PayPal aims to make digital transactions easy, fast and secure. Although PayPal has gained a lot of acceptance in the mainstream world, people in the cryptocurrency scene are generally not the biggest fans of paypal - and that's because cryptocurrency is basically the next-generation paypal.
Cryptocurrency is also fast, but it's much more secure and offers only very minimal transaction fees.
Now, Bitcoin has just surpassed an important milestone:
Bitcoin's market cap has just surpassed $70 Billion - It has now overtaken PayPal's market cap!
As you can see from the pictures below, PayPal's market cap is valued at 70.18 billion, while Bitcoin's market cap is now at 72 billion.
The real "Flippening" ?
A few months ago, the cryptocurrency world was eagerly awaiting "the flippening" - the moment when Ethereum's market cap would surpass that of Bitcoin.
This would mean that Ethereum would have replaced the original cryptocurrency Bitcoin as the most valuable diigital currency - for the first time ever.
But that didn't happen, and Bitcoin significantly separated itself from Ethereum's market cap after it started to surge in march 2017.
Now, people are calling Bitcoin overtaking PayPal's market cap the "real flippening".
It represents that cryptocurrency has finally achieved a certain level of mass adaptation, and that it was able to overtake its "rival" PayPal, who has always been very adamant about not supporting Bitcoin.
PayPal market cap = half of the whole cryptocurrency market
Bitcoin still remains dominant in the cryptocurrency market, meaning that it is accountable for over 50% of the total cryptocurrency market cap. In return, this means that PayPal's market cap is actually only half as much as the whole cryptocurrency market cap combined!
But still, Bitcoin hasn't surpassed PayPal completely...
Although Bitcoin's total value might have surpassed that of PayPal, the cryptocurrency world still lacks usability. It is still way too difficult and complicated to actually use your crytpo assets as real world payments.
While the bitcoin network has managed about 47 million transactions in the first 2 quarters of the year (260,000 transactions per day). PayPal fielded about 3.5 billion transactions during the same time span - almost 100 times as many.
Cryptocurrency is "fulfilling PayPal's original vision"
David Sacks has been COO of PayPal 15 years ago and has since been an influential Silicon Valley investor.
In a recent Interview with CNBC, he stated that cryptocurrencies are now fulfilling the original vision that PayPal had when the service established in the 1990's.
“For those of us who lived through the dot-com era, this feels reminiscent. You have some of the same speculative excess and random enrichment. But you can also feel that something revolutionary is happening. Money is being made programmable. That's a fundamental change with implications we can still barely see.”
"Bitcoin is fulfilling PayPal's original vision to create "the new world currency."
A payment is just a credit to one account and a debit to another. That's a database entry. We believed that, if we could get enough people to participate, money would never need to leave the system. PayPal could become the database of money.
We added features like interest and debit cards so you'd never have to withdraw funds to the legacy banking system. When we got acquired by eBay, that project kind of stopped.But cryptocurrencies like bitcoin are now fulfilling that original vision. They are doing it in a decentralized way (with a decentralized database called the blockchain) whereas PayPal tried to do it in a centralized way.
This statement is a big deal, especially since PayPal has been quite reluctant and negative about cryptocurrencies.
And now hearing that one of their original visions was to create a database of money, a system where people didn't have to rely on traditional banking systems anymore is quite interesting.
Like stated above, PayPal tried to achieve this in a centralized way, but stopped after being acquired by eBay.
Cryptocurrencies are now following through with the same objective in a decentralized way and through Blockchain Technology!
© Sirwinchester
Let's hope other coins will follow?
Pay pal is ugly site.
That's the thing though. I don't think Ethereum will ever surpass that of Bitcoin. Part of Bitcoin's value will be based on that it was the first, most popular, and technically never been hacked.
Bitcoin and blockchain technoloy will be a big success. I am sure that steem will follow and be a big success too...from the next year.
This is huge and just another milestone Bitcoin as passed, it's still early too.
Litecoin is going to do every well so I would buy some Litecoin...
I personally feel, bitcoin will be taken over by other crypt currency in the long run. The reason being bitcoin is only popular but not backed by any value add as technology. Steemit or other platforms like iota , which will add some value and good use cases, will win in the long run.
Hi paypal, BTC replaced you! They don't trust your kind of money, so as a friendly advise it's time for you to find a good coin and back it up! I suggest take a look on steem and you never regret it.
✅✅
To the step that the bitcoin goes I believe that in a future will be more commercial than the American dollar, I do not know if I am exaggerating but it is my perception ... the bitcoin is breaking down barriers enormously in the market of the cryptomonedas and it is difficult that it had to have again A strong drop as it had a few weeks ago ..
Excellent poste estimated @sirwinchester congratulations
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Hey, I was thinking about his idea:
Why cant blockchain regulary split?
Not fork. Split. Meaning all the blocks before the split will be forgotten / archived. Index of all accounts will be preserved, thats no problem because index is small compared to blockchain.
Right now BTC blockchain has terabytes and we are FAR from mass adoption. Wheres the limit of size that will become extremely hard to handle?
Maybe (probably) my thinking is flawed, but still....do you know?
I think the blockchain technology of Ethereum with smart contracts and all the possibilities associated with it will be the future.
Ultimately, bitcoin will somewhere in the series of currencies.
The original thought behind Bitcoin has fallen victim to greed and commerce!
Just like @sirwinchester says. Although this image shows few days earlier result, you can clearly see here that Bitcoin(BTC) is in first place followed by Bitcoin Cash(BCH) in third place
Nice article, Shared it here:
http://www.steemup.net/2017/08/bitcoin-surpasses-paypals-market-cap.html
Thank you.