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!
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.
I am relatively new to Bitcoin, and my first day on Steem. Information like this is very exciting, and I appreciate the info!
Roses are red, steem is blue;
Paypal is dead, bitcoin we love u
;)
Your voting will force your voice to give me strength.
thanks.
wow, thats really amazing for us and frightening for paypal and others, do you think bitcoin will catch up Apple's market cap? and become 1st? because it means bitcoin price will reach around 50k
I think it could yes, but they are completely different. Apples and Oranges (Pun intended). I think Bitcoin is more like gold than these companies listed here, Gold's "market cap is closer to $7 trillion plus. I don't think Bitcoin will get that high, but I think the entire crypto space could take a significant portion of the market caps from gold, currencies, and stocks.
Great post. I agree that PayPal is one of Bitcoins main competitors that is being left in the past as they fail to adapt to the future. Bitcoin has reached this level of status with very little uptake (relatively) from online vendors. Just wait until this goes mainstream...
Yes, that is the big catch. If it catches on and goes mainstream, it's way undervalued. If the government steps in and outlaws or heavily regulates it, or something replaces it, it's way overvalued. It's one of the two. :)
It would be strange for a government to outlaw a technology. I could see them outlawing a particular crypto, but the entire space would be a big move. Particularly with big corporations starting to invest.
si yo estoy de acuerdo con todo esto gracias por compartir
A very interesting post @jrcornel, bitcoin can make a person can reach the peak of success is very good and with bitcoin people can get a bigger profit or vice versa.
PayPal is so old school now , I was tired of their regulations anyways
Rip Paypal
bitcoins is the best source in this time .
Good to know thanks for sharing .I work on poetry🌹have a look hope you like 😊
Bitcoin is only the beginning, decentralized everything is on the way with complete transparency.
The future looks bright for the common man.
The people who live in the shadows are history.
Life is Good
Yep you are right the days of Paypal are numbered due to higher fee and slow transaction,its crypto age now :)
That's right PayPal, you snooze you lose!
Great points MR. @jrcornel ;)
Amazing how our world is changing because of the blockchain. What a great time to be alive.
Paypal is on its way out as Bitcoin devours its market cap :)
it's just that government couldn't tame bitcoin yet.. but they did manage to screw PayPal and add tax to it..
Bitcoin is our freedom!!!
Very interesting to see this @jrcornel. There was a time when PayPal represented "freedom" for me, as a small online seller... the ability to market something and collect payment instantly without all the hassles and regulation that went with going to the bank and having an official "credit card processor" and all that stuff.
Yeah, PayPal has become a bit old hat now... although I still use it to process 100s of transactions through eBay.
And I guess that (or some variation thereof) has to become the next step on the way to mainstraming BTC. Can I pay for my eBay or Amazon purchase with it? Can I buy a latte at Starbucks with BTC? If we can get there... THEN we are truly talking "mainstream."
When you start working online Paypal was my means of use, to know the criptomonedas, never use paypal, even stop working with platform that pay through paypal.
Excellent work dear friend @jrcornel congratulations, thank you very much for sharing all this information.
Have a great day.
This info brings me warmth . TY for sharing it .
Just the fact that steem has zero fees and almost instant, makes it the best in my mind.
Do people remember when Paypal got mad because someone took their add and placed Bitcoin all over it?
I love the structure and Layout of your post. thx fo sh
I don't know about you guys , but from my perspective bitcoin became greedy too, especially for small transactions. Fee is not a cheap one. Steemit for the world !
In my opinion, PayPal has been on the decline for a while now. Too many competitors that are doing it either the same or better. Venmo, Chase Quickpay, and more. I think Bitcoin passing PayPayl's market cap is just another nail in the coffin. But I do think that PayPal is capable of pivoting and becoming a bigger competitor again. People trust PayPal more than Bitcoin right now.
Thanks for sharing!
Great informational post!
Paypal is (was?) kind of o a big deal. Reading things like these makes you wonder who's next in the list of industries that will be surpassed by Bitcoin.
I kind of touched on this subject in regards to Gold vs Bitcoin today, we are not there yet, but the potential is great. Take a look, let me know what you think? https://steemit.com/bitcoin/@cryptoeagle/crypto-is-siphoning-off-gold-s-market-cap-bitcoin-could-increase-50x-in-price-by-stealing-gold-s-thunder
Great post , bitcoin is not just a money , it isa lifestyle
good post
I think of steemit as being the social media platform without borders, I think it's perfect that you would call cryptocurrency the same.
Agreed! Good analogy. :)
Thanks!!
helpful and informative post
good post!!!
Yep. I think paypal is far from 'permissionless money' too. Not only are their fees ever and ever higher ... they operate some pretty fishy policies. I was penalized as a homeopath as they require me to have a medical license even though they know I'm not required to and it's not possible to get one. Even though they know the law they decided to class what I do as a medical service and veto me from charging for consultations. They had me sign an affidavit which I could sign without any trouble according to its wording and I could have carried on getting paid for homeopathic consultations if I read it literally. When I pointed this out they said even though the law doesn't require me to have a medical license and the powers that be don't consider it a medical service, they do and I must not do anything I know would go against their policies.
Meanwhile, they highjacked the funds I had in my account for a long while whilst this was all resolved.
I'm not sure why they picked me out of all the homeopaths. It has happened to a few others. I spent about a month unable to get paid, still seeing all my patients, with them swearing they'd find a way to pay me whatever it took. In the end, we have used Transferwise since. The fees are a flat $3 per transaction up to $356.
I wish I could get paid in bitcoin! My patients don't have bitcoin. The rates are so mobile too I'd not know what to charge!
Ripple is also a border-free almost tax-free payment method. Cryptos will rise, FIAT days are over!
Thanks for posting :)
Yes, they are all technically border free, well except for the countries that have outlawed them. :)
I don't see why fiat will die. They can co-exist. Cryptos will be used internationally and for payments etc. fiat for local purchases and taxes (filling up gas, buying a house, paying salaries etc.). I do agree that Cryptos will rise rise rise way beyond where they currently are. First trillion dollars is the hardest ;)
Yeah my bad, it most certainly will not disappear, but I do believe we might see a reduced use of it in favor of cryptos. I mean, why would we not? It's safer, faster and you can have or "carry" your money anywhere, no need to worry about forgetting it at home :)
I agree, that they will co-exist. I think there will always be some type of tangible currency. Of course, it should be backed with a basket of commodities and not the current toilet paper we are forced to use.