Topic: PayPal Pulls Out of Puerto Rico; Huge Opening for Bitcoin (Read 1162 times)
I imagine seeing the day that Bitcoin takes over Paypal...it would be the preferred payment method by people and merchants from around the world
This can turn out to be quite huge! It means more people using bitcoin and more trading volume.
It will also serve as a way for Bitcoin prove its superiority over PayPal once again!
It will also serve as a way for Bitcoin prove its superiority over PayPal once again!
This is great news and opportunity for Bitcoin to fill a gap and put Puerto Rico on the Bitcoin map.
Yeah + one for that. but authorities will find a way to also charge them with tax.
Control the exchanges, you control peoples ability to enter and exit bitcoin. How are the Puerto Ricans going to get hold of their bitcoins while still avoiding the transaction tax?
P2P of course. How will bitcoin come to replace Paypal for Puerto Ricans, then, you ask? Well I would say, that's a damn good question.
I imagine there is nothing stopping Puerto Ricans from buying bitcoins on Circle or Coinbase, withdrawing them, and then transacting without this extra external fee. But this won't happen overnight, on the whole, by any means. The extent to which it will happen at all is a big question mark.
Control the exchanges, you control peoples ability to enter and exit bitcoin. How are the Puerto Ricans going to get hold of their bitcoins while still avoiding the transaction tax?
although this creates an opening for bitcoin to come in. i dont think that'll happen, i can imagine btc is hard to trade in Puerto Rico.
This is really great news for Puerto Rico! I hope that this would make Puertorican people to use Bitcoin. First Greece, now Puerto Rico and next main stream adoption. 
Saying that this will make Bitcoin a option isn't correct.
PayPal accepts CC and tranfer money, as of now, there's no way to use a CC to buy Bitcoin.
PayPal accepts CC and tranfer money, as of now, there's no way to use a CC to buy Bitcoin.
Both Circle and Coinbase operate in Puerto Rico but I guess they might be subject to the same 2% hit but I'm not sure how that would be proven. I don't see why Paypal find that such a problem but whatever.
Saying that this will make Bitcoin a option isn't correct.
PayPal accepts CC and tranfer money, as of now, there's no way to use a CC to buy Bitcoin.
PayPal accepts CC and tranfer money, as of now, there's no way to use a CC to buy Bitcoin.
This is great news and opportunity for Bitcoin to fill a gap and put Puerto Rico on the Bitcoin map.
Perhaps a startup focused in people in puerto rico to send money through Bitcoin would be a great opportunity. Something like "Send money from Puerto Rico faster than paypal". People would be looking for paypal alternatives and keyword match would be good.
Then some will learn that they can send the bitcoins themselves.
Then some will learn that they can send the bitcoins themselves.
With a population of 3.5 million, Puerto Rico could easily generate enough transaction volume that would overwhelm Bitcoin's 1 MB max blocksize limit. This could provide an opening not for Bitcoin, but rather for an alt-coin that has adaptive blocksize limits.
Interesting. So it is your position that merely increasing the block size limit will actually lead to adoption? "Build it and they will come" sort of thing? I think you'll have a tough time proving that claim.
No my position is to make adoption possible.
It seems that with adoption over the past 5-6 years, blocks are still at less than 50% capacity on average -- and that includes a considerable amount of spam that arguably does not need to occupy the blockchain. What makes adoption "not possible" in this instance?
PayPal does 11.5 million transactions per day or appriximatly 133 transactions per second. https://www.paypal-media.com/assets/pdf/fact_sheet/PayPal_FastFacts_Q4_2014_FINAL.pdf Bitcoin maxes out at about 2 transactions per second. Please do the math.
Interesting. So, despite the fact that bitcoin has never tested its capacity limits on average (not even close), you are now supposing that it replaces Paypal on the whole -- never mind Puerto Rico's share of those transactions, or the likelihood that Puerto Rican Paypal users would actually adopt bitcoin.
I only have one thing to say about this: very good news.
Bitcoin for money transfer costs more than 2%. Coinbase charges 1% to buy, and 1% to sell. Then there's the bid/ask spread, and the risk of price volatility.
Puerto Rico is charging 2% in addition to PayPal's 3% or more fees.
I'm trying to sell music online, and PayPal charges 2.9% to process the payment, PLUS 30 cents per transaction. That comes out to about a third (33%) of a 99cent mp3 sale.
Oh, but Coinbase charges 1%, so I guess Puerto Ricans should just kill themselves since nothing is better than PayPal.
With a population of 3.5 million, Puerto Rico could easily generate enough transaction volume that would overwhelm Bitcoin's 1 MB max blocksize limit. This could provide an opening not for Bitcoin, but rather for an alt-coin that has adaptive blocksize limits.
Interesting. So it is your position that merely increasing the block size limit will actually lead to adoption? "Build it and they will come" sort of thing? I think you'll have a tough time proving that claim.
No my position is to make adoption possible.
It seems that with adoption over the past 5-6 years, blocks are still at less than 50% capacity on average -- and that includes a considerable amount of spam that arguably does not need to occupy the blockchain. What makes adoption "not possible" in this instance?
PayPal does 11.5 million transactions per day or appriximatly 133 transactions per second. https://www.paypal-media.com/assets/pdf/fact_sheet/PayPal_FastFacts_Q4_2014_FINAL.pdf Bitcoin maxes out at about 2 transactions per second. Please do the math.
Well, well, well.
Centralized money service just decides an entire island doesn't need to use money anymore. Hopefully nobody is screwed too badly, but that's what they get for depending on PayPal.
Centralized money service just decides an entire island doesn't need to use money anymore. Hopefully nobody is screwed too badly, but that's what they get for depending on PayPal.
Bitcoin for money transfer costs more than 2%. Coinbase charges 1% to buy, and 1% to sell. Then there's the bid/ask spread, and the risk of price volatility.
(And don't start with the "just stay in Bitcoins" bullshit.)
(And don't start with the "just stay in Bitcoins" bullshit.)
The same rules will count for Bitcoin users too... " The country has imposed a 2 percent take on any money transmission " ...that said, it will be more difficult to enforce
such a regulation on Bitcoin. Once the government there recognize that the 2 percent take on money transmission can be circumvented by Bitcoin, they will ban it's use.
I would much rather see them using it freely without constraints and levies and taxes added too it. There is very little we can do about that... but Bitcoin will still be cheaper
with the levy, than PayPal.
such a regulation on Bitcoin. Once the government there recognize that the 2 percent take on money transmission can be circumvented by Bitcoin, they will ban it's use.
I would much rather see them using it freely without constraints and levies and taxes added too it. There is very little we can do about that... but Bitcoin will still be cheaper
with the levy, than PayPal.
Yes, I guess you are right about these 2%, there is big possibility that they will make Bitcoin pay 2% tax on the transactions. The only problem I see is how they would collect this tax. I mean with centralized system like Paypal it's easy, with decentralized like Bitcoin it's much harder.
I guess this is the response of the bankrupt government to save the country, to just charge everbody 2%.
On the other side, I am glad to see that they are losing at least some business, the crapy PayPal.
With a population of 3.5 million, Puerto Rico could easily generate enough transaction volume that would overwhelm Bitcoin's 1 MB max blocksize limit. This could provide an opening not for Bitcoin, but rather for an alt-coin that has adaptive blocksize limits.
Interesting. So it is your position that merely increasing the block size limit will actually lead to adoption? "Build it and they will come" sort of thing? I think you'll have a tough time proving that claim.
No my position is to make adoption possible.
It seems that with adoption over the past 5-6 years, blocks are still at less than 50% capacity on average -- and that includes a considerable amount of spam that arguably does not need to occupy the blockchain. What makes adoption "not possible" in this instance?
Jump to: