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Author Topic: Reasons why Paypal is not a digital currency...  (Read 277 times)
Bergiolia
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November 04, 2017, 11:27:14 AM
 #1

I want to hear you guys why PayPal is not a digital currency and maybe Mr. Satoshi Nakamoto saw the benefits of Cryptocurrency after PayPal that's why he came up with the idea and create that simple idea into reality.

Let's talk about it...

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November 04, 2017, 09:35:15 PM
 #2

I suppose there is a huge difference between PayPal and cryptocurrency at first sight:
- centralized system of PayPal and decentralized system of cryptocurrencies
- blockchain based transactions and balances of wallets are public
- transaction via PayPal can be returned, not like for cryptocurrencies
...

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November 04, 2017, 09:50:27 PM
 #3

I suppose there is a huge difference between PayPal and cryptocurrency at first sight:
- centralized system of PayPal and decentralized system of cryptocurrencies
- blockchain based transactions and balances of wallets are public
- transaction via PayPal can be returned, not like for cryptocurrencies
...
I would add "anonymity" to cryptocurrency but it is controversial argument. I have read somewhere about software which allows to track transactions and analyze it.

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November 04, 2017, 09:57:52 PM
 #4

I have been using paypal for a long time now and I feel that it is nothing like crypto. Firstly, banks need to authorize all my transactions before processing them which shows how centralized this digital currency really is. Second point is that paypal provides a digital form of fiat currency and is not actually a digital currency itself. Third point here is that paypal transactions are not anonymous at all while crypto transactions are mostly anonymous in nature.

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November 04, 2017, 10:15:37 PM
 #5

I would add "anonymity" to cryptocurrency but it is controversial argument. I have read somewhere about software which allows to track transactions and analyze it.
Bitcoin is not provide any anonymity ,how would you consider a public ledger to be anonymous ,it is transparent and every tokens send and received are available for everyone to see,paypal is a service aimed to send and receive money and not a currency . Tongue

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November 04, 2017, 10:18:51 PM
 #6

I want to hear you guys why PayPal is not a digital currency and maybe Mr. Satoshi Nakamoto saw the benefits of Cryptocurrency after PayPal that's why he came up with the idea and create that simple idea into reality.

Let's talk about it...
There is nothing to talk here,first understand what paypal is and what is a cryptocurrency. Satoshi Nakamoto introduced bitcoin when there a big recession going on in the financial field where billions of dollars went to dust and none of the economist had any idea on how to tackle the issue and that is when this brilliant genius introduced this revolutionary technology so the world will have a better monetary system,it has nothing to do with paypal. Grin














 

 

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November 04, 2017, 10:26:06 PM
 #7

I want to hear you guys why PayPal is not a digital currency and maybe Mr. Satoshi Nakamoto saw the benefits of Cryptocurrency after PayPal that's why he came up with the idea and create that simple idea into reality.

Let's talk about it...
There is nothing to talk here,first understand what paypal is and what is a cryptocurrency. Satoshi Nakamoto introduced bitcoin when there a big recession going on in the financial field where billions of dollars went to dust and none of the economist had any idea on how to tackle the issue and that is when this brilliant genius introduced this revolutionary technology so the world will have a better monetary system,it has nothing to do with paypal. Grin

Perfectly said, Paypal is the cash wallet, which is used to pay to merchants for trading. Its fees and procedures are very high. The transaction are reversible so their are lot of scam running through paypal. But Bitcoin low transaction charges and very easy to use it. Transactions are non reversible once send. Apart from that you dont have to disclose your identity to use bitcoins.
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November 04, 2017, 10:32:00 PM
 #8

I want to hear you guys why PayPal is not a digital currency and maybe Mr. Satoshi Nakamoto saw the benefits of Cryptocurrency after PayPal that's why he came up with the idea and create that simple idea into reality.

Let's talk about it...
Nope, Because the crypto is not popular at the early time of paypal already built by the owners. If you are seeing the latest news of paypal owners already said about the crypto will be popular in the future.
The paypal service still not see the benefit by using the crypto.

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November 04, 2017, 10:37:02 PM
 #9

Paypal is not a currency, it's just a payment processor. Nothing to do with currencies. They take the money you have, and send them safely to where you want to send them.

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November 04, 2017, 10:40:49 PM
 #10

I want to hear you guys why PayPal is not a digital currency and maybe Mr. Satoshi Nakamoto saw the benefits of Cryptocurrency after PayPal that's why he came up with the idea and create that simple idea into reality.

Let's talk about it...
Interesting question. But here too, the question arises, why Paypal will be a digital currency, they are also a mega company

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November 04, 2017, 11:11:09 PM
 #11

I suppose there is a huge difference between PayPal and cryptocurrency at first sight:
- centralized system of PayPal and decentralized system of cryptocurrencies
- blockchain based transactions and balances of wallets are public
- transaction via PayPal can be returned, not like for cryptocurrencies
...
I would add "anonymity" to cryptocurrency but it is controversial argument. I have read somewhere about software which allows to track transactions and analyze it.
It's not that controversial tbh, for instance, with Bitcoin there are many ways to track transactions to an especific IP, although difficult, it can be done. But there are also cryptos that offer way better anonymity, but i don't wanna go into that.

To answer OP's question: Paypal isn't a digital currency, it is an 'online payment system' where you can make financial transactions using fiat currency, it is also a centralized system.



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November 04, 2017, 11:21:25 PM
 #12

Why do you assume PayPal was is a cryptocurrency in the first place? Nobody said it was so there's genuinely no point in disproving it. PayPal is probably as centralized as it gets so in that sense it really doesn't have anything to do with cryptocurrency. Satoshi probably was aware of the existence of PayPal but we'll probably never know if they took inspiration from PayPal or not. But I feel like bitcoin is a lot broader than PayPal so I think it's unjust to (partially) credit PayPal with the existence of bitcoin.
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November 04, 2017, 11:37:51 PM
 #13

Well, i have been using their services for quite some time now. And i can really say that they are way too far from a crypto currency. Plus their rules suck. When you are the one selling and the customer decides to give negative feed back or say that something is wrong with an item even when there isn't when you packed it, they will get their money back. Amd that is just b'sht. I freaking hate PayPal. In definitely moving to utrust. Kind of same to how paypal works but is so much better.

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November 04, 2017, 11:47:18 PM
 #14

Paypal is not a currency,it is a cryptocurrency.

Currency is a generally form of money,including coins and paper notes,which is issued by the government circulated within an economy.Paypal is an online payment service that allows individuals and business to transfer funds electronically.

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November 08, 2017, 09:18:36 PM
 #15

I want to hear you guys why PayPal is not a digital currency and maybe Mr. Satoshi Nakamoto saw the benefits of Cryptocurrency after PayPal that's why he came up with the idea and create that simple idea into reality.

Let's talk about it...
It's pretty simple to see that the whole Paypal company will not have a cryptocurrency that will compete with Bitcoin. It is also simple to see that Paypal is not a digital currency.

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NeoTech42
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November 08, 2017, 09:29:56 PM
 #16

Paypal is only a mean of payment and is banned in some countries like in Turkey for example. Initially, Paypal has been creating for merchants to accept easily credit/debit cards.
keung0109
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November 08, 2017, 09:47:12 PM
 #17

Paypal is definitely not a digital currency. They're like an online bank with stupid transaction fees lol.

The whole point of digital currency is the decentralized aspect of it. Centralized systems like banks and paypal are all delayed, tagged with fees, and subject to regulation/reviews, and have limits.
DroidR17A
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November 08, 2017, 09:47:32 PM
 #18

PayPal is a fairly standard fiat to fiat payment gateway, it has no blockchain, no tokens and instead relies on a linked bank account, so all in all it's nothing like a digital currency by simple definition.

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sivasriram
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November 08, 2017, 09:52:25 PM
 #19

Paypal and cryptocurrency are same concepts but with different approach . The best part of crypto is decentralized where as paypal belongs to only few guys, in crypto a coin belongs to large number of people from all over the world.
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November 08, 2017, 09:55:03 PM
 #20

Bitcoin is not gonna come along and freeze your funds, or return the money to a person that claimed you never shipped something.  Bitcoin doesn't have a hand in your pocket, or on your nuts.
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