Will Bitcoin overcome Paypal?

[stripykitteh]

i hope so in trust that bitcoin will reflect as future payment in some big store.
which means that every transaction can handle by owner wallet, or not need to monitoring by 3rd party.

I am pretty sure that PayPal just doesn't want to go against the Government when people put Government money into a system that is owned by PayPal.

I know it sounds pretty plain though if Bitcoin was accepted by PayPal how would you feel then? Bitcoin transactions would get monitored by 3rd parties, would you use it?

[gentlem3n]

The last survey and market cap/TX estimate had bitcoin at around 2/3 PayPal and that was nearly a year ago, Right now, Considering the huge rise in bitcoin value and transactions frequency, The total transacted volume per day should exceed PayPal easily.

[Ayers]

not with current fee, maybe when they fix the fee, because for now with paypal i pay 3.5% on fee with bitcoin isn't fixed like that, and you pay more than 100% on small transaction, this is stupid lol, when the fee will be fixed bitcoin will be better than paypal on everything imho

[nejibens]

Actuallt the transaction fees of bitcoin is high and maybe Paypal is better nowadays in this point, and also still the great marketplaces supporting only Paypal as payment processor and not supporting bitcoin.

[Amevalentine]

I am pretty sure that PayPal just doesn't want to go against the Government when people put Government money into a system that is owned by PayPal.
I know it sounds pretty plain though if Bitcoin was accepted by PayPal how would you feel then? Bitcoin transactions would get monitored by 3rd parties, would you use it?

I know this is a bit unfamiliar, but it is not a good thing against the government.
However, 3rd parties usually always need all our identity to handle your activities.
Does this make you comfortable?

Actuallt the transaction fees of bitcoin is high and maybe Paypal is better nowadays in this point, and also still the great marketplaces supporting only Paypal as payment processor and not supporting bitcoin.

Yes, high fees is still the problems.
Since every people using different wallet with different default fees, so in this point Paypal still better.

[Abiky]

I am pretty sure that PayPal just doesn't want to go against the Government when people put Government money into a system that is owned by PayPal.

I know it sounds pretty plain though if Bitcoin was accepted by PayPal how would you feel then? Bitcoin transactions would get monitored by 3rd parties, would you use it?

You do have a point there, mate. Since PayPal is a payment processor that manages fiat currencies issued by governments, they would do anything to keep themselves within the regulatory sector. Thus, the adoption of Bitcoin there might be a bad idea, since governments would push PayPal towards revealing the transactions made by every user there.

This is similar to what happened with Coinbase, where the IRS requested the financial information of each of its customers.

Nevertheless, it is best for PayPal to separate itself from Bitcoin instead of adopting it for the greater good. Perhaps in the future, both PayPal and Bitcoin will co-exist bringing the convenience of fiat and digital currency payments. By that time, Bitcoin would be much more scalable and stronger than ever with a wider audience in the mainstream world. Just my thoughts.

[xderek]

Actuallt the transaction fees of bitcoin is high and maybe Paypal is better nowadays in this point, and also still the great marketplaces supporting only Paypal as payment processor and not supporting bitcoin.

Haven't thought of this until I realised I needed more fee to send a tiny bit of $3 to a wallet, in a case of needed fee there.

[stompix]

The last survey and market cap/TX estimate had bitcoin at around 2/3 PayPal and that was nearly a year ago, Right now, Considering the huge rise in bitcoin value and transactions frequency, The total transacted volume per day should exceed PayPal easily.

Yeah?

In the last reported quarter, the company's net payment volume amounted to 99.3 billion U.S. dollars, representing an 23 percent year-on-year growth. This payment volume was generated through the 1.73 billion transactions which PayPal processed during that quarter.

https://blockchain.info/charts/n-transactions-total

It's 1.7 billion in a quarter compared to 240 millions in a "lifetime".

And nobody can approximate for real the amount transacted in bitcoins.
I've sent a few bitcoin to an exchange and they rolled through 6 wallets in less than 30 blocks.

Without improvements (that will hopefully come next month) there is no point comparing the two.

[richardsNY]

Actuallt the transaction fees of bitcoin is high and maybe Paypal is better nowadays in this point, and also still the great marketplaces supporting only Paypal as payment processor and not supporting bitcoin.

I can't deny that the fees are a bit on the higher side, but in some cases things might look worse than they in reality are. Example -- if you try to move $5 from one place to another, per ratio a $1-2 fee looks extremely high. But if you move $2500 (1 BTC) from one place to another, then the $1-2 in fees don't look bad at all. It's just how you look at it. Try to look at things from various sides, it will give you a wider field of understanding.

[Panda Trump]

Defenitely for anyone who doesn't like putting their ID on the internet, like me! It's awesome how Bitcoin is for all ages, whilst Paypal limits itself to 18+ and just steals money from the people below 18 (freezes their account A.K.A. taking their money).
I think more people will start to realise the discrimination Paypal is pulling off, so they will start to use Bitcoin and Bitcoin will be the new overpopulated paradise?

Regards,
Trump

[suzanne5223]

Probably not everyone is interested in bitcoin, but, that's because of the lack of knowledge with bitcoin. I'm sure, whoever they are, if they know the potential of bitcoin, they will definitely look for bitcoin for their needs. Well, not everyone likes paypal because of its complicated grip, so i guess, there is a big chance bitcoin will exceed paypal.

Agree. There are many people in the world that are unaware that Bitcoin exists. Maybe it is because of the lack of publicity for the cryptocurrency over mainstream media, as well as, necessary education to make it more friendly and easier for novice users.

One thing for sure is that people would become attracted by the high value of Bitcoin, making expand its user base for years to come. While PayPal has been established long before Bitcoin, it doesn't have a token of its own where it could be exchanged and used as a store of value unlike Bitcoin. For merchants that decide to accept Bitcoin, they will have a huge advantage in doing so, as they would make their earnings grow over time when the pioneer cryptocurrency's value rises.

With PayPal, their money would remain stagnant, while with Bitcoin it gets more valuable over time, not to mention the lower fees it has, and its decentralized nature eliminating the potential from governments or other third parties to freeze or get access to your funds. In that part, I believe that Bitcoin would definitely overcome PayPal. To sum it up, Bitcoin has already signaled support for a scalable solution to become active soon, making its chances of becoming a better rival against traditional payment processors one closer than ever. Just my thoughts.

You're correct Orange and I could remember when I introduce bitcoin to a longtime friend of mine which we haven't see each other so long he said to me I'm not interested in that sh*t and I think he said that due to his lack of knowledge about bitcoin.

[vohoanghiep55555]

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 think Bitcoin has the potential to overwhelm paypal but there are two things I'm not sure about Bitcoin that are unstable prices and too long transaction time.

[HeRetiK]

I think Bitcoin has the potential to overwhelm paypal but there are two things I'm not sure about Bitcoin that are unstable prices and too long transaction time.

Too long transaction times are already a non-issue when accepting zero-confirmation payments.

[Jalum]

I think Bitcoin has the potential to overwhelm paypal but there are two things I'm not sure about Bitcoin that are unstable prices and too long transaction time.

Too long transaction times are already a non-issue when accepting zero-confirmation payments.

That might be correct though a business like that might not last that long because there's a bunch of people that are dwelling on the Internet looking for something that they can get for free.

Double-spending transactions would be an issue for Bitcoin for that case so that type of thing has its good and bad side.

[mornabo]

I think Bitcoin has the potential to overwhelm paypal but there are two things I'm not sure about Bitcoin that are unstable prices and too long transaction time.

Too long transaction times are already a non-issue when accepting zero-confirmation payments.

Zero confirmation payment is impossible to implement. Because when you use blockchain you can just use double spend. So the confirmation is unlikely to come then the amount of bitcoin back to the sender wallet. Using zero payment system is at risk to apply

[mayax]

https://www.cryptocoinsnews.com/paypal-planning-instant-bank-transfers-fee/


25 cents fee for instant bank transfers. WTF will need Bitcoin or any other e-currency except those who are using them for black market and ponzi schemes    

[Proton2233]

No zero payment cannot be arrange, trade in small goods for bitcoins. If bitcoin aspires to the title of leader among the world currencies this issue still have to solve it. Not everyone can afford to buy with bitcoins a car or a house.

[Tungsten-1]

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 think Bitcoin has the potential to overwhelm paypal but there are two things I'm not sure about Bitcoin that are unstable prices and too long transaction time.

But to me I think nowadays the establishment of bitcoin is due to its unstability because if the bitcoin price can stable I think its  traders and investors are never the large of number, so now its price is goes to up and down due to this  investors and traders are holding , and doing buying and selling .More you says about its transaction and I think that is the starting of establishment of bitcoin and in future I hope its transaction will be goes to very fast .

[Pelekus]

If someday Bitcoin is accepted in many places in the world, that it is easy to buy some and that there is an idiot-proof application to spend them, that would be possible for Bitcoin to overcome PayPal.

[batang_bitcoin]

Actuallt the transaction fees of bitcoin is high and maybe Paypal is better nowadays in this point, and also still the great marketplaces supporting only Paypal as payment processor and not supporting bitcoin.

Haven't thought of this until I realised I needed more fee to send a tiny bit of $3 to a wallet, in a case of needed fee there.

I've got a transaction and the fee is only $0.14 and that's very low on these days. What wallets are you using? I'm using blockchain.info and it's a good thing for those people that doesn't want to pay higher fees. And this is a regular fee but if you wanted to be prioritize just increase the fees per b for faster confirmation.