As our lives get more and more digitized, “To PayPal or To Bitcoin?” becomes the ultimate question.
Although the online payment processor PayPal remains to be the king of online payment methods today, cryptocurrencies like Bitcoin are stepping in with awesome advantages to change up the game. At this point, it is possible for Bitcoin to become the payment method of choice by a majority of merchants and consumers. However, they have quite a way to go.
Here is a one-on-one comparison of some of the basic features that both PayPal and Bitcoin have to offer their users:
Safety and security
Experts have tested both payment platforms and so far both PayPal and Bitcoin’s security features are at par with each other. Bitcoin comes at a slight advantage because of its unique blockchain technology that makes it more difficult to tamper with.
Ease of use
PayPal has a huge lead on user-friendliness because the company has been established for years, while Bitcoin is still a fledgling company despite gaining traction throughout the early 2010s. PayPal has had the time to fine-tune its user experience over the years, but given more time, Bitcoin should be able to do the same.
Bitcoin’s peer-to-peer transaction system gets a plus point for giving the user more control of his or her transactions. PayPal followed suit with their own P2P system called PayPal.me, however, they require an additional step of confirming identities.
When it comes to a seamless implementation of a merchant’s website into the platform, both PayPal and Bitcoin have taken considerable steps into trying out a few developer kits for their merchants.
For the meantime, we cannot conclude whether or not Bitcoin will overtake PayPal.
However, today is an exciting time for change in our digital rituals, and anything can— and will— happen.