Business owners should get off PayPal and move to the blockchain
Cryptocurrency platforms offer lower fees and more convenience than their corporate competitors. That’s a boon for entrepreneurs. Do you believe that in five years every second transaction in e-commerce will be settled on blockchain? No? Well, that’s what people thought of plastic credit cards versus cash a few decades ago when it came to traditional stores. There is no doubt that Web3 will drastically transform the way e-commerce operates. Using cryptocurrency payments in e-commerce stores will become just as common as accepting PayPal, Klarna, Visa or Mastercard. Stores that don’t adapt....
Related News
Though long rumored, the news that PayPal had formally aligned its business with bitcoin dominated headlines this week due to the company's size, brand recognition and influence as an early pioneer and dominant player in online payments. For PayPal, the move comes at a time of increased competition in the web and mobile payments space, with tech giant Apple most recently entering the sector with Apple Pay. As such, there has been much speculation as to how bitcoin could play an increasing role in helping PayPal continue its market dominance while helping ease the still prevalent friction....
PayPal is known for being antagonistic towards Bitcoin. The company is known to “sever business relationships” with people who sell Bitcoin products (specifically miners) on eBay, the company that owns PayPal. It doesn’t really seem fair for PayPal to block people from selling Bitcoin mining gear. After all, Bitcoin miners are just specialised computers, and there’s nothing illegal or prohibited in eBay’s terms of service about selling computers. But since Bitcoin threaten’s PayPal’s entire business, it seems a logical (though anti-competitive) move on PayPal’s part. However, one eBay....
This past Wednesday, famed venture capitalist and founder of PayPal Peter Thiel spoke to the Booth School of Business in Illinois, Chicago. In his talk on entrepreneurship, Bitcoin, and business practices, Thiel admitted that he felt that Bitcoin is a product which was founded on the same set of ideas as PayPal; however, the two have clearly developed in completely opposite directions. Coming from the founder of PayPal, this was more than a tacit admission that each business idea has multiple paths to different types of success. Thiel continued: Bitcoin is the opposite of PayPal, in the....
The owners of WoodWallets.io, the makers of handcrafted, wood-carved bitcoin wallets, have announced that the business has suspended operations and is up for sale. The full post stressed that the owners were stepping away from the business due to unspecified personal reasons, and that they were unable to approach WoodWallets with the "same level of passion and dedication". The post recalls the origins of the project, which began one year ago after owner Nico issued a post on Reddit, before detailing how the owners want to move forward with the sale. Nico writes: "We would be more than....
PayPal revealed a series of groundbreaking partnerships earlier today when it announced a broad move to allow digital goods merchants to accept bitcoin payments via its PayPal Payments Hub service. The move has so far proved to be an expected though undeniable boon for bitcoin as it pushes toward mainstream acceptance. For example, the eBay-owned payments giant has 143 million registered users as of 2013, though only North American merchants are able to access the new payment methods. Larger effects on the ecosystem aside, the announcement is also a validation of the major bitcoin payment....