Bitcoin vs PayPal
Last updated: May 01, 2017
Open source P2P money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
PayPal is an international e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as cheques and money orders. PayPal is the faster, safer way to send money, make an online payment, receive money or set up a merchant account.
Latest news about Bitcoin and PayPal:
01.05.17. PayPal launched small biz toolset Business in a Box. PayPal launched a new service called Business in Box, aimed at bringing more U.S. small business owners to its payments platform. The service, which was developed in partnership with WooCommerce and Xero, offers merchants a suite of tools for running their online businesses, including an online storefront, accounting tools, the ability to apply for working capital from PayPal, and of course, support for taking payments either online or offline, via PayPal. Business in a Box is largely aimed at first-time business owners who already know what they want to sell and have a roadmap in mind, as well as at established offline businesses that want to make the move online.
18.04.17. PayPal teams up with Android Pay for mobile payments. PayPal and Google announced an effort aimed at allowing PayPal to expand its footprint both within mobile applications as well as at brick-and-mortar retailers. The partnership will see PayPal becoming available as a payment method in the Android Pay service, which will allow U.S. users to pay for things like Uber as well as at retailers like Walgreens, and restaurants like Dunkin’ Donuts and Subway. The integration in Android Pay will begin by allowing Android users to select their PayPal balance as a method of payment, but will expand to include the cards users have added to their PayPal account in the months ahead.
06.07.15. PayPal acquired international money transfer company Xoom. PayPal has acquired money transfer company Xoom for $890 million, a move that brings millions of international customers to the company. Xoom bills itself as "an international money transfer service" that allows people to send money across borders. Xoom recently expanded into China and Pakistan, and is popular in a variety of developing markets — an advantage that PayPal President Dan Schulman highlighted. The acquisition is PayPal's first major move since its announced split from eBay, a move investors had demanded. PayPal is expected to complete the separation later this year. Xoom will continue to operate as a separate company under PayPal.
12.12.14. Microsoft begins accepting Bitcoin in the Windows Store. Microsoft is now accepting Bitcoin for buying games and other digital content on its Windows, Windows Phone and Xbox platforms, and is working with payments firm Bitpay to make this happen. There are some caveats to note, however. Customers can use bitcoin to load money into a Microsoft wallet or to create digital gift cards, but direct payments with the cryptocurrency are not supported at this time. Finally, bitcoin payments appear to be limited to customers in the U.S. Microsoft is traditionally considered to be a slow moving giant with one foot stuck in the past. Accepting Bitcoin doesn’t directly correlate to its recent (and somewhat surprising) moves to make its core services like Office available on rival platforms and using premium pricing models, but the fact that it is ready to embrace an upcoming technology before many of its rivals is a sign that Microsoft’s ethos may have modernized.
01.10.14. PayPal will split from eBay in 2015. eBay and PayPal are going their separate ways, with the payments company moving out from under the eBay umbrella to form its own, publicly-traded company. The move is intended to help both businesses grow faster in their respective markets. The spin-out of PayPal is expected to be complete by the second half of 2015, provided all regulators sign-off on the agreement. Both companies will get new CEOs as part of the deal, with eBay Marketplaces President Devin Wenig taking over at eBay, and PayPal President Dan Schulman presiding at PayPal. eBay picking up PayPal was about trying to inject some energy into its instant buy, same-day delivery and curated storefront businesses, but with PayPal’s forays into mobile payments, including its Braintree acquisition and its One Touch system, the company is moving more and more towards in-person mobile transactions and away from online commerce.
24.09.14. PayPal allows merchants selling digital goods to accept Bitcoin. Earlier this month PayPal announced that its subsidiary unit, Braintree, will accept bitcoin via integration with Coinbase. And today PayPal is dipping its toes even more into the world of bitcoin. PayPal has entered into agreements with leading Bitcoin payment processors BitPay, Coinbase and GoCoin. Starting today, these agreements let PayPal digital goods merchants accept Bitcoin with a simple integration through the PayPal Payments Hub. This will be available to merchants in North America first. Though users still won’t be able to start stashing their bitcoin in their PayPal accounts, the news had an immediate impact on Bitcoin price - it now stands at around $450 - up more than 10%.
21.08.14. PayPal launches one-touch mobile checkout for apps. Last year, payment processing provider Braintree began offering a new one-touch payment service to mobile app developers that let their customers check out and pay using identity and financial credentials already stored in its Venmo wallet. Today Braintree’s new owners eBay is combining Venmo Touch technology with PayPal. So, app designers can now put a “PayPal Touch” button in their apps that will instantly authorize a mobile transaction. The idea is that you would no longer have to re-enter your credit card information at checkout or time of payment within these apps – it would be stored via the PayPal Touch service and recalled when needed.
07.08.14. Visa Exec: we could support Bitcoin payments. Visa CEO Charlie Scharf said that while the company is not currently responding to developments in the bitcoin space, it could be well positioned to do so in the future, should circumstances require. Here is what Scharf told Scharf told: "Visa is not a currency, it’s a network. We can process real or virtual currencies to the extent that it makes sense. So, [facilitating bitcoin payments] is possible but we are not thinking about it today". Scharf further explained that Visa has no interest in creating a Visa-branded digital currency, as has been suggested of some of its competitors who have sought to secure digital currency-related patent filings.
31.07.14. BitPay makes bitcoin payment processing free. BitPay, the pioneer in BitCoin payment processing is dropping the 1 percent transaction fee on all starter plans. That means merchants who sign up for the starter plan get access to the BitPay API, app and plugins for free, with no transaction costs and no limit on how many (or the amount) of transactions on the plan. The paid plans include things like 24/7 phone support, personal account managers and Quickbooks integration. BitPay's main rival, Coinbase, that processes payments for companies like Expedia and Dell, has a different pricing plan. It charges a one percent fee to cash out bitcoin to a bank account, but only after the first $1,000,000 in sales.
21.07.14. Dell becomes the largest company that accepts Bitcoin. PC maker Dell is to begin accepting payments via Bitcoin for products purchased on its website. Moreover, there would be a 10 per cent discount on certain products if purchased with the cryptocurrency. Coinbase, one of the major bitcoin payments processors, landed the business. Customers who chose bitcoin as their payment method when on Dell’s website will be sent over to Coinbase’s site to complete the purchase, a fairly common procedure. For bitcoin, it’s one of the biggest signs yet of mainstream acceptance. With nearly $57 billion in sales in 2013, Dell would be by far the largest company to take bitcoin.
17.07.14. Google and Microsoft add Bitcoin to their currency convertors. One fun Google search trick is the ability to type in “5 Euro in USD” and get an acceptably accurate currency conversion in a few seconds. Now, however, you can get your Bitcoin on by simply typing “price of bitcoin” or “X bitcoin to euro.” The feature rolled out yesterday as a reaction to Microsoft Bing’s addition of BTC pricing in that search engine. Google partnered with Coinbase to support BTC conversions. The ability to use BTC in queries follows Google Finance’s addition of a special bitcoin page on the site last June.
16.07.14. Shopify allows to accept payments in Bitcoin. Popular online store-building platform Shopify had already supported bitcoin merchant service BitPay since November, but announced today that its users could start accepting bitcoin via Coinbase, pitting the two payment processors against each other. Thus Shopify may just be stoking the flames between the two natural, but growing competitors. As Shopify acknowledged by integrating both processing companies, each have their pros and cons — and, most importantly, now businesses on Shopify have the option to choose. Bitcoin will have a hard time growing its economy if there’s a monopoly. Giving consumers a choice only helps open it up to more people. After all, a little friendly competition never hurt anyone.