PayPal, Visa, and other traditional payment processors. Just sharing my thoughts. 

[richardsNY]

It has already overcome PayPal by my standards but it's left for the entire world to come to terms with this reality and I hope it will soon because the merits of Bitcoin outweighs it's shortfalls and I cannot say the same for PayPal.

What are your standards then? If you realistically look at basically every aspect, then it's still PayPal that has an advantage over Bitcoin. Especially when you look at how people use PayPal to purchase stuff and transact with each other. Everything you do with your PayPal balance posts instantly and offers buyers the protection they want when using PayPal as desired payment option.

[pedrog]

It has already overcome PayPal by my standards but it's left for the entire world to come to terms with this reality and I hope it will soon because the merits of Bitcoin outweighs it's shortfalls and I cannot say the same for PayPal.

What are your standards then? If you realistically look at basically every aspect, then it's still PayPal that has an advantage over Bitcoin. Especially when you look at how people use PayPal to purchase stuff and transact with each other. Everything you do with your PayPal balance posts instantly and offers buyers the protection they want when using PayPal as desired payment option.

Also free returns, nothing can compete with Paypal when it comes to online shopping.

[Farma]

It has already overcome PayPal by my standards but it's left for the entire world to come to terms with this reality and I hope it will soon because the merits of Bitcoin outweighs it's shortfalls and I cannot say the same for PayPal.

What are your standards then? If you realistically look at basically every aspect, then it's still PayPal that has an advantage over Bitcoin. Especially when you look at how people use PayPal to purchase stuff and transact with each other. Everything you do with your PayPal balance posts instantly and offers buyers the protection they want when using PayPal as desired payment option.

Also free returns, nothing can compete with Paypal when it comes to online shopping.

Well, paypal is very reliable, so nearly all online stores accept, even illegal online store was also accept paypal. Well, for the moment, bitcoin able to compete in terms of anywhere other than online stores.

[pedrog]

It has already overcome PayPal by my standards but it's left for the entire world to come to terms with this reality and I hope it will soon because the merits of Bitcoin outweighs it's shortfalls and I cannot say the same for PayPal.

What are your standards then? If you realistically look at basically every aspect, then it's still PayPal that has an advantage over Bitcoin. Especially when you look at how people use PayPal to purchase stuff and transact with each other. Everything you do with your PayPal balance posts instantly and offers buyers the protection they want when using PayPal as desired payment option.

Also free returns, nothing can compete with Paypal when it comes to online shopping.

Well, paypal is very reliable, so nearly all online stores accept, even illegal online store was also accept paypal. Well, for the moment, bitcoin able to compete in terms of anywhere other than online stores.

I don't think they are competitors.

Quote from Peter Thiel, Paypal's co-founder:

“PayPal had these goals of creating a new currency. We failed at that, and we just created a new payment system. I think Bitcoin has succeeded on the level of a new currency, but the payment system is somewhat lacking. It’s very hard to use, and that’s the big challenge on the Bitcoin side.”

I see a future where you can fund your Paypal account with bitcoin...