Bitcoin vs PayPal

A Comparative Study of Bitcoin and PayPal 

There is no secret to the users of Bitcoin that the digital currency has made the PayPal’s online transaction as a little archaic comparing it to the Bitcoin. Numerous people use both PayPal and Bitcoin for their online transactions. However, the people are more satisfied with the Bitcoin. Bitcoin is the latest advancement and is more reliable than PayPal. Bitcoin has replaced the PayPal to a great extent. Comparing these two, Bitcoin certainly turns out to be a better option for online transactions of money. There are plenty of reasons why Bitcoin is a better choice than the PayPal. 

First of all, Bitcoin has a lower fee as compared to PayPal. This is the first and the major advantage of the cryptocurrencies. The enthusiasts and experts of Bitcoin have determined that. This is certainly true as the PayPal is quite notorious for imposing the great fees of the transaction on the users who are almost 3%. For example, a few users who shared their experience of using the PayPal and Bitcoin and many of them determined that Bitcoin has an edge of lower fees. PayPal charges proved to be quite higher than the charges of Bitcoin. There has been a reasonable difference among the fees of both. This is a reason that makes the Bitcoin effective than the PayPal.

The other way which proves that Bitcoin is better than PayPal is the community support. You must think of the Bitcoin as an app on the network of Bitcoin. This determines that the protocol and the supporting infrastructure must always be enhanced to become suitable for the users or the consumers. PayPal, on the other hand, was never established with such thing in mind and has a quite narrow potential field of operation. PayPal may afford to pay its programmers. However, it is still not able to innovate at the similar rates as a decentralized developers network spread around the entire world.

Considering the options available in both these networks, the Bitcoin is certainly far more optional than the PayPal. With the PayPal, the users have locked in the fiat paradigm of currency, for example, the US Dollar which would continue to lose the value with the passage of time. However, a person from Argentina can determine what capital controls may do to the economy and how the lack of viable options of currency can hijack the economy leaving the citizens scrambling for figuring out any other value store. On the other hand, Bitcoin never cares what you may think about Bitcoin. Bitcoin never forces anyone to use the service. With using the Bitcoin, every person has the choice to choose their preference coin, for example, Dogecin, and Litecoin, etc. You can also create the coin yourself in case you don’t like any of those digital coins. Bitcoin is also resilient to the outside upheavals, influences, and recessions, etc. The cryptocurrencies in general offer number of verities as far as the selection of the currency is concerned which would benefit you.

Bitcoin is a truly global network as compared to PayPal. PayPal is not available all around the world. Even though it is available in many countries, there are still exceptions. In numerous countries, PayPal services are not present. These countries include Iran, Afghanistan, Pakistan, Haiti, and North Korea, etc. However, on the other hand, Bitcoin is available all over the world. There are no exceptions of the countries to the Bitcoin. Their services are available in all the countries. This makes the Bitcoin a truly global network. Hence, the Bitcoin becomes certainly more useful and better than PayPal with services available at the global level.

Bitcoin is more versatile as well. For using the PayPal, you require an online account, or you need to have a credit card. On the other hand, for using the Bitcoin, you don’t need to have a credit card or online account. The Bitcoin can be sent through the email or using the SMS service on any smartphone. This assists the people in the developing countries as they don’t often have the online access to the accounts or don’t have the credit cards. PayPal serves only the developing countries while the Bitcoin also serves the people of developing countries. One more advantage of the Bitcoin over the PayPal is that there are no chargebacks to the Bitcoin. When the Bitcoin transaction is sent, it may not be charged back or reversed. The chargebacks often lead to particular problems for the merchants as the customer may at times take the benefit of this policy for getting the product and the money back. While the Bitcoin transaction is the final one. Hence, these reasons are enough to determine that the Bitcoin is a lot better than the PayPal. Hence, Bitcoin is a better choice as compared to the PayPal.