Is PayPal now feeling the pressure from Bitcoin?

Silberman

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Quote from: Natuhant on October 07, 2017, 01:11:04 PM

Quote from: Zicadis on October 05, 2017, 06:57:21 PM

I like the tone the PayPal CEO used and his example ultimately points to cryptocurrencies which is the technology of tomorrow and if PayPal goes the blockchain way it could easily open up it's market and as a consolation improve its service delivery as there will be no waiting for checks or wait in ques and many more advantages

I think it will take time. The governments should declare legaility of the Bitcoin before the Paypal and other financial organisations to use bitcoin.

I do not think the issue that paypal has with bitcoin is its legal status, it is the fact that bitcoin is a nonreversible payment method, which means they cannot offer the same kind of protection they normally offer to their clients, paypal most of the time sides with the consumer, while bitcoin sides with the business and the provider of services, so they need to figure out how to deal with this if they want to accept bitcoin.

LeoEspansq

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I do not think that bitcoin is a threat to this payment system, because not everyone knows about bitcoin or are afraid to use it, or they still have to use other electronic currencies because bitcoin is not common in their country.

rowbot

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Quote from: ASHLIUSZ on September 26, 2017, 09:51:13 AM

Last year the same CEO of PayPal gave an statement that if he has known about bitcoin and the innovation in the past, he would have used bitcoin as the platform. I don't think such a pressure is there for PayPal, because it has an large user base and functions on a centralized system. Maybe in future both will function on a joint platform.

THey have enough capital to acquire decentralized platform shortly and name it PayBTCPal))

Silberman

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Quote from: Siren on October 05, 2017, 09:30:59 PM

Quote from: Zicadis on October 05, 2017, 06:57:21 PM

I like the tone the PayPal CEO used and his example ultimately points to cryptocurrencies which is the technology of tomorrow and if PayPal goes the blockchain way it could easily open up it's market and as a consolation improve its service delivery as there will be no waiting for checks or wait in ques and many more advantages

He is really pro crypto or pro blockchain I guess. You can't really blame his as blockchain will really revolutionizes how data or information is handled. If they feel the pressure? I guess. But bitcoin has not yet been mass adopted so it will still take a couple of years before they can really feel the pressure. However, in terms of remittances, bitcoin has already established itself on that industry. But for micro and online payments, this remains to be seen. And this is what Satoshi's original vision, to eliminate third party. Hope that one day this vision could be fulfilled.

They must know that bitcoin is the future, I’m sure they understand it, they just need to figure out a way to integrate bitcoin in their services, that is going to be difficult but they need to find a way, if they do not then that means that paypal and bitcoin are going to be competitors and even if Paypal is a giant they must understand that there is no way to beat bitcoin in the long term.

richardsNY

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Quote from: King Sastro on October 07, 2017, 09:35:16 AM

Definitely, bitcoin transaction value continues to increase significantly and this is a threat to paypal and all internet payment system even western union. I'm sure that 5 more years bitcoin will beat paypal.

Bitcoin's increasing price isn't exactly a threat to PayPal, its usage is. Currently, PayPal offers more convenience and usability, and due to its adoption, you can use it to pay for your goods basically in +75% of all web shops. On top of that, consumers enjoy buyers protection, which is quite a major selling point. Bitcoin needs a lot more to surpass PayPal when it comes to the afore mentioned aspects -- an increasing value alone won't do it. People actually need to use Bitcoin in the way people use PayPal, and as long as that isn't happening, PayPal, despite it's annoyances, will be doing just fine.

Natuhant

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Quote from: Zicadis on October 05, 2017, 06:57:21 PM

I like the tone the PayPal CEO used and his example ultimately points to cryptocurrencies which is the technology of tomorrow and if PayPal goes the blockchain way it could easily open up it's market and as a consolation improve its service delivery as there will be no waiting for checks or wait in ques and many more advantages

I think it will take time. The governments should declare legaility of the Bitcoin before the Paypal and other financial organisations to use bitcoin.

dothebeats

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As a freelancer, I'm still using PayPal's services for my paycheck, and I agree that it is painstakingly long, expensive and incovenient to go to the bank, queue for a long line only to get my money with a cut for the tx fee. I've discussed to my clients if I can receive payments in bitcoin, but they refused since we are using Upwork's platform so that would be a kind of cheating on their end. If several other services and big companies start to include bitcoin as a form of payment together with Paypal, bitcoin would be used more often only if these people think outside the norm and see the benefits of using bitcoins.

ivrynx

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i think paypal is now getting hurt because of bitcoin, even though the value of bitcoin falls or rises, people still uses bitcoin as means of transactions, and in time, since both paypal and bitcoin uses the internet, paypal may not only get hurt,but eventually might die,but come to think of it, the creator of paypal, may also incorporate bitcoin as payment, however, i highly doubt that they will do it, since they already have agreements with banks, and part of it maybe, not to accept other forms of payment except theirs, and in time i think the owner of paypal will soon create his own crypot coin, knowing the mark cuban already did created his, and this billionaires doesn't want the other one to take all the profit, i think in time, we might see this happening, but for now, they should really reconsider bringing bitcoin as payment in their system, since bitcoin is the future, and they wouldn't want to left out.

King Sastro

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Definitely, bitcoin transaction value continues to increase significantly and this is a threat to paypal and all internet payment system even western union. I'm sure that 5 more years bitcoin will beat paypal.

Silberman

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Quote from: Torque on September 26, 2017, 09:28:41 AM

https://finance.yahoo.com/news/paypal-ceo-expensive-poor-221202508.html

PayPal CEO Dan Schulman wants to make it easier for people, including those who live outside the financial system, to manage and move their money.

“There’s a saying that it’s expensive to be poor,” Schulman told Yahoo Finance in a recent interview at PayPal’s San Jose, California headquarters. “You want to cash a check, send money to a loved one, get credit, even pay your bills. For those who are outside the financial system — and there are over 70 million adults in the U.S. and over 2 billion people in the world — those basic consumer transactions can be incredibly time-consuming — you stand in line for 30 to 45 minutes — and very expensive.”

While the dollar costs of executing a financial transaction may seem reasonable for most, they can be quite high for those with very little income.

“On average, an underserved consumer spends 10% of their disposable income on unnecessary fees and interest rates,” he added. “So democratizing financial service is basically saying the following: We want managing and moving your money to be a right for all citizens, not just the privileged, or the affluent.[/b]”

Sound familiar? Wink

Yep extremely familiar but they require that you connect a debit card before you can do anything so anyone with access to banking services does not need paypal, the only advantage of paypal is that you give an email instead of your credit card details, so they are only marginally better than a bank, when bitcoin is way better since it allows you to be your own bank.

miningguru

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Quote from: Zicadis on October 05, 2017, 06:57:21 PM

I like the tone the PayPal CEO used and his example ultimately points to cryptocurrencies which is the technology of tomorrow and if PayPal goes the blockchain way it could easily open up it's market and as a consolation improve its service delivery as there will be no waiting for checks or wait in ques and many more advantages

You are right but he needs to get a lot of approval from the government sectors because he is doing legal with the people. Before integrating the blockchain tech he needs to check whether it is useful to people who he is providing the services.

ihsanskanzaone

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of course, because the selling price of bitcoin tends to increase higher and is a tool of transaction easier to use than on paypal so that the number of bitcoin users I think is higher than the paypal. but bitcoin also has a weakness that bitcoin has not been received in all countries, not yet have a clear office. But still, bitcoin becomes something valuable rather than paypal because it can be a good investment tool as well as a tool of transactions that management is not difficult so anyone can have bitcoin without having to deal with the government.

michellee

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i think he is now feeling the pressure from bitcoin because he know bitcoin in the past with the benefit and how it works so he might be afraid like other people said. I think soon paypal will integrate their system with the blockchain after they learned bitcoin and they are capable to use bitcoin with their system. with bitcoin inside them, I think paypal will become more bigger than yesterday and they can gives their support for bitcoin community too.

jekjekman

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Quote from: Torque on September 26, 2017, 09:28:41 AM

https://finance.yahoo.com/news/paypal-ceo-expensive-poor-221202508.html

PayPal CEO Dan Schulman wants to make it easier for people, including those who live outside the financial system, to manage and move their money.

“There’s a saying that it’s expensive to be poor,” Schulman told Yahoo Finance in a recent interview at PayPal’s San Jose, California headquarters. “You want to cash a check, send money to a loved one, get credit, even pay your bills. For those who are outside the financial system — and there are over 70 million adults in the U.S. and over 2 billion people in the world — those basic consumer transactions can be incredibly time-consuming — you stand in line for 30 to 45 minutes — and very expensive.”

While the dollar costs of executing a financial transaction may seem reasonable for most, they can be quite high for those with very little income.

“On average, an underserved consumer spends 10% of their disposable income on unnecessary fees and interest rates,” he added. “So democratizing financial service is basically saying the following: We want managing and moving your money to be a right for all citizens, not just the privileged, or the affluent.[/b]”

Sound familiar? Wink

He already scared with Bitcoin since he banned the transaction between it because he foresee that Bitcoin will take over what Paypal does for so how many years now as a one of the first online payment platform in the internet and the whole world, even me is a paypal user back then and I experience a huge minus in my original money there because of their fees and an unreasonable converting fee rate from dollars to my local money.

I just did a little research and I found at that the market capitalization of Bitcoin is now bigger than Paypal considering that Bitcoin is younger that Paypal when it comes to their existence, this shows that how strong is cryptocurrencies now comparing to the old school payment platform.

bitcoindusts

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Quote from: Granxis on October 06, 2017, 01:37:21 AM

I like Paypal since the first day I used it, but I do not use it anymore because it does not do much innovation. Free debit card issuance is a good behavior. Also for me, BitCoin is now taking PayPal's place.

I think it will take time for Bitcoin to take paypal place, aside from that paypal can just integrate Bitcoin in their service or they will just create their own blockchain. As on of the reply here stated, that would bring innovation to paypal in terms of service delivery. Aside from that, it can also compete with Bitcoin and somehow threatened it.

Granxis

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I like Paypal since the first day I used it, but I do not use it anymore because it does not do much innovation. Free debit card issuance is a good behavior. Also for me, BitCoin is now taking PayPal's place.

jorneyflair

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Whether or not the CEO is pro bitcoin or anti bitcoin, it still cannot be ignored the fact that bitcoin is taking a lot of business away from paypal. Either paypal come out with a product that is significantly better than bitcoin(unlikely) or they'll have to adapt to the new landscape.

Sooner or later, paypal will have to address the issue of bitcoin directly. Bitcoin prices are probably going to continue to go up, and when it does, people will flood out of paypal with its numerous complaints, and into bitcoin.

pinoyden

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Quote from: BitMaxz on October 05, 2017, 06:49:24 PM

Quote from: Nazmul012 on September 28, 2017, 08:35:08 AM

obviously yes because of bitcoin is now getting more popular and valuable than paypal. besides by depositing with bitcoin we can see our money is automatically increasing without doing anything. so of course people would like to choice bitcoin instead of paypal. so really i think paypal is now feeling pressure for bitcoin...

I think paypal will never be pressure because most of people are still using paypal i have lots of friends both bitcoin and paypal using it for different interest so it will be still depends in your interest but bitcoin will be still be a main to be use as legit payment gateway for any business..
So why paypal will feeling pressure about bitcoin.. for me no they are not feeling pressure from bitcoin..
I was using them both with different benefits and interest i need since i can't join in other affiliate sites with bitcoin and only paypal are mostly payment option for almost affiliate sites..

agree, i think that paypal is still the best when it comes to sending or buying online because using paypal is instant and fast without the hassel of waiting for the transaction to be confirmed and also less or no hidden fees unlike bitcoin which is the fees are high and sometimes expensive when bitcoins value is rising and the transaction takes time to arrive.

Siren

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Quote from: Zicadis on October 05, 2017, 06:57:21 PM

I like the tone the PayPal CEO used and his example ultimately points to cryptocurrencies which is the technology of tomorrow and if PayPal goes the blockchain way it could easily open up it's market and as a consolation improve its service delivery as there will be no waiting for checks or wait in ques and many more advantages

He is really pro crypto or pro blockchain I guess. You can't really blame his as blockchain will really revolutionizes how data or information is handled. If they feel the pressure? I guess. But bitcoin has not yet been mass adopted so it will still take a couple of years before they can really feel the pressure. However, in terms of remittances, bitcoin has already established itself on that industry. But for micro and online payments, this remains to be seen. And this is what Satoshi's original vision, to eliminate third party. Hope that one day this vision could be fulfilled.

Zicadis

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Dump it!!!

I like the tone the PayPal CEO used and his example ultimately points to cryptocurrencies which is the technology of tomorrow and if PayPal goes the blockchain way it could easily open up it's market and as a consolation improve its service delivery as there will be no waiting for checks or wait in ques and many more advantages

Topic: Is PayPal now feeling the pressure from Bitcoin? (Read 1719 times)