A little reminder why Bitcoin is necessary

DoublerHunter

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Quote from: TribalBob on February 26, 2022, 10:57:53 AM

I'd rather have bitcoin than use paypal, where the terms and conditions are not reliable where paypal regulates our money without being given the freedom to trade like in bitcoin

^ Nobody wants a centralized exchange these days because of the heavy regulations.
Even on myself, I prefer to use BTC which is more decentralized than Paypal, because you will never know when they will ask for verification again.
Op was right, BTC is most important right now to spend your money without central banks or any authorities involve but the problem is once you have fooled with someone your coins will not easily back there is no chargeback not like fiat.

haasanjui

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Bitcoin is necessary to understand for live in modern world and prepare for future. It is new currency which is popular in world called Cryptocurrency and its aim is to provide world wide secure online transaction. Bitcoin is big coin of Crypto and it is accepted in many of companies and shops as a payment asset.

pawanjain

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Nothing lasts forever

If you hold a bitcoin or even a fraction of it, you are basically "own" your money. Nobody else has the right to restrict your access to it and you can spend it whenever you want.
Even the current crisis in Ukraine has forced many people to depend on bitcoin as a source of payment for various things.
Although most people are holding bitcoin because of it's speculative behavior, it still proves it true potential when times like this occurs.

TribalBob

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I'd rather have bitcoin than use paypal, where the terms and conditions are not reliable where paypal regulates our money without being given the freedom to trade like in bitcoin

marilynmanson21

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Quote from: Hispo on February 04, 2022, 08:17:43 AM

Since I know most of the people do not read the terms and conditions any of the services they use, I'll take the liberty to leave this over here for the Paypal users that did not read this part of the contract and also as a lil' reminder why Bitcoin is important.
_______________________________________________________________________________ _____________________________

Source: https://www.paypal.com/us/webapps/mpp/ua/useragreement-full

_______________________________________________________________________________ _____________________________

My interpretation (right or wrong): Paypal will give you the boot if they do not like you, Bitcoin embraces you.

I have never used paypal, after seeing this I hesitate to make and transact using paypal, the rules are too tight, especially the terms and conditions that can change at any time without us knowing

Prosector

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Using a wallet for storing bitcoin is a vast topic. Many people use specific wallets made for storage of crypto only. But we don’t know which one is trustable. Other people either use the regular cloud storage or they use their personal physical storage for storing their crypto.

KennyR

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Years back Satoshi have understood about the centralised system, that's the reason why he looked for an innovation to take away the middle man. After hard work he have given the innovation to the world. When people get more access, they look for the alternate, else they stick to it. Those are days when people had only the centralised system, now they look for the freedom. So, all that need freedom have begun to use bitcoin. I've mentioned freedom, because in banks to take our own money we don't have power. At times the bank authorities decide whether he/she can use his/her money.

coupable

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Quote from: glendall on February 08, 2022, 11:12:49 AM

I'm also confused why the ban on paypal is very strict even though I didn't do anything, just registered and claimed a reward from one of the platforms, and even then it wasn't in large numbers, it's really unfortunate with the existing policy,
but in bitcoin i never experience ban unless i forget 2fa in my wallet

Using 2fa, means you are using a custodial wallet. In fact, with this type of client, you don't hold your money. What you did is send your money to a third part entity who will store the money for you. Same way with holding FIAT in banks.
If you use a non-custodial wallet, Just hold safe your seed/privates keys, and you are fine .

BALIK

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Quote from: glendall on February 08, 2022, 11:12:49 AM

I'm also confused why the ban on paypal is very strict even though I didn't do anything, just registered and claimed a reward from one of the platforms, and even then it wasn't in large numbers, it's really unfortunate with the existing policy,
but in bitcoin i never experience ban unless i forget 2fa in my wallet

Whether you forget 2FA or not, Just backup your private keys. if you backup your keys and keep it safely you don't have to be tense.
You can access your funds by using your Private keys. you can import those keys to another software wallet or ledger nano or any hardware wallet.

2FA is not important here, the only important thing is the Private key.

Now come to Paypal, you can buy bitcoin on PayPal but they will never give you the private key, which means your hands are tied to them, they can seize your funds at any time without informing you, yes Bitcoin has freed us from slavery.

michellee

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Quote from: panukurap on February 08, 2022, 08:34:04 AM

Yes Bitcoin is needed, especially now Bitcoin also plays a role in the world economy where it can be used as a way to earn money. Many people have become rich with Bitcoin. This is one of the positive things so that the poverty rate can be reduced little by little. In addition, with Bitcoin, people have alternatives to invest not only fixated on gold. Even Bitcoin is predicted to be an anti-inflation tool, because Bitcoin is not tied to anything or anyone, even the government.

Yes, we need bitcoin. But bitcoin is still not accepted in all countries, although some countries already did. Much good news about bitcoin will make people aware and interested in coming to bitcoin and will start investing in bitcoin.

When you use a payment system company such as Paypal, you must agree with their Term & Conditions, and anything that is not listed on Paypal Agreement can make you in trouble. Bitcoin can solve this as the user can do whatever they want with their bitcoin if they wish to use it for transactions or just keep it for a long time.

Easteregg69

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Quote from: glendall on February 08, 2022, 11:12:49 AM

I'm also confused why the ban on paypal is very strict even though I didn't do anything, just registered and claimed a reward from one of the platforms, and even then it wasn't in large numbers, it's really unfortunate with the existing policy,
but in bitcoin i never experience ban unless i forget 2fa in my wallet

PayPal is coffee money. Strictly. Don't run business of it!

I know them. (Paraphernalia ban). Hokus pokus. Piratos Haribo. Account closed. For selling joint papers.

glendall

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I'm also confused why the ban on paypal is very strict even though I didn't do anything, just registered and claimed a reward from one of the platforms, and even then it wasn't in large numbers, it's really unfortunate with the existing policy,
but in bitcoin i never experience ban unless i forget 2fa in my wallet

AicecreaME

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Quote from: fiulpro on February 04, 2022, 08:32:13 AM

This is actually the case for most of the things, you have to understand that bitcoins solves the problem of domination by major banks/companies/brands. It's a currency which is not in control of anyone therefore the people who own it own it for real. They own the rights to do anything with it as well. Plus terms and conditions are super long and no one actually reads them, no one has the time to sit down and read them therefore at the end of the day people generally have issues with particular bodies. At the same time banks can declare bankruptcy and disappear without a trace as well, what happened with my grandparent's investments, they did get their initial savings back but only after 5-6 years. Therefore I always feel that we underestimate bitcoins, it's amazing that we have the access to such currency where we control our own assets and money.

Indeed, we are our very own banks if we have bitcoin. That is why most people now prefer to store their money in bitcoin because aside from being not highly affected by inflation, we can do what we want with our funds without involving a centralized organization or third party into the picture. We don't have to follow certain protocols and terms of services because we aren't entrusting our funds to an institution that has its own set of policies. We set our own rules. We don't have to abide by some irrational policy that could compromise our funds and instead we can freely do what we want with our money and protect it to the best that we can by using hardware wallets and such.

panukurap

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Yes Bitcoin is needed, especially now Bitcoin also plays a role in the world economy where it can be used as a way to earn money. Many people have become rich with Bitcoin. This is one of the positive things so that the poverty rate can be reduced little by little. In addition, with Bitcoin, people have alternatives to invest not only fixated on gold. Even Bitcoin is predicted to be an anti-inflation tool, because Bitcoin is not tied to anything or anyone, even the government.

AakZaki

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Quote from: Ultegra134 on February 06, 2022, 11:32:50 PM

Although PayPal has integrated crypto purchases, like you suggested, it's a financial institution, similar to Revolut, which also offers the ability to buy/sell crypto within their platform, and for that same reason is why these services are not decentralised, like OP mentioned. Because they are simply financial institutions, and that's why it's pointless to make such comparisons, despite sharing some cryptocurrency features.

As I have explained, Paypal has clear rules and is certainly not decentralized like bitcoin. Bitcoin in paypal is only a digital asset that paypal users want. Paypal is a well-known financial institution and is now providing new innovations to include crypto in it. but whether in the future whether paypal rules will be at home or not, just need to wait.

bitterguy28

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Quote from: Hispo on February 04, 2022, 08:17:43 AM

Since I know most of the people do not read the terms and conditions any of the services they use, I'll take the liberty to leave this over here for the Paypal users that did not read this part of the contract and also as a lil' reminder why Bitcoin is important.
_______________________________________________________________________________ _____________________________

Source: https://www.paypal.com/us/webapps/mpp/ua/useragreement-full

Agreed that is why Paypal is not more trustworthy than having Bitcoin or at least ranking cryptocurrencies .

Quote from: Obito on February 06, 2022, 08:30:41 PM

The problem with bitcoin though is that there's thousands of wallet that you can use it and only won't be enough, that's not a big problem but this minor inconvenience that there's not universal wallet that you can use so you don't have to change wallets is a bit infuriating to me or maybe I didn't looked hard enough for one. Hopefully someone creates the idea because I think that it's going to be useful.

Why? because of thousands of wallet? lol using best wallet like ledger and tezos will save you from this uncertainties.

worle1bm

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This is what Bitcoin freedom looks like in a world where everything is chained to the centralised authority and they can pull the strings anytime like blocking you from accessing the funds or asking for various documents to be submitted before you proceed for any transfer.Like this PayPal TOS if they don't like it then you can't do anything which means they can put forward any excuse to you for payment denial of your funds only.

Bitcoin is the best which ends this monopoly which is why people love it and rivals hate it as profit margin decrease for them.

Ultegra134

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Quote from: suzanne5223 on February 06, 2022, 02:19:43 PM

Quote from: Ultegra134 on February 06, 2022, 01:09:56 PM

Quote from: AakZaki on February 06, 2022, 10:42:38 AM

Quote from: Ultegra134 on February 04, 2022, 04:41:02 PM

Most services mention that in their TOS, even those who have nothing to do with financial businesses, such as PayPal, Western Union and so on. Thus, I don't find it a reasonable argument. However, I never faced any significant issue with PayPal or eBay, on the contrary, they backed me up in a few cases of being screwed over, or when I once had my account compromised, while my family and I've been using them for over 10 years.

I don't think there's a reason to compare Bitcoin and services such as PayPal, it doesn't lead anywhere nor is it a rational comparison.

there will never be a real reason to compare Bitcoin and services with paypal, because it is irrational. Because Bitcoin and paypal services are very different. Bitcoin is decentralized whereas paypal has clear rules. the limitations provided by paypal are rules that inevitably must be followed if you want to use paypal.

Still, there are quite a few users who frequently compare cryptocurrencies with financial institutions. It's not only pointless, but incomparable. Whether we like it or not, even if Bitcoin's adoption becomes widespread, such services won't be replaced, and we'll be stuck using them no matter what. To be honest, if I'm making a purchase from a foreign country, I always use PayPal, due to their safety features.

Such arguments are invalid, especially for services that have proven their worth throughout a long time period.

If everything you guys was about what the OP pointed out, I believe there's still reason to compare Bitcoin liberation with Paypal centralized service especially now that Paypal offers Bitcoin buy/sell services to people and some crypto enthusiasts may be a victim of what the OP stated.

It is not about Paypal being a financial institution.

Although PayPal has integrated crypto purchases, like you suggested, it's a financial institution, similar to Revolut, which also offers the ability to buy/sell crypto within their platform, and for that same reason is why these services are not decentralised, like OP mentioned. Because they are simply financial institutions, and that's why it's pointless to make such comparisons, despite sharing some cryptocurrency features.

Obito

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The problem with bitcoin though is that there's thousands of wallet that you can use it and only won't be enough, that's not a big problem but this minor inconvenience that there's not universal wallet that you can use so you don't have to change wallets is a bit infuriating to me or maybe I didn't looked hard enough for one. Hopefully someone creates the idea because I think that it's going to be useful.

LUCKMCFLY

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Quote from: Ultegra134 on February 04, 2022, 04:41:02 PM

Most services mention that in their TOS, even those who have nothing to do with financial businesses, such as PayPal, Western Union and so on. Thus, I don't find it a reasonable argument. However, I never faced any significant issue with PayPal or eBay, on the contrary, they backed me up in a few cases of being screwed over, or when I once had my account compromised, while my family and I've been using them for over 10 years.

I don't think there's a reason to compare Bitcoin and services such as PayPal, it doesn't lead anywhere nor is it a rational comparison.

You are right, where I live there are many services offered by people in certain places, it is something like a physical Exchange, but with other things, such as remittances, they have to exchange through Western Union without the need to go to Western Union, they have ZELLE , Paypal, but none of them try to place shipments through BTC and whenever I see this type of notice I question them because they should do it and not just keep the FIAT device, which is also very popular digital money through BTC.

Topic: A little reminder why Bitcoin is necessary (Read 621 times)