PayPal was an innovator in digital payment services but as they introduce a new, costlier fee structure more people may find using Bitcoin and cryptocurrencies an easier, cheaper alternative.
PayPal is actually a name recognized worldwide like a merchant payment program that has been allowing visitors to transfer money digitally ata lower rate than banks or Western Union design companies for twenty years. However, because they implement new base fees using cryptocurrency gets the obvious better choice.
The company has announced that the new fee structure which includes $4.99 for shipping any amount out of the U.S. Increase to this an additional 2.9% if the transaction will be partially made out of a credit or debit card and another 2.5% margin to the wholesale forex speed raet Paypal gets from banks and users may end up asking themselves on where is their money obviously going.
One Paypal user posted an announcement on Reddit showing 17 Euros in fees deducted from 60 Euros worth of earnings using Ebay, which needless to say owns PayPal.
Many won’t tolerate fees at the speed and with the possibilities using cryptocurrency provides, users may start abandoning their PayPal accounts as a way to save money and speed up transfer times.
Sending money with PayPal takes 3-5 business days, add to that bank processing time and it can take 5-7 business days. It doesn’t actually take that much time to make the digital transfer but both PayPal and the banks that handle the transactions make interest on money as they process it, so holding on to it is in their interest. Because of its decentralized structure and that nobody profits from slowing the transaction down, Bitcoin and it’s ilk can be transferred around the world in minutes or even seconds in some cases.
John Donahoe, CEO of Ebay (PayPal) has established that Paypal is obsolete as well as said publicly they might need to integrate digital monies sometime in the near future.
