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The Difference Between Transacting with PayPal and Cryptocurrencies

Crypto 2019/12/02 17:53 by Michael Grub
TheMerkle_Paypal Horror Stories

Every year, there are billions of transactions that are made online. The rise of e-commerce is just really pushing for more transactions to be made online. Because of this, many businesses are figuring out the best and most convenient ways to make transactions.

PayPal is one of the popular digital wallets out there that are used by many. This year, there are already over 170 million active accounts on this platform. This is popular to many freelancers and business owners too.

PayPal has been around since the year 1999 but its first public offering was in 2002. As of today, PayPal already processes over 300 million USD worth of payment with over 5 million transactions each day. Many use this platform for online purchases, most especially for eBay users.

Aside from purchasing goods, PayPal users can also spend their funds on online gambling. There are now many online casinos that allow players to make a deposit using their PayPal accounts. Information about online casinos with this option can be found on CasinoGuide’s top-rated Paypal casinos list.

Many online gamblers are after secure transactions when it comes to depositing money and PayPal is usually a great choice. This is because their credit or debit card information won’t be input on the websites of online casinos.

When it comes to payment security, another way to transact online is becoming more and more popular to consumers worldwide. Cryptocurrencies like Bitcoin have been around since the early 2000s but it was just in 2017 when it became popular to many.

Bitcoin, in particular, was valued at 20,000 USD during this time and its use quickly spread. Cryptocurrencies are mainly made for online transactions to be safer, secured, and easier. Bitcoin is the most popular crypto right now, but there are still others like Ethereum, Litecoin, and Ripple.

It’s safe to say that PayPal has more users than what Bitcoin has at this point. PayPal is undoubtedly easier when it comes to usage and navigation. Handling crypto like Bitcoin will require a bit of studying and knowledge to know how everything really works.

The advantage of Bitcoin when it comes to usage is that you can make a transaction with it without going online. Bitcoin can be sent through SMS or Email with just an analog phone. PayPal, on the other hand, will really require the use of the internet.

When it comes to security, both the use of Bitcoin and PayPal are great. Both won’t require you to input your banking and personal information every time you make a transaction. Confidentiality is what both platforms are offering.

Another aspect that people look at when it comes to making online transactions is the fee or fees that they will have to pay for. In particular, Bitcoin and PayPal are almost at par when it comes to this. PayPal typically charges around 2.5 USD for transactions.

For Bitcoin, it will really depend on its current worth or value. Other cryptocurrencies, however, can be cheaper to use than Bitcoin and PayPal. It’s just really important to compare and contrast the fees before every purchase to know which one is the better option for that time.

Overall, decentralization is where the two really differ. PayPal is still centralized as payments, deposits, and withdrawals will sometimes need to get approval. This can be both an advantage and a disadvantage for its users.

There are PayPal users that complain about frozen accounts. This would sometimes happen without any notice and many are not happy about this as they would sometimes end up having debts because of this. Approvals can sometimes take more than one business day to happen and it’s simply not something that many PayPal users appreciate.

Meanwhile, Bitcoin and other cryptocurrencies are decentralized. This means that approvals are usually not necessary to make a transaction. All you need is an address to send the funds to and you’re all set. The worst problem one may encounter is to send the funds to the wrong address.
Both the usage of PayPal and crypto are becoming more and more popular nowadays. However, Bitcoin is already a bit ahead when it comes to market value. It’s already valued at $73.27 Billion while PayPal is at $70.77 Billion.

Now, despite this fact, people are still a bit hesitant about using cryptocurrencies. Even if both platforms are proven to be great ways to safely transact online, crypto can be a bit unstable at times. Bitcoin’s value alone continuously fluctuates, but PayPal will always depend on the fiat currency worldwide.

Image(s): Shutterstock.com

The post The Difference Between Transacting with PayPal and Cryptocurrencies appeared first on The Merkle Hash.

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