Why should I use Bitcoin instead of Paypal?

[eatrader]

I am considering writing an article of the advantages of Bitcoin over Paypal. Answering the question "Why should I use Bitcoin instead of Paypal?"  This will serve to help the undecided to take the plunge.


So, why should I use Bitcoin instead of Paypal?

[1715392956]

1715392956

[1715392956]

1715392956

[1715392956]

1715392956

[1715392956]

1715392956

[1715392956]

1715392956

[Interized]

Plenty of reasons just Google "PayPal sucks".

[CoinCidental]

Fees

[AuroraHF]

Fees

This. I had a massive $10 fee for large payment of about $500 which is ridiculous. With Bitcoins I only need to pay like 10 cents if I'm generous. Not to mention there are no charge backs or limitations.

[LiteCoinGuy]

Plenty of reasons just Google "PayPal sucks".

one reason is: PayPal sucks 

[bryant.coleman]

1. Low transaction fees
2. No charge-backs
3. No fraud
4. Anonymity
5. No need for adding CC / Bank account
6. No currency conversion fees

[Mike Christ]

Bitcoin appreciates.  PayPal doesn't even appreciate your business enough to stop making it theirs.

[oakpacific]

You thought you have money on your Paypal account? You don't, all you have is numbers, they can freely decide to freeze your funds, all you can do afterwards is to plead them again and again.

Also, it's important to point out, that Paypal personal account is beyond the reach of citizens of certain developed nations(like Japan) see here: http://en.wikipedia.org/wiki/Paypal#Japan , Paypal division in China is also forced to operate in a separate network, in short, all these services branded collectively as Paypal hardly interact with each other, unlike the seamless payment network that is Bitcoin, the purported global accesibility of Paypal is just an illusion.

Finally, Paypal doesn't even offer an escrowing service! Shocking, isn't it?

[lucaso]

To be honest I don't think Bitcoin currently is alternative/replacement for Paypal. Both solutions are about cash, but they are slightly different.

First: Paypal is all about local currencies and e-commerce. In e-commerce area bitcoin is light years behind Paypal.
Please note here that Paypal is a layer on top of standard Banking Systems (Credit/Debit cards, Wire transfers), not a standalone solution. In this case Bitcoin as a protocol is Banking System alternative not Paypal itself. For solution like paypal we will need to wait for something built on top of Bitcoin.

Second: Bitcoin is all about independence and full control. Paypal is all about fast cash flow.


We need to remember and take into consideration that currently Bitcoin popularity and value is based on its potential to grow, so "cash/value" in bitcoin circulation is just "investment" of its users. To be honest this "grow potential" is also one of biggest problems of Bitcoin, as it is worthless in context of e-commerce (I assume this would be a major application of bitcoin) as a value tends to change 10 - 30% in one day. So when you are selling shoes for Bitcoin its a bit risky, because tomorrow you can have 30% less "value" in your pocket. Who will take so much risk (SilkRoad clones are excluded) when safer solutions are used (i.e. Paypal)?

[eatrader]

Wow.  Keep em coming.  Any real world examples are appreciated as well. I just moved to definately writing the article and will update this thread when I do.

[Interized]

PayPal doesn't actually have any of the money and becoming a global ponzi scam as more and more people fall victim, but they all say "well eBay.." NO! eBay is shit too they even attacked craigslist for taking away massive amount of business.

PayPal has become evil, literally.  

[areebmajeed]

Freedom, Availability

[FlappySocks]

With Bitcoin:

Escrow is optional, and there is competition between escrow services, providing different levels of service.
Currency Exchange is optional, with a choice of exchanges.

If it weren't for ebay, I would not use Paypal.

[eatrader]

Fees

This. I had a massive $10 fee for large payment of about $500 which is ridiculous. With Bitcoins I only need to pay like 10 cents if I'm generous. Not to mention there are no charge backs or limitations.

This is interesting.  I have stood that micro transactions are not feasible on Paypal because of minimums. I know u can do "friend" trade but when the world starts using bitcoin to reward for the smallest transactions, Paypal wont be able to compete.

[lucaso]

PayPal doesn't actually have any of the money and becoming a global ponzi scam as more and more people fall victim, but they all say "well eBay.." NO! eBay is shit too they even attacked craigslist for taking away massive amount of business.

PayPal has become evil, literally.  

You are wrong here, Paypal have this money, as they are part of a transaction. When you send money from Bank to Paypal, they are part of banking transaction between you, so by law they are obligated to have this money. Paypal is also regulated and audited, so at this "ponzi scam" you are just wrong, of course they can fraud all of that money, but risk is rather small (not bigger than fraud in your bank). I can understand that many bitcoiners are haters of Paypal mentality and business, but such interpretation of Paypal operations is just incorrect.

[eatrader]

You thought you have money on your Paypal account? You don't, all you have is numbers, they can freely decide to freeze your funds, all you can do afterwards is to plead them again and again.

Also, it's important to point out, that Paypal personal account is beyond the reach of citizens of certain developed nations(like Japan) see here: http://en.wikipedia.org/wiki/Paypal#Japan , Paypal division in China is also forced to operate in a separate network, in short, all these services branded collectively as Paypal hardly interact with each other, unlike the seamless payment network that is Bitcoin, the purported global accesibility of Paypal is just an illusion.

Finally, Paypal doesn't even offer an escrowing service! Shocking, isn't it?

Without a doubt that is shocking.

[jeppe]

here are some reasons why paypall sucks:
-fees
-third party involved
-people can request the money back
-not anonymous

[eatrader]

PayPal doesn't actually have any of the money and becoming a global ponzi scam as more and more people fall victim, but they all say "well eBay.." NO! eBay is shit too they even attacked craigslist for taking away massive amount of business.

PayPal has become evil, literally.  

You are wrong here, Paypal have this money, as they are part of a transaction. When you send money from Bank to Paypal, they are part of banking transaction between you, so by law they are obligated to have this money. Paypal is also regulated and audited, so at this "ponzi scam" you are just wrong, of course they can fraud all of that money, but risk is rather small (not bigger than fraud in your bank). I can understand that many bitcoiners are haters of Paypal mentality and business, but such interpretation of Paypal operations is just incorrect.

Do you prefer Paypal?

[eatrader]

here are some reasons why paypall sucks:
-fees
-third party involved
-people can request the money back
-not anonymous

Why do I read stories about sellers in a bitcoin transaction being at such risk.  Arent some of these transactions using escrow services?

[Interized]

PayPal doesn't actually have any of the money and becoming a global ponzi scam as more and more people fall victim, but they all say "well eBay.." NO! eBay is shit too they even attacked craigslist for taking away massive amount of business.

PayPal has become evil, literally.  

You are wrong here, Paypal have this money, as they are part of a transaction. When you send money from Bank to Paypal, they are part of banking transaction between you, so by law they are obligated to have this money. Paypal is also regulated and audited, so at this "ponzi scam" you are just wrong, of course they can fraud all of that money, but risk is rather small (not bigger than fraud in your bank). I can understand that many bitcoiners are haters of Paypal mentality and business, but such interpretation of Paypal operations is just incorrect.

Do you prefer Paypal?

I only use PayPal if the business I'm involved in has a bunch of PayPal users.

Otherwise BTC is here to replace banks, currency, and extra (extra) medians for exchange such as PayPal.