Topic: PayPal Vs Bitcoin: Who is the Big Guy? (Read 450 times)

has its own distinguishing features, although both can be used as legal means of payment, the longer term and possible reach of Paypal is better known. as you said, the advantage of bitcoin is that no one controls it and the management is also easy, unlike paypal, which requires procedures and rules that are not easy.
actually both of them are the same, there are restrictions that are carried out in almost many countries, if in your country bitcoin can be accepted than paypal, of course it's better, in my opinion it's easier to use bitcoin than paypal.
once again in my opinion it is more profitable to use bitcoin because there are benefits that paypal cannot provide.

People who are more use to the traditional financial system can prefer PayPal, and PayPal is sometimes a bit more convenient than online banking, but I think Bitcoin is significantly better. Aside from the fees, being closely tied to the traditional banking system, and limited operations in various countries, PayPal can also be annoying sometimes when it thinks something suspicious is going on, and it can temporarily freeze funds, require more verifications and things like that. Bitcoin isn't centralized, so nobody is there to freeze your transaction, request anything out of the blue to let the transaction go through, and of course it functions the same way all over the world. The downside of Bitcoin is perhaps that you often can't use it directly to pay for goods and services, whereas PayPal money can be easily transferred to a bank account, and some major places allow paying with PayPal directly.

PayPal and Bitcoin is two difference network for online payment, or transaction, which Bitcoin is the best and is not control by anyone or government, but PayPal is control by American government, in which is not every country PayPal is working, mostly here in Africa not working perfectly, buy Bitcoin is working and many Big companies recognize Bitcoin as a means of payment than PayPal platform, and it can't be compared. Beside Bitcoin we explored the world very soon.

Back then, when I was using Paypal, I believed it to be the best option out of all those available for using to make an online purchase. I didn't mind paying its fees because it was the only online payment method I knew of, but since I am aware of Bitcoin, I have stopped using Paypal as an online payment method in favor of using bitcoin instead.

I'm attempting to convey that you cannot come into contact with bitcoin and decide to ignore it as the main player of the rest of the market. In terms of fairness and trust, longevity, fees, and adoption, there is no comparison between Paypal and bitcoin.

The two stated examples you mentioned, "No restrictions and the anonymous nature" will keep making bitcoin the bigger guy over the existing and the upcoming project or services to be created in the future.

The overlap of Bitcoin users and Paypal users are minimal. Other centralized payment processors have taken up Paypal market share, not necessarily crypto. The only reason to use Paypal is because e-commerce companies force you to use it and hold you hostage to Paypal's arbitrary ToS which will ban/revoke funds on a whim. I don't even think Paypal's users enjoy using the platform. They won't be going anywhere until the e-commerce platforms drop them as a payment processor, and it's going to be a while before they adopt Bitcoin instead.

If you've ever tried selling anything on Paypal, it's a nightmare.

It is true that the fintech industry has significantly advanced in recent years, providing convenience and ease of doing business for individuals and companies worldwide. However, as you mentioned, the issue of trust remains a significant challenge in the industry.

Platforms like PayPal have been instrumental in facilitating online transactions, but their reliance on the traditional banking system and government regulation exposes them to various risks. Bitcoin, on the other hand, offers complete autonomy and sovereignty over digital currency, which has resulted in low to no cost for international transactions, innovations, and enhanced security. So its emergence has provided an alternative means of conducting financial transactions and given rise to other cryptocurrencies, which has opened up more opportunities for individuals and companies to control their businesses over the internet.

Paypal family and friend is an option that many traders now utilize for their transaction, to reduce chargeback. So, intermediary platforms like freelancing site etc, will definitely go for Paypal over bitcoin because of trust issues, they wouldn't want their customers to get scammed. But, since the money goes through them, the platform, why not integrate bitcoin and wait till everyone is satisfied with the transaction before sending out money to the seller. That way they'll work as escrow, as clients will pay the seller first and the seller is under their platform. Yet, they may not reason this way because of the volatility of bitcoin, however, those that prefer bitcoin are expected to use bitcoin marketplace and vice versa for Paypal. No hate.

I would beg to differ that they server different purposes. PayPal primarily functions as a means of payment processing. Bitcoin also inhabits payment processing as one of its core use cases. Bitcoin definitely eats into PayPal's market share and without Bitcoin, PayPal could easily be a lot bigger than what it is today if no other bitcoin-like solutions existed.

Bitcoin can easily replace or put PayPal out of business when the ecosystem is built up more than it is now. It is not entirely different nor would I say that they will both co-exist in the long term. PayPal will shrink for as long as the Bitcoin ecosystem continues to grow wider and become increasingly adopted.

PayPal and Bitcoin can never be the same and can never be compared. Yes Bitcoin and PayPal are both a payment gateway. and both of these help to make payments and deposit money anywhere. But both are built on different algorithms.  Bitcoin completes its transactions through the blockchain using cryptography.  But PayPal is directly connected to the bank and complies with the banking system. Bitcoin on the other hand requires no identity and can be used in a completely anonymous manner but to use paypal you must verify your identity and have a valid bank account linked to PayPal. So Bitcoin and PayPal cannot be considered the same in any way

Very well said and totally agree with you. I hate having a third party invasion of financial privacy, But coming to the business part is where it gets tricky because I don’t think getting paid in Bitcoins on a traditional work on real world is practical (atleast as of today).

Bitcoin was created as an escape route from the centralized banking systems and their invasion of everyone's financial freedom, so those who use Bitcoin for it provides them financial privacy and decentralization will probably never like a service like PayPal which is just like a digital bank, totally centralized providing no privacy at all.

On top of that, the transaction fees and times make Bitcoin a way better choice for both businesses and individuals. You can get a payment made from Bitcoin in a matter of minutes if you pay the highest fees which isn't that big.

If they are not selfish, what then are they? I guess you've not been a victim of their overbearing attitude and white scam trouble before, if not, you wouldn't see things differently.

And no one challenges their initial lead in the financial sector but references their excessiveness, emotional trauma caused because of their disparity (I will explain it to you if you so desire) and unfairness it caused in the sector.

They are not the kind of financial transacting system I want, Bitcoin style is.

Agreed and PayPal can be compared against a centralized exchange or against the banks. PayPal is a service provider whereas bitcoin is the source that is being used for the service. There is a big difference, and when it comes to bitcoin it have got its market. PayPal as a company have years of history and working with more than 30k employees which is a big thing. Only statement I find relating between the two, founder of PayPal Peter Thiel once said if he had known about bitcoin before initiating PayPal he might've used the technology for PayPal services. This shows how good is bitcoin for the service he have been doing for years.

PayPal is the exact type of legal criminal scamming operation that made me fall in love with bitcoin in the first place.  I discovered bitcoin after having worked in the financial industry for some years.  I saw first hand how corrupt payment companies were such as Chase bank and outlets like PayPal.  PayPal are scammers. They have their own agenda and will constantly shut down accounts for no good reason.  Now to be fare, so does exchanges like Coinbase (which I call the PayPal of crypto). Thankfully you aren't forced to use either one.  But they can take their censorings bullshit elsewhere.

These two have different reasons why they are created and their nature is different.  I do not think that these two are comparable because these two entities is not the same.  Bitcoin as stated is a currency, you cannot compare a currency against a service.  It is like comparing a fiat currency and a bank which is obviously different in nature.  It would be worth discussing if you compare decentralized exchange and centralized exchange or a decentralized payment system service DeFi against PayPal. 

Even up to now on which those people or marketers or even businesses does still stick out with Paypal despite of those chargebacks possibility which it is really that indeed giving off some disadvantage into those sellers specially the legit on. We do know that scam chargebacks is really that imminent on this space also which means that they should really be that strict on how to make out decisions whether
it would be viable or not. For now we've seen that companies do still stick with Paypal specially into those known and popular merchants or even on freelancing sites which these kind of
payment option is really that their main requirement but now in todays on where Bitcoin is already been known, then there are some places on which we could see that there
are really that giving off that Bitcoin payment option as an add up which is something that really good to see.

We dont need that competition because no matter how much we do hate Paypal, they would be still here to stay considering that there are lots who do still prefer the old and traditional options.

A wise dude once uttered, "Extra moolah, extra headaches." Spot on when it comes to digital dough. PayPal's the alpha in the pack, but Bitcoin? That's the feisty chihuahua, daring to snap at its paws.

The radness of Bitcoin? It ain't chained to Uncle Sam or behemoth banks. Envision a financial punk rocker, giving the one-finger salute to the bigwigs and marching to its own beat. Admit it, we all dig some defiance now and again.

Yet, no joke, Bitcoin's got serious political chops. Rocking a decentralized network, it hands power back to the masses and rocks the boat. Imagine a cyber Robin Hood, lifting from the flush (hey there, banks) and bestowing upon us peons.

Plus, the pure glee of Bitcoin action? Like unearthing a secret gateway to a parallel dimension. Barter goods and services sans age-old obstacles and fees. A mystical utopia where unicorns frolic and cash blossoms on timber.

Tired of the same financial shenanigans? Suit up, and boogie down at the Bitcoin bash. We might be rough and tumble, but we're all heart, and we're here to shake the foundations.

How is this even a question? It’s so obvious that Bitcoin is the bigger guy, Paypal is centralised while Bitcoin is completely Decentralised which are based on Blockchain technology and I trust Blockchain technology over PKI technology used in SSL/TLS which are vulnerable to cyberattacks, With that being said I’m not saying I’m not using PayPal because obviously I use PayPal but it’s more obvious that who the “bigger guy” is.

Bitcoin is a good example of modern data storing technology technology. All the financial structures in the world experience problems with avoiding mess in information processing, and blockchain, along with decentralisation, are possible ways to solve such problems. The problem of bitcoin as a currency is that it still has weak psychological acceptance in most societies throughout the the world. This drawback of BTC is beneficial for fiat money controlling structures (tycoons, governments, banks, IT-companies): they compete with BTC and make attempts to improve their own financial data storing technologies.

From the current condition, it is actually not important who is the big man there but whether or not it benefits us with what we are currently doing.
Both clearly have different goals and in my opinion cannot be equated between one and the other because indeed from the goal alone it is already different logically there will be no comparison for something that is not the same as this.
They have their own advantages and disadvantages besides that they also have their own era.
Paypal is still pretty good but of course bitcoin is more above now different maybe from a few years earlier when paypal was above and bitcoin which is still below in terms of popularity.

Now bitcoin is excellent and believe it or not it is likely that something like this will not be replaced by paypal or anything else in the next few years.

Bitcoin can be applied to e-commerce, actually.
I have seen jewellery shops which also take Bitcoin and others altcoins in exchange for their products. The thing is that Paypal sucks for many people who live in unsupported territories and do not have access to regular banking, credit cards and identity documents, my country is an example of it.

Bitcoin could also be approached because some people may like to have power on the fees they pay to the network, instead being taxed by Paypal in an aggressive manner, with decentralized systems we can balance the urgency of our money transfers with the money we are comfortable paying for the transference itself. 

PayPal and Bitcoin are two different payment systems with different features and use cases. PayPal is a centralized payment system. Bitcoin, on the other hand, is a decentralized digital currency. In terms of market cap, Bitcoin is currently the bigger player, with a market capitalization of over $1 trillion as of April 2023. PayPal's market cap is around $300 billion. However, this comparison is not entirely accurate because, as mention above, Bitcoin is a cryptocurrency while PayPal is a payment processor. The choice between using PayPal or Bitcoin depends on the specific use case. PayPal is more widely accepted and easier to use for online transactions, while Bitcoin offers more privacy and security for those who value those features.

Paypal is a money remittance system. Bitcoin is a whole and bona fide currency with its own economy, trade, supply and circulation. Don't misconstrue them for being similar just because you could send money with both.

With Paypal, you don't need to convert your money into a different currency to transfer it to someone. It's a straightforward process, and your recipient's gonna get their money in a day or two depending on bank schedules and whatever scheduling Paypal follows when sending money.

With bitcoin, the same could be said, although you have to convert the money you'd like to transfer into corresponding amounts in bitcoin, and only from there will you be able to send it to your recipient, who also has to convert it back to USD or whichever currency they'd like to be able to use them.

Furthermore, bitcoin is tradeable, money from Paypal is not. You can swap it for different currencies yes, but what it only does is convert you money, therefore not yielding you any profits. It's a different story with bitcoin, wherein trades made with it could yield you profits.

By now, the OP should realize that bitcoin is significantly more powerful than PayPal. Their comparison goes beyond the complication of not knowing who the big guy is. Bitcoin offers many more advantages than PayPal, one of which being the security and ability of bitcoin to function in a decentralised form free of government laws.

Bitcoin is easily adaptable and accessible for cross-border payments, but PayPal is only available in some parts of the world. In a few years, bitcoin will be universal, surpassing PayPal in terms of trust and ease of use worldwide. Let’s just watch out the space soon.

Apples and oranges. Bitcoin is a currency, first and foremost. Would you compare PayPal with Japanese Yen? Secondly, define "Big Guy". The one that's worth the most? The one with the biggest volume?

All in all, they are quite the opposite. Bitcoin is censorship-resistant. Paypal is not. Bitcoin is decentralized. Paypal isn't. Bitcoin charges less than Paypal does overseas. Bitcoin transactions are irreversible. Paypal's, nope. And last but not least, Bitcoin comes with some decent levels of anonymity. Paypal? Haha.

Paypal was up and running years ago, whereas Bitcoin just got going. Of course, Paypal is a big company, but that won't stop Bitcoin from becoming as big as Paypal. We will see Bitcoin surpass Paypal one day, and at the moment, the process is still going well.

But you have to distinguish between Paypal and Bitcoin where Paypal is like your bank account in the real world, and Paypal can help you buy things from the internet. Even though Bitcoin can be used to buy goods from the internet, it still takes time for it to be accepted by all countries. Bitcoin will be big in the future, and we will see it soon.

Paypal is good and fast, but why many people don't like using the payment method is because of the charge back feature. Many people didn't understand how it was being operated. The chances of winning the case is higher for the buyer over the seller, except the seller provides much evidence. Additionally, at the course of that, the seller's account can be suspended if their services or business boycotts the term and conditions of paypal. Consequently, internet marketers learnt to use paypal despite its numerous rules, until bitcoin was birthed. It took years before many Internet marketers started migrating from paypal to bitcoin despite its no reversal risks. Paypal as a centralized payment system, Elon musk, when he was in-charge, was blamed for all the money seized by Paypal unlike bitcoin, I've never seen anybody blame Satoshi over any dispute they've faced in the bitcoin network or market. Power of being decentralized, which has kept Bitcoin atop of Paypal in the online money game. Paypal is about 10 years older than bitcoin, but bitcoin has surpassed it and now compared amongst Gold and Fiat, argued over when it'll take over fiat. Bitcoin has generated wealth for many people and made lots of men rich unlike paypal that ended many businesses due their strict rules and money seizure policy. In your terms, bitcoin is the big guy.

There's no amount of big content you could published about PayPal that makes it more preferred to bitcoin despite they both have a unique application and acceptance in making payments, you will have to first consider PayPal as a centralized gateway while bitcoin a decentralized network which are two different entire entity, bitcoin is a digital currency on blockchain while it can still be used as an asset for a store of value, PayPal cones in with it's own dimensions offering a secured payment services for fiat currency and not a currency itself.

I remember getting my first PayPal account in 2019, it took me this long because it was not supported in my country, and people who used VPN to bypass the restriction got dealt with later, they seized all their money and that's it.

After getting my Paypal account in 2019 I was so excited to use Paypal to make some purchases online but today it's not important to me anymore, I hardly even use the service again because there are many problems affecting Paypal, this shouldn't be compared to Bitcoin in any way, I now use Bitcoin to make purchases online and I never had any issues with payment so far.

PayPal has high charges and they sometimes remove money from my account without having any auto payment active, Paypal is an example of why centralized payment sucks so much.

Deciding between Bitcoin and PayPal really comes down to what you're looking for in a payment system. If you're all about that decentralized life and you want to keep your transactions anonymous and fees low, then Bitcoin is the way to go. For a ecommerce business I would always prefer Paypal.

The difference between PayPal and Bitcoin is quite clear. While the former stands as a banking system that most companies use, it is restricted to most nations like Nigeria. Bitcoin on the other hand isn't country restricted and can stand as a payment option during commerce and trade.
PayPal is also stable compared to Bitcoin which is affected by market fluctuations of price.
PayPal is a centralized system which can effect users funds by freezing or performing some restricted services on it. Bitcoin is decentralized and is more or less controlled by its user.
PayPal can sell Bitcoin but with tax inclusivity, while Bitcoin offers P2P with just a click away.
One most important difference is that Bitcoin is money. It is and can be adopted as a legal tender by a country, whereas PayPal is more of a payment platform and cannot be a legal tender or be used in place of money for transactions.
Bitcoin is the big guy here, because it can absorb and perform many of the function that PayPal is meant for.

It's a lame comparison, paypal is just a company that provides services to its users, while bitcoin is a new monetary system, a superior asset to gold and fiat. Bitcoin is much bigger than paypal so it can't be compared. I even think that once bitcoin becomes popular, companies like paypal will soon disappear.

I'm not sure where the comparison are of there are comparisons, two different entities as obviously, Paypal is very centralized and is a public company. Maybe both can be used as a payment system though, but bitcoin offers more flexibility as we have total control of our wallet, and we can set our own fees if we do our transactions.

And there was one time that Paypal is against bitcoin until they change their tune.

So in any case, I will still stick with bitcoin whenever I can specially if I will do some payments. Paypal is just another option for us.

Both have their benefits and drawbacks, I personally still say Bitcoin is better than PayPal. PayPal has the advantage of being a centralized company that can provide stronger customer support and security. However, PayPal can also be blocked by governments or restricted by law. Meanwhile, Bitcoin has the advantage of being decentralized, meaning it is not controlled by one party. However, Bitcoin also has drawbacks such as high price volatility and higher security risks if someone does not hold their private key securely.

So, For me it's not a matter of who is the bigger figure behind the two technologies, but a matter of how the technology can be used to meet your needs. PayPal and Bitcoin can both be used for online payments, but each has different characteristics.

if you compare it in the past, maybe many people will say that paypal is bigger than bitcoin, but it's different for now, bitcoin is much bigger than paypal and its adoption will continue to grow. Even to be able to compete with bitcoin, paypal must monopolize the market and provide innovation that is far better than bitcoin and that certainly will not be possible for paypal to do.

I was a long-time user of Paypal, For almost 7 years I was restricted 3 times not because of my fault but because of projects and individuals I transacted, they are (Paypal) hard to deal with you need to submit all the requirements and you even need to call them for an interview and it will take several weeks to two months to get access to your funds, all Paypal users can relate to my story

The big breather for buyers and sellers is the discovery of Bitcoin, after I discovered and first made my first transaction on Bitcoin that's the time I dumped Paypal, so when it comes to comparison, on stats, volume, popularity, and adoption, Bitcoin has a big edge and considered a Big Guy.

I'm sure everyone will agree.

Being regulated and relying on the banking system, etc. are the secondary disadvantages of PayPal while the main and biggest reason why PayPal fails is that it is centralized. That means THEY control YOUR money fully and can decide to do with it whatever they want. Whether it is to use it in another market or to freeze (steal) it.
That is one of many things that bitcoin solves. Bitcoin cuts any third parties hands that used to be in your pocket and gives you back full control over your own money.

Against a service provider and a currency, Bitcoin is for me 10 times bigger than Paypal, Paypal is only a regulated company and there are countries that they cannot serve because of restrictions, while Bitcoin is a currency fully adopted by so many countries already, and in fact, Paypal already supported Bitcoin,  in terms of adoption, volume, and number of users Bitcoin is the big guy.
People are choosing Bitcoin over Paypal because of the too many requirements.
And besides, there are a lot of complaints against Paypal, while Bitcoin has established its reputation not only for peer-to-peer transactions but for investors as well.

PayPal offers a service, bitcoin is a currency. They made have some similar benefits that they offer to some customers, but they are not the same. IMO bitcoin is the bigger guy if you choose to compare these two that you should not be comparing on a regular day.

Bitcoin is the bigger guy because the benefits it offers overshadows and make any benefit that PayPal offers to be like Childs play. In terms of transactional reach, bitcoin can be sent to any part of the world unlike PayPal that has some restrictions. It terms of anonymity, you cannot also compare. PayPal does not offer anonymity.

Paypal to me is dated tech, I dunno how to convey exactly what I mean but it just feels like AOL internet to me. I think it’s peaked & will soon be surplus.

The fees on Paypal are insane, all the verification & ID docs required once you hit a certain limit on there are ridiculous.

There are far better ways to send money before you even get to bitcoin but once you do you’ll never use Paypal again if you can help it. Bitcoin bests Paypal in all ways.

What do you mean big guy like their value or service? Because these two you've mentioned is too different. PayPal is a transactions where controlled by it's owner since it's a centralized system. There's transactions that you could use in PayPal for your convenience of course the fee. While for Bitcoin from the word 'coin" is a digital currency and it's value are volatile. Transactions are also involved in Bitcoin like trading, investing and etc. Both are present when it comes to money but the two is different to each other one is a transactions system and one is a currency.

I was trying to make an input in the conversation. 
My answer was triple smaller though. 

What is with these all knowing super-newbies? Is AI taking over bitcointalk?  iBaba has only 2 posts and creates a big wall article thread and then the other dude zezaiement comes up with a very detailed mega answer. Something is fishy here.

Anyway..

PayPal is a company and it is centralized. Bitcoin is a commodity/payment system and it is decentralized. It is pretty clear who is the big guy here. Tldr; You can kill paypal, you cannot kill btc.

PayPal and Bitcoin are two very different technologies that serve different purposes, so it's not really a matter of one being the "big guy" over the other. Let me explain:

PayPal is a centralized online payment system that allows individuals and businesses to send and receive money electronically. It operates within the traditional financial system and requires users to link their bank account or credit card to their PayPal account. PayPal processes transactions in fiat currencies, such as USD, EUR, and GBP, and charges fees for its services.

Bitcoin, on the other hand, is a decentralized digital currency that operates on a peer-to-peer network called the blockchain. It is not controlled by any central authority and allows users to send and receive payments directly without the need for intermediaries like PayPal. Bitcoin transactions are processed in a decentralized way, which means that no single entity has control over the network, and fees are typically much lower than those charged by traditional payment processors.

While PayPal and Bitcoin may both be used for online payments, they are fundamentally different in their structure and purpose. PayPal is more established and widely used for traditional e-commerce transactions, whereas Bitcoin is often used as an alternative to fiat currencies and is more popular for transactions that require anonymity or privacy.

So, it's not a matter of who is the "big guy," but rather which technology is better suited for your specific needs and use cases.

If the same question was asked few years back, the answer would be paypal as ppl trusted it more. (although logically speaking, bitcoin was always better than paypal)
But now everything's changed, paypal went to dust and bitcoin took the throne. Most of us now don't even like to use paypal as a payment method to buy btc.

Can't say that the core creators were selfish, but things changed with time. Initially, paypal was leading company in the finance sector

Paypal is nothing compared to Bitcoin, it's just like comparing death to a mere sickness. Paypal, a centralised system was created by selfish individuals, and it's clear that they use their dominance to scheme and scam people having enforced high charges on them, and still cause a huge disparity among people of the world which I don't see as fair and funny. Paypal has acted so irresponsibly, you can be aware of this if you are reading cases online, and now, they are integrating with Bitcoin, so Bitcoin is their boss incomparably.

Besides, fairness (irrespective of the person or country), privacy, decentralization, and hacking-proof are all part of the advantage of the Bitcoin network over the overbearing and centralised system called Paypal.

Unlike in the past, the world of technology has witnessed substantial progress in a short period of time with so many advancements in the ease of human activities via the internet space, with FINTECH - Financial Technology being a prime example. Financial institutions, for example, have generated several opportunities for individuals, particularly in the ease of doing business, through the usage of the internet.

Buying and selling goods and services for business has expanded dramatically and broken down many barriers with thanks to the time-saving web surfing. This has given companies and individuals who run online businesses the luxury of time and freedom to make many choices on the products and services they intend to sell and buy and to make a purchase.

Everything I just said above seems amazing and cool, right? Nonetheless, I can confidently state that more than half of online business owners and the clientele have experienced a lack of trust when it comes to conducting transactions and payments for the products and merchandise they order on the internet. This is the most critical component of any business, and it is always at the bottom of all business funnels.

For business owners, there are a range of payment gateway options to choose from for their transactions, while clients face the same trust difficulties in deciding which platform to use.

For example, PayPal is a well-known American company that primarily focuses on online payments and money transfers. It operates an open and secure payment platform through which businesses can conduct transactions with their customers online via mobile devices and stores using traditional banking currencies as the medium of exchange, such as dollars, euros, and pounds, amongst others.

Whereas, Bitcoin is a novel network alternative that enables the creation of autonomous online payment systems through the control of digital money around the world. Bitcoin operates on a peer-to-peer infrastructure, allowing for quick and frictionless transactions. Bitcoin is known as the first cryptocurrency that was utilized by people regardless of their geolocations or income levels, and it has gone on to provide merchants with a low degree of risk, high level of transparency, security, control, and payment independence.

The main disadvantage I see in PayPal is that it is regulated by the traditional banking system, as transactions are totally dependent on the international market and world banking system, which are controlled by governments for or against the wishes of the people. When there is a crash in the international market, PayPal and other payment gateways take a direct hit.

Another downside of platforms such as PayPal is the existing high fees for chargebacks, the absence of security protection, the loss of anonymity due to its connection to bank accounts, and the inability to function in certain parts of the world. Consider Nigeria, the Giant of Africa, where hundreds of thousands of international/online transactions occur, but big companies like PayPal are unable to fully operate there, causing a serious setback to financial institutions with over 200 million people and at least 100 million bank users.

This is not the case with Bitcoin due to its autonomous market and the emergence of new currency; cryptocurrencies. Has given Bitcoin an advantage over other major financial institutions in the fintech industry. Another benefit of Bitcoin is complete sovereignty over the digital currency, which has resulted in low to no cost for international transactions, innovations and new ways to business development, identity security, and, ultimately, no government affiliation.

Many companies that formerly used PayPal as a payment option have begun to use Bitcoin to offer their goods and services. Microsoft is an example of a company that has placed their trust in the use of Bitcoin. They have made it possible for their customers to purchase content using Bitcoin services. Tesla is another big company that sells automobiles. They have recently used Bitcoin as another method of making purchases and establishing a new payment system.

My conclusion is that Bitcoin has increased confidence by breaking down a huge barrier in the financial industry and giving the world more opportunities to control their businesses over the internet, and we must continue to have critical discussions about things that will increase people's confidence on Bitcoin as the 'Big Guy' in the Fintech industry right now.

All thanks to Sir Satoshi Nakamoto!