NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

PayPal Caught Overcharging Clients; Is Bitcoin Ready to Take Over?

Davit Babayan
Davit Babayan
1 year ago
3 mins read
bitcoin, paypal

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

PayPal’s community page is full of grievances about how the payment giant is ripping its clients off with incorrect exchange rates. One of the users believes the US company is probably making $100,000 every day by selling one fiat currency for another at about 3-4 percent higher prices. Like always, PayPal has no explanation to offer for those endless complaints.

The issue today passed through the nerves of a ballooning cryptocurrency community. A Redditor shared a screenshot that showed PayPal charging 0.87462 EUR for a US dollar. The same exchange rate provided by Google showed a 4 percent lesser price –  0.91 EUR a dollar. The same screenshot later made to the Twitter profile of Tony Vays, a prominent derivatives trader, who also criticized PayPal for charging its clients unfairly.

“So messed up for @PayPal to charge a 4% fee on the $EUR to $USD exchange,” wrote Vays, adding that bitcoin would eventually destroy the payment company.

So messed up for @PayPal to charge a 4% fee on the $EUR to $USD exchange. This is why #Bitcoin will destroy your business. It's on'y a matter of time: pic.twitter.com/PnSHSr9rfX

— Tone Vays (@ToneVays) September 2, 2019

Bitcoin More Expensive than PayPal

Vays’ comments follow a decade-long argument on whether or bitcoin is a PayPal-killing app. Supporters believe bitcoin is superior to PayPal because it is permissionless, i.e., users can freely send any amount of money to each other without relying on a centralized entity. Moreover, bitcoin works because its network remains independent of governments’ control, giving users direct access to their funds.

In the end, Bitcoin protects people from the abuse of centralized systems, which might include unnecessary account freezings, additional fees, financial scrutiny, and whatnot.

But that does not make bitcoin a better alternative, given the cryptocurrency, too, comes with its own set of demons. For instance, a user still needs to rely on centrally-operated exchanges to convert his/her fiat money to bitcoin. Similarly, the receiver should go through the same route when he/she wants to exchange his bitcoin funds to fiat. Unlike PayPal, bitcoin replaces one centralized controller with two, with each having its distinctive fee structure.

A study conducted by Finder.com rules out that despite its enormous exchange rates, people find PayPal more reliable than Bitcoin.  It even says that PayPal fee structure is cheaper than that of bitcoin. Excerpts from the report:

“For initial transfer fees, you’ll pay about the same amount for both PayPal and bitcoin (assuming we use Coinbase as an example). But PayPal has a slight edge. When you sell your bitcoin for fiat currency(or government-issued currency, like dollars and euros), you’ll pay another fee. Meanwhile, on PayPal, you only pay a fee when you initiate the transfer.”

Price Volatility

Another thing at which bitcoin fails is price volatility. Users involved in cryptocurrency-based remittance always need to worry about receiving lesser amounts than what their creditor sent. A $100 shipped atop a bitcoin network might become $90 by the time it reaches the receiver. Similar, it might become even a $110 bill – that is how the bitcoin price volatility affects adoption.

It is too soon to call bitcoin a payment mechanism unless it resolves some of the underlying issues to become one. True, users can still utilize the cryptocurrency for making peer-to-peer transactions, but they also need to be speculators willing to take risks on its volatility.

Till then, let the grievances inspire young entrepreneurs to bring more reasonable alternatives. Or maybe ask lawmakers to introduce global laws to monitor exchange rates.

Tweet123Share196ShareSend
Davit Babayan
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

BTC, Bitcoin

Bitcoin Near Historic Weekly Close Despite Drop – Analyst Warns Of Volatile Weekend

As the market sees a Friday retrace, Bitcoin (BTC) is attempting to reclaim a crucial area as support. An analyst...

Rubmar Garcia 3 hours ago
Giełda krypto Bitunix laptop interfejs

Giełda Bitunix integruje TradingView. Nowy lider na rynku krypto?

Rynek kryptowalut zmienia się w zawrotnym tempie. W środowisku, gdzie czas to pieniądz, niezbędna staje się platforma, która nie tylko...

News BTC 7 hours ago
Whales Are Loading Up on Chainlink (LINK), But Retail Investors Are Still Missing the Signal

Whales Are Loading Up on Chainlink (LINK), But Retail Investors Are Still Missing the Signal

Chainlink (LINK) is trading at $13.36, following a 3% drop in the past 24 hours, which places the altcoin approximately...

Samuel Edyme 7 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Solana Tests Rising Channel Support – Breakdown Could Send Price To $128.50 Level

Solana Tests Rising Channel Support – Breakdown Could Send Price To $128.50 Level

Sebastian Villafuerte 37 minutes ago

比特幣ETF年化收益超越標普500 7月最值得買入預售項目錯過升10倍肯定後悔 

Kelvin Lee 37 minutes ago
Ethereum at Risk? Whale Activity and On-Chain Signals Hint at Further Correction

Ethereum Wave Count Predicts Price Crash To $1,800 — But $6,000 Is Still In Play

Scott Matherson 2 hours ago

Premium Sponsors

Press Releases

  • XRP Bulls Are Soaring — FINDMINING Rides the Wave to...

    1 hour ago
  • $AIN Expands to 7 DEXs as AI Network Activates Omnichain AI...

    1 hour ago
  • 仮想通プレセール注目:リップルが米銀行ライセンスを申請、機関投資家の関心が急上昇中

    ...

    19 hours ago
  • 仮想通貨おすすめ:話題の新トークンがプレセール開始直後に15万ドルを調達

    ...

    19 hours ago
  • 新しい仮想通貨:ソラナ系取引ボットが話題のプレセールで150万ドル調達、次の100倍候補か?

    ...

    19 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.