Money Without Borders
Permissionless money.
That was the goal of Paypal when it first came on the scene.
However, with fees of roughly 3% for U.S. based users and fees sometimes reaching north of 5% for international transactions, it is clear that they have failed in this regard.
You can get an estimate of the expected fees here:
This is not even taking into account the 3-5 Business Day transfer time most customers experience.
This is why Bitcoin, Steem, and many others have become so prevalent and have so much potential.
For comparison sake, as I type, I could (theoretically) send $100,000,000 USD worth of Bitcoin to anywhere in the world for likely less than a couple dollars.
And it would arrive in likely less than 20 minutes...
With Steem, I could do it even cheaper and ever faster.
As you can see there is really no comparison between Bitcoin/Steem and Paypal.
Bitcoin/Steem are what Paypal had hopes of becoming.
The reason I bring this up today is because the market cap of Bitcoin has just surpassed the market cap of publicly traded Paypal.
Bitcoin currently sits around a $74 billion dollar market cap.
Paypal is right around a $72 billion dollar market cap.
Bitcoin's market cap surpassing that of Paypal over the past couple days reflects its growing role as the best way to move money globally.
Although, if Bitcoin doesn't vastly improve it's technology from current levels it could some day see Steem (or something like it) taking it's current strangle hold on the industry.
Either way...
Sorry Paypal, but your days are numbered.
You should have bought Coinbase when you had the chance instead of just striking a small partnership with them.
Stay informed my friends!
Sources:
https://www.cnbc.com/2017/08/17/bitcoins-market-value-tops-that-of-netflix.html
Image Sources:
http://www.esquire.com/news-politics/a44782/donald-trump-the-wall/
https://www.coinbase.com/dashboard
https://www.cnbc.com/2017/08/17/bitcoins-market-value-tops-that-of-netflix.html
Follow me: @jrcornel
You know I can't even say anything intelligent or take the moral high ground when it comes to PayPal. Hate the muthafuckas and add the commission from eBay sales plus the PayPal % it's daylight robbery.
Yes it's a private company and I know we don't have to use them but that's how monopolies work!
I'll take any payment alternative, I'd even strap a dollar to a pigeons arse and send it flapping!
Paypal is all played out as is ebay. Its time for the next generations payment system, Bitcoin!
Thanks for sharing
I still appreciate PayPal for being pioneers in the field. Inventing a whole new currency isn't exactly child's play and you need someone to start, even if it isn't perfect.
Bitcoin is our freedom from the debt based currencies of this world. I am so thankful for the bitcoins arrival. We now can transact outside of the debt system.
You hit it right on the head. Take the power away from the corrupt bankers.
Yes great comparison! Another annoying thing that Payapl does a lot of is credit card charge backs (taking money out of your account) which as far as I know is not necessary or even possible on the blockchain. The only issue I see for transacting in bitcoin on a day to day basis is the great volatility of the price.
haha paypal your days are numbered!! If the old advice of "buy low sell high" than now would be a good time to buy steem with bitcoin! Who in there right mind is selling steem right now?
We are moving ever forward...and the truth will set you free!
Great post, but whats up with that wall?
I think that with the wall he is suggesting the wall Trump wants to build between the U.S. and Mexico and that the wall is representing regulation from companies like paypal only allowing you to pay who they think you can pay and that with crypto you can pay any person any amount, basically for free and nobody can do anything to stop it.
I have heard many stories about people getting blocked by paypal for providing a service that they do not feel is good for the general population or if people receive too much money paypal will lock the account to first confirm the person is not some kind of criminal.
bastards
Hahaha.. well done.. nice thing u post. I wonder what PayPal guy will said to you when read this.
You tell me about bitcoin, steem and Paypal.
I know steem and bitcoin now have many who know him, but I wonder what you mean about paypal, is paypal also a currency too? And is paypal equal to steam and bitcoin too?
Thank you @jrcornel :)
PayPal is not a cryptocurrency. PayPal is just an online wallet for USD or any other fiat currency. You can use it to pay for stuff from ecommerce sites like eBay. You can also send and receive money from person to person. The fees are what is driving people away. Bitcoin has much lower fees and is its own currency.
Thanks my friend, your answer is very good.
Essentially paypal is not a currency, but the place of exchange or buying and selling other currencies there.