Bitcoin & Cryptocurrency vs. PayPal & Other Centralized Payment Services which are scams

Bitcoin is a decentralized network, meaning no one person or an entity can control the network, the network is maintained by miners from all over the world, and this is why the popularity is so high and acceptable.

In today’s world the internet has allowed us to do business online. E-commerce is the best way to do trading from all over the world, it has become very easily to buy products from another part of the world and get it delivered to your doorstep. The traditional way of making payment using a credit card or using other e-currency has so many disadvantages, and the biggest disadvantage is that these payment systems are centralized.

One can easily get a Bitcoin wallet without the need to even use their own name; it’s just an address and password and works just like sending an e-mail. You can use a web wallet, hardware wallet or even install a simple app on your smartphone and you are ready to send money anywhere in the world using the recipient’s wallet address.

Because governments cannot control this network nor manipulate it in any way they come up with excuses saying Bitcoin is not a legal form of payment. Many governments have recognized Bitcoin and many continue to deny the power of Bitcoin. This is the IT generation, back in the early days we would use pen and paper, but now even in Primary School, kids use computer and prepare their homework using digital tools, and this same is for making payments using our computers or gadgets.

E-Currency like PayPal, PerfectMoney, Skrill, Payza etc are good form of making online payments, however these days most of them are becoming scams. PayPal and other services would lock a person’s account and they won’t be able to use their accounts anymore and lose all their money, they will come up with lots of excuses and the original owner of that money can lose his or her money and can’t even do anything about it, but when it comes to Bitcoin or any other Altcoin, such a way to steal people’s money is not possible at all. Hackers can’t hack Bitcoin itself but they can sometimes hack the exchanges, so if anyone just keeps their Bitcoin in hardware wallets, nobody can steal the money unless they have access to the wallet and also knows the password.

So many people have lost so much money by getting their accounts locked by those government recognized payment network such as PayPal that is why people who are involved in this huge digital economy are getting more and more interested using Cryptocurrency mainly Bitcoin as making payments online.

This is why governments want to shutdown Bitcoin by coming up with lots of rubbish laws. But in the end they will just fail to control a decentralized network that run globally and miners from all over the world burns their hardware and electricity to keep the network completely safe and secure from any kind of manipulation, however big whales who have lots of Bitcoin can sometime manipulate the price of these Cryptocurrency but they can’t control the security of the network. Hacking is somehow possible but still it is thousand times better than those services where the service providers will just steal your money in the name of verification, money laundering, government regulations etc.

I’m just a small online entrepreneur and before I discovered Steemit, I had very little knowledge about Cryptocurrency and have lost little money to PayPal, Payza & Payoneer in the name of verifications and government regulations. But now that I’m learning more about Decentralized Payment System, I’m confident next time I won’t get cheated or get my payment getting freeze for no good reason, despite the fact that Bitcoin’s fees are high, it’s still very secure and using P2P exchange, I can easily convert it to fiat without the need to pay any extra money except the transaction fees. That’s why I will never use those centralized payment system again, but maybe I will send or receive 10% of the total money to show it to the customs when selling or buying goods to and from a foreign country, just the needed documents and custom clearance and will send or receive 90% of the total amount in Crypto.