Hashgains

Bitcoin Vs paypal

Bitcoin and PayPal, both the payment options are well known among people. Bitcoin is recognized as future currency, whereas PayPal is giant in online payment network. They both attracts international money transfers.

Bitcoin

  • Bitcoin helps in confirming or verifying the transactions at low transaction fees. This is the biggest advantage with cryptocurrencies.
  • The community support on the Bitcoin network is the more. The protocol’s supporting infrastructure and add-ons developed and improved in order to cater to the needs of users or consumers.
  • Bitcoin doesn’t force anyone and gives them freedom to choose the coin of their preference, including Dogecoin and Litecoin. Bitcoin creates endless possibilities for users or investors.
  • Bitcoin individually can store and control the money. For instance, people have great storage options, including cold storage or paper wallet in order to limit the exposure.
  • Bitcoin is the first transnational currency and can’t be controlled locally. In addition, it works as a borderless currency that supports financial monopolies.
  • With Bitcoin, whether you send 1 Billion or 1 cent, transaction fees will be same.
  • Bitcoin is decentralized cryptocurrency so there is no controlling and monitoring of network. It increases network security as there is no failure point.
  • Bitcoins can be sent through SMS or email.
  • It provides anonymity to a certain level for users, when they know how to manage the digital wallets and user-friendly too.

PayPal

  • PayPal plays a notorious role and charges high transaction fees from users of around 3%.
  • PayPal has considerably narrow potential of operation. In simple words, it can afford to pay programmers and developers; however even after that it will not be establish as decentralized developers network at same price globally.
  • With PayPal, people do not have more options and remain locked in traditional currency paradigm like US Dollar.
  • For security purposes, PayPal can freeze or seize the account.
  • Iran, North Korea, Afghanistan, and Haiti are some countries where PayPal is not available.
  • PayPal provides ‘send to family and friends’ option to its customers where they can pay the fees. However, this feature helps in cheaper transactions, but it is exclusively for US-based individuals, excluding merchants and businesses.
  • The biggest problem with PayPal is that PayPal accounts can be frozen immediately. As there is a decentralized network, this should not occur.
  • In order to make use of PayPal, one must possess a credit card and online.
  • PayPal users need to go the burdensome process in order to show that where the money is uses or came from, especially in case of international users.
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