10 Years From Now: Bitcoin Overtaking PayPal? - page 2.

lobat999

sr. member

Activity: 1078

Merit: 310

If we could look at above chart on Paypal's payment transaction volume , then we could deduced that if that current rate of Paypal's volume continues its upward trajectory, then Bitcoin might have a hard time overtaking Paypal, not unless its volume will show a declining pattern over a period of several years which I doubt wouldn't happen. But, I think its still a possibility and that many things could happen within a period of ten years. Wink

Quote

Everyone’s Hodling Bitcoin: Only 1.3% of Transactions are Payments in 2019

Journalist:Wes Messamore @thehuli
June 1, 2019

By CCN: Research by Chainalysis finds that only 1.3% of bitcoin transactions so far in 2019 came from merchants. The remaining 98.7% of volume is all on the exchanges.

That means almost no one is using bitcoin to buy things. The bitcoin economy is still mostly about speculation, not a global payments system. The figures are based on data from New York-based blockchain researcher Chainalysis Inc. and are based on the first four months of 2019.

In an email to Bloomberg, Kim Grauer, senior economist at Chainalysis, says:

“Bitcoin economic activity continues to be dominated by exchange trading. This suggests Bitcoin’s top use case remains speculative, and the mainstream use of Bitcoin for everyday purchases is not yet a reality.”

Source: https://www.statista.com/statistics/277841/paypals-total-payment-volume/
https://www.ccn.com/everyones-hodling-only-1-bitcoin-volume-merchants/

Slow death

legendary

Activity: 3164

Merit: 1127

Leading Crypto Sports Betting & Casino Platform

everyone has already talked about the difference between paypal and bitcoin, I think it will be very difficult for people to forget hold to use their bitcoins to buy things. Just think that someone new buys 1 btc for the price of $ 8000 and then listen to people like John McAfee saying that Bitcoin will reach $1 million, that person will think of Hold hoping to get rich in a few years. bitcoin is more for investment than currency

Quote from: darkangel11 on October 16, 2019, 10:23:14 AM

...paypal is not a good business. They are ripping people off with fees and their chargeback service is of questionable ethics. It won't be hard for something better to take it out of business.

well, I have nothing to complain about him

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: darkangel11 on October 16, 2019, 10:23:14 AM

I don't like to go so far with speculation but paypal is not a good business.

They are. For years straight their volume in number of transactions and us dollar terms, has seen a net growth. If it wasn't a good company it wouldn't be doing this well for years straight.

I know that people here don't like PayPal and want to see it go bankrupt, but that's a very toxic point of view IMHO. I rather see them do well and further stimulate competition between legacy financial institutions.

At the end of the day, Bitcoin won't be any different if PayPal is doing good or bad---we are building towards a store of value asset rather than a transactional medium of exchange.

SaShiRaJaVu

hero member

Activity: 1694

Merit: 541

Quote from: CasinoAdrenaline.com on October 16, 2019, 07:32:37 AM

It's hard to tell, but in my opinion, PayPal will implement Bitcoin before we even notice. At least, that would be the best option for them I think.

It is hard to tell that whether paypal will implement bitcoin because if people start using bitcoin then they will loose their business in the long terms as people will start using bitcoin rather than using paypal for transaction as you have the complete control over your transactions rather than trusting a third person and the fees are lower than paypal and for all these facts i do not see them implemeting bitcoin payment.

jets567

hero member

Activity: 1008

Merit: 511

CryptoTalk.Org - Get Paid for every Post!

Quote from: qwertyup23 on October 15, 2019, 05:39:46 PM

Paypal and Bitcoin are two separate entities which are VERY distinct on their nature.

While Bitcoin is a cryptocurrency which has a value on the market, a limited supply, and an alternative means of paying, Paypal is a platform that deals with a website as an exchange. They are very distinct which cannot be compared to each other due to their difference in nature. Although the ends may be the same, the means are very different.

Assuming THAT bitcoin and paypal were to be categorized at equal footing (for the sake of the argument), bitcoin cannot replace paypal in the near future due to the latter being centralized and controlled by a company which renders it secured and trusted among users. On the other hand, bitcoin is a relatively new concept in which some countries prohibit the utilization of such.

Very nice explanation and I don't see any good things to happen on Bitcoin side if ever they overtake Paypal and as far as I know Paypal is accepting Bitcoin as one of it's payment method so there is no point for Bitcoin to overtake this allies Grin

Instead we need more big companies like Paypal that will accept Bitcoin too in order to increase the availability of Bitcoin in different countries.

danherbias07

legendary

Activity: 3318

Merit: 1133

Leading Crypto Sports Betting & Casino Platform

Quote from: CryptoBry on October 15, 2019, 11:17:06 AM

However, this road will not be a walk-in-the-park because for now, is the lack of interest of people who have bitcoin to use their cryptocurrency to pay someone or to pay for products/services. Of course, we know why this is so. The answer is speculation. And speculation is always appealing to our natural greed...that idea that soon bitcoin can go as high as $20,000 so I will do everything possible to hold on to my bitcoin no matter what.

The main problem ever since the 20k mark was hit.
There might be buyers from that price that cannot go out (withdrawal). They want ROI but now is not the time obviously.
What else can you do about it to avoid losses. Simply wait. Why? Will it really happen? Yes. It can go ways too impossible for everyone.
Not all of us have predicted the 20k mark or maybe none really. Just speculation which is not sure.

We became investors in a sudden and forgot to pursue the merchants to open up a store which accepts bitcoin.

boltz

legendary

Activity: 3360

Merit: 1203

Bitcoin has no ideal to compete with PayPal , they are 2 different payment methods if we can say like this. PayPal is already in a downtrend when it comes to customers so why would Bitcoin want to compete with this ? . Bitcoin is already over PayPal if you want my personal answer as you can send Bitcoin all over the world without being obligate to complete papers and also you can cashout Bitcoin in most of the countries , you just need to find your local exchange. The only thing that is keeping bitcoin down are transaction fees...and I doubt PayPal will list Bitcoin as there is no need in this.

jarhed

sr. member

Activity: 672

Merit: 254

Quote from: electronicash on October 16, 2019, 11:04:27 AM

Quote from: michellee on October 16, 2019, 09:02:01 AM

Quote from: CasinoAdrenaline.com on October 16, 2019, 07:32:37 AM

It's hard to tell, but in my opinion, PayPal will implement Bitcoin before we even notice. At least, that would be the best option for them I think.

Even if Paypal implements bitcoin, it will need longer than we can imagine because, until now, Paypal still dominates the market for the payment method besides credit card. But it will help bitcoin to grow fast if Paypal can integrate their system with bitcoin and people who know Paypal will learn about bitcoin and how to convert their balance inside their Paypal account. But for now, I don't think that bitcoin will overtake Paypal since we need to see bitcoin to be approved in many countries.

the scams related to paypal dispute is just not making them acceptable anymore. even if they integrate btc as long as they allow dispute paypal will to continue lose users because of it. both could however benefit from integrating because we can make business out of it. if say i can exchange my btc to usd within the paypal system, i could probably buy btc from an individuals who needs paypal funds and can also sell BTC.

How difficult it is to make such transactions, it is very not convenient. I have never done so, and I think it's better to go to a bank or cryptocurrency exchange and exchange Bitcoin for cash.

electronicash

legendary

Activity: 3178

Merit: 1054

Quote from: michellee on October 16, 2019, 09:02:01 AM

Quote from: CasinoAdrenaline.com on October 16, 2019, 07:32:37 AM

It's hard to tell, but in my opinion, PayPal will implement Bitcoin before we even notice. At least, that would be the best option for them I think.

Even if Paypal implements bitcoin, it will need longer than we can imagine because, until now, Paypal still dominates the market for the payment method besides credit card. But it will help bitcoin to grow fast if Paypal can integrate their system with bitcoin and people who know Paypal will learn about bitcoin and how to convert their balance inside their Paypal account. But for now, I don't think that bitcoin will overtake Paypal since we need to see bitcoin to be approved in many countries.

the scams related to paypal dispute is just not making them acceptable anymore. even if they integrate btc as long as they allow dispute paypal will to continue lose users because of it. both could however benefit from integrating because we can make business out of it. if say i can exchange my btc to usd within the paypal system, i could probably buy btc from an individuals who needs paypal funds and can also sell BTC.

kooboat

member

Activity: 235

Merit: 10

BountyMarketCap

Is not always the case that humans are driven by greed. Some people prefer comfort and convenience than thinking of being selfish. Bitcoin's advantages far outweighs that of PayPal since PayPal has a lot of restrictions when it comes to transactions. The convenience of bitcoin as a medium of payment for goods and services always entices people.

malevolent

legendary

Activity: 3472

Merit: 1724

Quote from: franky1 on October 16, 2019, 04:19:06 AM

bitcoins limitation is not popularity, its not lack of access to get coins. its actually the limitation of number of transactions a day

Looking at transaction fees, limited transaction throughput is rarely a problem. Access to bitcoins due to restrictions on fiat on-ramps is a very real problem 24/7/365 regardless of market conditions or hype.

DaveWave

sr. member

Activity: 806

Merit: 250

CryptoTalk.Org - Get Paid for every Post!

As long as bitcoin continues to scale then we are in the right direction. But in 10 years maybe some another private company has already beaten Paypal or it could be Paypal already minimizing its fees and will use blockchain technology. The decentralized nature of bitcoin is what keeps it to continue moving forward. More people will realize soon that utilizing bitcoin freedom and privacy.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

Sure it's possible. What if in 10 years there's no PayPal and Bitcoin is still there. What if Bitcoin doesn't scale and remains as it is now a niche product used by 1% of the world? Technically Bitcoin will win and overtake it because paypal will be bankrupt Cheesy

I don't like to go so far with speculation but paypal is not a good business. They are ripping people off with fees and their chargeback service is of questionable ethics. It won't be hard for something better to take it out of business.

Eugenar

sr. member

Activity: 1274

Merit: 278

One thing I don't really like about paypal as my online financial platform is their ability to contact our locals. Since when I need the money, I need to wait for monday in order for it to be delivered. Unlike in bitcoin or cryptocurrency, what you need is 5 mins, everything will be fine. So in terms of global competency of these financial platforms, bitcoin will surely prevail, they just need to lessen their transaction fees and more adoption will takes place.

michellee

hero member

Activity: 2604

Merit: 816

🐺Spinarium.com🐺 - iGaming casino

Quote from: CasinoAdrenaline.com on October 16, 2019, 07:32:37 AM

It's hard to tell, but in my opinion, PayPal will implement Bitcoin before we even notice. At least, that would be the best option for them I think.

Even if Paypal implements bitcoin, it will need longer than we can imagine because, until now, Paypal still dominates the market for the payment method besides credit card. But it will help bitcoin to grow fast if Paypal can integrate their system with bitcoin and people who know Paypal will learn about bitcoin and how to convert their balance inside their Paypal account. But for now, I don't think that bitcoin will overtake Paypal since we need to see bitcoin to be approved in many countries.

bittamak

sr. member

Activity: 444

Merit: 250

Paypal is a payment processor so if bitcoin has to overtake it i feel it needs to still overcome the below -

- Transaction fee
- Scalability

gabbie2010

sr. member

Activity: 2842

Merit: 326

Vave.com - Crypto Casino

Quote from: Genemind on October 15, 2019, 11:39:25 PM

Paypal has been providing good services so I don't think it would be taken over by Bitcoin but there is also traffic sometimes. I guess it will be better if they will adopt Bitcoin as a currency aside from fiat. Instead of having a strong competition, it will be better if Paypal and Bitcoin will merge in the future.

My own consign is that most users of bitcoin now is that they rely with its usage as a store rather than peer to peer transaction of course paypal had been a leading online currency without the feature of store of value thus for bitcoin to take over paypal is when we change our orientation as a hodler to using it as a currency for buying and selling of good and services.

CasinoAdrenaline.com

jr. member

Activity: 125

Merit: 2

It's hard to tell, but in my opinion, PayPal will implement Bitcoin before we even notice. At least, that would be the best option for them I think.

DabsPoorVersion

sr. member

Activity: 1260

Merit: 315

www.Artemis.co

Quote from: Edraket31 on October 16, 2019, 04:01:41 AM

Quote from: Google+ on October 16, 2019, 12:47:49 AM

I think Bitcoin can defeat all kinds of payments such as PayPal and others because bitcoin can be used anywhere and the blockchain technology used by bitcoin has a very fast delivery process so that payments will be safer and more comfortable when using bitcoin, from this incident you can see that bitcoin is the eye digital money that has many users.

Yes. But it may take few years before it will happen, crypto is unpredictable for now, yes I believe in Bitcoin because this is the father of crypto now, but in few years we don't know what will happen next, so let's wait for that. Let's see how the BTC market will bring us, if in few years he will still the king of crypto or there is someone better like Eth.

I dont think that this will happen, bitcoin has a high volatility, we can only use it as an investment tool to increase our assets, a store of value. Bitcoin is banned in most country and this is a huge disadvantage unlike paypal, paypal is legally used in any part of the world, and it is being used more than how we used crypto.

Mandoy

sr. member

Activity: 644

Merit: 264

Aurox

Paypal have existed since the 90's, it was the only existing digital cash aka digicash that have survive while other have gone bankruptcy. When bitcoin comes in the picture I am sure that the number of clients of paypal have lessened. Bitcoin transactions is much more convenient than paypal and aside from that paypal is very strict and even without clear evidence as long as someone complained your account will be blocked. But even though bitcoin is stronger than paypal, bitcoin cannot destroy paypal and the reason for that is that the company will make sure they will survive in the market and if they will be in the tight spot there is a possibility that they will also create their own cryptocurrency named paypal.

Topic: 10 Years From Now: Bitcoin Overtaking PayPal? - page 2. (Read 625 times)