PayPal Vs Bitcoin: Who is the Big Guy?

[iBaba]

Unlike in the past, the world of technology has witnessed substantial progress in a short period of time with so many advancements in the ease of human activities via the internet space, with FINTECH - Financial Technology being a prime example. Financial institutions, for example, have generated several opportunities for individuals, particularly in the ease of doing business, through the usage of the internet.

Buying and selling goods and services for business has expanded dramatically and broken down many barriers with thanks to the time-saving web surfing. This has given companies and individuals who run online businesses the luxury of time and freedom to make many choices on the products and services they intend to sell and buy and to make a purchase.

Everything I just said above seems amazing and cool, right? Nonetheless, I can confidently state that more than half of online business owners and the clientele have experienced a lack of trust when it comes to conducting transactions and payments for the products and merchandise they order on the internet. This is the most critical component of any business, and it is always at the bottom of all business funnels.

For business owners, there are a range of payment gateway options to choose from for their transactions, while clients face the same trust difficulties in deciding which platform to use.

For example, PayPal is a well-known American company that primarily focuses on online payments and money transfers. It operates an open and secure payment platform through which businesses can conduct transactions with their customers online via mobile devices and stores using traditional banking currencies as the medium of exchange, such as dollars, euros, and pounds, amongst others.

Whereas, Bitcoin is a novel network alternative that enables the creation of autonomous online payment systems through the control of digital money around the world. Bitcoin operates on a peer-to-peer infrastructure, allowing for quick and frictionless transactions. Bitcoin is known as the first cryptocurrency that was utilized by people regardless of their geolocations or income levels, and it has gone on to provide merchants with a low degree of risk, high level of transparency, security, control, and payment independence.

The main disadvantage I see in PayPal is that it is regulated by the traditional banking system, as transactions are totally dependent on the international market and world banking system, which are controlled by governments for or against the wishes of the people. When there is a crash in the international market, PayPal and other payment gateways take a direct hit.

Another downside of platforms such as PayPal is the existing high fees for chargebacks, the absence of security protection, the loss of anonymity due to its connection to bank accounts, and the inability to function in certain parts of the world. Consider Nigeria, the Giant of Africa, where hundreds of thousands of international/online transactions occur, but big companies like PayPal are unable to fully operate there, causing a serious setback to financial institutions with over 200 million people and at least 100 million bank users.

This is not the case with Bitcoin due to its autonomous market and the emergence of new currency; cryptocurrencies. Has given Bitcoin an advantage over other major financial institutions in the fintech industry. Another benefit of Bitcoin is complete sovereignty over the digital currency, which has resulted in low to no cost for international transactions, innovations and new ways to business development, identity security, and, ultimately, no government affiliation.

Many companies that formerly used PayPal as a payment option have begun to use Bitcoin to offer their goods and services. Microsoft is an example of a company that has placed their trust in the use of Bitcoin. They have made it possible for their customers to purchase content using Bitcoin services. Tesla is another big company that sells automobiles. They have recently used Bitcoin as another method of making purchases and establishing a new payment system.

My conclusion is that Bitcoin has increased confidence by breaking down a huge barrier in the financial industry and giving the world more opportunities to control their businesses over the internet, and we must continue to have critical discussions about things that will increase people's confidence on Bitcoin as the 'Big Guy' in the Fintech industry right now.

All thanks to Sir Satoshi Nakamoto!

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[EarnOnVictor]

Paypal is nothing compared to Bitcoin, it's just like comparing death to a mere sickness. Paypal, a centralised system was created by selfish individuals, and it's clear that they use their dominance to scheme and scam people having enforced high charges on them, and still cause a huge disparity among people of the world which I don't see as fair and funny. Paypal has acted so irresponsibly, you can be aware of this if you are reading cases online, and now, they are integrating with Bitcoin, so Bitcoin is their boss incomparably.

Besides, fairness (irrespective of the person or country), privacy, decentralization, and hacking-proof are all part of the advantage of the Bitcoin network over the overbearing and centralised system called Paypal.

[Edwardard]

If the same question was asked few years back, the answer would be paypal as ppl trusted it more. (although logically speaking, bitcoin was always better than paypal)
But now everything's changed, paypal went to dust and bitcoin took the throne. Most of us now don't even like to use paypal as a payment method to buy btc.

Paypal, a centralised system was created by selfish individuals,

Can't say that the core creators were selfish, but things changed with time. Initially, paypal was leading company in the finance sector

[zezaiement]

PayPal and Bitcoin are two very different technologies that serve different purposes, so it's not really a matter of one being the "big guy" over the other. Let me explain:

PayPal is a centralized online payment system that allows individuals and businesses to send and receive money electronically. It operates within the traditional financial system and requires users to link their bank account or credit card to their PayPal account. PayPal processes transactions in fiat currencies, such as USD, EUR, and GBP, and charges fees for its services.

Bitcoin, on the other hand, is a decentralized digital currency that operates on a peer-to-peer network called the blockchain. It is not controlled by any central authority and allows users to send and receive payments directly without the need for intermediaries like PayPal. Bitcoin transactions are processed in a decentralized way, which means that no single entity has control over the network, and fees are typically much lower than those charged by traditional payment processors.

While PayPal and Bitcoin may both be used for online payments, they are fundamentally different in their structure and purpose. PayPal is more established and widely used for traditional e-commerce transactions, whereas Bitcoin is often used as an alternative to fiat currencies and is more popular for transactions that require anonymity or privacy.

So, it's not a matter of who is the "big guy," but rather which technology is better suited for your specific needs and use cases.

[mindrust]

What is with these all knowing super-newbies? Is AI taking over bitcointalk?  iBaba has only 2 posts and creates a big wall article thread and then the other dude zezaiement comes up with a very detailed mega answer. Something is fishy here.

Anyway..

PayPal is a company and it is centralized. Bitcoin is a commodity/payment system and it is decentralized. It is pretty clear who is the big guy here. Tldr; You can kill paypal, you cannot kill btc.

[zezaiement]

What is with these all knowing super-newbies? Is AI taking over bitcointalk?  iBaba has only 2 posts and creates a big wall article thread and then the other dude zezaiement comes up with a very detailed mega answer. Something is fishy here.

Anyway..

PayPal is a company and it is centralized. Bitcoin is a commodity/payment system and it is decentralized. It is pretty clear who is the big guy here. Tldr; You can kill paypal, you cannot kill btc.

I was trying to make an input in the conversation. 
My answer was triple smaller though. 

[Lorence.xD]

What do you mean big guy like their value or service? Because these two you've mentioned is too different. PayPal is a transactions where controlled by it's owner since it's a centralized system. There's transactions that you could use in PayPal for your convenience of course the fee. While for Bitcoin from the word 'coin" is a digital currency and it's value are volatile. Transactions are also involved in Bitcoin like trading, investing and etc. Both are present when it comes to money but the two is different to each other one is a transactions system and one is a currency.

[DeathAngel]

Paypal to me is dated tech, I dunno how to convey exactly what I mean but it just feels like AOL internet to me. I think it’s peaked & will soon be surplus.

The fees on Paypal are insane, all the verification & ID docs required once you hit a certain limit on there are ridiculous.

There are far better ways to send money before you even get to bitcoin but once you do you’ll never use Paypal again if you can help it. Bitcoin bests Paypal in all ways.

[Rruchi man]

PayPal offers a service, bitcoin is a currency. They made have some similar benefits that they offer to some customers, but they are not the same. IMO bitcoin is the bigger guy if you choose to compare these two that you should not be comparing on a regular day.

Bitcoin is the bigger guy because the benefits it offers overshadows and make any benefit that PayPal offers to be like Childs play. In terms of transactional reach, bitcoin can be sent to any part of the world unlike PayPal that has some restrictions. It terms of anonymity, you cannot also compare. PayPal does not offer anonymity.

[aioc]

Against a service provider and a currency, Bitcoin is for me 10 times bigger than Paypal, Paypal is only a regulated company and there are countries that they cannot serve because of restrictions, while Bitcoin is a currency fully adopted by so many countries already, and in fact, Paypal already supported Bitcoin,  in terms of adoption, volume, and number of users Bitcoin is the big guy.
People are choosing Bitcoin over Paypal because of the too many requirements.
And besides, there are a lot of complaints against Paypal, while Bitcoin has established its reputation not only for peer-to-peer transactions but for investors as well.

[pooya87]

Being regulated and relying on the banking system, etc. are the secondary disadvantages of PayPal while the main and biggest reason why PayPal fails is that it is centralized. That means THEY control YOUR money fully and can decide to do with it whatever they want. Whether it is to use it in another market or to freeze (steal) it.
That is one of many things that bitcoin solves. Bitcoin cuts any third parties hands that used to be in your pocket and gives you back full control over your own money.

[robelneo]

I was a long-time user of Paypal, For almost 7 years I was restricted 3 times not because of my fault but because of projects and individuals I transacted, they are (Paypal) hard to deal with you need to submit all the requirements and you even need to call them for an interview and it will take several weeks to two months to get access to your funds, all Paypal users can relate to my story

The big breather for buyers and sellers is the discovery of Bitcoin, after I discovered and first made my first transaction on Bitcoin that's the time I dumped Paypal, so when it comes to comparison, on stats, volume, popularity, and adoption, Bitcoin has a big edge and considered a Big Guy.

I'm sure everyone will agree.

[Ludmilla_rose1995]

if you compare it in the past, maybe many people will say that paypal is bigger than bitcoin, but it's different for now, bitcoin is much bigger than paypal and its adoption will continue to grow. Even to be able to compete with bitcoin, paypal must monopolize the market and provide innovation that is far better than bitcoin and that certainly will not be possible for paypal to do.

[puloweh555]

Both have their benefits and drawbacks, I personally still say Bitcoin is better than PayPal. PayPal has the advantage of being a centralized company that can provide stronger customer support and security. However, PayPal can also be blocked by governments or restricted by law. Meanwhile, Bitcoin has the advantage of being decentralized, meaning it is not controlled by one party. However, Bitcoin also has drawbacks such as high price volatility and higher security risks if someone does not hold their private key securely.

So, For me it's not a matter of who is the bigger figure behind the two technologies, but a matter of how the technology can be used to meet your needs. PayPal and Bitcoin can both be used for online payments, but each has different characteristics.

[btc_angela]

[..snip..]

I'm not sure where the comparison are of there are comparisons, two different entities as obviously, Paypal is very centralized and is a public company. Maybe both can be used as a payment system though, but bitcoin offers more flexibility as we have total control of our wallet, and we can set our own fees if we do our transactions.

And there was one time that Paypal is against bitcoin until they change their tune.

So in any case, I will still stick with bitcoin whenever I can specially if I will do some payments. Paypal is just another option for us.

[crunck]

It's a lame comparison, paypal is just a company that provides services to its users, while bitcoin is a new monetary system, a superior asset to gold and fiat. Bitcoin is much bigger than paypal so it can't be compared. I even think that once bitcoin becomes popular, companies like paypal will soon disappear.

[Cryptomultiplier]

The difference between PayPal and Bitcoin is quite clear. While the former stands as a banking system that most companies use, it is restricted to most nations like Nigeria. Bitcoin on the other hand isn't country restricted and can stand as a payment option during commerce and trade.
PayPal is also stable compared to Bitcoin which is affected by market fluctuations of price.
PayPal is a centralized system which can effect users funds by freezing or performing some restricted services on it. Bitcoin is decentralized and is more or less controlled by its user.
PayPal can sell Bitcoin but with tax inclusivity, while Bitcoin offers P2P with just a click away.
One most important difference is that Bitcoin is money. It is and can be adopted as a legal tender by a country, whereas PayPal is more of a payment platform and cannot be a legal tender or be used in place of money for transactions.
Bitcoin is the big guy here, because it can absorb and perform many of the function that PayPal is meant for.

[SFMHodler]

Deciding between Bitcoin and PayPal really comes down to what you're looking for in a payment system. If you're all about that decentralized life and you want to keep your transactions anonymous and fees low, then Bitcoin is the way to go. For a ecommerce business I would always prefer Paypal.

[Z390]

I remember getting my first PayPal account in 2019, it took me this long because it was not supported in my country, and people who used VPN to bypass the restriction got dealt with later, they seized all their money and that's it.

After getting my Paypal account in 2019 I was so excited to use Paypal to make some purchases online but today it's not important to me anymore, I hardly even use the service again because there are many problems affecting Paypal, this shouldn't be compared to Bitcoin in any way, I now use Bitcoin to make purchases online and I never had any issues with payment so far.

PayPal has high charges and they sometimes remove money from my account without having any auto payment active, Paypal is an example of why centralized payment sucks so much.

[Aanuoluwatofunmi]

There's no amount of big content you could published about PayPal that makes it more preferred to bitcoin despite they both have a unique application and acceptance in making payments, you will have to first consider PayPal as a centralized gateway while bitcoin a decentralized network which are two different entire entity, bitcoin is a digital currency on blockchain while it can still be used as an asset for a store of value, PayPal cones in with it's own dimensions offering a secured payment services for fiat currency and not a currency itself.