Bitcoin vs Traditional Payment Processors

[yazher]

Bitcoin will be one of them in the near future as for beating the payment processors will not be possible because of the traditional payment processors has been preferred by most of the people rather they will make an update without changing these traditional payment processors
they will use some blockchain technology to be able to catch on our fast-changing future.

This is the like of those Country who make their own Stable coin to adopt on the technology and perhaps to let their people aware of what's are the new method will be used by the blockchain technology in the next generation.

[erikalui]

I don't see Bitcoins or any crypto to be easily accepted at offline stores especially as you always need to be connected to the internet plus wait for confirmations. In addition to this, most websites that accept bitcoin now take a premium as bitcoin prices are flexible. They also don't want to risk their payment and we all know how expensive it has become to use crypto debit cards with fees that never end (currency exchange, annual fee, transaction fee etc.). Trading is the only thing that's more profitable compared to traditional payment methods which have a stable rate.

[Dread Pirate Roberts]

Bitcoin is intended for digital payment and digital services. because payments that pass between countries are simple and low fees, crypto is the best choice. and I think traditional payment will also continue to grow. because not everyone has a digital transaction and there are still many people who need cash for the day.

[Pinkris128]

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?

In Comparison of the two, bitcoin is more likely useful now by many people because of the good opportunities that we get here and then the earnings and profit. Digital wallet and more digital services are now famous to many country. We should acknowldege the old payment way which is traditional. In traditional, we use paper transaction. In bitcoin, there is digital wallet and digital transaction but in this case, we need an internet connection.

[Arsenyo]

Maybe. But when? People are comfortable with their systems, and Bitcoin still holds a mystique that is difficult for both merchants and consumers to fully grasp. And change comes slowly. Bitcoin will have to rely on traditional processors that have the ability to lock in exchange rates and to ensure that both merchants and consumers are afforded the protections they need. So, I would choose adoption.

[AicecreaME]

Bitcoin is way more advance compared to our traditional payment processor,faster and more reliable.

Perhaps, moreover keep that in mind that earning fiat is more easy to earn for the most of the population all over the world than earning cryptocurrency. The only way to earn or to have crytocurrency for them is to inves their fiat on it, and the other problem is that not all those people are aware on how Trading works. By saying that, the favor is still on fiat.

You just need an internet access and you can freely send and process an transaction using bitcoin unlike our old traditional payment processor which will take a lot of time

this is also a another disadvantage of bitcoin or other cryptocurrencies if it is going to replace fiat as a real currency, not all of the place we are going have WIFIs, not all of the countries have free WIFI access on public, so my opinion for this, bitcoin has still a long way to go.

[sapnu]

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?

Since we are in the information age, we are using more of technology and as of now it is used worldwide and it is innovating time by time. Bitcoin is a virtual money which you can use without any physical coin or paper, instead it is stored on your web wallet or application. I prefer bitcoin as a payment process in terms of any transaction that you are initiating. Because it is way faster than paying physically and lesser error or failed transaction since it is done by a wallet that is programmed to send or to claim. You just need to secure your information for you to protect your own money in a specific wallet that you are using.

[Abiky]

For wire-transfer or sending money across borders, its already a winner. As a payment alternative it covers most scenarios. Something you buy online and go pick up later (or is sent to you) is already working perfectly well.

You talk about regulation, but that only covers the coins (money). Blockchain as a separate element can be used in any project without requesting authorization. But you are talking about payments, and that is an specific use which is heavily regulated (especially when it involves fiat, which most processors do).

Fiat is, after all, outside the realm of Bitcoin. Its State money.

Future depends on merchant willingness. Often, you can talk directly to a seller and ask if he/she would accept bitcoin, and chances are getting better and better everyday that in fact they do. Its often their trading platforms that won't, due to "fear" or regulation.

That's certainly true, mate. Bitcoin is already a winner for sending money worldwide at lower costs than traditional payment processors. It may not be useful for sending micropayments yet (due to high fees), but it's improving every step of the way. Right now, there's no reason why merchants should avoid Bitcoin in the first place since there are many regulated exchanges available within the mainstream world. Of course, there's the issue of price volatility. But, merchants could easily gain the stability of Fiat by choosing a stablecoin such as Tether or USD Coin. I believe that as more people join the Bitcoin cause, the more it'll become accepted by merchants worldwide. The main advantage traditional payment processors have on top of Bitcoin is scalability. Once Bitcoin gains the ability to process millions of transactions per second at faster speeds and lower costs than before, it'll gain a massive boost in merchant acceptance like never before.

Thankfully, the Lightning Network will surely bring Bitcoin towards the mainstream adoption it deserves. It may not be a perfect solution for scaling Bitcoin, but it's the best thing there is in order to make sending micropayments a reality once more. Only then, Bitcoin will be able to directly compete with giants such as Visa, PayPal, and MasterCard. Time will tell us whenever Bitcoin will prevail over current traditional payment processors or simply remain as an alternative payment system for the world. Considering that Fiat is still largely dominant within the mainstream world, the last scenario is very likely to happen within the future. Just my opinion

[MetalGear]

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?

Not taking sides so I think both bitcoin beating traditional payment processors and payment processors adapt blockchain technology has the potential of taking their places in the future. If people behind blockchain will make a move to trigger or enlighten people about bitcoin the massive adoption of using blockchain will happen and replacing traditional payment processors will be possible, if and only if a massive adoption will occur, as massive as fiat's widespread adoption and usage. Meanwhile, talking about payment processors adapt to the blockchain in the future is also depends on the people behind payment processors if they will let being traditional put them into bankruptcy.

[Xxmodded]

Traditional payment have positive side self where seller and buyer have faced to faced and many instruction each other, but with higher technology we need payment faster could sent to other country by faster and easy, we need bitcoin become solution for seller and buyer to sell or buy some thing in other country.

[panganib999]

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?

Amongst all the tradable assets to watch for the past years, It has been bitcoin who stayed fascinating over any assets because of the heights it has been reaching making the cryptocurrency market sort off already knew what they will characterized with its volatility and ebb that's why questions like "Will bitcoin replace traditional assets in the future" is being raised, because it has been producing a very good reputation. But, despite of the growing number of crypto enthusiasts, the call for a massive and emerging adoption to bitcoin is still alive because its where the hard part is located. If the large adoption that enthusiasts, traders and investors will take place, the probability of replacing traditional assets will be high.

[Flooks]

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?

Amongst all the tradable assets to watch for the past years, It has been bitcoin who stayed fascinating over any assets because of the heights it has been reaching making the cryptocurrency market sort off already knew what they will characterized with its volatility and ebb that's why questions like "Will bitcoin replace traditional assets in the future" is being raised, because it has been producing a very good reputation. But, despite of the growing number of crypto enthusiasts, the call for a massive and emerging adoption to bitcoin is still alive because its where the hard part is located. If the large adoption that enthusiasts, traders and investors will take place, the probability of replacing traditional assets will be high.

Bitcoin is already replacing traditional payment systems. I have many friends who use Bitcoin to lend or pay for goods / services. I think that in a few years the popularity of cryptocurrency will grow by 5-10 times. We hope for market regulators that they will not interfere with scientific and technical progress.

[coin-investor]

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?

They can co-exist, merchants cater to all walks of people, there will always people who will prefer a credit card and paypal even though they have Bitcoin to pay, some buyers are not comfortable buying something online that they cannot demand a chargeback in case there is an in issue and they want to escalate it, something that Cryptocurrency can't offer, it's better all options are available to protect the buyers.

[WatchMaker]

I think bitcoin and traditional payment processors should work hand in hand with each other due low level of bitcoin adoption by the masses. I recently launched a new website where people can buy digital products online. I implemented both PayPal and bitcoin for making payments but you know what? Up to now, I haven't received any bitcoin payment to date, only PayPal payments. 

[mdzahed134]

as famous as bitcoin in this world, it cant move traditional payment. maybe it really useful for every single person, but im sure if they still use traditional payment. i hope if people use bitcoin as transaction, and they can solve the problem about something that troubling in future with bitcoin

Bitcoin unable to use as a traditional payment for the some countries which are not legalize in Bitcoin. Because they still can't use btc to buy anything from the international market which are accepted cryptocurrency. Also i am very unlucky because i will never use btc as a traditional money until adopt btc from my country government. Yeah, which countries are already adopt and legalized they using BTC like as traditional payment system.                        

[nicecrypto]

Bitcoin maybe be fast in transactions but traditional method is still more reliable in terms of stability and widely accepted,  I don't at this stage it is appropriate to make this comparison because btc has very few coverage unlike fiat, there is no point for this now because not many people have ever make transactions with btc yet.

[bigmick44]

The gouverment sees the cryptocurrencies as a competitor, so think it won't permit the flat currency to adapt to cryptocurrencies like Bitcoin. But soon people will see how convenient is the payment with Bitcoin. The low fees, the security and the privacy are the key reasons why people would prefer the crypto transactions to the transactions between banks. The anonymity and the fact that blockchain transactions are irreversable are another reasons why gouverment wouldn't like to contribute to the cryptocurrencies. But I think that soon people will understand that the payments with Bitcoin or other cryptocurrency is much more beneficial and the banks will extinct.

[Abiky]

They can co-exist, merchants cater to all walks of people, there will always people who will prefer a credit card and paypal even though they have Bitcoin to pay, some buyers are not comfortable buying something online that they cannot demand a chargeback in case there is an in issue and they want to escalate it, something that Cryptocurrency can't offer, it's better all options are available to protect the buyers.

Exactly. Depending on a specific person's needs, will be the form of payment to use. Because of this, it's very unlikely that either Bitcoin or traditional payment processors will dominate the world of finance. Aside from being two distinct things, they have their own unique advantages/disadvantages. People who prefer blazing fast transactions would choose traditional payment processors on top of Bitcoin. For other people, Bitcoin is an All-in-one solution for finance as it provides censorship-resistance unlike any other payment system to date. Of course, traditional payment processors still have the lead within the mainstream world because many merchants support them. But Bitcoin could also reach the same level of traditional payment processors in the future, if it continues to grow in development and innovation.

With the Lightning Network underway, Bitcoin could easily become comparable to the likes of Visa and even Mastercard. It's only a matter of time before this happens, as developers are working hard to make Bitcoin a better place. The only issue would be price volatility, but that could easily be solved via the use of a stablecoin like Tether or USD Coin.

Nonetheless, both Bitcoin and traditional payment processors will stay head-to-head for many years to come. I believe that there will be a diversity of blockchain networks, as well as, traditional payment processors that will cater through the needs of everyday users. The latter could easily adopt Blockchain technology for their own benefit if they desire. Once they make the switch, they'll be as good as Bitcoin and other cryptocurrencies within the mainstream world. Just my thoughts

[barabarian1]

in my opinion it might be because the number of bitcoin users and those who accept bitcoin as a means of payment have also increased. and the bitcoin transaction process now also uses LN so the transaction process will be fast. and also increasingly corporate and industrial governments are adopting blockchain. so maybe 5 to 10 more years traditional payments will be replaced by cryptocurrency.

[riyadmozu19]

Yeah, it will happen no matter it will happen but one-day bitcoin will take the place of another payment processor. Bitcoin payment processor is easier than the traditional payment processor. Already some country uses bitcoin as a payment method now its time to move into the whole world.