[2016-09-22] Could PayPal Kill Bitcoin by Reducing its Fees?

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legendary

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Quote from: Chris! on September 24, 2016, 07:50:36 AM

Why do people like to compare these two things? Can xe.com kill USD? Um nope, they aren't the same thing. One is a currency and the other is an exchange. PayPal reducibg it's fees by 66% would mean a huge loss in revenue. Who knows if they could even operate at that rate? Was there any analysis on that?

You definitely have a point there, but people love to compare all kinds of things with Bitcoin as it makes them feel good that Bitcoin in most cases has a decent advantage over any other service, currency, bank, etc.

I think by reducing the fees PayPal is hoping that it will attract more people and merchants to make use of their service, which via that way they think they can fill up the gap that lower fees will cause them.

panju1

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Quote from: gentlemand on September 24, 2016, 06:10:02 AM

There's not much point in making a direct comparison. Bitcoin can do what Paypal never can and vice versa. If I was a merchant I'd love Bitcoin. As a regular customer I wouldn't be too impressed at present. They need to meet in the middle somewhere.

It is a matter of time before merchants pass on a portion of their savings back to customers.
Then you will see that regular customers will love bitcoin too.

Chris!

legendary

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Why do people like to compare these two things? Can xe.com kill USD? Um nope, they aren't the same thing. One is a currency and the other is an exchange. PayPal reducibg it's fees by 66% would mean a huge loss in revenue. Who knows if they could even operate at that rate? Was there any analysis on that?

gentlemand

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Welt Am Draht

There's not much point in making a direct comparison. Bitcoin can do what Paypal never can and vice versa. If I was a merchant I'd love Bitcoin. As a regular customer I wouldn't be too impressed at present. They need to meet in the middle somewhere.

1Referee

legendary

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Quote from: richardsNY on September 23, 2016, 08:02:19 PM

Definitely not! Even if PayPal removes the fees entirely, then still it doesn't change one important thing. And this things is that with Bitcoin you don't need a "middleman" in order to send money back and forth. With PayPal you also don't really own your money as is also the case with banks and such.

Well said, that's also what I was thinking to say just now, but you did it already. This is a massive advantage that Bitcoin has over any kind of payment service or bank. People will appreciate this much more in the coming years, I am sure of that.

Quote from: Winner on September 23, 2016, 10:16:55 PM

I don't think that PayPal has any advantage of overtaking Bitcoin or having a huge increase in users by adding Bitcoin to their payment system because of the companies customer's service.

Well, no matter how much we dislike PayPal for everything it does wrong, merchants and normal users are quite satisfied with it. I however don't think it will have any impact on Bitcoin as Bitcoin is a great alternative payment option alongside the other payment options. That won't change. I think that other payment services will definitely feel it, but Bitcoin not.

Winner

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Look ARROUND!

I don't think that PayPal has any advantage of overtaking Bitcoin or having a huge increase in users by adding Bitcoin to their payment system because of the companies customer's service.

richardsNY

legendary

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Definitely not! Even if PayPal removes the fees entirely, then still it doesn't change one important thing. And this things is that with Bitcoin you don't need a "middleman" in order to send money back and forth. With PayPal you also don't really own your money as is also the case with banks and such.

panju1

legendary

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Fees are the biggest problem with Paypal, not the only problem.
As a seller, chargebacks can be a killer.

TraderTimm

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So a little competition reared its head, and we're at another "Bitcoin will Die _______ " meme?

Its like saying "If central banks stopped monetizing debt, would that solve everything?"

No. It won't. Because they're still central banks, with flawed currencies and monetary policies. Same thing with PayPal, they're still a monolithic pseudo-banking concern that has very little in common with Bitcoin. How anyone can even make a comparison as if they're similar is ridiculous to me.

Ai7xpressTV

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Quote from: a7mos on September 22, 2016, 10:16:08 PM

PayPal and bitcoin are not even the same. PayPal is not a currency nor decentralized nor not regulated nor provide the same freedom for its users that bitcoin do. so how come it can kill bitcoin? it is just a competition but bitcoin will win at the end

i agree that.

Gahs

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Minter

Bitcoin will always be better than PayPal simply because the way PayPal limits accounts is annoying. You have funds you need just tied down in your PayPal account doing nothing.

a7mos

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PayPal and bitcoin are not even the same. PayPal is not a currency nor decentralized nor not regulated nor provide the same freedom for its users that bitcoin do. so how come it can kill bitcoin? it is just a competition but bitcoin will win at the end

Ai7xpressTV

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Bitcoin will always be essential

BTCManagerOfficial

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For merchant payment processing, PayPal charges a fee of over 3 percent, which is over three times as much as the largest bitcoin payment processing companies. Hence, currently, bitcoin provides the cheaper alternative to PayPal for both remittance purposes and for merchant payment processing. However, that does beg the question, “If PayPal were to cut its fees to match those of bitcoin, would there be any need for bitcoin as a means of making and receiving payments?”...

Read more here:

https://btcmanager.com/news/could-paypal-kill-bitcoin-by-reducing-its-fees/

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Topic: [2016-09-22] Could PayPal Kill Bitcoin by Reducing its Fees? (Read 796 times)