Bitcoin vs Traditional Payment Processors

[jak3]

as compared to Traditional Payment Processing payment methods bitcoin sure has a lot of potentials to overcome those but it won't. bitcoin was not made for anything like these nor it was made to compete. so why are we even comparing it with other payment methods and why not just join every payment companies to accept bitcoins too. virtual currencies are not just some payment methods they are more than that and big companies can really see the potential but we can't.

[Beerwizzard]

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.

And why is it so bad to buy a can of beer for money, that are not controlled by central bank? There is absolutely no difference from user's point of view.

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.

Once again, why do I need to use smart contracts when I need to buy a can of beer? Smart contracts are not even needed in those ships where I pay with Apple Pay. All this scaling stuff and other super cool solutions are relevant only to crypto world. They are simply not needed in our everyday payments.

[Janation]

I think it can, but not now, it is still early for that.

With the price of Bitcoin being volatile, making sudden changes every time, people will be doubting to use it as a payment method but use it or hold it as an investment, for now. With the past changes in the past, I can see that the price also becomes stable hence it is not impossible for Bitcoin to be that stable in order to be used as a payment method.

[omone1]

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?

In the future, the world will greatly migrate to cryptocurrency payment option, and because of the sophisticated software and technology upon which the bitcoin is built upon currently using version 0.17.1, they may adopt bitcoin as the major currency, others can take some percentage. For the people that prefer full blown anonymity, they will have to use a good privacy coin. Traditional system of payment will still exist at the local level, but will be very scare in cross border transactions.

[toleomasd]

People say by 2020 we will all be using bitcoin as a payment system. Really? In my opinion, it is doubtful. bitcoin is good for trading them, but as a serving coin there are more successful altcoin units. What do you think?

[gleilsonsilva]

People say by 2020 we will all be using bitcoin as a payment system. Really? In my opinion, it is doubtful. bitcoin is good for trading them, but as a serving coin there are more successful altcoin units. What do you think?

I would not dismiss large service companies that run their token. for example, paypal, instagram, microsoft. I had a little time to earn extra money when writing forecasts on the taklimakan. and I do not plan to sell tokens just for bitcoin. trader's portfolio must be balanced

[uspetike]

People say by 2020 we will all be using bitcoin as a payment system. Really? In my opinion, it is doubtful. bitcoin is good for trading them, but as a serving coin there are more successful altcoin units. What do you think?

f we talk only about payment systems, maybe I will believe that bitcoin will be faster than classic visa transactions. if we say that it alone will command the market, I doubt it.

[eaLiTy]

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.

The main draw back is to attract new users who are familiar with the traditional payment processors but they are not interested in the crypto market because of the difficulty to store or purchase bitcoin is a hurdle for any new user and if that can be sorted out then we will see more users using it as a payment processor, a few months back one of my clients did have a problem with his traditional payment processor and he was looking for an alternative and he was not even remotely not even thinking about using bitcoin as a mode of payment as he claims it is a big hurdle to explain that to his clients to pay through bitcoin because the hurdle to purchase a bitcoin for a new user is rather big and none of clients will be happy to spend time to learn about a new process.

[DarkIT]

People say by 2020 we will all be using bitcoin as a payment system. Really? In my opinion, it is doubtful. bitcoin is good for trading them, but as a serving coin there are more successful altcoin units. What do you think?

f we talk only about payment systems, maybe I will believe that bitcoin will be faster than classic visa transactions. if we say that it alone will command the market, I doubt it.

I think people still often use paypal, and others. we know that the payment processor is very trusted since a long time ago, even business people also use it to do business on the internet. well, nowadays there are many who use bitcoin, but for some reasons, I think payment processors like paypal also compete with bitcoin.

[Abiky]

These three are actually quite different. Apple Pay and Google/Android Pay are only systems to deal with credit and debit cards using smartphones and NFC.  PayPal, on the other hand, is - in addition to offer a credit card interface - a kind of "online bank". So it's actually a bit more similar to what Bitcoin offers.

Can Bitcoin replace these credit-card-based systems? It is certainly a challenge. For example, for merchants like hotel owners credit cards have many benefits which Bitcoin can only offer in a very limited way. You can reserve payments without actually making the payment, or offer automatic refunds - that would, if implemented in Bitcoin, need at least, a pretty complicated contract.

NFC-based processors whose only purpose is to not having to carry the debit/credit card with you are more simpler to replace. NFC-based wallet and Point-of-sale systems would, however, be needed (it would actually be easiest if Apple and Google incorporate BTC to their payment processors). And then there is Bitcoin's notorious volatility, which is limiting "direct adoption" by merchants because they have to take the risk of losses when the price goes down.

I think volatility is the biggest obstacle right now, the other ones are solvable with technical innovations, most of them are already possible but lack adoption.

Yes. Volatility is the main issue that Bitcoin is facing, since it emerged on the market. On the other hand, technical innovations will solve various issues related to cost-efficiency, speed, and privacy. One of the big improvements for Bitcoin, is known to be The Lightning Network itself. If successful, then large payment processors like PayPal, Western Union, and MoneyGram could become threatened by Bitcoin. The pioneer cryptocurrency will be able to retain its decentralization and security, while at the same time being instant and dirt cheap. Only then, merchants will prefer to deal with Bitcoin than centralized alternatives.

Despite this, the uncertain price of Bitcoin each day, would make merchants want to exchange it to Fiat quickly. While stablecoins provide a better option than Bitcoin and most cryptocurrencies out there on the market, they're still largely unproven.

Nonetheless, I believe that payment processors will be here to stay for a long time. There's a possibility that they will adapt to Blockchain technology in the future. And if this happens, then the hopes of Bitcoin beating centralized payment processors will become distant like never before. Just my thoughts

[thesmallgod]

there are still a lot of payment processing processors, of course, they are decentralized and none of them have been able to beat fiat. In fact, the end product of all of them is always in fiat. Meaning that they all end up being converted to fiat currency. I do not think bitcoin or any other payment processor will overtake fiat because we still have millions of people who do not know how to use the coin not to talk of the level of IT literacy

[alcoholboy]

I cannot say that the traditional payment processors can lose bitcoin for bitcoin or the same payment processor will adapt to the blockchain in the future. Because of the current Bitcoin application, the direct cash flow is going down. As a result, there is a security but it's always going on. As a result, the privacy of all the bitcoin transactions is being protected.

Thank You

[The Cryptovator]

Other traditional payment systems are centralized, and bitcoin is totally different from them. Since world is developing day by day hope traditional payment system would be upgraded with blockchain technology or crypto-currency would be use as a most popular payment system. It's just matter of time because of volatility of price. Volatility is preventing bitcoin for worldwide official payments. However, we just need another revulsion for that.

[BlackPanda]

Bitcoin like digital payment media at the moment has many advantages compared to traditional payments. There are so many benefits that can be obtained when we use Bitcoin in various financial transactions. Now the number of places that accept payments via Bitcoin has increased and this is an indicator that Bitcoin will be increasingly easy to use and apply to the various financial systems that already exist today.

[klaaas]

Now the number of places that accept payments via Bitcoin has increased and this is an indicator that Bitcoin will be increasingly easy to use and apply to the various financial systems.

Feel the same way here, It will be eventually as easy as implementing any other payment service. It will boil down to, will you pay visa the fees or the blockchain.

[Falgorn]

Bitcoin and another decentralized cryptocurrency was created only as an alternative means of payment to all existing payment systems. In our world there is a well-established system of financial relations, which has developed over thousands of years and is fixed and protected by states.
So far, various international financial organizations do not see in the cryptocurrency a serious threat to the existing payment system. I think that cryptocurrency will simply become one of the forms of non-cash payments in a society that will exist along with all other types of means of payment. It will not and is not able to replace fiat or non-cash forms of payment.
Even if it is assumed that the cryptocurrency will force out national cash and non-cash money, the states will quickly unite and adopt such rules of its circulation, that the very existence of a decentralized cryptocurrency will become problematic.

[Pattart]

In large transactions, yes, bitcoin could be useful and viable to move funds around easily, but if we're talking about instant and fast payments, other cryptocurrencies might be useful and sort of preferable in those situations. Of course, current payment processors would surely adapt the technology embedded on different blockchains and better themselves, creating a payment ecosystem with wider options and safe alternatives for the consumers to use.

in the future payments using bitcoin will be more instant, I'm sure of that. for now I also recognize that payments with old methods like cash are much simpler and instant. but it's true what you say that payments like large transactions or transactions with people outside the country, of course bitcoin is much better

[jonas5222000]

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?

Yes i think it could be and also not only bitcoin many tokens there could be replace the traditional payment that you put here in your post,as you can see bitcoin was getting broad now so the chance that it could be replace the traditional payment system is high.

[kryptqnick]

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?

Unfortunately, the rates of adoption are currently not promising. It will take decades for Bitcoin to reach the number of users payment systems like Apple Pay have today. Surely, thus can change it people start to believe in New technology more. However, I don't think Blockchain is suitable for a big amount of payments. DAG, on the other hand, seems very promising in this regard, but has struggles on initial stages of adoption, being very centralised.
I think that cryptocurrencies will win sooner or later, but maybe not in the ways we imagine today.

[Ressurection]

Bitcoin as a mode of payment has a long way to go especially in terms of its speed. Traditional payments such as paypal, visa and master card beats cryptocurrencies but i hope in the future we can all access the use of lightining services when making any bitcoin transactions.