Topic: 10 Years From Now: Bitcoin Overtaking PayPal? - page 3. (Read 625 times)

paypal?.. really?(facepalm)
paypal is not a currency. its just a company.. basically a bank brand.
its like saying will bitcoin have issue overtaking UK barclays bank

firstly paypals main niche is to be a bank account linked to ebay usage. to add to this people are already moving away from ebay and thus paypal by using amazon, alibaba, aliexpress, facebook and other product marketplaces.
in short paypal and ebay are already losing grip of their own niche.
(ebay has 170m users. but amazon has 300m.. ebay has already lost its top market place status)

as for the payment transfer side from user to user. just like banks there are many competitors. heck im in the UK and i can pay anyone in the uk for free and within minutes(seconds mostly) just using my bank so i dont need to use paypal just to give someone else ££

bitcoins limitation is not popularity, its not lack of access to get coins. its actually the limitation of number of transactions a day
no promoting more adoption of people to us btc will fix the transaction limitation.. infact with 600k transaction limit. if there are more than 600,000 people wanting to use it daily, realise they cant. those left waiting for a confirm will just think btc is useless for thier purposes and just try something else.

put it this way. if amazon (current leader) decided that tomorrow it would allow only 600k transactions a day. do you think it could service 300m customers. do you think amazon would remain top?

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 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.

Bitcoin has been overtaking system companies and projects for the past ten years, I'm not surprised if they beat Paypal as the most preferred payment processor because until now there are a lot of companies prefer Paypal than Bitcoin these companies have in their terms a chargeback option and Paypal so far is the one compatible for now, I used the word for now because change can and will happen.

Not now,  but in the future I do believe  bitcoin will surpass paypal. The millenials who are more tech savvy now will propel the bitcoin dominance in the future and by that time baby boomers are  aged already. Peaople are always seeking the cheaper,secure and having control of their transaction, a perfect selling pitch for cryptocurrency. We are talking the future here, and I do believe its rosy for bitcoin and other crypto.

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.

I do not see any real opportunities for Bitcoin and another decentralized cryptocurrency to somehow reduce price volatility. It is most likely that cryptocurrency volatility will always be inherent in it. In this case, the only way out for her will be to integrate with other types of payment systems, such as PayPal. You can use bank payment cards on which there will be bitcoin and other cryptocurrencies, however, settlements should be made in the national currency at the exchange rate at the time of payment. Perhaps there will be other options for sharing cryptocurrency and regular currency. Cryptocurrency has just begun to develop.

strange . you said paypal has more usage than crypto but you still insist that bitcoin is better than paypal ?  in terms of usage , paypal should be better because almost all online and offline merchants can accept it since its linkable with cards   .  in terms of investment , i bet cryptos and btc can win the game but there is an advantage because cryptos and btc can also be use for paying   .

if crypto is legal on your country but crypto often have a problem on legality to some countries but paypal is i think more accepted  . this are one of the advantage of paypal

Agreed! Bitcoin is a currency, yes, but it also processes its very own transactions because it has a network of its own. And so when someone asks whether Bitcoin will probably overtake PayPal, one must not refer to Bitcoin the currency but Bitcoin the network. If one meant Bitcoin the currency, he should have compared it to USD for example and not PayPal in the first place.  

Well, AFAIK Bitcoin block size is limited to 1MB resulting to a rate of 7 TPS. PayPal, on the other hand, has a rate of more than a hundred TPS, processing tens of millions in daily transactions.

PayPal is the global payment system which is preferred for cross border transactions, while bitcoin supports large volume transactions with ease. There is difference between bitcoin and PayPal. We need to understand it, PayPal is just a payment or transaction processor. Bitcoin serves as a transaction medium and this itself serves as the currency.

So, I don't think it is fair to have a comparison. Earlier Peter Thiel said if he had known about blockchain during the time of PayPal into implementation he would have used the blockchain technology. Maybe in the future we can have bitcoin getting served integrated with PayPal. In simple along with the fiat transactions done through PayPal we might get access to transact bitcoin through PayPal platform.

Crypto can be used the same as paypal, the only differences is there are still limited outlets and establishments that accept cryptocurrency. Maybe in the future crypto will be used by any kind of services and transactions conveniently if it is already accepted by the governent. Another problem is, crypto is not primarily used by investors as a medium of exchange, it is more like an investment tool to let their asset grow, so as of now it is difficult to compare crypto and paypal since they are used differently by most users.

Paypal and bitcoin have different goals, you know yourself there are many supporting projects for global transactions. In my opinion paypal is a supporting tool for global transactions (they use usd and euro rates), while bitcoin is the currency itself. Before increasing mass adoption, bitcoin has a fairly low volatility, transactions are highly seeded. Many people consider bitcoin as an asset not as a medium of exchange, so the greedy concept you mentioned appears, it's natural because users also want to profit but on the other hand the initial purpose of bitcoin is to handle the problem transactions and exchanges. Now there are platform technologies that concept on stable coins, coins like usdt can be used as alt payments because the value is guaranteed to be stable.

Not in terms of taking over PayPal but if the governments won't act as a hindrance for the coming years to decentralized cryptocurrency and bitcoin, the it's possible to reach paypal's popularity. Although it won't be too easy for bitcoin to achieve that since we all know how popular PayPal is. But I bet during bitcoin's bull run it's population would increase a lot.

Crypto has different use over Paypal, paypal can be use to pay bills, to transfer funds, to use virtual card and to buy prepaid load which is unlikely to compare to crypto that can be use more than that, crypto is an investment and I think bitcoin is better than paypal.
In our country we can also use bitcoin to do the things that paypal does, using an application created in our country, but crypto can do more.

Bitcoin is both a (crypto)currency, and a payment system/network. It isn't overtaking Paypal in real world use anytime soon.

How come that bitcoin can beat paypal? In terms of transaction speed paypal beats bitcoin the only thing bitcoin have that paypal doesn't is decentralized system and cheap transaction fees. Bitcoin is far behind in paypal and i dont think that paypal will beat by bitcoinl

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.

I don't know what are we achieving though? I guess bitcoin shouldn't be compare to any fiat payment systems out there. It is one of a kind that's why I don't understand when people saying that bitcoin is this or bitcoin will overtake that, etc. etc.

Let's say bitcoin maintained it's position as the dominant coin and see how it goes for being used as payment system in the next ten years. And for the sake of argument, it did overtake Paypal then good, then what?

I don't think you can compare the two. It is for the reason that they aren't alike or they are not the same. Bitcoin is a cryptocurrency, while PayPal is a way of transferring your money to other people around the globe. Maybe you can fix the question like on a certain aspect og bitcoin compared to PayPal, maybe that is when we can answer the question.

Don't think Bitcoin as a crypto-currency would be able to take over PayPal's system, it'll need something like bitpay to work with the coin and then they'd have a shot.

Give the people a big payment processor that is basically a PayPal that accepts BTC and things get very interesting, if PayPal was smart enough they should be working on something of their own - I can't see them just not worrying about crypto-currencies dominating the market.