PayPal Vs Bitcoin: Who is the Big Guy?

[Accardo]

Paypal is good and fast, but why many people don't like using the payment method is because of the charge back feature. Many people didn't understand how it was being operated. The chances of winning the case is higher for the buyer over the seller, except the seller provides much evidence. Additionally, at the course of that, the seller's account can be suspended if their services or business boycotts the term and conditions of paypal. Consequently, internet marketers learnt to use paypal despite its numerous rules, until bitcoin was birthed. It took years before many Internet marketers started migrating from paypal to bitcoin despite its no reversal risks. Paypal as a centralized payment system, Elon musk, when he was in-charge, was blamed for all the money seized by Paypal unlike bitcoin, I've never seen anybody blame Satoshi over any dispute they've faced in the bitcoin network or market. Power of being decentralized, which has kept Bitcoin atop of Paypal in the online money game. Paypal is about 10 years older than bitcoin, but bitcoin has surpassed it and now compared amongst Gold and Fiat, argued over when it'll take over fiat. Bitcoin has generated wealth for many people and made lots of men rich unlike paypal that ended many businesses due their strict rules and money seizure policy. In your terms, bitcoin is the big guy.

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[maydna]

Paypal was up and running years ago, whereas Bitcoin just got going. Of course, Paypal is a big company, but that won't stop Bitcoin from becoming as big as Paypal. We will see Bitcoin surpass Paypal one day, and at the moment, the process is still going well.

But you have to distinguish between Paypal and Bitcoin where Paypal is like your bank account in the real world, and Paypal can help you buy things from the internet. Even though Bitcoin can be used to buy goods from the internet, it still takes time for it to be accepted by all countries. Bitcoin will be big in the future, and we will see it soon.

[BlackHatCoiner]

Apples and oranges. Bitcoin is a currency, first and foremost. Would you compare PayPal with Japanese Yen? Secondly, define "Big Guy". The one that's worth the most? The one with the biggest volume?

All in all, they are quite the opposite. Bitcoin is censorship-resistant. Paypal is not. Bitcoin is decentralized. Paypal isn't. Bitcoin charges less than Paypal does overseas. Bitcoin transactions are irreversible. Paypal's, nope. And last but not least, Bitcoin comes with some decent levels of anonymity. Paypal? Haha.

[Ndabagi01]

By now, the OP should realize that bitcoin is significantly more powerful than PayPal. Their comparison goes beyond the complication of not knowing who the big guy is. Bitcoin offers many more advantages than PayPal, one of which being the security and ability of bitcoin to function in a decentralised form free of government laws.

Bitcoin is easily adaptable and accessible for cross-border payments, but PayPal is only available in some parts of the world. In a few years, bitcoin will be universal, surpassing PayPal in terms of trust and ease of use worldwide. Let’s just watch out the space soon.

[Casdinyard]

Paypal is a money remittance system. Bitcoin is a whole and bona fide currency with its own economy, trade, supply and circulation. Don't misconstrue them for being similar just because you could send money with both.

With Paypal, you don't need to convert your money into a different currency to transfer it to someone. It's a straightforward process, and your recipient's gonna get their money in a day or two depending on bank schedules and whatever scheduling Paypal follows when sending money.

With bitcoin, the same could be said, although you have to convert the money you'd like to transfer into corresponding amounts in bitcoin, and only from there will you be able to send it to your recipient, who also has to convert it back to USD or whichever currency they'd like to be able to use them.

Furthermore, bitcoin is tradeable, money from Paypal is not. You can swap it for different currencies yes, but what it only does is convert you money, therefore not yielding you any profits. It's a different story with bitcoin, wherein trades made with it could yield you profits.

[southerngentuk]

PayPal and Bitcoin are two different payment systems with different features and use cases. PayPal is a centralized payment system. Bitcoin, on the other hand, is a decentralized digital currency. In terms of market cap, Bitcoin is currently the bigger player, with a market capitalization of over $1 trillion as of April 2023. PayPal's market cap is around $300 billion. However, this comparison is not entirely accurate because, as mention above, Bitcoin is a cryptocurrency while PayPal is a payment processor. The choice between using PayPal or Bitcoin depends on the specific use case. PayPal is more widely accepted and easier to use for online transactions, while Bitcoin offers more privacy and security for those who value those features.

[Hispo]

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.

Bitcoin can be applied to e-commerce, actually.
I have seen jewellery shops which also take Bitcoin and others altcoins in exchange for their products. The thing is that Paypal sucks for many people who live in unsupported territories and do not have access to regular banking, credit cards and identity documents, my country is an example of it.

Bitcoin could also be approached because some people may like to have power on the fees they pay to the network, instead being taxed by Paypal in an aggressive manner, with decentralized systems we can balance the urgency of our money transfers with the money we are comfortable paying for the transference itself. 

[Ryu_Ar1]

From the current condition, it is actually not important who is the big man there but whether or not it benefits us with what we are currently doing.
Both clearly have different goals and in my opinion cannot be equated between one and the other because indeed from the goal alone it is already different logically there will be no comparison for something that is not the same as this.
They have their own advantages and disadvantages besides that they also have their own era.
Paypal is still pretty good but of course bitcoin is more above now different maybe from a few years earlier when paypal was above and bitcoin which is still below in terms of popularity.

Now bitcoin is excellent and believe it or not it is likely that something like this will not be replaced by paypal or anything else in the next few years.

[BVeyron]

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!

Bitcoin is a good example of modern data storing technology technology. All the financial structures in the world experience problems with avoiding mess in information processing, and blockchain, along with decentralisation, are possible ways to solve such problems. The problem of bitcoin as a currency is that it still has weak psychological acceptance in most societies throughout the the world. This drawback of BTC is beneficial for fiat money controlling structures (tycoons, governments, banks, IT-companies): they compete with BTC and make attempts to improve their own financial data storing technologies.

[humanvelocity]

How is this even a question? It’s so obvious that Bitcoin is the bigger guy, Paypal is centralised while Bitcoin is completely Decentralised which are based on Blockchain technology and I trust Blockchain technology over PKI technology used in SSL/TLS which are vulnerable to cyberattacks, With that being said I’m not saying I’m not using PayPal because obviously I use PayPal but it’s more obvious that who the “bigger guy” is.

[death69]

A wise dude once uttered, "Extra moolah, extra headaches." Spot on when it comes to digital dough. PayPal's the alpha in the pack, but Bitcoin? That's the feisty chihuahua, daring to snap at its paws.

The radness of Bitcoin? It ain't chained to Uncle Sam or behemoth banks. Envision a financial punk rocker, giving the one-finger salute to the bigwigs and marching to its own beat. Admit it, we all dig some defiance now and again.

Yet, no joke, Bitcoin's got serious political chops. Rocking a decentralized network, it hands power back to the masses and rocks the boat. Imagine a cyber Robin Hood, lifting from the flush (hey there, banks) and bestowing upon us peons.

Plus, the pure glee of Bitcoin action? Like unearthing a secret gateway to a parallel dimension. Barter goods and services sans age-old obstacles and fees. A mystical utopia where unicorns frolic and cash blossoms on timber.

Tired of the same financial shenanigans? Suit up, and boogie down at the Bitcoin bash. We might be rough and tumble, but we're all heart, and we're here to shake the foundations.

[carlfebz2]

Paypal is good and fast, but why many people don't like using the payment method is because of the charge back feature. Many people didn't understand how it was being operated. The chances of winning the case is higher for the buyer over the seller, except the seller provides much evidence. Additionally, at the course of that, the seller's account can be suspended if their services or business boycotts the term and conditions of paypal. Consequently, internet marketers learnt to use paypal despite its numerous rules, until bitcoin was birthed. It took years before many Internet marketers started migrating from paypal to bitcoin despite its no reversal risks. Paypal as a centralized payment system, Elon musk, when he was in-charge, was blamed for all the money seized by Paypal unlike bitcoin, I've never seen anybody blame Satoshi over any dispute they've faced in the bitcoin network or market. Power of being decentralized, which has kept Bitcoin atop of Paypal in the online money game. Paypal is about 10 years older than bitcoin, but bitcoin has surpassed it and now compared amongst Gold and Fiat, argued over when it'll take over fiat. Bitcoin has generated wealth for many people and made lots of men rich unlike paypal that ended many businesses due their strict rules and money seizure policy. In your terms, bitcoin is the big guy.

Even up to now on which those people or marketers or even businesses does still stick out with Paypal despite of those chargebacks possibility which it is really that indeed giving off some disadvantage into those sellers specially the legit on. We do know that scam chargebacks is really that imminent on this space also which means that they should really be that strict on how to make out decisions whether
it would be viable or not. For now we've seen that companies do still stick with Paypal specially into those known and popular merchants or even on freelancing sites which these kind of
payment option is really that their main requirement but now in todays on where Bitcoin is already been known, then there are some places on which we could see that there
are really that giving off that Bitcoin payment option as an add up which is something that really good to see.

We dont need that competition because no matter how much we do hate Paypal, they would be still here to stay considering that there are lots who do still prefer the old and traditional options.

[serjent05]

These two have different reasons why they are created and their nature is different.  I do not think that these two are comparable because these two entities is not the same.  Bitcoin as stated is a currency, you cannot compare a currency against a service.  It is like comparing a fiat currency and a bank which is obviously different in nature.  It would be worth discussing if you compare decentralized exchange and centralized exchange or a decentralized payment system service DeFi against PayPal. 

[ChiBitCTy]

PayPal is the exact type of legal criminal scamming operation that made me fall in love with bitcoin in the first place.  I discovered bitcoin after having worked in the financial industry for some years.  I saw first hand how corrupt payment companies were such as Chase bank and outlets like PayPal.  PayPal are scammers. They have their own agenda and will constantly shut down accounts for no good reason.  Now to be fare, so does exchanges like Coinbase (which I call the PayPal of crypto). Thankfully you aren't forced to use either one.  But they can take their censorings bullshit elsewhere.

[n0ne]

These two have different reasons why they are created and their nature is different.  I do not think that these two are comparable because these two entities is not the same.  Bitcoin as stated is a currency, you cannot compare a currency against a service.  It is like comparing a fiat currency and a bank which is obviously different in nature.  It would be worth discussing if you compare decentralized exchange and centralized exchange or a decentralized payment system service DeFi against PayPal. 

Agreed and PayPal can be compared against a centralized exchange or against the banks. PayPal is a service provider whereas bitcoin is the source that is being used for the service. There is a big difference, and when it comes to bitcoin it have got its market. PayPal as a company have years of history and working with more than 30k employees which is a big thing. Only statement I find relating between the two, founder of PayPal Peter Thiel once said if he had known about bitcoin before initiating PayPal he might've used the technology for PayPal services. This shows how good is bitcoin for the service he have been doing for years.

[EarnOnVictor]

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

If they are not selfish, what then are they? I guess you've not been a victim of their overbearing attitude and white scam trouble before, if not, you wouldn't see things differently.

And no one challenges their initial lead in the financial sector but references their excessiveness, emotional trauma caused because of their disparity (I will explain it to you if you so desire) and unfairness it caused in the sector.

They are not the kind of financial transacting system I want, Bitcoin style is.

[dezoel]

Bitcoin was created as an escape route from the centralized banking systems and their invasion of everyone's financial freedom, so those who use Bitcoin for it provides them financial privacy and decentralization will probably never like a service like PayPal which is just like a digital bank, totally centralized providing no privacy at all.

On top of that, the transaction fees and times make Bitcoin a way better choice for both businesses and individuals. You can get a payment made from Bitcoin in a matter of minutes if you pay the highest fees which isn't that big.

[humanvelocity]

Bitcoin was created as an escape route from the centralized banking systems and their invasion of everyone's financial freedom, so those who use Bitcoin for it provides them financial privacy and decentralization will probably never like a service like PayPal which is just like a digital bank, totally centralized providing no privacy at all.

On top of that, the transaction fees and times make Bitcoin a way better choice for both businesses and individuals. You can get a payment made from Bitcoin in a matter of minutes if you pay the highest fees which isn't that big.

Very well said and totally agree with you. I hate having a third party invasion of financial privacy, But coming to the business part is where it gets tricky because I don’t think getting paid in Bitcoins on a traditional work on real world is practical (atleast as of today).

[coinerer]

PayPal and Bitcoin can never be the same and can never be compared. Yes Bitcoin and PayPal are both a payment gateway. and both of these help to make payments and deposit money anywhere. But both are built on different algorithms.  Bitcoin completes its transactions through the blockchain using cryptography.  But PayPal is directly connected to the bank and complies with the banking system. Bitcoin on the other hand requires no identity and can be used in a completely anonymous manner but to use paypal you must verify your identity and have a valid bank account linked to PayPal. So Bitcoin and PayPal cannot be considered the same in any way

[BenCodie]

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.

I would beg to differ that they server different purposes. PayPal primarily functions as a means of payment processing. Bitcoin also inhabits payment processing as one of its core use cases. Bitcoin definitely eats into PayPal's market share and without Bitcoin, PayPal could easily be a lot bigger than what it is today if no other bitcoin-like solutions existed.

Bitcoin can easily replace or put PayPal out of business when the ecosystem is built up more than it is now. It is not entirely different nor would I say that they will both co-exist in the long term. PayPal will shrink for as long as the Bitcoin ecosystem continues to grow wider and become increasingly adopted.