Will Bitcoin overcome Paypal?

[Fireblade]

PayPal is well known globally but when bitcoin enters the market and can be used as mode of payment, many PayPal users switched to bitcoin for different reasons. First, bitcoin has lesser charges with PayPal. Second, in creating a PayPal account, there are lots of requirements you need to submit while bitcoin can be use anonymously. Lastly, the value of bitcoin can increase or decrease which is a good thing for investors. Therefore, there is a possibility that bitcoin will replace PayPal in the future.

yes that is right to say in fact there are so many drawback in paypal. as its transaction fee is too high, secondly it take comparatively long time to proceed, thirdly it is not global service as their service is not available everywhere. for example in my country their service is not available, therefore i cannot use paypal in my country and so i will defiantly use bitcoin as its service is available. everywhere.

[bravehearth0319]

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. 

Bitcoin was created and designed not to compete or destroy anything in the business we had in this world. It is just depend on the people who gave significance to a things that they want to use it more. And maybe it can be all coming by a chance only that bitcoin has a capacity to surpass Paypal because of its usage in terms of the features of bitcoin has which Paypal don't have.

[iv4n]

Bitcoin overcame gold few day ago, PayPal is next in line along with western union. It's a question of time, this or next year when bitcoin grown enough all this money transfer services will lose many customers, bitcoin will give them much more for lower fee's.

[Magkirap]

Bitcoin overcame gold few day ago, PayPal is next in line along with western union. It's a question of time, this or next year when bitcoin grown enough all this money transfer services will lose many customers, bitcoin will give them much more for lower fee's.

I don't think so. Bitcoin and Paypal is different. They do have different platform in Bitcoin, you have to convert it into fiat money for you to withdraw it or for your reciever to withdraw it. Meanwhile in Paypal, if your recipients have bank accounts in Paypal, it'll be easy for him tl withdraw it since it is in fiat money. However? The problem in paypal os its confidentiality which Bitcoin has.

[Astvile]

I voted yes because i see bitcoins potential to be on top.Faster transactions and anonymous transactions.Plus the fact that transactions in paypal may be disputed and refunded

[pecson134]

Bitcoin overcame gold few day ago, PayPal is next in line along with western union. It's a question of time, this or next year when bitcoin grown enough all this money transfer services will lose many customers, bitcoin will give them much more for lower fee's.

This is not far from possible to happen to bitcoins from this point given the condition of bitcoins nowadays. It's a matter of appreciation and application when it comes to different transaction in order to overcome Paypal. Maybe in the future many will prefer bitcoins, who knows?

[Sled]

I believe that bitcoin already overcome paypal in terms of security and usage because bitcon does not chargeback and it is the main reason why bitcoin is better than paypal so bitcoin prevents scamming and it is more secure than paypal because unlike paypal, bitcoin does not need your personal information so you are still anonymous when doing transactions.

[Xester]

Bitcoin overcame gold few day ago, PayPal is next in line along with western union. It's a question of time, this or next year when bitcoin grown enough all this money transfer services will lose many customers, bitcoin will give them much more for lower fee's.

Your comment is on the right track. Bitcoins overtaking on the golds price is just one step for bitcoin and it is believed that soon paypal and western union will be out of business due to bitcoin usage. I am not against paypal and Western Union but the possibility is high that bitcoins features will deem the services of paypal and western union less convenient and useful.

[NEWGOODOUBLE]

Also I am sure this has been mentioned but bitcoin even with escrow is a lot cheaper!

paypal have the protection of purchasers and users so if they are deceived they could do dispute. but is widely misunderstood by many criminals ..using the escrow is easier

[1Referee]

Bitcoins overtaking on the golds price is just one step for bitcoin

It has no real value other than for statistical purposes.

and it is believed that soon paypal and western union will be out of business due to bitcoin usage.

You just like to spew around with unfunded arguments, do you... PayPal is a growing business with more than 200 million active users, and that number is constantly growing. PayPal offers people exactly what they want, and that's not something that can be said about Bitcoin regarding the currency aspect. WU can be overtaken in the way that Bitcoin produces more transaction volumes valued in USD, but that's about it. It won't impact their core business in any way.

I am not against paypal and Western Union but the possibility is high that bitcoins features will deem the services of paypal and western union less convenient and useful.

Both PayPal and WU score a better level of usability and convenience than Bitcoin. You must not forget what makes PayPal and WU so interesting for users. Both are different platforms with features that Bitcoin simply can't offer.

[TastyChillySauce00]

Also I am sure this has been mentioned but bitcoin even with escrow is a lot cheaper!

paypal have the protection of purchasers and users so if they are deceived they could do dispute. but is widely misunderstood by many criminals ..using the escrow is easier

The buyer protection offered by PayPal isn't so helpful that sometimes misused by many criminals as you said. It's such a waste of time for sellers who accept Paypal and need to eventually face this problem because there are many people who want to take advantage of each other even by doing such a criminalities behaviour and it's right that escrow is a lot beneficial.

[danherbias07]

I think this decision should be the choice of the user to where it is more convenient to him. I am not really into Paypal but I do have an account. Well, that is for other jobs that I do doesn't pay in bitcoin or other wallet like website. They will pay only through Paypal. Somehow that is a pain after payment, to put it to bitcoin but you cant argue, that is work and I just need to follow the rules of them.
I still do prefer bitcoin.

[Text]

I think this decision should be the choice of the user to where it is more convenient to him. I am not really into Paypal but I do have an account. Well, that is for other jobs that I do doesn't pay in bitcoin or other wallet like website. They will pay only through Paypal. Somehow that is a pain after payment, to put it to bitcoin but you cant argue, that is work and I just need to follow the rules of them.
I still do prefer bitcoin.

Yeah it is still depend on the user which of methods he prefer to use. There are still online money making websites which are not yet accepting bitcoin to pay for their tasker. Bitcoin will overcome paypal in terms of transaction fee, I would prioritize BTC if they are both available as an option.

[Daniel91]

I don't think so.
In fact, paypal and bitcoin are in very different position, legally and in the market.
Paypal is very well established company in America, which follow all rules and financial regulations, pay taxes etc.
Bitcoin is decentralized, nobody owns it, no financial regulation etc.
In the market, Many users need bills as proof of payment, or to be exempt from tax.
With bitcoin, they can't get it.
Also, paypal have very good refund policy and buyer and seller protection.
With bitcoin, story is very different, as you know.
So, I think that most users using PayPal and Bitcoin for different reasons.
Because of this, they are not competition to each other.

[ice098]

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 dont think so, paypal is first being known by citizen therefore i thought that there will be more feedbacks to paypal than bitcoins. but in other aspect bitcoin is very useful in everything and in everywhere.

[ivanst776]

Paypal is many steps further than bitcoin but we can't say that bitcoin will not pass paypal in the next decades.

But paypal is stronger and is used worldwide and in lots of website (not saying all), wherever we go to purchase something the next thing after the credit card form is the paypal checkout so if paypal would collaborate with bitcoin then there would be the strongest payment processor ever.

True. PayPal has a strong user base and more recognition among people, than Bitcoin itself. Being a centralized payment processor, it has the convenience of handling bigger transaction load than Bitcoin. But as time goes by, I believe that Bitcoin and blockchain technology will improve, making it capable of handling massive workload, and possibly attract more users since it provides better flexibility, freedom, and most of all decentralization over user funds.

I hope that this year would become big towards helping Bitcoin scale and become closer to its rivals. Just my opinion. 

Yeah bitcoin works differently from bitcoin because there are no miners that will confirm the transaction and there is no delay, Paypal transaction are instant and there are millions of transaction being made every day and I like paypal for this.

But the limit and some other fees that paypal takes it's their downside which in this aspect bitcoin is much better and can overcome PayPal anytime soon but there should be more changes in bitcoin like increasing the block size.

[PanZerrr]

Bitcoin is different than PayPal so it is like comparing Apples to Oranges when it we're discussing about spending our own money on something. From what I know about PayPal is that they need to have another source in order to get their money. Bitcoin is basically like free money because if someone that knows how to make computers more powerful than it already is, they could build a Bitcoin Miner and get money from Mining Bitcoins and they would get whatever currency they want (PayPal doesn't have that feature).

Bitcoin won't overcome PayPal though Bitcoin will be a popular Digital Payment Platform.

You are right - you do not need to compare these payment systems. Bitcoin is more than a payment system. I am sure that they fulfill their functions and will exist in the future

[bitbob82]

Bitcoin is different than PayPal so it is like comparing Apples to Oranges when it we're discussing about spending our own money on something. From what I know about PayPal is that they need to have another source in order to get their money. Bitcoin is basically like free money because if someone that knows how to make computers more powerful than it already is, they could build a Bitcoin Miner and get money from Mining Bitcoins and they would get whatever currency they want (PayPal doesn't have that feature).

Bitcoin won't overcome PayPal though Bitcoin will be a popular Digital Payment Platform.

but i think in some cases we can compare bitcoin with paypal, as both are use for online transaction. in think most of the shops are accepting bitcoin and paypal for shopping, but after bitcoin has been introduce so now people are giving preference to bitcoin and not to paypal.

[matt11235]

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.,

Where did you pull 1000 transactions per second from?

[JL421]

Actually i would say it's a yes and no.
The reason for a yes is in terms of fees and anonymity. Normally if we receive more than 1000$ at a single time they will ask for id and the reason from where you got these funds. While bitcoin we can send transactions of any amount.
Another reason is because of reversible reason many people don't like paypal.
No because paypal for now and in future will be accepted in many more places around the world.