It's good that financial instutions Understood that they need to use crypto - page 3.

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Quote from: Shortmaster on August 14, 2023, 10:42:27 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.

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Quote from: odunybiz on August 16, 2023, 11:37:06 AM

Quote from: Jawhead999 on August 14, 2023, 10:50:11 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.

I think OP is talking about Tron token itself and not Tron USDT or token built on Tron network. Transferring Tron token itself in most exchange is cheap as it cost just few cent.

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

Bitcoin should have been the best for any organization but since OP is trying to talk about cheap transaction here, I think BNB may be a better option.

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.

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Tron is fast and cheap but I don't think there is a major app from this chain besides since I know that network is centralized because Justin and their stablecoin USDD is sometimes depeg from the one dollar.

but there is other alternative like other EVM chain like BSC, Polygon, Fantom or Avalanche these network is considered cheap and some developer know it and there is dozen project

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Number one way to decide this comparison between blockchains is apparently security. Thats the simplest path to resolve which blockchain is most often favored, the security and durability of that blockchain. In the end that confidence is most likely to equate to pricing long term but we all know some of the alternative and newer blockchains have done so well but I read this discussed previously what determines success and its very likely correct that security is the answer to why one is favored over another.
Ive often used the smaller alternatives like ETC was a good one for a fair while, just cheap, fast and easy to use but then Im not a large value transmitter or large volume user; companies will decide differently from users in their usage.

Peanutswar

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For me TRON is one of the worst if they will adopt instead why not use the bitcoin the main purpose of it is to become decentralized so ideal with the use it and be transparent with the block chain, also Another thing even though they want to adopt this it takes a lot of process before get approves and also people doesn't want a volatile salary instead they have fix count of it they suffer with the price manipulations.

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Quote from: dothebeats on August 22, 2023, 01:52:48 AM

~Snip

We can use BSC as an alternative option. It is cheap and fast and has a good reputation. But the recent SEC incident with Binance is making this a hard choice. If it had kept its reputation the way it used to be, then the first choice for me would have been the BSC network. Now I am not sure about it anymore. Because anything could happen at any time. One more that is useful is the polygon chain. This one is also fast and cheap. But not that much secure.

In the end, it's all up to the Paypal team to decide which one they think is the best for them. Given the current market condition and events, we are best off with Bitcoin. This is the advantage you can get from a decentralized asset. But ETH is not that bad. Just the concern about the higher fee. Except for that, it is secure and not bad at all in terms of speed. As we are talking about a centralized platform which is Paypal, I don think decentralized is in the question. Your privacy is already compromised. So using a centralized asset won't make that much of a difference.

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Quote from: dezoel on August 19, 2023, 12:28:20 PM

I thought Bitcoin was the only cryptocurrency that they support? But lately I heard that they are planning to create their own stable coin. Maybe we should be patient for now but any suggestions might still be welcomed by them. We will then need to wait on their next moves. Who knows? Maybe they will now support more cryptos in the future.

Currently, they only had Ethereum as you said but I think Ethereum had improved a little. Their transaction fees are not that expensive as last time and then the transactions are now moving a little faster. So why won't you give it a try and not only believing to what you heard and experienced before?

Just because you heard something doesn't make it gospel. Bitcoin is and always will be the king of the hill. Do you honestly believe that a new stable coin can come close to its dominance? That's a pipe dream

Ethereum? Okay, they made some minor improvements. Bravo. But let's not pretend that reducing transaction fees and speeding things up a bit makes them comparable to Bitcoin. And by the way, just because their latest fee adjustment didn't completely implode their system doesn't mean they're ready for the big leagues
Don't just sit there and wait for these companies to "make their next move." Demand the best. And right now, Bitcoin's the best

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Quote from: tjtonmoy on August 21, 2023, 02:47:20 PM

Bitcoin is way more secure if you ask me on this matter. I don't know why should anyone choose TRON blockchain for this. They have been up to some shady business for a long time now. I used to like it too but they have increased the fee a lot in the past year. Maybe the only reason why Paypal is not using Bitcoin is for its volatile nature and fee fluctuation. When the blockchain is crowded, the fee goes very high. But that is temporary. We have seen this many times in the past. So I don't think TRON will be the best choice. I prefer Bitcoin. It's secure and way better than TRON.

I agree with you. Bitcoin is far better than TRON in many aspects. TRON has been dealing with a lot of issues lately as rumors about them indulging in some shady business are being discussed by many for a long time now. Moreover, it is true that their fee is increasing more and more as the years passed. Hence, I'd stick with Bitcoin right now, TRON is out of the question for this one.

tjtonmoy

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Bitcoin is way more secure if you ask me on this matter. I don't know why should anyone choose TRON blockchain for this. They have been up to some shady business for a long time now. I used to like it too but they have increased the fee a lot in the past year. Maybe the only reason why Paypal is not using Bitcoin is for its volatile nature and fee fluctuation. When the blockchain is crowded, the fee goes very high. But that is temporary. We have seen this many times in the past. So I don't think TRON will be the best choice. I prefer Bitcoin. It's secure and way better than TRON.

dezoel

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I thought Bitcoin was the only cryptocurrency that they support? But lately I heard that they are planning to create their own stable coin. Maybe we should be patient for now but any suggestions might still be welcomed by them. We will then need to wait on their next moves. Who knows? Maybe they will now support more cryptos in the future.

Currently, they only had Ethereum as you said but I think Ethereum had improved a little. Their transaction fees are not that expensive as last time and then the transactions are now moving a little faster. So why won't you give it a try and not only believing to what you heard and experienced before?

dothebeats

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Quote from: DeathAngel on August 16, 2023, 07:22:02 AM

They’re all slowly coming on board but it’s still a long way until absolute worldwide adoption. Banks are starting to offer crypto services, eventually they all will or risk becoming obsolete. Bitcoin will have a huge part to play in the future of finance so it’s a good idea to buy as much as you can now.

It probably will someday, but it will still take some time. As ideal as it is, especially for us who have known and understand Bitcoin and the system, there are a lot of factors that need to be considered and will come into play in terms of absolute worldwide adoption. The most prominent one is of course the legality of it. Some, if not most, governments will either fully be against it or be 50-50 with the idea. It will take years as legal discussions and debates will surround this. It will happen but it will take a long time from now, and hopefully a more understanding legal system for each country.

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Quote from: Jawhead999 on August 14, 2023, 10:50:11 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.

I think OP is talking about Tron token itself and not Tron USDT or token built on Tron network. Transferring Tron token itself in most exchange is cheap as it cost just few cent.

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

Bitcoin should have been the best for any organization but since OP is trying to talk about cheap transaction here, I think BNB may be a better option.

DeathAngel

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They’re all slowly coming on board but it’s still a long way until absolute worldwide adoption. Banks are starting to offer crypto services, eventually they all will or risk becoming obsolete. Bitcoin will have a huge part to play in the future of finance so it’s a good idea to buy as much as you can now.

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Quote from: Jawhead999 on August 14, 2023, 10:50:11 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.

Is this right? A few days ago, I did a transaction on Poloniex, and the Tron network transaction fee is still just $1 for USDT and the transaction fee will be less than $1 if you use Trx tokens. ETH still hasn't solved the problem of high gas fees since they switched to POS and they say that some more major updates are needed to solve the gas fee issue. There is a huge difference in ETH and Tron fees, mate.

As for bitcoin fees, it can be said to be high or low depending on the time. But when you want to transact with a large amount of bitcoin, it won't be cheaper than the Tron network.

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Quote from: Shortmaster on August 14, 2023, 10:42:27 AM

Yes paypal use crypto but instead of eth many users was expecting the TRON blockchain its faster cheaper and more used.

It's bullshit. Why does paypal need to trust a coin that owned by arrogant and irresponsible CEO like justin sun? it was only destroying the reputation of paypal. It's not faster but it has average TPS like another one or second layer blockchains that are available in the market right now. Did you say many users? Who the heck those users are? You? Tron was security. Cheesy

it's blacklisted in US. Cool

Quote from: Shortmaster on August 14, 2023, 10:42:27 AM

Eth transactions still too expensive i hope they start use TRON soon

It's quite cheaper as long as you avoid to transfer in the busy hours. So many people were using this trick and it's worked. You can also use L2 as it's even faster than tron too.
How can paypal needs to accept a coin which is not fully transparent? that reminds me with the case between sun vs oikos community.

https://en.cryptonomist.ch/2020/07/03/justin-sun-distances-from-oikos/

A few years have already passed but this story is still in my mind.

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Quote from: Shortmaster on August 14, 2023, 10:42:27 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

A company like Paypal will not bet on losing their money or jeopardizing their investment in a highly centralized blockchain like TRON with relatively high fees and without any independent development compared to a blockchain like Ethereum.
If you omit USDT then TRON is a dead network and will not have any big trading volumes, but Ethereum has value and tokens add extra value to it. They may change their policy in the future and add more blockchains, and then the additional options may be TRON, but it is not the first choice.

Quote from: Sim_card on August 16, 2023, 12:10:25 AM

I believe that PayPal must be following some directions from the US and that is why it is like this. Tron is also a good coins and both of the them have transaction fees are similar. I don't think that it is the transaction fee that was considered before PayPal chose to use ETH but there are some other factors that was considered.

If they following some directions from the US then will choose some central blockchains

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Quote from: Shortmaster on August 14, 2023, 10:42:27 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

TRON is a good alternative but if they (paypal) think ETH works, then there is no harm in using eth. Maybe they will change their minds in the future when they see that ETH clearly doesn't work. What are the other institutions like paypal that use crypto? Notice that though, I am saying "use crypto", not "hold crypto". Tesla and Microstrategy hold crypto too but they don't use them. They are just holders. Paypal on the other hand, they are using crypto which is way better than holding crypto. Holding is fine but using crypto brings more adoption than holding and more adoption brings better prices.

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Quote from: Shortmaster on August 14, 2023, 10:42:27 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

There is a reason for PayPal to accept using Eth instead of Tron. I don't see any problem here using ETH which they feel is more transparent thanTron. I believe that PayPal must be following some directions from the US and that is why it is like this. Tron is also a good coins and both of the them have transaction fees are similar. I don't think that it is the transaction fee that was considered before PayPal chose to use ETH but there are some other factors that was considered.

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Quote from: dimonstration on August 14, 2023, 10:46:13 AM

Quote from: Shortmaster on August 14, 2023, 10:42:27 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

Tron is bullshit blockchain network and too centralized since Justin control the majority of the validators using his VC project that he is connected. Tron is the most shady blockchain network including his huobi and stablecoin.

So far, despite of high price of ETH transaction fee they are still one pf therrusted and safest blockchain to rely on. I think BSC has more chance to be use by financial institution since CZ is very good on working with them as already proven when many multiple huge hack was stopped due to their fast action.

LOL, if you have criticized the Tron blockchain as being centralized and largely controlled by Justin, then BSC is not much better. Although CZ is more appreciated than Justin but the BSC blockchain is also controlled almost entirely by CZ, and it is also completely centralized, all rights are decided by CZ. But no matter how centralized or shady Tron is, it is still the most used by users to trade USDT, and I bet you will also use the Tron network every time you trade USDT.

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Quote from: el kaka22 on August 15, 2023, 02:32:46 PM

I believe that it was inevitable, it's something that is very much used everywhere around the world already and should be considered as important as it gets. I get that people may not feel the same in most cases but that is the situation we are in right now and need to be understood perfectly well.

Oeople are already aware mostly, but companies do not have any type of mechanism where they can continue without caring about crypto or looking at it. Specially ones like paypal where they are directly correlated and they are a payment company, if they keep on ignoring it, then it would have been bad for them and this is why they have taken a look at it and doing something about it in order to get the attention people have towards crypto.

It is that cryptocurrencies have become so popular in the world that it was obvious that many institutions began to use them, even though in many countries they cannot be used freely due to the legal restrictions that remain, these same territories have decided to implement their own system using this type of technology for their own benefit trying to create their own digital currencies, but with the difference of being able to control them, sooner or later they will realize that despite the fact that this option is not so bad, people will continue looking for the decentralized in order to have freedom, so banks and other institutions that carry out transactions will end up choosing these cryptocurrencies that can give them a better benefit, specifically they will be redirected to bitcoin as it is the most potential and with solid foundations and of course for having the better significant value the most demanded.

Topic: It's good that financial instutions Understood that they need to use crypto - page 3. (Read 546 times)