PayPal and Bitcoin: Behind the scenes

PayPal and Bitcoin: Behind the scenes

Let me begin by nailing my colors firmly to the mast. I like PayPal. I know that this puts me in conflict with a lot of Bitcoin users, but there you go. Looking at PayPal and Bitcoin, both have certain advantages, and it would be difficult, if not foolish, to ignore their relative strengths. PayPal was established in 1998 in California and, in the intervening years its success demonstrates the fact that it has worked well. Last year I bought a wetsuit, from a business called "The Lime Shop" it didn't arrive, the cavalry arrived in the form of PayPal, and I got my money back. Now, PayPal....


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Quotes

The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts.

Satoshi Nakamoto, Bitcoin Developer