Bitcoin vs Traditional Payment Processors

[Coin-Desk]

Bitcoin and traditional payment processors are two different payment systems. Bitcoin is an online payment system that is now popular online, whereas the traditional payment system is offline or cash exchange payment system. The traditional payment system is now the most widely used in the whole world because bitcoin has not been so popular in the offline exchange system that the traditional payment system will be surpassed. But in the future, I think Bitcoin will surpass it.

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[rodel caling]

definitely there a big chance to replace traditional payment, the new technology to continue to progress and bitcoin is part of the new technology so is very possible  by the help of support and continue mass adoption is proven bitcoin is become successful and strongly  currency use for the fast network payment without hassle.

[bering]

Bitcoin can provide more advantages more than traditional payment processors and i believe to replace them it's only a matter of time but i used to often to use traditional payment processors such as paypal and perfectmoney but when i know bitcoin i was decide to switch it and i think if people more likely comfortable use bitcoin than other traditional payment method then eventually they will also use bitcoin such as me so there will be a chance to bitcoin to beat them someday

[Tylev]

Traditional payment systems use currencies issued by individual states or unions of states, like the European Union. States are responsible for their currency with their gold and currency reserves. Therefore, other countries use these currencies. The current payment system is fairly well regulated and hardly fails at all.
Cryptocurrency has completely different mechanisms of its existence. It is inherently not replace the current methods and types of financial payments. In addition, determining the type of circulation of money is an exclusive function of the state. If the cryptocurrency in the future poses a threat to the current traditional means of payment, the state will be forced to take the most stringent and decisive steps to eliminate the threat. Therefore, cryptocurrency has no chance to oust the current traditional methods of cash and non-cash payments from circulation.

[BeGoods]

Bitcoin can provide more advantages more than traditional payment processors and i believe to replace them it's only a matter of time but i used to often to use traditional payment processors such as paypal and perfectmoney but when i know bitcoin i was decide to switch it and i think if people more likely comfortable use bitcoin than other traditional payment method then eventually they will also use bitcoin such as me so there will be a chance to bitcoin to beat them someday

I dont think paypal, perfectmoney or other digital payments are traditional payment methods. while bitcoin is still as same era with them? I think the traditional payment processor is cash.

if cash I'm sure we will replace it in the future. and comparing it with bitcoin is certainly not going to be comparable, the function of bitcoin is far more than cash, it's just that bitcoin is still not too much accepted, so its use is still limited

[CBANX3]

Bitcoin is a peer-to-peer electronic cash system where transactions are directly sent to the Bitcoin network without third-party involvement and it is done with the help of anonymous alphanumeric or QR code which can access through mobile devices. Traditional payment processes have security flaws which can be easily overcome with the Bitcoin.

[morrisgonzalez]

Bitcoin is the most popular medium of online exchange. On the other hand, traditional payment processors are the most popular and accessible medium for cash transactions. Now Bitcoin is being used offline through many cases. Like online exchange media, Bitcoin usage is increasing day by day. I think future Bitcoin payment processors will become very popular. I think Bitcoin will surpass the traditional payment processor in the future.

[shesheboy]

I dont think paypal, perfectmoney or other digital payments are traditional payment methods. while bitcoin is still as same era with them? I think the traditional payment processor is cash.

traditional means something that is old . the digital payment listed above are not old but cash is  . so cash is the only one that can be consider as a tradtional currency  .

if cash I'm sure we will replace it in the future.

we are already in the future and cash is still the one that is being used even if we already have alot of payment methods out there . i have a feeling that cash wont be extinct because cash is the only one that can be easily used anytime or anywhere  .

[kaya11]

Anything can be possible, with the right amount of support from the government and financial institution, we can change what we are currently utilizing. It is never been this good in terms of payments, anyone could be shopping online, without even bank accounts, anyone even kids with enough amount of knowledge. They manage their own money with a single move, isn't that easy? It is clearly stating that Blockchain can manage to revolutionize traditional payments and boost economy growth, with such speed of transactions and minimal downtime we can do what we want to our money anytime anywhere with full control.

[Afnan_faizah]

I think there is big probability that bitcoin will be the number one choice for this. As payment processors, bitcoin give a lot of advantage for us. I think it is not wise to keep use traditional payment processors that not suitable for us anymore. But it seems that bitcoin will only become alternative currency for digital transaction. I guess even google will use bitcoin to pay their adsense users. Maybe be youtuber and blogger don't need to use paypal or other such things anymore to recieve google adsense payment.

[Slow death]

Nonetheless, do you believe that there's hope for Bitcoin to beat traditional payment processors or will those same payment processors adapt to the Blockchain in the future?

there is still a long way for bitcoin. many governments still do not have laws on bitcoin and still do not know anything about bitcoin. something decentralized and many governments want to have control of their citizens, bitcoin becomes a big obstacle for certain government. I would say that it will be a long way to persuade governments to create laws that are beneficial to bitcoin and that allow bitcoin to be used as a means of payments in many countries of the world

[olamidey]

Bitcoin is still far off from what it wants to be interns if worldwide acceptance and general usage. So many government still don't believe in it and some still see it as scam and as such, it's illegal in those places. Traditional payment will continue working no matter how much of bitcoin technology that we all know. Regulations, AMA, and general usage will help bitcoin but now now.

[mrdeposit]

Bitcoin can provide more advantages more than traditional payment processors and i believe to replace them it's only a matter of time but i used to often to use traditional payment processors such as paypal and perfectmoney but when i know bitcoin i was decide to switch it and i think if people more likely comfortable use bitcoin than other traditional payment method then eventually they will also use bitcoin such as me so there will be a chance to bitcoin to beat them someday

Bitcoin can be an alternative for the few years due to lack of development on the BTC network. It is hard to wait for the first confirmation on the LC Waikiki after buying trousers. Other methods suit better this purpose and some projects have achieved to this goal on local marketplaces. For beating, the traditional payment gateways crypto payment processors should be accepted by the big companies and banks.

[Kelvinid]

Bitcoin is still far off from what it wants to be interns if worldwide acceptance and general usage. So many government still don't believe in it and some still see it as scam and as such, it's illegal in those places. Traditional payment will continue working no matter how much of bitcoin technology that we all know. Regulations, AMA, and general usage will help bitcoin but now now.

Crypto adoption is not really that much and people still have doubts about this.
People will still be comfortable with a traditional process especially those areas where there are unstable internet connections. This is how the internet becomes a vital tool for crypto and it sad that it has some limitations.

[proTECH77]

The both payment method are different. Bitcoin is an online payment which have be evolving and now been adopted by some online stores and the traditional payment processors have been here with man and have been adopted world-wide, so, Bitcoin shouldn't be compare with the long existing traditional payment processor.

[iqlimasyadiqa]

The both payment method are different. Bitcoin is an online payment which have be evolving and now been adopted by some online stores and the traditional payment processors have been here with man and have been adopted world-wide, so, Bitcoin shouldn't be compare with the long existing traditional payment processor.

yes bitcoin is a revolutionary change in the world financial system. it is indeed too naive to compare it with traditional payments. this is because bitcoin and traditional payments clearly have different times and targets. Bitcoin is designed as a financial system that is used and applied in the future. technological progress is the reason why bitcoin is very necessary. so let's continue to support all efforts related to the development of digital currencies globally.

[dajackie]

The both payment method are different. Bitcoin is an online payment which have be evolving and now been adopted by some online stores and the traditional payment processors have been here with man and have been adopted world-wide, so, Bitcoin shouldn't be compare with the long existing traditional payment processor.

yes bitcoin is a revolutionary change in the world financial system. it is indeed too naive to compare it with traditional payments. this is because bitcoin and traditional payments clearly have different times and targets. Bitcoin is designed as a financial system that is used and applied in the future. technological progress is the reason why bitcoin is very necessary. so let's continue to support all efforts related to the development of digital currencies globally.

Completely agree on that, crypto was born for more than one reason and it fixes the main problems that are present now. Of course we should expect in the future new problems to arise but they should be solved faster than ever.

[okala]

I believe bitcoin will replace the faint paper and traditional financial system in the future and its a fact but when that will be is unknown since bitcoin need development and adoption by the general public but for now bitcoin is the secondary currency of the people because it offer's more freedom from third party involvement.

[bhabygrim]

It's been a decade since Bitcoin emerged as a decentralized digital currency for the people. While it's no secret that Bitcoin and other cryptocurrrencies have some drawbacks, they're still a great alternative to Fiat when it comes to making payments without a centralized entity in charge of our funds.

With latest advancements such as DAGs, smart contracts, Layer-Two scaling solutions, Dandelion Protocol, Zero Knowledge Proofs, and more, it's becoming more evident that crypto will someday replace traditional payment processors like PayPal, Apple Pay, and Android Pay. Yet, Blockchain technology is still struggling with user adoption and regulatory compliance.

Nonetheless, do you believe that there's hope for Bitcoin to beat traditional payment processors or will those same payment processors adapt to the Blockchain in the future?

There is a hope but as of now crypto couldn't really take over the traditional payment processor,
Because most of the people is already comfortable using it and trust it.
But when it comes to crypto there is still some who doesn't trust it because of those negative feed backs that they are hearing.

[Vaculin]

I believe bitcoin will replace the faint paper and traditional financial system in the future and its a fact but when that will be is unknown since bitcoin need development and adoption by the general public but for now bitcoin is the secondary currency of the people because it offer's more freedom from third party involvement.

This will only happen if the government will adopt bitcoin as another payment system so that we can have other option aside from fiat currency. Once the government allows it already then for sure a lot of people will shift to bitcoin knowing it's more convenient to use and its transactions are fast and efficient.