I think that Bitcoin will try to replace other leading online payment methods, such as PayPal. I believe this for reasons such as: security, business and privacy. With Bitcoin, all payments and transactions are secured, and there is no account to be hacked. A Bitcoin wallet is also encrypted. With PayPal, you need to put your personal information in. In addition, the company is a common target for hackers who are trying to get peoples accounts, and sending phishing emails. For business’, when selling goods or services, Bitcoin has no exchange rate from country to country and that benefits merchants when doing business. In addition, Bitcoin funds cannot be frozen, payments cannot be blocked and there are no chargebacks. Bitcoin is completely anonymous and every transaction can be seen publicly. All transactions are virtually anonymous and you do not need to tie your bank account up with your Bitcoin wallet. For PayPal, your account is directly tied toward your bank and credit cards, so if a hacker gets a hold of your account they can directly track you and find your identity. I believe that Bitcoin can become what PayPal and other payment methods currently are today and grow even larger. "I'm a big fan of Bitcoin... Regulation of money supply needs to be depoliticized."
- Al Gore (Winner of Nobel Peace prize, Former US Vice President)
"Bitcoin is a technological tour de force."
- Bill Gates (Microsoft Co-founder)
"Every informed person needs to know about Bitcoin because it might be one of the world's most important developments."
- Leon Louw (Nobel Peace prize nominee)
Can Bitcoin Replace Other Leading Digital Currency Options?
I think that Bitcoin will try to replace other leading online payment methods, such as PayPal. I believe this for reasons such as: security, business and privacy. With Bitcoin, all payments and transactions are secured, and there is no account to be hacked. A Bitcoin wallet is also encrypted. With PayPal, you need to put your personal information in. In addition, the company is a common target for hackers who are trying to get peoples accounts, and sending phishing emails. For business’, when selling goods or services, Bitcoin has no exchange rate from country to country and that benefits merchants when doing business. In addition, Bitcoin funds cannot be frozen, payments cannot be blocked and there are no chargebacks. Bitcoin is completely anonymous and every transaction can be seen publicly. All transactions are virtually anonymous and you do not need to tie your bank account up with your Bitcoin wallet. For PayPal, your account is directly tied toward your bank and credit cards, so if a hacker gets a hold of your account they can directly track you and find your identity. I believe that Bitcoin can become what PayPal and other payment methods currently are today and grow even larger.