Bitcoin BoardSending and receiving payments online can both be done with Bitcoin or Paypal. But, that is almost the only thing they have in common. Bitcoin has a lot of advantages over Paypal, and I want to explain them to you, so you understand why using BTC has a lot more advantages over Paypal.
The first and most important advantage is that Bitcoin doesn’t charge transaction fee’s. You could send 10000$ to someone completely for free, anywhere in the world. Paypal would take a %1.5 cut, so only $9850 would arrive to the person you send the money to. This means that paypal earns $150 over your transaction, which is ridiculous.
The second advantage that Bitcoin has over Paypal, is that Bitcoin can be used anywhere in the world. Since 2010 Paypal has blocked its use in certain country’s like India for example. This means that people in India can not use a Paypal account, and therefore are locked out of purchasing things on the most popular webshops. Luckily, Bitcoin does not have any country restrictions. You can send and receive BTC payments from all over the world no matter what. More and more webshops & retail stores start accepting BTC on a daily basis.
Then we arrive to the point of security. Bitcoin doesn’t have a database or accounts that can be hacked. The blockchain can’t be fooled, and it can’t contain a backdoor, as it is publicly visible for anyone on Github. Your wallet can be backed-up and secured with an encrypted password, to add an extra layer of security. Alternatively you can use a Paper or Cold wallet to secure your coins even more. There are also more secure wallets like Trezor coming out very soon. Setting up your own Bitcoin wallet is easier then ever, and there are no more excuses to buy some Bitcoins. If you don’t want to store a wallet on your computer, you can go with an online wallet. We can highly recommend Coinbase. You can easily add your bank account to your Coinbase account to buy and sell Bitcoins instantly from all over the world. Coinbase also makes it very easy for merchants to accept Bitcoins in their webshop or physical store.
The thing that people hate Paypal for most of the times is their sudden limiting of Accounts and freezing your money for 180 days. If you receive or send more then $100 in a week with Paypal, chances of getting limited are very high. After you have been limited you need to give your personal info, Passport, social security number and other private details. With Bitcoin this would never happen, and you would be ensured to stay anonymous. There is no-one that can limit your BTC wallet, and nobody would ask for an ID or SSN.
As you can see, Bitcoin has clearly won this battle against Paypal. In the oncoming years you will see people switching to BTC on a daily basis, and it will be the most used payment option in the world, mark my words.
