Is PayPal now feeling the pressure from Bitcoin?

[BitHodler]

there is going to be 1 big advantage for PayPal compared to bitcoin for many years to come and that is the fact that in order to transfer money with PayPal you already have the money and you just use their services to move it, but in order to do it with bitcoin you have to have bitcoin and that conversion takes money (the fees of buying it with fiat) and not everyone has it.

PayPal definitely offers certain advantages over Bitcoin, but we should not forget that a lot people on a daily basis complain about frozen balances, extra requirements in terms of verification, charge backs, and the list goes on.

Especially the charge backs are what worries the sellers, where some webshops might even end up requiring you to send in your ID and such in order to let you purchase the goods you want.

Bitcoin needs to mature even further, but that's just a matter of time. I am quite sure that in the future it will be a whole lot easier to obtain Bitcoin and to directly spend it if you so wish ~ patience is the key here.

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[talkbitcoin]

i actually agree with Syke!
why would PayPal even feel pressured about bitcoin. they just can add the option to buy/sell/send/convert/... bitcoin through their service officially if someday they felt any sort of "pressure" and then make a lot of money from it!
fiat will always be with us and we will continue using it even if bitcoin grew too big. and people must use fiat to buy bitcoin (unless they are getting paid) it might as well be through PayPal! just as it is currently thought banks and they are enjoying the transaction fees they take when people transfer money to and from exchanges.

[Proton2233]

PayPal will never do. They are part of the state of the monetary system. You can't transfer money from the account, PayPal on the same account in another country. We can talk about making payments with bitcoins. With the development of bitcoin in systems like PayPal will lose its relevance and disappear.

[maokoto]

Paypal has an edge. It is more widely known and used than Bitcoin right now, and if BTC gains popularity, paypal could include it as a currency (just as it includes currencies from several parts of the world). It does not have to dissappear with bitcoin really, but to evolve.

[lovesybitz]

Last year the same CEO of PayPal gave an statement that if he has known about bitcoin and the innovation in the past, he would have used bitcoin as the platform. I don't think such a pressure is there for PayPal, because it has an large user base and functions on a centralized system. Maybe in future both will function on a joint platform.

I don't think that in the near future both will function on  joint platform. Unless, Paypal will adapt the concept system of bitcoin has it right now.
Because there are such a things were bitcoin do something were Paypal are can't able to do it while bitcoin are much capable to give an opportunity to anyone.

[LeGaulois]

This has been the Paypal ideology for years. Paypal is not interested to just provide a payment processor to people. Paypal has always made dream to be the major bank using their unique banking system. If you visit the Paypal labs in USA you will see some crazy things that they are working on.  Remember the ideology of the Elites? One bank for all. This is what Paypal is building about.

[DustyRah]

PayPal is crap. They don't even have a phone number where you can call and handle matters. You can just open a dispute and hope and pray that your matter is handled if anything at all. They are no different from any other payment processor and charge charge back fees and so on in a cold blooded manner.

On top of that they report off everything to big daddy IRS. They are obviously scared of Bitcoin as well as apps like Ca$h so they are trying to drive their mobile app before they become outdated.

I remember asking them a question and the response back to me after 2 days was asking me what the question meant. They did not even attempt to put the word into Google for which the first hit was their own website documentation.

They will never make it into markets like China and so on so they will never be the world bank or whatever they are trying.

[DustyRah]

Paypal has an edge. It is more widely known and used than Bitcoin right now, and if BTC gains popularity, paypal could include it as a currency (just as it includes currencies from several parts of the world). It does not have to dissappear with bitcoin really, but to evolve.

To be honest, no one knows PayPal in most of the countries in the world. Try South America or Asia and no one uses it. EVERYONE knows Bitcoin these days though most don't use it.

PayPal can never work like a digital currency because they are forced to follow the laws of each country and that pretty much jacks them up and keeps them tied up in terms of cross border transfers.

[allohha]

This has been the Paypal ideology for years. Paypal is not interested to just provide a payment processor to people. Paypal has always made dream to be the major bank using their unique banking system. If you visit the Paypal labs in USA you will see some crazy things that they are working on.  Remember the ideology of the Elites? One bank for all. This is what Paypal is building about.

The fact is that to date almost half of all trading operations are online and even ordinary people start buying and selling different goods through the network. Therefore, I believe that the PayPal payment system of very many people satisfies its functions. Yes Bitcoin has not yet reached the hands of humanity, But it's a matter of time. Although PayPal has its share today is not bad.

[darkangel11]

Paypal has an edge. It is more widely known and used than Bitcoin right now, and if BTC gains popularity, paypal could include it as a currency (just as it includes currencies from several parts of the world). It does not have to dissappear with bitcoin really, but to evolve.

They won't include it. They're treating it like an enemy taking over.
Paypal's fees are so ridiculous that even when BTC was bottlenecked a few months back and fees kept going up like crazy, they still were lower than Paypal's. Once people get comfortable with using BTC and start trusting it more PP will go bankrupt.

[Karpeles]

Bankers wanting more customers(= profits) for them and more power over people(if they are in the financial system then they can be more controllable and they will know their finances).

To be honest I don't know if so many people going into the current financial system would be good or bad.

[mozillaspez]

Paypal has an edge. It is more widely known and used than Bitcoin right now, and if BTC gains popularity, paypal could include it as a currency (just as it includes currencies from several parts of the world). It does not have to dissappear with bitcoin really, but to evolve.

If i tell you about some countries where PayPal is not working but bitcoin do so what? Do you believe that or not ofcourse you do because bitcoin is going very high and people coming to attract so if it is about PayPal and Bitcoin then people will prefer bitcoin rather than using PayPal.

[SaintFlow]

Just let me know when you do ebay & webshops with a click n password.  
Just used Paypal 3 times today. I will not copy and paste shit or wait
for 6 blocks to be mined in China while the transfer fees are  

Sure bitcoin is ... was ... well it is valuable. But somehow this blocks put
chains on commerce.

[exstasie]

No PayPal has said they are happy to team up with coimbase if they ever felt the pressure why would they allow coinbase users to withdraw to PayPal in first place , PayPal can't be replaced it is a must for the online community we can safely make purchases without the risk of being scammed , accepted in more than million online stores and is centralised on other hand btc is more like a investment people will most likely spend their funds in PayPal than in btc.

That's my take. Paypal is not feeling any pressure from Bitcoin. They aren't really competitors. Paypal's value is primarily that it offers reversible payments. Could it be more effective for remittance? Sure, and that's what they are suggesting here. But Bitcoin is not competition for the remittance industry, which is characterized by low-value, high-margin cross-border payments. Bitcoin is terrible for low-value payments, anyway.

Maybe in a year or two, remittances will be technically feasible given a functioning Lightning Network. But even then, it could take years for Lightning to be accessible enough to global populations that Bitcoin could be more than a tiny blip on the radar re: remittances.

[pixie85]

People were surely complaining about the fees. That's basically what stopped me from using paypal. They have their own transfer fees and conversion fees on top of it if you're receiving a foreign currency. It's strange that people are still using them when they're so expensive. The market is changing so they will have to change too or get devoured.

[RedX]

No. Paypal is already established and most of their customers are freelancers because they are the most trusted  partners of freelancing sites around the world. Bitcoin and Paypal have both benefits and advantages on their own. For me, they are both outstanding when it comes to financial usage..

[1Referee]

People were surely complaining about the fees. That's basically what stopped me from using paypal. They have their own transfer fees and conversion fees on top of it if you're receiving a foreign currency. It's strange that people are still using them when they're so expensive. The market is changing so they will have to change too or get devoured.

People go for the payment option that offers them speed, convenience and a wide level of acceptance - PayPal nicely fits in that category. I have seen plenty of people complaining about PayPal for various reasons, but yet they continue to use that service, because as I pointed out, it enjoys a wide level of acceptance. Basically any webshop here allows people to pay with PayPal, and if you see people selling stuff on the local market site here, they also happen to accept PayPal in most cases. It clearly shows that despite the annoyances of PayPal, people aren't willing to ditch it for something else. As long as that isn't changing, we'll see PayPal remain a market leader as payment platform.

[Victorycoin]

https://finance.yahoo.com/news/paypal-ceo-expensive-poor-221202508.html


PayPal CEO Dan Schulman wants to make it easier for people, including those who live outside the financial system, to manage and move their money.

“There’s a saying that it’s expensive to be poor,” Schulman told Yahoo Finance in a recent interview at PayPal’s San Jose, California headquarters. “You want to cash a check, send money to a loved one, get credit, even pay your bills. For those who are outside the financial system — and there are over 70 million adults in the U.S. and over 2 billion people in the world — those basic consumer transactions can be incredibly time-consuming — you stand in line for 30 to 45 minutes — and very expensive.”

While the dollar costs of executing a financial transaction may seem reasonable for most, they can be quite high for those with very little income.

“On average, an underserved consumer spends 10% of their disposable income on unnecessary fees and interest rates,” he added. “So democratizing financial service is basically saying the following: We want managing and moving your money to be a right for all citizens, not just the privileged, or the affluent.[/b]”

Sound familiar? 

There's no competition until we have lightning networks. Until then, you cant sell bitcoin as a solution for poor people to send and recieve money in a decentralized way, because (unlike what scammers such as Roger Ver and anyone supporting BCash will tell you) a decentralized blockchain is a finite and scarce resource, therefore it's not cheap, this is why we need second layers like LN to really take over the entire planet. Then we will outcompete everyone else and PayPal will either join BTC or go bankrupt because no one is going to be paying any fees to send money anywhere.

Paypal is a scam because it's tied to the legacy banking system, yet they market themselves as "internet payments". This was never true, it was never true anywhere until Bitcoin was invented.

You should see there is a huge competition already and should you take a closer look at the article, you won't miss to notice that almost every statement made there are responses to the questions Bitcoin have raised and addressing. Tell me since when did they realize that managing and moving money ought to be a right for all citizens, not just the privileged or the affluent?

[Yaunfitda]

Last year the same CEO of PayPal gave an statement that if he has known about bitcoin and the innovation in the past, he would have used bitcoin as the platform. I don't think such a pressure is there for PayPal, because it has an large user base and functions on a centralized system. Maybe in future both will function on a joint platform.

Yeah, he said a long the line that this is his vision for Paypal. But I think that they can't ignore the fact that bitcoin has gaining more popular specially this year and they are in a big challenge from it. I also disagree that they will function on a joint platform. There no way a decentralized system like bitcoin could work with Paypal. Unlikely to happen.

[Nazmul012]

obviously yes because of bitcoin is now getting more popular and valuable than paypal. besides by depositing with bitcoin we can see our money is automatically increasing without doing anything.  so of course people would like to choice bitcoin  instead of paypal.  so really i think paypal is now feeling pressure for bitcoin...