Bitcoin vs Traditional Payment Processors

[senin]

(...)
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.
(...)

You are wrong thinking that way...
I would rather prefer to use PayPal for example for my direct payments with fiat. Without the need on converting my fiat into bitcoin (let's say make a deposit into BTC) and then use it for my payments as BTC.
These transacations cost me extra fee rather than using my Debit Card on Pay Pal for online payments where i have 0 fees associated with that transaction.

Therefore, the cryptocurrency is still very poorly used as a means of payment. In many cases, non-cash forms of payment in ordinary currency is much more convenient to use than Bitcoin or another cryptocurrency. In addition, it is still difficult for ordinary citizens to understand, especially for those for whom English is not their first language.
However, the cryptocurrency continues to evolve and many difficulties gradually disappear, although this process will be lengthy.

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[LeGaulois]

(...)
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.
(...)

You are wrong thinking that way...
I would rather prefer to use PayPal for example for my direct payments with fiat. Without the need on converting my fiat into bitcoin (let's say make a deposit into BTC) and then use it for my payments as BTC.
These transacations cost me extra fee rather than using my Debit Card on Pay Pal for online payments where i have 0 fees associated with that transaction.

Therefore, the cryptocurrency is still very poorly used as a means of payment. In many cases, non-cash forms of payment in ordinary currency is much more convenient to use than Bitcoin or another cryptocurrency. In addition, it is still difficult for ordinary citizens to understand, especially for those for whom English is not their first language.
However, the cryptocurrency continues to evolve and many difficulties gradually disappear, although this process will be lengthy.

Bitcoin is explained literally in thousands of languages, not even talking about the local TVs, it's not a valid argument.

Some countries are still resistants to any digital form of payment, Germany is a good example, as a country that still uses banknotes a lot more than payments cards. (It's maybe a reason they still have the 500€ banknotes while others countries don't or are any process to remove it).
Not a valid point everywhere.

Anyway, folks don't need to understand how Bitcoin works up to become a dev themselves. There are so many solutions offered easy to use, Coinbase is an example. So again, not a valid argument.

[pixie85]

In my understanding bitcoin is much better from the traditional payment processors because it's not only a payment system. First and foremost it's a decentralized store of value. It may not be able to process as many transactions as traditional processors but they depend on fiat money and fiat money can inflate and be gone. Bitcoin allows you to do much more.

[Abiky]

In my understanding bitcoin is much better from the traditional payment processors because it's not only a payment system. First and foremost it's a decentralized store of value. It may not be able to process as many transactions as traditional processors but they depend on fiat money and fiat money can inflate and be gone. Bitcoin allows you to do much more.

That's certainly true, mate. While Bitcoin allows you to do more than traditional payment processors, it lacks regulation and stability in prices. In this sense, it cannot be used as a daily currency unlike Fiat. In the bright side, Bitcoin proves to be a censorship-resistant payment system that's available 24/7 no matter what happens in the real world. People can confidently send/receive transactions in a safe and secure way without downtime or limitations. Also, Bitcoin can be used as a store of value in the same way as Gold, because of its limited and deflationary supply.

Over time, the pioneer cryptocurrency will improve until it becomes comparable enough towards traditional payment processors. The Lightning Network, Schnorr Signatures, and some privacy features will make this happen in the long term. By bringing instant and almost-free transactions to the world, people will have a viable choice against centralized payment processors.

Nonetheless, I believe that both Bitcoin and traditional payment processors like PayPal and Western Union will survive for a long time. Just my opinion

[Nellayar]

Let us the time dictates what will happen to our economy. Maybe, as of now the people cannot imagine to live without any fiat or banking system. But logically speaking, the era for technology was already started and anytime, we will go to the transition where fiat may gone and cryptocurrency will reign to our society.

[kotajikikox]

Bitcoin for now doesnt recognize by the people.only few know about bitcoin.but if bitcoin recognize all over the world by many people we can replace the traditional payment process.for now traditional payment process is can easily make because this is what we all know how to pay to pay.but for me that I know how to process and used bitcoin I can make an easily paying mode.I can say using bitcoin is can easy use than the traditional payment process

[hbbrichdad]

Traditional payment may not change but there is only an upgrade payment system that we can call the bitcoin we know all bitcoin is a decentralized one. People in society can easily manipulate a government paying tax or whatever. If we give attention to bitcoin we can see the future system here that people society will change in the payment method.

[Abiky]

Let us the time dictates what will happen to our economy. Maybe, as of now the people cannot imagine to live without any fiat or banking system. But logically speaking, the era for technology was already started and anytime, we will go to the transition where fiat may gone and cryptocurrency will reign to our society.

Well, most people are afraid of change as it brings many risks. Traditional paper money has been in use for a substantial number of years unlike crypto. People tend to trust Fiat because it's widely backed by the government and central banks. Changing from one form of money to another takes time as it's not an easy task. First, there needs to be confidence within crypto for people to adopt it at a large scale. And second, crypto needs to be stable enough to be used as real money like Fiat. The fact is that, it's still the wild west within Bitcoin and most cryptocurrencies. Not to mention, prices are highly unstable making crypto terrible as a currency.

Still though, issues are being discovered and solved over time. Also, governments are becoming more friendly towards Bitcoin and other well-known cryptocurrencies. This means that in the future, crypto would become stable and regulated enough for the whole world to use. In effect, Fiat money would become obsolete and unreliable enough (due to inflation) that people will resort to Bitcoin as their main form of payment. Of course, there's nothing stopping Fiat from becoming "digital" in the future with the adoption of Blockchain technology.

But, Bitcoin will prove to be a better choice because of its censorship-resistance and decentralized nature. All in all, both Bitcoin and traditional payment processors could very well survive alongside each other for many years to come. It would be surprising if PayPal, Western Union, and other popular payment processors start adopting Blockchain technology at a large scale. Just my thoughts

[ck343]

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?

Adoption. All we need is the receiver to accept directly bitcoin

Correct, adoption is the keyword, but why, after 10 years, adoption of btc as a means of payment is as good as zero, both at retail as much as at institutional level?

[shoreno]

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?

Adoption. All we need is the receiver to accept directly bitcoin

Correct, adoption is the keyword, but why, after 10 years, adoption of btc as a means of payment is as good as zero, both at retail as much as at institutional level?

In the past 10 years , bitcoin is already adapted by most people or countries around the world and btc is already being used for paying other than in investments .  btc vs traditional payment method is  a close fight because as of now btc can almost do what traditional payments do  , btc isnt only workable online but it can also work offline . in the future i think btc do have a chance to surpass traditional payment methods 

[Gaff]

I wonder in the next 10 years traditional payment processing will be eliminated by 80% although there's some institutions remained using old methods, but most of the modern ways will be much appreciated. Bitcoin's payment transactions can be done in a convenient way, that's why online transactions diverted to another options which can expedite their mode of payments and have bigger returns of investments. Traditional payment is trusted to have sustainable profit, but with modern ways using digital currency; it has no barriers to consider with respect to delays compared with old system.

[iMark]

In my understanding bitcoin is much better from the traditional payment processors because it's not only a payment system. First and foremost it's a decentralized store of value. It may not be able to process as many transactions as traditional processors but they depend on fiat money and fiat money can inflate and be gone. Bitcoin allows you to do much more.

fiat money has inflation, while bitcoin has fluctuations, I think it's an equal risk. traditional payments such as cash cannot be compared to the payment of a sophisticated future such as bitcoin, because in terms of innovation, technology and so on bitcoin will win, but for adoption and acceptance, bitcoin is still less attractive. traditional payment in some aspects is more widely used because of acceptance problems

[kanayaTabitha]

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?

it is clear that bitcoin has become an alternative transaction and the speed of the process has overtaken the traditional payment process. I agree that in the future Fiat will begin to adapt using the blockchain.

[ck343]

As far as I know:
Bitcoin's transaction speed has overtaken the traditional payment processes only if the sender has already Btc in the wallet and the recipient has a wallet and is willing to accept Btc.
Under normal circumstances, with the sender having fiat and the recipient wanting fiat, using Bitcoin is not faster than the legacy methods.

[AjithBtc]

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?

it is clear that bitcoin has become an alternative transaction and the speed of the process has overtaken the traditional payment process. I agree that in the future Fiat will begin to adapt using the blockchain.

In future fiat won't get adopted to the blockchain technology, but the wallets that function traditionally will get used on blockchain. As a beginning even now we've got more applications that are developed over the smart contract, maybe when years pass things will get much advanced making a big change over the usage of fiat for Payments.

[ck343]

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?

Adoption. All we need is the receiver to accept directly bitcoin

Correct, adoption is the keyword, but why, after 10 years, adoption of btc as a means of payment is as good as zero, both at retail as much as at institutional level?

In the past 10 years , bitcoin is already adapted by most people or countries around the world and btc is already being used for paying other than in investments

In my city you can pay with Bitcoin only in 0,0x% of the shops.
I'm sure in yours too.
The percentage of institutionals using Bitcoin as a means of transfering value is even lower

[Abiky]

it is clear that bitcoin has become an alternative transaction and the speed of the process has overtaken the traditional payment process. I agree that in the future Fiat will begin to adapt using the blockchain.

That's certainly true, mate. Fiat will adapt to the Blockchain eventually, as Banks and governments explore the technology more thoroughly. For this very reason, neither Bitcoin or traditional payment processors will overcome each other. They will grow their separate ways in the future via the use of Blockchain technology. Of course, there will always be a difference among the same, especially in the way they're used within the mainstream world. Bitcoin will always be a decentralized payment processor and store of value, while traditional payment processors like PayPal and Western Union will always be centralized providing a gateway towards Fiat currency.

Still though, I believe that Bitcoin will become extremely popular and more actively used in the future with the upcoming improvements for the Blockchain. The Lightning Network, and some privacy features will make Bitcoin more attractive for people in the mainstream world. In this case, some people will prefer to use Bitcoin for their day-to-day transactions, while others will prefer traditional payment processors to interact with their national currency.

Nonetheless, the future holds many exciting things for both Bitcoin and traditional finance. Blockchain technology is the key towards improving our economy for the better, which will be widely used by Banks and governments within a couple of years from now. Just my opinion

[Ioann11]

Hey. It seems to me that if Bitcoin were less volatile, it would have surpassed all payment systems in the near future! But this is my opinion!

[prehisto]

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?

The second seems to be more true , the big companies are going strong to utilize block-chain and make their transactions faster.
There are huge lobby to be considered, VISA and MC are humongous companies with extremely high income and they can push around a lot of regulation. Not to mention other hurdles to overcome traditional finance, the tipping point could be another economic crysis.

[imstillthebest]

Hey. It seems to me that if Bitcoin were less volatile, it would have surpassed all payment systems in the near future! But this is my opinion!

there are cryptos that are less volatile  . eth , xrp  ,ltc to name a few and there were also cryptos that are stable like for exampe tether but all of these are seem to be weak against the traditional payment methods and they are also weak against btc  .

cryptos in general still lacks of offline support , i mean they cant work without internet but tradtional payment methods can work on both worlds  .

i guess that is also one of the reason on why btc/cryptos cant won the battle  .