It's good that financial instutions Understood that they need to use crypto - page 2.

gunhell16

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Quote from: Jawhead999 on August 14, 2023, 09:50:11 AM

Dude? Tron network isn't faster and cheaper anymore, since the last year you need to pay around $2 as the fee. If you send Tron coin, it's definitely cheap, but if you send a token that run in Tron network, it's expensive.

ETH and Tron fee are nothing different, actually Bitcoin fee is way more cheaper even though it's decentralized and has huge volume.

Maybe that depends on the platform or exchange used, dude. Because of my experience using the Trc20 network, it's fine. For example, when I use Binance using usdt-trc20, the fee is only around 1 dollar, but other exchanges like Bybit are around 1.6 dollars, and last month it was 2 dollars and it lessen 0.4 dollars so it became 1.6$.

Now, when it comes to Bitcoin, it's also cheap in my experience, but sending tokens using the Tron network—I haven't tried that yet, you're already saying that. What's okay with me is when I do the conversion of crypto to fiat, so I said that it's okay so far for me.

Huppercase

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Quote from: Shortmaster on August 14, 2023, 09:42:27 AM

Yes paypal use crypto but instead of eth many users was expecting the TRON blockchain its faster cheaper and more used.
Eth transactions still too expensive i hope they start use TRON soon

It's not about the fast transaction speed and effective cost, they considered 100% security over anything other elements of the chain. Tron is very fast in transaction and less expensive in terms of transaction fee but the security guard in Ethereum beat any altcoins that we have. Even Tether had more stable coins on Ethereum chain than other chains despite having lower fees. What they did was to only deployed only a fraction of USDT into other chains just to carry them along and also make usdt popular in other place in other to reduce domination of other stablecoins.

I think for now, PayPal will remain on Ethereum chain but with more demands from their customers, they will support other chains like the Arbitrum, Solana, Binance smart chain and other fast layer 1 and 2 blockhains that we have available.

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Quote from: Shortmaster on August 14, 2023, 09:42:27 AM

Yes paypal use crypto but instead of eth many users was expecting the TRON blockchain its faster cheaper and more used.
Eth transactions still too expensive i hope they start use TRON soon

It is actually good that they are using a more well known network other than TRON to issue their stable coin. ETH network has been proven to be reliable for years. Yeah, it is expensive, but not as much expensive right now like you are making it sound. People would rather want to use a truly decentralized chain, instead of using a semi centralized chain like TRON (even though they claim they are fully centralized, if you dig deeper you will know that it isn't). Yeah, its true that more financial institution is using crypto, but its useless because it centralized. We already have fiat for that. Why would be need another central currency?

superman184

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Quote from: Emmanuelex on August 26, 2023, 10:02:13 AM

Tron is good, but ETH is more safe and reliable than majority of other blockchains. You can't get everything all at once, ETH is reliable, but the transaction fee is high and that's just it; they all have their own advantages and disadvantages, but I will always choose my safety first before talking about the cost of transactions.

It would be much better for everyone to consider because security and safety in transactions and in maintaining each asset is very important and also very important besides other supporting things as you mentioned in the cost example. I also agree more with this because without considering safety or security, certain network users will also not feel comfortable with it so they will feel anxious when making transactions, especially if the time needed to complete a transaction can be quite long.

However, for now the Tron network itself has also started to get better because in addition to transaction fees which are still relatively low, transaction confirmations are also faster, even though in terms of the number of users, currently the ETH network is still relatively larger than the Tron network. And maybe it's because of this number of users that Paypal prefers the ETH network over the Tron network besides Paypal's own assumption that the ETH network is more trusted than Tron.

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Quote from: Shortmaster on August 14, 2023, 09:42:27 AM

Yes paypal use crypto but instead of eth many users was expecting the TRON blockchain its faster cheaper and more used.
Eth transactions still too expensive i hope they start use TRON soon

Sometimes security is more important than the money you pay for the transfer. Financial institutions are slowly starting to use crypto. The centralization of the networks used and the fact that their CEOs come up with different issues from time to time can determine these preferences. At the same time, relations with institutions and future studies may be important in terms of determining preferences.

If you ask me, the most important decision that institutions should make when using crypto should be to choose the highest security.

Emmanuelex

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Tron is good, but ETH is more safe and reliable than majority of other blockchains. You can't get everything all at once, ETH is reliable, but the transaction fee is high and that's just it; they all have their own advantages and disadvantages, but I will always choose my safety first before talking about the cost of transactions.

savetheFORUM

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Quote from: Shortmaster on August 14, 2023, 09:42:27 AM

Yes paypal use crypto but instead of eth many users was expecting the TRON blockchain its faster cheaper and more used.
Eth transactions still too expensive i hope they start use TRON soon

They are doing all this for their own benefit and not for their users, I've also heard that they will have control over the tokens of every holder and they can freeze them whenever they want, so I don't really trust these institutions no matter what they do because at the end of the day, they are centralized and they will always do what will benefit them in the long run whether it's adopting cryptocurrencies or saying that they are offering them for our benefits.

Whether it's banks or other financial institutions, they are ultimately in the hands of the authorities, and even if they aren't in charge of them, they can still always ask for any information or detail that they want from these institutions which doesn't make us or our financial activities private at all.

irhact

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Quote from: Pejoh Asu on August 25, 2023, 08:19:40 AM

I think it's a good idea if financial institutions know and use cryptocurrencies, especially since crypto is getting more and more popular so it won't make people confused, a fast, cheap and easy transaction system is of course a consideration for financial institutions to use cryptocurrencies.

Many financial institution don't understand anything about cryptocurrency but they understand that they'll soon be losing alot of customers if they don't accept the newest technology which is cryptocurrency. They're just accepting it because it's the trending technology. Many institution still don't understand the real benefits of cryptocurrency and the reason behind the creation of Bitcoin which is why they don't mind launching a centralized service and promote it like they're accepting the the industry ideas.

Although they're helping to spread the news about bitcoin but they're still spreading misinformation as new users joining the industry through their service will think the industry is what they're offering based on the service that they're offering like centralized services.

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Quote from: Shortmaster on August 14, 2023, 09:42:27 AM

Yes paypal use crypto but instead of eth many users was expecting the TRON blockchain its faster cheaper and more used.
Eth transactions still too expensive i hope they start use TRON soon

You're wrong, plain and simple. It's laughable that you cite Paypal, which have actually just paused and further purchases of crypto currency until an indeterminable date, so are currently looking like they want to back out of the market. Besides that, Paypal were allowing people to trade cash 20 years ago, long before crypto came into existence and they flourished without it all that time. Heck, even Elon Musk got rich from the money that paypal was bringing in from transaction fees and they had everything perfectly manageable on arrays of servers. Financial institutions don't need crypto in the slightest to function, banks have been running even longer than Paypal and successfully moving money around - much faster and at cheaper cost (at least to the institution. Crypto is a threat to their profitability, so they are likely adapting to incorporate or subdue the effects if possible.

vv181

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Sooner or later if the market demands it, they will surely make the token available on any other chain. For now, Ethereum still stands strong and still have lucrative user to use the stablecoin. I believe it is very likely if the market already shows signs of acceptance of PYUSD, the Paypal team will consider supporting more chains for the token.

There is interesting related information about the supported chain:

Quote from: https://www.paypal.com/us/cshelp/article/what-is-paypal-usd-pyusd-help1005

On what blockchain is PayPal USD issued?

PayPal USD is initially issued on the Ethereum blockchain by Paxos. We have big plans for PYUSD and believe it will help connect the traditional economy and Web3.

As stated above and considering the wording they use, they certainly have a plan to make their token widely available within the cryptocurrency market.

Mate2237

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Quote from: Shortmaster on August 14, 2023, 09:42:27 AM

Yes paypal use crypto but instead of eth many users was expecting the TRON blockchain its faster cheaper and more used.
Eth transactions still too expensive i hope they start use TRON soon

The country you come from also determine the acceptance of cryptocurrency to be used. The countries that ban or is not using cryptocurrencies in their domain will not also allow their financial institutions to use cryptocurrency. And the countries that ban cryptocurrency did not even allow Online financial institutions to use cryptocurrency, and this I am saying it from my personal experience.

The last time I used PayPal, there was no cryptocurrency listed in the payment method or option and that should be late last year. And I was thinking that it was because of the ban of cryptocurrencies in the country by the Central Bank of Nigeria (CBN). And also all the online Banking apps in the country do not accept cryptocurrency and this make me to affirm the thought.

superman184

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Quote from: 19Nov16 on August 24, 2023, 08:38:56 AM

Paypal is certainly aware that crypto users continue to increase and difficult to stop, this can be seen from the very large transaction volume so that makes Paypal have to follow the trends that occur, and of course Paypal chooses the ERC20 network because it is most popular even though it is more expensive than the Tron network.

Paypal company chose the ERC20 network not only because the ERC20 network is more popular, because when it comes to the most popular networks, I think the Bitcoin network is far more popular than the ERC20 network. Maybe it's because it's easier for them to use or understand, so Paypal himself chose the ERC20 network over Tron. Such an election is of course based on certain reasons so that there is no problem that needs to be disclosed on this matter.

icalical

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Quote from: sana54210 on August 24, 2023, 02:04:16 PM

I know that it will not be simple and it should take some time but that doesn't mean that it would be possible to make a profit. It is going to be that possible for us to make some profit then we should consider it a better approach. Hopefully it will be possible to add more later on when the time comes and should make a profit.

I don't know what you mean by 'make profit' here but as far as I know, paypal only release a stable coin, so it backed by USD, the price will never be far of 1 USD, so we can't really speculate or make profit from it. But if you mean just simply using it for transaction then that will do.

Pejoh Asu

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I think it's a good idea if financial institutions know and use cryptocurrencies, especially since crypto is getting more and more popular so it won't make people confused, a fast, cheap and easy transaction system is of course a consideration for financial institutions to use cryptocurrencies.

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Quote from: SamReomo on August 24, 2023, 11:41:58 AM

Quote from: Shortmaster on August 14, 2023, 09:42:27 AM

Yes paypal use crypto but instead of eth many users was expecting the TRON blockchain its faster cheaper and more used.
Eth transactions still too expensive i hope they start use TRON soon

I don't think that PayPal would ever consider adding a crypto-currency like TRON on its accepted crypto-currencies list. I haven't used crypto-currency on it but as far as I know it accepts a few crypto-currencies at the moment. The PayPal accepts following crypto-currencies: BTC, BCH, LTC, ETH, and PayPal USD which is the stable coin offered by PayPal itself. All of those are well known crypto-currencies and there is no need of adding any other crypto-currencies at this moment, and I must say that all of those crypto-currencies are better than TRON. I would recommend you to go with Lite Coin if you want lower fees because my experience has been good with Lite Coin when it comes to fees, and I hope that it will also be useful for you to save up on fees.

It's a good thing that Paypal is now accepting crypto but we can't question those who are avoiding Eth because we all know that it's fee is too high which has been the burden of many users for a long time. However, I don't think TRON would be the top option of many users. It could be top coins like LTC, BNB and BCH and of course, Bitcoin but I don't think they would pick TRON.
People will always pick coins with a better foundation and higher trust rate because we all know that most Paypal users prefer assurance. I just hope that Paypal will not put too much charges when transacting with crypto because that's also one the reasons and issues that their users has been dealing with.

sana54210

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Quote from: icalical on August 24, 2023, 07:33:00 AM

OP was talking about the blockchain that is used by Paypal for their Stable Coin, not the cryptocurrency they used. Paypal can't use Bitcoin blockchain to deploy their stable Coin.

I don't think Paypal is wrong for using Ethereum, compared to Ethereum, BSC and Tron is relatively new, and less reputable, as a company that already big and has reputation PayPal decision to choose Ethereum is understandable. Tho adding other blockchain support for their stable coin would attract more people indeed.

I would say that BNB is still as strong as ETH right now, because it is at least equally known but that doesn't mean that they have to accept it, they could still not accept it if they do not want to. I think it is important because in a sense we are talking about a situation where it will take a while for a company to add something and make sure that it's safe and secure to use it as well.

I know that it will not be simple and it should take some time but that doesn't mean that it would be possible to make a profit. It is going to be that possible for us to make some profit then we should consider it a better approach. Hopefully it will be possible to add more later on when the time comes and should make a profit.

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Quote from: Shortmaster on August 14, 2023, 09:42:27 AM

Yes paypal use crypto but instead of eth many users was expecting the TRON blockchain its faster cheaper and more used.
Eth transactions still too expensive i hope they start use TRON soon

I don't think that PayPal would ever consider adding a crypto-currency like TRON on its accepted crypto-currencies list. I haven't used crypto-currency on it but as far as I know it accepts a few crypto-currencies at the moment. The PayPal accepts following crypto-currencies: BTC, BCH, LTC, ETH, and PayPal USD which is the stable coin offered by PayPal itself. All of those are well known crypto-currencies and there is no need of adding any other crypto-currencies at this moment, and I must say that all of those crypto-currencies are better than TRON. I would recommend you to go with Lite Coin if you want lower fees because my experience has been good with Lite Coin when it comes to fees, and I hope that it will also be useful for you to save up on fees.

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Quote from: Shortmaster on August 14, 2023, 09:42:27 AM

Yes paypal use crypto but instead of eth many users was expecting the TRON blockchain its faster cheaper and more used.
Eth transactions still too expensive i hope they start use TRON soon

Ethereum being used is far better than Tron. Although transaction fee for Tron may be cheaper when compared to Ethereum but Ethereum Blockchain is far more secured than Tron. It will have been more debatable if you compare with Bitcoin.

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Quote from: Shortmaster on August 14, 2023, 09:42:27 AM

Yes paypal use crypto but instead of eth many users was expecting the TRON blockchain its faster cheaper and more used.
Eth transactions still too expensive i hope they start use TRON soon

Understandably, many institutions are gradually interested in crypto, and more and more big names have entered this market. However, the story that OP asked I think you need to re-research between ETH and TRON, not using the advantages of one but comparing the disadvantages of the other, in fact we see which one is more popular it will take precedence, if there is no special relationship then there is no reason to use TRON, moreover I also agree with many people that TRON is really bullshit.

19Nov16

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Quote from: Shortmaster on August 14, 2023, 09:42:27 AM

Yes paypal use crypto but instead of eth many users was expecting the TRON blockchain its faster cheaper and more used.
Eth transactions still too expensive i hope they start use TRON soon

Paypal is certainly aware that crypto users continue to increase and difficult to stop, this can be seen from the very large transaction volume so that makes Paypal have to follow the trends that occur, and of course Paypal chooses the ERC20 network because it is most popular even though it is more expensive than the Tron network.

Topic: It's good that financial instutions Understood that they need to use crypto - page 2. (Read 612 times)