Policy Update Makes Bitcoin Cheaper and More Private Than Paypal

  • Paypal are updating their privacy policy to ban accounts that are unverified
  • For US users sending funds outside the US, a fee of $4.99 will now apply - more expensive than Bitcoin. 

Bitpal.png

One of the main issues with the adoption of cryptocurrency is the competition with existing, centralized forms of fiat services. Paypal, one of the world's leading services in that area, have announced plans that may take them out of the running.

The go-to method of eBay transacting recognize the threat of cryptocurrencies to their business, which could explain the sudden fee increase - perhaps the popular payment service is taking steps to amass funds in what may be the beginning of the end as Bitcoin and other cryptocurrencies become more widely used.

Whatever their reasoning, the changes are drastic - users in the United States will now be hit with a fee of $4.99 for sending funds internationally, plus an additional 2.9% of the transaction and an additional flat rate where the transaction is partially funded by an alternative method such as credit or debit cards.

ppfee.png

This is a massive increase in their fees and will make small transactions and microtransactions completely unviable, making feeless cryptocurrecies a more attractive option. However, feeless cryptos are of course already are more cost-effective method of transferring funds, but aren't used due to their low public profile.

Bitcoin, the cryptocurrency that everyone in the world knows about, is now a cheaper method of transferring funds with fees of approximately $0.21 at the time of writing, it's about to be more private as well.

PayPal Compromises On Privacy

Paypal are introducing new measures to prevent people with unverified addresses or even multiple addresses from using their service other than to withdraw to a linked bank account, effectively banning unverified users. 

"We’re changing the balance functionality for your PayPal account depending on whether we have been able to verify identifying information that you provide to us. If we have not verified your identifying information, a balance in your PayPal account can generally only be held in your PayPal account and transferred to a linked bank account or debit card."

PayPal

Today's announcement could be the beginning of a major shift in the usage of cryptocurrency as a mainstream form of peer-to-peer payment.

Domino’s Pizza to Give Away €100,000 in Bitcoin in France

Oli Weiss

Domino’s France is celebrating its 30th birthday by pledging to give €100,000 away in either bitcoin or euros. In order to have a chance to win, customers must register every purchase they make online and are entered into the prize draw.

The competition, which opened on the 4th of September, will present the winner with the choice of which currency to receive their payment in, thus peaking the interest of both FX and crypto-watchers who have already been speculating and the anticipated price movements in both markets.

Although the announcement has made a predictable ‘splash’, and generated a great deal of public interest, some financial commentators have already questioned the business rationale of the move.

Domino’s Pizza, which currently has a market cap of just over $10 billion, has had some operational problems in the French market.  For example, last year the Wall Street Journal reported that their vitally important online delivery scheduling algorithm repeatedly misread French language addresses, and several European franchises were discovered to be grossly underpaying staff, leading to several months of bad press that reflected in share prices.

The bitcoin giveaway competition has certainly brought a welcome distraction from these issues, and given French pizza-loving crypto investors another reason to watch the BTC price over the coming weeks.

The competition’s winner will received the bitcoin prize in its wallet by December 16 of this year.