what-is-the-difference-between-bitcoin-vs-and-paypay-online-payment-methods

Bitcoin Vs Paypal

Two of the most popular mode of payment on the internet for sometime now has been Bitcoin and PayPal. PayPal came before bitcoin, but bitcoin popularity has gone viral everywhere in the world.


PayPal: It is a platform where you can manage your fund or account in dollars(USD), pay for goods, services by transferring the paypal fund to the seller paypal account without having to expose your credit card, or payment details on the seller platform.

Bitcoin: It is a digital currency also called crypto-currency that is valued or prized in dollars(USD or $). It can be used to pay for goods and services, you can store it to hold measure of value, and can be sold back to receive fiat currency like Naira, dollars, yuan etc

Topic: What is Bitcoin, Definition of Bitcoin

I will be evaluating the two mode of transaction based on the following metrics below:

1. Charges

In terms of Charges or transaction fees, bitcoin charges is far lesser compared to paypal charges. I was transferring PayPal fund of $15 and was charged $0.99 while I was sending $50 worth of bitcoin and was charged $0.11.

2. Speed of transaction

Bitcoin transaction is received and available for use within seconds or minutes while PayPal fund takes hours, days, weeks before you can have access to it. You can send btc from anywhere in the world to another receiver and is received almost immediately and can be accessed immediately and could be turned to fiat currency quickly.

3. Control

Bitcoin is decentralized, it is open-source, open to anybody to view transaction and does not have a single control while PayPal company is owned by PayPal ltd, makes all the rules, sets the fees, without any competitor to check them.

4. Security

Bitcoin is more secured than PayPal. Bitcoin uses hashing technology to secure payment, wallet address, password, account while it is very easy to hack into a paypal account via the email, password of user.

5. Strict Rules

PayPal have stricter rules compared to Bitcoin. On PayPal, you may have recieved fund but can’t have access to your fund, PayPal is not available in all countries, some countries like nigeria (as of the time of writing this) only have the send money feature enabled while receive money feature is not available. On bitcoin, anybody and everybody from any country can participate and own a bitcoin account or wallet.

 

***My overall evaluation is that: Bitcoin is better than PayPal.***

 

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