For a long time, PayPal was known as the go-to online transaction platform of choice. This is especially when it comes to enjoying safe, quick and anonymous money transfers.Here you can also find how to get an anonymous PayPal account (legally).
But, ever since Bitcoin started to become popular, PayPal seems ancient in comparison. It doesn’t help that PayPal has been attracting a lot of attention lately for reasons that it shouldn’t.
In fact, there’s an increasing number of complaints from users who are unhappy with the platform’s performance. It’s gotten to the point that users have built a website called www.paypalsucks.com/. Anyone can visit to complain and share horrific experiences from using PayPal.
Some of the most common complaints that people have against PayPal include frozen accounts, delayed payments, and exorbitant fees. Even the CEO of eBay and PayPal has confirmed that they’re working on a strategy to incorporate digital currencies into PayPal in the near future. But, it seems like the company will have to move fast if they’re to keep up with the rapidly changing world of anonymous money transfer.
However, when comparing Bitcoin vs. PayPal, it’s worth noting here that digital currencies are not a perfect solution. As an evolving and relatively new technology, there’s a lot of room for improvement. There’s no shortage of cases which show the potential dangers of digital currency transactions.
Bitcoin vs. PayPal
But, the question remains; how reliable are digital currencies in comparison to PayPal when it comes to anonymous money transfer? Read on to find out the benefits of each option based on relevant criteria.
1. Decentralization
Bitcoin operates according to a decentralized framework which means that it’s not controlled or monitored by a single entity. This makes digital currencies much safer and more reliable because they minimize the risk of a single point of failure.
The problem with a centrally controlled system like PayPal is that one mistake can cost the platform and its customers millions of dollars. They’re also more susceptible to cyber-attacks which is an occurrence that happens regularly with major and minor banks.
A good example of this is the Mt. Gox disaster which shows that there’s no contest when it comes to Bitcoin vs. PayPal in terms of overall control.
2. Community Support
How does Bitcoin vs. PayPal fare in terms of community support? In simple terms, Bitcoin functions like an app that’s part of the overall Bitcoin network. This means it’s malleable and easier to improve and develop in line with consumer needs and preferences.
PayPal, on the other hand, operates according to a very limited framework in comparison. Although PayPal is capable of making changes to improve the platform performance and user experience, it cannot do so at the same rate and speed as digital currencies.
That’s because PayPal only has a few programmers to work with. On the other hand, Bitcoin and other digital currencies are backed by a team of developers from all over the world, who work around the clock.
The differences in innovation and agility between both approaches will only become more obvious in years to come as the network effect and Metcalfe’s law will show the increase in value of Bitcoin over time.
3. Freedom
How does the Bitcoin vs. PayPal comparison fare with regards to freedom? Well, Bitcoin is well-known for its ability to provide users with the ultimate freedom to make international transactions unencumbered.
You don’t need to have a bank account in order to use Bitcoin, whereas you need one for PayPal.
Digital currencies like Bitcoin are providing an alternative for people who can’t afford to maintain a bank account to participate in the global economy while enjoying anonymous money transfers.
4. Privacy
Bitcoin users know that digital currencies are not anonymous, but they do offer a level of pseudo-anonymity for users that don’t want their business out there.
There are methods of anonymous money transfer you can apply to hide your transactions and cover your tracks so that no-one can see how much you have in your digital wallet. These features aren’t fully developed yet but developers are working tirelessly to make them more user-friendly.
A centralized system like PayPal cannot achieve this level of user-friendly privacy. This is especially true for international transactions that require the user to provide information on the origins and intended use of the money. It’s actually quite annoying.
Final Thoughts
Bitcoin has been around for over a decade now, and in that time the digital currency has made a name for itself as the future of money.
When comparing Bitcoin vs. PayPal, the former wins out every time as cutting-edge, easy to use, safe and reliable. It’s pretty much the best way to transact if you want to enjoy anonymous money transfer and affordable global transactions.
There are many merits that come with using Bitcoin, like enjoying fast and reliable transactions, as well as anonymity.
Part of what makes Bitcoin ideal for anonymity is that it doesn’t record credentials on money transfer and other transaction records. Only the hash value is logged and documented in the blockchain network.
Which one would you pick between these two alternatives? Please write your top pick in the comments. Thank you!
