Why Paypal isn't safe anymore, and why cryptocurrency will take over market.steemCreated with Sketch.

in paypal •  2 years ago

We all know Paypal and the dominance they enjoy in the online payment market place today but despite this, the complaints regarding scammed and disappointed customers has dramatically been on the increase over recent years. The main reason for this is Paypal’s obvious Lack of security!
Millions of stolen accounts are sold on the black market for as low as 1$ each.
This has been going on for at least the last 5 years, with Paypal being unable or perhaps possibly indifferent to eradicating this problem.
Is it a lack of budget? A lack of knowledge perhaps ? Who really knows....?
But the most intriguing, and distasteful thing about Paypal’s way of doing business is how they reverse payments without explanation, and with no questions asked before taking action. These practices leaving innocent parties out of pocket and without reasonable redress.
Like a dictator who holds humanity by the balls, the situation above is only the tip of the iceberg.
As far as their motto (we’ve got you covered) the only one covered in Paypal is Paypal it self.
Thousand of websites pop up like mushrooms, with millions of people, submitting complaint after complaint and telling stories of how they have been scammed legitimately by Paypal.
Also noteworthy, is the fact that there are many people who avoid going to the trouble of reporting or submitting their disappointment and sad stories, either because the amounts they've lost are too low or they are too lazy to go through the procedure.
Here are a few:
http://www.paypalsucks.com/
https://www.facebook.com/NoPayPal/
https://charlesfloate.co.uk/paypal-alternatives
http://www.knaddison.com/opinions/why-i-hate-paypal-why-paypal-sucks
http://boards.straightdope.com/sdmb/showthread.php?t=700733

Some of you may wonder, so... what could Paypal do to avoid this situation?
The answer is that at least a 90% of the problem could be resolved with a two factor authenticator! A cheap and simple solution in common use today, which Paypal does not care to implement. Is this because they make their money either way, from people who do not have the resources to pursue their case legally or have incurred losses not worth the trouble of pursuing?

How cryptocurrency, will drown Paypal, in time.

People who are already familiar with crypto currency and blockchain technology know that Paypal is stuck in stone age when compared with the security level achieved for transactions using cryptocurrencies. The concept of trusted ESCROW which has been adopted by most cryptocurrency market places provides additional safety to buyers as well as sellers and I have not yet mentioned the extremely high fees that Paypal apply to all of their transactions.

Finally I want to say to all those millions of people who struggle to survive and have been wronged by Paypal, that there is a light at the end of the tunnel, what goes around comes around... YOU'LL SEE !!!
Thank you for your support and I hope you will join me and endorse cryptocurrency technology.
For the cause, all the people and a purpose, For the community!
True freedom achieved through engaging this technology for all people across the globe!

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We can only hope.

This is SOP (standard operating procedure) in banking.
It is just that with paypal making it so easy to be a seller, more people are noticing.

Look into credit cards. Credit cards are scammed, spoofed, stolen, swiped... all the time. And the person who pays for it? The retailer. Lets say you had a motorcycle dealership, and someone came in with a stolen CC and fake ID. Everything looks legit, but when it is found out, there will be a charge-back and fine. So, the retailer, who thought everything was good, is now out a motorcycle, and the money, and more money.

You see all the time about credit card and credit report protection programs. These are just bots working on a database. If the banks wanted your account to be protected, they would implement these bots themselves. If banks really wanted to protect your account, they would call and verify your person before doing anything like send a new card to a new address.

However, banks make more money on defaults then they do on loans.
You see, they make the money up out of thin air, so losing it isn't a big deal. What they need is continued cash flow. And people paying late fees, and other fees, keeps the money flowing in, while the created money stays the same. (If you pay off your CC, the money disappears; they hate that)

Everyone pays an estimated 10-15% extra for everything because banks are lazy.

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banks are lazy? banks are crooks ! even stones know that.