Topic: what do you think about Bitcoin, Visa, Mastercard and Paypal (Read 1124 times)

Nice share. Assuming that one day scalability issue has been resolved and it doesn't matter whether it is a on-blockchain or off-blockchain solution, I think we are looking at limitless exponential increase where bitcoin will grab the market shares currently controlled by all these giant companies combined. It's possible and I like to keep a positive outlook.

Bitcoin is money, payment system, saving and your own bank. It is much better than fiat system.

Bitcoin is also a payment system that use bitcoin as its main currency or you can say that the blockchain is the payment system that use crypto for the payment

I don't want to give my credit card details online in case they get stolen. I'd rather use Bitcoin to pay. As more merchants start accepting Bitcoin more people could start refusing to give their credit card details. It's supposed to be secure but I keep on reading about cases of people's credit card details getting stolen and used to make purchases.

I think that bitcoin will be the future of online shopping. At this point though, I think that Visa and Mastercard are still better as more people know about them and more people use them. I think that as more people start learning about bitcoin, they will realise that it is safer and more convenient. Then they will actually start using it. 

Bitcoin is money,Pay Pal,Visa ,Master Cards are payment services
Rest i dont care,Now we have even Bitcoin Visa debit cards and everybody happy

It is a method not a processor, so no in my opinion.
Work itself into these groups and everybody wins. Match made in heaven. Can finally pay off those credit card debits.   

I like seeing the four name brands together like that in the title though it would read better in this order; PayPal MasterCard Visa Bitcoin. You put them in ascending order with the greatest one last for emphasis.
The latest and the greatest.
Now if Bitcoin had 5% of Visa's market share each one would be worth tens of thousands

Bitcoin shouldn't be compared to credit card companies because those are payment processors. They process payments which is what allows them to have super fast transactions and chargebacks and whatnot. Bitcoin should be compared to cash instead. It is in reality a digital form of cash, not a replacement to payment processors like Visa, MasterCard, and Paypal.

When you buy something with a credit card, you are buying something with other people's money. It is not money taken out of your account.

That is why it is called a "credit" card. You buy things with a loan.

This is 100% different from bitcoin purchases and you can't compare the two.

With a credit card, you can choose to pay the amount off each month and if you do, you pay no interest charges. However, you can also choose to make a partial payment and roll the amount to the next month, allowing you to pay for something over time. The interest rates are high because a lot of people just walk away without ever paying anything.

Credit card purchases also have other perks like cash back. My main credit card gives me 1.5% cash back on all my purchases.

Yes, the vendor has to charge more because they pay credit card fees but look around at prices and you will see things quoted at one price, credit card or no credit card. So, I have a choice. I can pay with cash and not get 1.5% back or I can pay with credit card and get 1.5% back.

Because a merchant has to pay fees when they accept credit cards, you would think they would prefer buyers use another payment method. Merchants will always complain about fees. I've had the terminals myself and paid all the fees. But the truth is merchants love credit cards for a number of reasons.

First, the buyers all have them. Second, buyers can purchase things with money they don't even have so they can spend more. Third, the purchase happens immediately for a buyer, they don't have to think about the payment process.

Credit cards are subject to fraud. However, a user of a credit card can dispute payments and charge backs can be done.

So many differences. But the main one is one is credit and the other isn't. It is a whole different ballgame when you are spending someone else's money. And when it comes to travel, my credit card is easy to use outside the country and has no foreign transaction fee associated with it.

paypal is not even that big, in TX volume, it was barely above bitcoin last time i've checked, we can surpass it next year if everything will go as expected

on the other hand visa and mastercard are the real opponent, and if you can beat those, bitcoin would be finally in mainstream stage

Totally agree

Bitcoin proposes a superior system that just cannot be matched by the likes of visa etc

The most important factor is bitcoins trustless nature

You simply do not have to rely on the competence (or lack of) any one individual which is something a typical centralized corporation is incapable of competing against

they have higher fees and are harder to get and sometimes they ban people and countries.

no more reasons needed to dislike them

I think same like that. I can not buy anything with my paypal balance if this things are selling out of my country. What abullshit?

Bitcoin :
- buy smartphone
- download bitcoin wallet
- buy and sell bitcoin







Credit Card OR Paypal :
- open bank account
- pay for credit card
- limited supply per day, week and month
- open paypal account
- wait 3 days (4 numbers in bank account debit)
- limited supply per day, week and month
- can be freezed at any time for any bullshit





People are not so dumb ... but it's take time.

Paypal is the worst shit that i can imagine. i hate it. hope they go bankrupt one day.

what other questions do you have  ?

Visa, Mastercard and Paypal make more sense for buyers. End of. Bitcoin is absolute joy and perfection for merchants. Unfortunately there are rather more buyers than sellers. If they can come up with something that compels customers to have a dabble they might well see the light for other areas of their lives but I've no idea what it would be.

I fully agree with your comment in that bitcoin does not need to be the new 'world currency' in order to survive and be successful. I do however think that the present limitations has to be addressed even if only 1% of the world population ends up using it. Not sure how many bitcoin users there are at present but I'm pretty sure its not anywhere close to 1% of the world population.

Expectations are that the world population will be around 11 billion by 2020 (or 2025, cannot remember now) and 1% of that is 110 million. Bitcoin will have to scale if it wants to handle transactions from those 110 million people.

In regards to Visa Card transactions. You can find the figures for Visa UK on their page at the following link http://www.visaeurope.com/newsroom/news/1-billion-visa-contactless-purchases-made-in-last-year

Quoted from the page the link points to: Visa Europe is also the largest transaction processor in Europe, responsible for processing more than 16 billion transactions annually – at a rate of 1,622 transactions per second at peak times.

Could not find any stats on Master Card.

I don't think so, I would say in the near future Bitcoin will still have no chance to displace the Visa, Mastercard or Paypal.

There are definitely room for all of them, and I would like to see Bitcoin having the biggest share of the market, but to be honest.. I cannot see it happening with the tps we have

now. Yes, we can go with side chains and off-chain 3rd parties like Xapo for micro payments, but it's not the ideal solution. We want full transparency and these side projects and

centralized services are not a good idea. The more 3rd parties we use and the more they get hacked, the more Bitcoin will get blamed. Everything should happen on the blockchain

and it should be able to handle it.