I already have a Bank attached with paypal account? Why should we use Bitcoin?

[Harpreetkaur]

I am little confused.. . I have already a bank account/debit card with paypal account. So can anyone please, explain me the benefits of bicoin wallet  something else.. .. As I am newbie I am little confused.. .. !! !!

[1713419117]

1713419117

[OmegaStarScream]

- You have full control over your funds, your wallet cannot be frozen/locked.
- Lower fees (much lower).
- Privacy. You don't need to provide your ID in order to use bitcoin.
- No chargebacks.
- Available everywhere. You might have PayPal available in your country, but not everyone does.

[ahmadakbari]

There are many advantages that bitcoin is the only currency has them. Bitcoin is decentralized and out of control of third parties. You are the real owner of your money when you use bitcoin.
Also, you can treat bitcoin as investment. Many people are take the advantages of fluctuations. Some trade it in short term and some people just hold it for future.

[avikz]

I am little confused.. . I have already a bank account/debit card with paypal account. So can anyone please, explain me the benefits of bicoin wallet  something else.. .. As I am newbie I am little confused.. .. !! !!

Hi Harpreet, I presume you are from India. If yes, then you must know that you are not allowed to keep funds in your paypal account. Every 24 hours paypal runs automated payment and whatever the amount you have received on the previous day, will be transferred to your linked bank account after deducting the suitable charges.

Also paypal is obliged to report all transactions to the tax authorities so your every move with paypal is being watched by the tax authorities of India.

That's not the case with bitcoin and Omegastarscream has already given a detailed explanation why! Easy peasy japAnese!

[hilariousetc]

I am little confused.. . I have already a bank account/debit card with paypal account. So can anyone please, explain me the benefits of bicoin wallet  something else.. .. As I am newbie I am little confused.. .. !! !!

The main point of bitcoin is that you can be your own bank and no third party or bank account is needed. Maybe this is unnecessary for you, but for many others it's not. Some people don't or can't have a bank account and bitcoin is a solution to that. Many people are also treating bitcoin like a speculative asset as well where there's money to be made from trading or even holding it (know as hodling here), but that doesn't come without risk. If none of that interests you then bitcoin might not be for you, but I think everyone should try own a little bit of bitcoin whether it's to hold as a long-term investment or just to be a part of the revolution. What you do with it is entirely up to you though.

[mk4]

1. PayPal can lock your account for no reason, with no explanation at all. This is a lot more common than you think. No one can lock up your bitcoin wallet(assuming you're using a non-custodial wallet).
2. If you sell stuff online and the buyer pays you with PayPal, he/she can do a charge back if you sold him something digital, and you're simply screwed.
3. Cross-border transactions with banks are very expensive. Bitcoin doesn't care about the distance between the sender and receiver.
4. Inflation with fiat money.
5. Central banks can fuck up the economy may it be through corruption or mismanagement.
6. Assuming you're using a non-custodial wallet, KYC is not needed. You can have as much wallets as you want and you can send and receive bitcoin as much as you want.
7. Though unlikely with countries like the United States, you're screwed when economic crisis occurs. Take a look at Venezuela.

and best thing of all..

8. You can proudly and boastfully call yourself a technology investor and a fintech enthusiast. lol

[Jet Cash]

Do people still use PayPal? I gave up when PayPal itself tried to scam me to boost their profits, and I realised that there is a 6 month confirmation time on a PayPal payment. You can lose the funds within that window for a whole load of unreasonable ( in my opinion ) reasons.

A Bitcoin payment is fast and secure, and cannot be reversed to boost some banker's profits.

[Harpreetkaur]

Thanks jet cash for giving relevent answer. And rest other too. Nice. I think experience members give nice information in this forum.

[Lucius]

Do people still use PayPal?

I did not use PayPal for long time, but this method of payment still has its advantages especially if viewed from a customer perspective. PayPal provides very good protection for buyers, there is no way seller can take your money and send you nothing, or trick you in any way. But there are very dishonest buyers who try to cheat sellers and take their money back, even though they got what they ordered.

Bitcoin has all of the above benefits, but when you click send there is no way to reverse transaction, so the possibility of fraud is very high when it comes to trading between individuals. On this forum users can use escrows and in this way protect themselves, but outside of forum paying with Bitcoin is still very risky.

[mk4]

I did not use PayPal for long time, but this method of payment still has its advantages especially if viewed from a customer perspective.

And not to mention that pretty much most websites accepts PayPal too, so we don't have much choice at the moment besides entering your credit/debit card information to these websites.

But there are very dishonest buyers who try to cheat sellers and take their money back, even though they got what they ordered.

As a previous online business owner that sells random stuff, PayPal has always been a headache not only for me but for a good chunk of online sellers out there. Out of nowhere your PayPal business account is locked and PayPal refuses to give any reasoning whatsoever. And don't forget those chargebacks even though you provided a tracking number. PayPal sides with the buyers like 99% of the time regardless if the buyer is just spewing BS to get his/her money back.

[boyptc]

Do people still use PayPal?

Yes, freelancers who works for clients that are not aware of bitcoin still use it.

I've read several experiences on how bad the service of PayPal. It's true and I can second those comments that they can lock your account without any reason. Personally, I have bad experience with them too but their support helped me out but that stopped me using their service.

PayPal to bank account takes time 2-3 days or more than that. While transfer for bitcoin to bitcoin wallets only takes few minutes and if you want to cash out through exchanges directly to your bank account, it would also take less time.

[bitmover]

I don't understand how can someone pay 2- 5% fees for every payment made or received and ask "why should I use anything else?"

Don't people believe in math?

Op, you shouldn't be using PayPal at all, they are just robbing you with abusive fees.

[BIN-BIN]

There are so many advantages of using bitcoin against bank and PayPal, aside the fact that you have total control of your found you are also saved the stress of documentations and third party involvement in your financial dealing, less fees and trance border transactions within seconds.

[hilariousetc]

Do people still use PayPal? I gave up when PayPal itself tried to scam me to boost their profits, and I realised that there is a 6 month confirmation time on a PayPal payment. You can lose the funds within that window for a whole load of unreasonable ( in my opinion ) reasons.

A Bitcoin payment is fast and secure, and cannot be reversed to boost some banker's profits.

PayPal, as well as payment processors (including bitcoin based ones) have their place, especially regarding payment protection. Do you use ebay? Pretty much impossible to use it without it really, and I really wouldn't like to buy something from certain sellers without some sort of third party protection. Same goes for certain bitcoin purchases. Of course in an ideal world we wouldn't need them but sadly we do.

I don't understand how can someone pay 2- 5% fees for every payment made or received and ask "why should I use anything else?"

Don't people believe in math?

Op, you shouldn't be using PayPal at all, they are just robbing you with abusive fees.

Think of it as an escrow service. Do most escrows work for free? Whilst Paypal fees can be a lot, I'm sure bitcoin escrow fees are pretty similar, but there's always going to be a price to pay for the security they offer. I'd much rather have the security of PayPal with using a new website as I know if there's any issues I'll be able to get my money back. Of course it's that's same loophole that allows fraudsters to flourish but at least I'm not doing anything wrong and I know my money is protected in case of issues.

[Lucius]

And not to mention that pretty much most websites accepts PayPal too, so we don't have much choice at the moment besides entering your credit/debit card information to these websites.

I have extra bank card which I use only for PayPal, and that card is always empty - in case I need to buy something with PayPal I just transfer some money to that account. There is no need to enter any data in any site from which we need to buy something with PP, only place I need to enter my card data (once per valid card) is PayPal site. After that in case of buying something and selecting PP as option, site is just redirect you to PP site where you need to log-in and make payment.

As a previous online business owner that sells random stuff, PayPal has always been a headache not only for me but for a good chunk of online sellers out there.

This is bad side of PP, but only for sellers, some people just play dirty and I think PP should protect sellers to the same extent as buyers. If you sell something, and it is deliver to buyer within a reasonable time, why PP is allow 6 months to buyer to make chargeback? From sellers point of view this is very bad business practice, and one I would never use to sell something.

[bitmover]

Think of it as an escrow service. Do most escrows work for free? Whilst Paypal fees can be a lot, I'm sure bitcoin escrow fees are pretty similar, but there's always going to be a price to pay for the security they offer. I'd much rather have the security of PayPal with using a new website as I know if there's any issues I'll be able to get my money back. Of course it's that's same loophole that allows fraudsters to flourish but at least I'm not doing anything wrong and I know my money is protected in case of issues.

Even using old services such as bitpay or btcpay do you prefer PayPal?

Bitpay is now demanding kyc, but PayPal requires even more invasive verification. And PayPal is certainly more expensive.
I think it is much better to use cryptocurrencies, because this "custodial service" has many drawbacks (you just don't own your own money and pay very high fees for not owing it, and the risk of being frozen)

Edit: for a customer perspective it may be useful, because PayPal offer more security because you can't be scammed (as Lucius said). If it were may website I would charge 2-5% more on every PayPal payment.

[mk4]

If you sell something, and it is deliver to buyer within a reasonable time, why PP is allow 6 months to buyer to make chargeback?

Mostly due to potential damages and stuff. Also, fraudulent sellers sending in packages with small rocks or pieces of wood was a think in the past. LOL. So I won't blame PayPal in this case.

From sellers point of view this is very bad business practice, and one I would never use to sell something.

PayPal definitely treats their sellers really really bad. The thing though is, most sellers have no choice but to accept PayPal even though it's very very bad simply because most buyers are more comfortable with paying with PayPal.

[AdolfinWolf]

Bitpay is now demanding kyc, but PayPal requires even more invasive verification. And PayPal is certainly more expensive.

Big difference is that paypal is a billion dollar company whom i expect has some higher standards for verification procedures and storing them in a secure way than Bitpay has.

Certainly they can be held liable if things go south. With Bitpay, i wouldn't be so sure. They'd simply dissolve or something.

[CryptopreneurBrainboss]

In addition to the useful information above, using bitcoin will give you self satisfaction and an opportunity to try something new and totally different from the usual banking system we're all familiar with. It open door to more opportunities as you subconsciously get attracted to blockchain related business, and research more on how to benefits from the technology. The more you use bitcoin, the more you understand what freedom over your finance is all about and the more you love the technology.

It's also less time consuming and secure since every transaction is verifiable on the blockchain meaning, you aren't obligated to trust any escrow (like the bankers, card service providers etc) to complete a transaction unless you want to.

[Velkro]

- You have full control over your funds, your wallet cannot be frozen/locked.
- Lower fees (much lower).
- Privacy. You don't need to provide your ID in order to use bitcoin.
- No chargebacks.
- Available everywhere. You might have PayPal available in your country, but not everyone does.

Agree with first point. Second not really, fees can be higher sometimes, depend on transaction traffic.
No chargebacks are positive as negative, depends on situation.
Available globally is huge benefit without doubt, the more you have international business or you travel a lot.