Bitcoin vs Paypal
Today I just found out this website: http://www.paypalsucks.com/ defined as “the world’s largest eBay and PayPal consumer gripe site network!“!
It’s a collection of stories about account locked, high fees, payment delayed, customer service complaints and much more.
10 reason why Bitcoin currency is much better than Paypal system – Bitcoin vs Paypal
- Fee – Paypal fee are about 3%, but there are case with fee up to 15%! On the other hand, Bitcoin could be zero-fee (lightening network), but a minimum fee is required in order to include the transaction in the next block. With Bitcoin, the amount of the transaction is not relevant: if you send 1 cent or 1 billion’s, the transactions fee is the same (https://bitcoinfees.21.co/).
- Decentralized – Bitcoin is a decentralized crypto currency. You have everything under your control, there is no bank or entity with the control of the network. Bitcoin made real an automated payment process which doesn’t require you to trust anyone.
- Open source – Bitcoin is open source. Do I need to say something else?
- Full control – You are the only owner of your founds, you are your own bank. With PayPal account, users are at mercy of the service providers.
- Privacy – One main feature of Bitcoin is focused on security. With bitcoin you are anonymous, you don’t need to verify your account by linking it to your bank account, you don’t need to send personal information. You just need to keep in mind your private key!
- Versatile – With paypal or other payment system, for example HCE (Host card emulation), you need an internet connection, a smartphone, a credit card etc. With bitcoin you can send transaction offline, via SMS, via mail or even via the indestructible Nokia 3210! This is an innovation and could help people in developing country with lack of infrastructure.
- No chargeback – With Bitcoin, once a transaction is sent and confirmed, cannot be reversed. If you want your money (BTC) back, you need to ask the output of the transaction (if you know him) to create and sent a new transaction. With paypal, the chargeback is a daily “Feature”, lot of Merchant gone in trouble due to bad consumer that take advantage of chargeback feature.
- Accessible – What if you haven’t a bank account, but you keep your money under your bed? You can’t use paypal! With Bitcoin, you only need to remember your private key! Bitcoin is fully accessible all over the world, there are no country that can “ban” bitcoin usage and spread!
- Global – Bitcoin is available all over the world. Paypal is banned on some country. What else?
- Asset – Bitcoin is a powerful asset. If you had purchased 1 BTC one year ago, now you almost have 5-10 times the amount in dollar. It’s an investment. Buy it 🙂
Bitcoin vs Paypal 10 – 0!
