The relationship between Paypal and bitcoin is definitely a shaky one. Considering that bitcoin was once considered by the media as a fancier or more techie version of Paypal, the quest for consideration to be the ultimate internet money is not at hand, but in a heated debate. Both have their own merits and flaws. Howbeit, with Paypal already established as a considerable part of themselves in a positive light, how can the masses gain the appreciation cryptocurrency needs – and deserves.
Level of Security
In terms of cyber security, we can deduce that both payment systems are vulnerable and open to penetration. Fairly recently, Paypal has patched stored XSS weaknesses with hopes of avoiding a grand compromise of highly sensitive and important details such as user accounts and transactions. Bitcoin, on the other hand, has been through a lot, trying to find a more secure way to make sure that bits aren’t easily transferred without proper and appropriate authentication. With both systems, the goal of achieving the right balance of availability, confidentiality, and integrity, is in dire need of improvement. After all, both deal with assets of perceptible value.
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Level of Innovation
Perhaps the most significant innovation in bitcoin recently lies on the establishment of the fork in order to optimise transactions. However, Paypal has announced the launch of Paypal.me, utilising peer-to-peer payments. If it sounds familiar, it’s because its service is very similar to Bitcoin wallets. The ease that the Paypal.me links bring can be attributed to the way the transactions are smoothed through the elimination of unnecessary babble between users. With bitcoin battling newly developed altcoins on a regular basis, how can the mother currency reach a state that makes it gain conventional implementation without much hassle? The answer lies on the application, whether it is used more frequently, more properly, and more relatively.
Level of Value
There is a healthy base of payment solutions offered online with Paypal being one of them. The question of value with these platforms lies on their usability, performance and retention. With bitcoin, the value relies heavily on adoption. As the users increase, so does the value. Paypal doesn’t share the same concept of acceptance. It needs to perform to a proper standard and make sure that its services are on top of those from the likes of 2Checkout, among others. In terms of value, bitcoin still remains to be more quantifiable, and therefore more assessable. This fact should encourage more usage of this cryptocurrency as the benefits of it are more transparent, and I believe to be more rewarding.