Is PayPal now feeling the pressure from Bitcoin?

[Reid]

Sounds like bitcoin. 
I have tried to compare this before and I have saved a lot in my calculation between using Paypal or Bitcoin.
Their damn fees including those money transfer company are getting to my nerves. When you send money almost every time you will see how much they could get annually from just a single person.
No way to that. I would rather use the bitcoin technology where I am the one who is on control of the fee.

[suvo05]

Paypal and bitcoin are quite different . I don't think bitcoin will do any harm in the business of paypal. Paypal is lot more popular and it connects the bank with the countries and lot more easy to understand . And bitcoin becoming a valuable asset than a currency people are buying bitcoin to hold and gain profit from it.

[Armstand]

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.

They are both good in their specific area, btc for savings and Paypal for me for payment whenever buying online since btc were mot yet capable of foin this since there is only few who uses it as mofe of payment as of this moment.

[senne]

Definitely, Bitcoin can be one of the biggest rival of PayPal and this is simply, because Bitcoin is way much better than PayPal, like in PayPal there so many barriers while transferring money from one person to another, it can never give you the amount of privacy one enjoys in Bitcoin. Also bitcoin being decentralized, nearly available in every country and having lower transfer fees. So much plus points one gets when transferring money from Bitcoins, so PayPal feeling the pressure is common as they simply cannot match the level of Bitcoin.

[exstasie]

Definitely, Bitcoin can be one of the biggest rival of PayPal and this is simply, because Bitcoin is way much better than PayPal, like in PayPal there so many barriers while transferring money from one person to another, it can never give you the amount of privacy one enjoys in Bitcoin.

There really aren't that many barriers. But indeed, privacy is superior in Bitcoin. There are altcoins which provide even better privacy, though. It's very important to be careful about UTXO selection with Bitcoin if you want to maintain anonymity.

Also bitcoin being decentralized, nearly available in every country and having lower transfer fees. So much plus points one gets when transferring money from Bitcoins, so PayPal feeling the pressure is common as they simply cannot match the level of Bitcoin.

In many cases, there are no fees to use Paypal. For instance, US users can send money back and forth (including to and from bank accounts) for free. Again, I don't think that Bitcoin and Paypal are targeting the same markets. For the foreseeable future, Bitcoin is not viable for high volume remittance. And even if it was, Paypal was never particularly competitive in this space, hence the OP.

[timerland]

Well, i would not be surprised, at all, if PayPal tried to deny their users to transaction with funds in their accounts on PayPal to trade with bitcoin in the near future. Bitcoin has taken a large part of profits from PayPal and is only going to continue doing so.

Plus, as bitcoin has climbed in value recently, more and more PayPal users have ditched PayPal for bitcoin.

As i said, this trend should continue to be the case in the future. PayPal is one of the shittiest payment processors out there.

[exstasie]

Well, i would not be surprised, at all, if PayPal tried to deny their users to transaction with funds in their accounts on PayPal to trade with bitcoin in the near future. Bitcoin has taken a large part of profits from PayPal and is only going to continue doing so.

Have they? Coinbase is charging 3.99% for sales to PayPal accounts.  And if you've watched the Currency Exchange forum there has actually been significant trading activity on Paypal because of Bitcoin.

Plus, as bitcoin has climbed in value recently, more and more PayPal users have ditched PayPal for bitcoin.

I don't think that Paypal users are using their service to make speculative capital gains. That's not the point. The point is to make reversible electronic payments that are widely accepted. Bitcoin isn't really competing for that.

[AjithBtc]

PayPal has gained its own user base through its unique features. Maybe the technology on which PayPal function might be an outdated, but this won't create pressure over the service provider. Maybe over the years to come the technology might be used for an efficient functioning.

[Mehedi72]

Of course yes and no doubt that not only paypal but also other payment method like as paypal are feeling pressure and in trouble due to people reduce to using those payment method because of bitcoin... i think...

[Sylenth]

Both paypal and bitcoin works on same principle of introducing a new online currency,what make both different is that paypal works in centralized manner while bitcoin in decentralized. Bitcoin works with management of private keys and user remains anonymous and its of no concern whatever user buy or sell with the money earned,while on the other hand paypal does not allow buying of illegal things and it keeps an eye on goods purchased.so in bitcoin data is protected from company as well as  possible searches of that data from law enforcement.

anyone who knows the history of bitcoin will know about Wikileaks,major payment providers were persuaded to block donations to Wikileaks from  around the world, which led the company to accepting the censorship-resistant bitcoin,giving boost to bitcoin, and due to increase use of bitcoin,company   feel pressure and itmay do something in future so that both can work together .

[Fatunad]

PayPal has gained its own user base through its unique features. Maybe the technology on which PayPal function might be an outdated, but this won't create pressure over the service provider. Maybe over the years to come the technology might be used for an efficient functioning.

They would definitely upgrade since they are already aware on the things around them when it comes into new way payment system which they can able to see it on bitcoin.They might be worried on its existence or not.No one knows since we cant able to read on whats on their minds but for sure they would do such step and wont easily fall down without making a fight.

[Fulmand]

PayPal has gained its own user base through its unique features. Maybe the technology on which PayPal function might be an outdated, but this won't create pressure over the service provider. Maybe over the years to come the technology might be used for an efficient functioning.

They would definitely upgrade since they are already aware on the things around them when it comes into new way payment system which they can able to see it on bitcoin.They might be worried on its existence or not.No one knows since we cant able to read on whats on their minds but for sure they would do such step and wont easily fall down without making a fight.

I believe that they already foresee that about they system upgrades for the type of payments that they had. That's why they been able to stabilize their services to people who has lots of options to invest with bitcoin economy, and we really don't have those clues how people will judge about it. The important thing is we must observe the current scenario and let paypal handle situations that creates tension and speculative ideas.

[dead_m92]

PayPal is unique, and you can not compare bitcoin to paypal because they both are different things, and they both has their own customers, you know that paypal has a lot of reputation since too many years, and a lot of people trust them, so i dont think that bitcoin is taking them their customers.
Anyway, those people are free to use the payment processor that they want to.

[Snorek]

I also think so, paypal is now decreasing its users due to the existence of bitcoin and it will be decreasing every year as the price of bitcoin and its users is increasing. We can't deny that fact even they will claim the other way around. Sometimes it will all closed down and those centralized online financial platform be gone.

Very doubtful theory.  PayPal has nothing to worry about - Bitcoin offers a terrible user experience and using BTC instead of centralized payment operator is kinda difficult.
Suffice to say that none of the big merchants accepting bitcoin is dealing with direct blockchain transactions, and instead are using bitcoin payment provider (BitPay, BitBay etc.) to handle their BTC payments.
PayPal is still a better way for people to pay, it is cheaper than Bitcoin, usually faster and have idiot-proof features modern dumb society crave for - viva chargeback!

[eaLiTy]

Paypal and bitcoin are quite different . I don't think bitcoin will do any harm in the business of paypal. Paypal is lot more popular and it connects the bank with the countries and lot more easy to understand . And bitcoin becoming a valuable asset than a currency people are buying bitcoin to hold and gain profit from it.

Bitcoin does not need to do any harm to the business model of paypal ,they are indeed doing that themselves by banning users accounts and freezing their accounts without any court order and if you have a huge amount of money stashed in your paypal account then it will be frozen for a while and it will take a long time to get a response from them,bitcoin is a solution for all the issues we had in the past and i am glad about it.

[CryptoBjorn]

It's rather that countries are feeling the pressure of bitcoin. Remember bitcoin overrun paypal's market cap a year ago. Now you see how important bitcoin is because countries/governement decide it's time to regulate it. First ICO's then Bitcoin, then crypto itself.

[Inkdatar]

PayPal is unique, and you can not compare bitcoin to paypal because they both are different things, and they both has their own customers, you know that paypal has a lot of reputation since too many years, and a lot of people trust them, so i dont think that bitcoin is taking them their customers.
Anyway, those people are free to use the payment processor that they want to.

Paypal has its own function and doesnt need to compare with bitcoin. Paypal has its own use, features, and advantages to the users so it really differ to bitcoin. And yes it doesnt need to compare with bitcoin as paypal is existing since.

[BitHodler]

It's rather that countries are feeling the pressure of bitcoin. Remember bitcoin overrun paypal's market cap a year ago. Now you see how important bitcoin is because countries/governement decide it's time to regulate it. First ICO's then Bitcoin, then crypto itself.

Bitcoin's market cap overtaking the PayPal stock market cap doesn't mean anything. It's about the actual level of acceptance and usage that it enjoys, and in that aspect, PayPal is quite the leader by a far distance.

Ultimately, I do agree with the fact that governments and banks are the one that should be worried. At the end of the day, that's already the case, and it perfectly shows as governments are pushing through regulations.

[BitMaxz]

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...

I think paypal will never be pressure because most of people are still using paypal i have lots of friends both bitcoin and paypal using it for different interest so it will be still depends in your interest but bitcoin will be still be a main to be use as legit payment gateway for any business..
So why paypal will feeling pressure about bitcoin.. for me no they are not feeling pressure from bitcoin..
I was using them both with different benefits and interest i need since i can't join in other affiliate sites with bitcoin and only paypal are mostly payment option for almost affiliate sites..

[Zicadis]

I like the tone the PayPal CEO used and his example ultimately points to cryptocurrencies which is the technology of tomorrow and if PayPal goes the blockchain way it could easily open up it's market and as a consolation improve its service delivery as there will be no waiting for checks or wait in ques and many more advantages