Topic: [2014-05-24] ibtimes: Bitcoin Set to Overtake PayPal in Transaction Volumes (Read 1744 times)

Quote from: bryant.coleman on May 25, 2014, 08:11:21 AM

Even if the figures are slightly off I'm sure we'll surpass Paypal soon and I'm glad for it. Wonder if we'll ever get near to some of the credit card companies??

Overtaking Paypal will be easy... but overtaking the Credit Card companies will be difficult as hell. We need better security, i.e the frequent robberies and hacks need to be prevented. I'd say that if there is anything standing between Bitcoin and the no.1 position, it is the security issue.

Bitcoin is still a little baby (growing quickly), taking "the no.1 position" is probably several years away.
Even having this discussion is a milestone for how far BTC has come in a short time.

I noticed Bit_Happy has been around since 2011 or earlier on this forum, he seems to know what he is talking about

Bit_Happy

legendary

Activity: 2114

Merit: 1040

A Great Time to Start Something!

Quote from: bryant.coleman on May 25, 2014, 02:27:03 AM

Even if the figures are slightly off I'm sure we'll surpass Paypal soon and I'm glad for it. Wonder if we'll ever get near to some of the credit card companies??

Overtaking Paypal will be easy... but overtaking the Credit Card companies will be difficult as hell. We need better security, i.e the frequent robberies and hacks need to be prevented. I'd say that if there is anything standing between Bitcoin and the no.1 position, it is the security issue.

Bitcoin is still a little baby (growing quickly), taking "the no.1 position" is probably several years away.
Even having this discussion is a milestone for how far BTC has come in a short time.

ncourtois

newbie

Activity: 4

Merit: 0

http://www.businessinsider.com/bitcoin-versus-paypal-comparison-2013-12

$289 million

These data were also totally BOGUS and INCORRECT from the start!

Cf. Section 2.5 in http://arxiv.org/abs/1405.0534

ncourtois

newbie

Activity: 4

Merit: 0

Quote from: LiteCoinGuy on May 24, 2014, 04:39:29 AM

Bitcoin Set to Overtake eBay's PayPal in Transaction Volumes

bitcoin recording nearly $300m daily in transactions.

NONSENSE, everybody knows it is MUCH lower, maybe 50M as claimed in this forum, and was maybe 68 M in April [Fitch rating agency press release].

Now it is easy to see that in current bitcoin it is IMPOSSIBLE to estimate accurately the transaction volume. There is just no way to know the accurate volume, not even in theory.

In Section 2.5 of our paper http://arxiv.org/abs/1405.0534
we explain why exactly it is so:

A particular problem are the actions of some bitcoin addresses which hold very large balances
and return change to themselves at new freshly created addresses.

bitsmichel

sr. member

Activity: 518

Merit: 250

wow bitcoin has already surpassed western union, it is quite a big name. I think others will follow soon

cr1776

legendary

Activity: 4228

Merit: 1313

Quote from: Mr Crabs on May 25, 2014, 07:38:25 AM

Quote from: 21pilot on May 25, 2014, 07:13:53 AM

Even if the figures are slightly off I'm sure we'll surpass Paypal soon and I'm glad for it. Wonder if we'll ever get near to some of the credit card companies??

for a certain kind of transactions credit cards (mastercard, visa, amex) are still superior...
for in-store transactions it still is a problem to wait up to 10 minutes for a confirmation.

But I agree with you that at least Paypal and Western Union are no real competition for bitcoin anymore Grin

For most in store transactions you do not need to wait for a confirmation. No one is going to attempt a double-spend for a cup of coffee.

valid argument!
But a part of in-store transactions is paying for mac books, displays...
(high value items where a double-spend could be an attractive idea)

Isn't it very hard to do a double spend?

Very, very hard.

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: 21pilot on May 25, 2014, 07:13:53 AM

Even if the figures are slightly off I'm sure we'll surpass Paypal soon and I'm glad for it. Wonder if we'll ever get near to some of the credit card companies??

Overtaking Paypal will be easy... but overtaking the Credit Card companies will be difficult as hell. We need better security, i.e the frequent robberies and hacks need to be prevented. I'd say that if there is anything standing between Bitcoin and the no.1 position, it is the security issue.

Mr Crabs

member

Activity: 91

Merit: 10

Even if the figures are slightly off I'm sure we'll surpass Paypal soon and I'm glad for it. Wonder if we'll ever get near to some of the credit card companies??

for a certain kind of transactions credit cards (mastercard, visa, amex) are still superior...
for in-store transactions it still is a problem to wait up to 10 minutes for a confirmation.

But I agree with you that at least Paypal and Western Union are no real competition for bitcoin anymore Grin

For most in store transactions you do not need to wait for a confirmation. No one is going to attempt a double-spend for a cup of coffee.

valid argument!
But a part of in-store transactions is paying for mac books, displays...
(high value items where a double-spend could be an attractive idea)

Isn't it very hard to do a double spend?

LiteCoinGuy

legendary

Activity: 1148

Merit: 1014

In Satoshi I Trust

Even if the figures are slightly off I'm sure we'll surpass Paypal soon and I'm glad for it. Wonder if we'll ever get near to some of the credit card companies??

for a certain kind of transactions credit cards (mastercard, visa, amex) are still superior...
for in-store transactions it still is a problem to wait up to 10 minutes for a confirmation.

But I agree with you that at least Paypal and Western Union are no real competition for bitcoin anymore Grin

For most in store transactions you do not need to wait for a confirmation. No one is going to attempt a double-spend for a cup of coffee.

or a shirt for 9 USD or a pair of socks. so for most low cost stuff its okay.

on the other side: when you accept a credit card and someone bought a jeans for 200 USD, probably you get screwed because he made a charge back 2 days later.

21pilot

sr. member

Activity: 252

Merit: 250

Even if the figures are slightly off I'm sure we'll surpass Paypal soon and I'm glad for it. Wonder if we'll ever get near to some of the credit card companies??

for a certain kind of transactions credit cards (mastercard, visa, amex) are still superior...
for in-store transactions it still is a problem to wait up to 10 minutes for a confirmation.

But I agree with you that at least Paypal and Western Union are no real competition for bitcoin anymore Grin

For most in store transactions you do not need to wait for a confirmation. No one is going to attempt a double-spend for a cup of coffee.

valid argument!
But a part of in-store transactions is paying for mac books, displays...
(high value items where a double-spend could be an attractive idea)

cr1776

legendary

Activity: 4228

Merit: 1313

Even if the figures are slightly off I'm sure we'll surpass Paypal soon and I'm glad for it. Wonder if we'll ever get near to some of the credit card companies??

for a certain kind of transactions credit cards (mastercard, visa, amex) are still superior...
for in-store transactions it still is a problem to wait up to 10 minutes for a confirmation.

But I agree with you that at least Paypal and Western Union are no real competition for bitcoin anymore Grin

For most in store transactions you do not need to wait for a confirmation. No one is going to attempt a double-spend for a cup of coffee.

21pilot

sr. member

Activity: 252

Merit: 250