Does PayPal have a challenger?

in #cryptocurrency6 years ago (edited)

There are no referrals for BitCash, so there is no referral link, this is purely my experience take it for what it's worth.

I've been trying out a few projects that are currently competing to dethrone PayPal. They are all interesting, but one stands out as having a good chance of doing well.

PayPal has proven time and time again that they are an evil organization that doesn't care about their sellers or buyers. Doing business using PayPal is extremely risky as they are known for freezing accounts and charities for months with little to no warning. In many cases, never returning the money or making users wait months to even a year after tens of hours of communication back and forth.

I have personally used PayPal for over 10 years as a merchant and every transaction is a risk. Even following their protocols by sending only to a confirmed address and using a signature based carrier, you are at risk of being scammed.

BitCash is a new cryptocurrency project that is hoping to release paypal's monopoly on the small business and peer to peer payment services industry.

BitCash (not to be confused with BitcoinCash) is a relatively new cryptocurrency that offers a lot of the same features of PayPal, however using the blockchain technology.


Bitcash Features

Account Nicknames

Account nicknames allows users to easily send money without having to remember long cryptic addresses and potentially sending to the wrong user.

Stored Transaction Book

This is where BitCash has a nice UI and backend giving a good shot at being the next PayPal. Each BitCash user can enter private record only shared between buyer and seller to document a tranaction. This makes it a lot easier to document your services for customers and a lot easier for book keeping for both a buyer and seller.

Instant and low cost international money transfers

While Steem has free transactions, most blockchains don't. BitCash does however have similar speed transactions as Steem with very low fees.

Send BitCash to non BitCash users

This is a great feature to increase adoption but also make it easier to conduct business using BitCash.

Use BitCash with 1000's of online stores

The owner of the project has a lot of connections and plans to have 1000's of online stores integrated with BitCash within the next few months.

From what I understand, this is going to be implemented with integrations with Magento, BigCommcerce, and Shopify, the three biggest online shopping carts in use today.

Pay Bills with BitCash

I don't know much about this, but it is one of those "coming soon" things.

Mining

You can currently mine BitCash, and I have done extremely well doing so. I initially CPU mined early, now CPU mining isn't worth it as GPU mining is now available. GPU mining has made things much more competitive, but still extremely lucrative compared to Etherium.

I made 9 blocks in the last 24 hours using two Nvidia 1070's. I am currently only mining about 50% of the time as I no longer have mining rigs and mine off my desktop. Each block has a 19.5 BitCash block reward with a BitCash typically being sold for around 2500-5000 Sats. That puts my daily profit at around $27-$55 depending on how long I mine for.

If I mined Ethereum, I'd make around $0.86 a day and about $0.98 if I mined BitCoinGold.


I'm doing far better mining BitCash than I was mining Merit. With GPU prices on the down turn, I am considering picking some up to bring some rigs back online.

If you do decide to mine it, I recommend checking out this link on how to optimize the gpu mining.

Are they delivering?

So far they have completed every roadmap milestone for their Q3 2018 roadmap.

  • Safe Privacy blockchain feature designed
  • Transaction records onto the blockchain
  • BitCash wallet for Windows
  • BitCash wallet for Mac
  • Integrate transaction records into wallets
  • Safe Privacy blockchain
  • Paper wallet creation and backup
  • New Bitcash website choosebitcash.com launched
  • CukooCycle POW algorithm
  • Unique difficulty retargetting algorithm
  • Verify before sending feature
  • Send to "Anyone" feature
  • BitCash network is launched
  • Create network explorer
  • GPU Miner
  • Integrate GPU Miner into Wallet
  • Discord community launched

In the next few months they are working on Mining Pools, Web Wallet, Store Integration, Recurring Payments, and other cool features.

By Q1 2019 they plan to be listed on a major exchange, and I have been told they will not list on a smaller exchange that can result in low liquidity and massvie volativity. As of right now, you can only OTC trade and the current price ranges from 3000-10000 sats.

The core team have been really responsive on their Discord and extremely active. Just in the last week GPU mining support has been added.

       

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i also like this project and wrote about it too!

Been doing a follow up on BitCash and I must admit it is a good project but again If you asked me, When it comes to replacing Paypal,Skrill and other traditional online payment system,I would always choose COTI i.e Currency of the internet...Anytime

Paypal user here. So far so good with them. Never had an issue. Yet it is kinda scary to hear how other accounts were shut down by paypal for no reason. I use paypal for my online job. This bitcash is worth trying

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Another PayPal user here. The rise of debit cards eliminates the usage of this money transfer service. The only competitor to banks is Blockchain. Steemit anyone?

Was a customer of PayPal's for 17 years. Followed their rules word for word and never had an issue with them...

In April, they shut my account down with zero explanation. Zero reason. And no recourse at all.

Basically....Ruined my business and my life got a major shake up as I lost my house because of it.

I wouldn't trust PayPal with a penny again so thank God for projects like BitCash and all crypto currency.

Sounds so unfair and very sad man... Thank God blockchain technology is here to deliver us from such... Sorry though

agreed. and so thankful i found steem when i did. fresh start for me :)

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No doubt Steemit and Steem has been a blessing to many... :)

That sucks brother. I've heard this story so many times. Never Never Never keep any money in Paypal. If you're going to use Paypal at all utilize it as a pass through gateway. Money goes out the second it comes in. On the upside, I'm so excited about decentralized technologies (P2P & blockchain) sending Big Tech companies into obsolescence. Most people don't see it yet, but it's happening. People will free themselves from these internet ghettos that they've been herded into. There will be no censorship, no central authority, no friction or toll booth collectors, and no central point of failure. One day we'll remember Paypal, Google, Facebook, Youtube, etc. like we remember Blockbuster video.

agreed. yeah it hurt. really set my family back. but we’re so excited for steem and all the potential blockchain can bring. including this project we’re talking about above. screw paypal lol

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not all crypto currency! but yeah.. future looking a lot better

Great post, thanks for sharing

This is an outstanding post! Very detailed and educational for those that use online bill pay and business transactions as I do! Thank you Mark. I am definitely going to check out this Bitcash outfit.

Also I wish to thank you for sharing information on how to mine this particular cryptocurrency. Being on a military pension, I can always use a few extra dollars each month. I am going to tag @shadowspub, @rakkasan84, @berniesanders, @guiltyparties, and @teamgood on this post because I think it would be very useful information for them if they have not read this post already. Maybe I can see if @teamgood would promote this post as it is very, very good.

I shared my bitmoji with the kitty cat because everyone on the internet likes kitty cats! Have a great day bud!

Veteran Divider.png

Not a ponzy scheme?

Did You know? There is a ETH Token with Proof of Stake Function using smart contract!
Check it out @ http://staker.network
q12.jpg

I am a fan of Staker token also from the beginning of its airdrop campaign and I did not regret joining this great community. Of course, its integrated features on POS capability on Ethereum platform makes it unique also to all other tokens in the market. Earning extra tokens by just holding minimum coin age of 3 days is quite amazing itself. Thus, adopting early this token via trading on Crex or joining on airdrop & bonty program might get us huge profit sooner.

I know it's Staker Token (STR). Token Token is the next smart contract notice on the Ethereal platform. Staker is a web-based, transparent and fair Ethereal-based gambling provider. . STR is doing free broadcast at discordapp. Currently experiencing 12 aid and 13 advertising being opened. Join now and do not miss the chance to earn a valuable STR

I know an ETH Token with Proof of Stake function using smart contract. That is Staker Token. Staker is a service which provides a provably fair and transparent, web based Ethereum dice gambling Dapp. There are 40 rounds of airdrop and they are opening airdrop now.

Interesting post on the potential dethroning of paypal by the OP. Indeed, i too i'm aware of this Staker token. I think that in terms of use case in cryptosphere, ETH based ERC20 tokens like Staker #STR by far stand a very good chance of being suitable for wide adoption. With a growing community of supporters, Staker token is being distributed via free airdrop to the community, I would recommend you guys should check it.

There is still plenty of opportunities for people to earn STR in the 40 rounds of Airdrops without a single ICO. It will please the crypto space to know that POS has been made easy with no need of running system for a long term to claim a stake. #STR is worth taking a look at and investing in.

Yes Staker token is first Proof-of-Stake smart contract inside the Etherium platform, it is Eth base ERC20 compatible, you can stake even without your wallet open.

I joined Staker project, also, and I'm very glad about what I found here: an active, friendly and responsive community and dev/marketing team, a real product based project (Online Dice Gaming Platform), a lot of ways to get free STR tokens (contests, raffles, bounties, airdrops - airdrop no.13/40 is ongoing this week), huge proof of stake rewards (100% in first year of staking). I think Staker is best POS project in 2018.

Great Token, Proof-of-Stake Token on Ethereum Platform. I invite you to join #Staker #Token Airdrop.

STR is the best POS under ethereum. Im enjoying the hassle free staking process on this awesome token. If you guys want to join us to have some project discussion click here https://discord.gg/zeDZgmv . They also have airdrop40 at current13thweek so 27left. Great time to have some str.

Nice, everyone should know about the Staker Token and it's capabilities, it is a useful invesment token wherein when you hold your token you will get rewarded because of it's Proof-Of-Stake feature it is good to buy some Staker token now because it's cheap right now. Invest now, hold it and then let it grow with PoS.

Thanks for the awareness . Ok guys, so the thing is... how decentralised? just how many nodes? is this a global currency to compare with robust, secure 'daddies' Bitcoin/Bitcoin cash ?? How fast is Bitcash?

Ok, so it's got some newer features like nice names, aimed at adoption. 'Safe Privacy' feature with a master-key? Hmmm.... ok... but dont let the key fall into the wrong hands!

However, it might have a small chance. The mining incentive is there, (scant details) Proof-of-Work ? ...and of course the partnership section is largely 'coming soon'..if ever... If businesses won't touch BCH, why bitcash? Good luck!

BTW: Competing with Paypal? Yes, but Paypal is a completely different, centralised technology!
Just invest in Ripple (the company) instead.

Fake news. I know because you upvoted your own comment. Shame on you. Nay sayers? Today is Rosh Hoshana how about being a bit more positive. Silly person.

Just looking at the facts, i'm afraid. These days I start sceptical on every crypto project post and then work up from there. btw, i upvote most of my own comments! might as well use the influence you earn!

Sorry for being nasty tempered. Just was in a bad mood. Sorry for the displaced anger.

Interesting concept and idea, thanks for sharing. I will keep an eye out for bitcash!

Considering the ills of PayPal, BitCash seems like a much better option. The features like GPU mining, "send to anyone" provide added benefit. Thanks for posting. Will surely give it a go.

I believe the moment people leave BTC and stick to platforms with ability to serve the financial needs of ours, Bitcash will rise.

We should be very respectful for BTC starting this whole new thing; but we have to continue with platforms with real abilities

It's bitcoin where it starts but it's the blockchain who is making changes now. You could try to use "blockchain" as a word for technological innovation rather than bitcoin which is a cryptocurrency.

Nice Logo!

Thanks, so as you. Maybe we have almost the same logo but believe me I don't mean to plagiarize or so.

Yeah I'm not saying it is plagiarized or anything like that. It is just a coincidence that the B is similar and all that. It looks cool!

blockchain started by bitcoin and it's inventor.
i see no problem is using bitcoin's name and giving it the credit.

I get your point there and I also respect bitcoin's innovation and guts to start this all but it's the blockchain who bitcash and bitcoin are using so maybe we also give some credits to it.

i think blockchain was invented by the founder of bitcoin to serve the transaction ledger of btc

Okay you win. It doesn't matter anymore, you have a point and I did say mine

😁 sorry, i didn't mean to be aggressive! just a bit of misunderstanding 🍀

The world of crypto sees a new birth, then. Welcome BitCash

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Amazing.. All the way up for bitcash.. I love what you've brought to the table to compete PayPal

Thinking the same

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Pretty nice Article, Good Summary of the Project Status!

@themarkymark Since a long time paypal is having monopoly for financial transaction across the world economy. I have also not a good experience with paypal. They take a long long time to execute the transactions. Also they have very complicated method for registration of new user on their platform.

Since a long time I was looking for the alternatives of the Paypal and BitCash seems to be competing with paypal and that's great news for all of us. With the help of such kind of projects like BitCash, the financial transactions will become more smoother, faster and easier.

I am pretty much sure that I a project works like paypal with faster, easier payment processing, it will definitely become successful with no doubts.

@printskill

001.gif

PayPal is a really bad company, they are right up there with Comcast in terms of Chaotic Evil companies.

You ain't said just a little bit. I am a member of the Comcast Ten. Was arrested a while back for shutting them down in Philadelphia. Rough life for us activist doing what we think is best for the betterment of our Nation and the world.

https://6abc.com/politics/protesters-tie-themselves-to-comcast-center-railing/1445437/

Comcast is such a bad company, makes me rage that if I am forced to do business with them if I want anything more than 1Mbps Internet.

@themarkymark You are right. What do you think what is the best option against paypal ?

I don't know, but I'd love to see a blockchain technology do it. The most critical thing is the support of merchants, if merchants don't support it, then it will never adopt.

Consumers need to see it being offered an option for payment and needs to be easy to use so mom and pop shops and entrepreneurs can use it for their projects. PayPal got really successful because small business and entrepreneurs could take credit cards with no hassle.

I think if the services are better then paypal every merchant will accept it. Because every one is looking for options against paypal. What you think about a blockchain based payment gateway ?

It's not on coinmarketcap. It's basically what Dash Evolution is trying to do. Personally I wouldn't trust until I see something more than a pretty website and one medium post. @pivx could easily copy Dash Evolution and they'd still be better than BitCash due to being a more established project with real achievements under the belt. I skimmed through the whitepaper and there is basically nothing new.

Valuable post on PayPal. This is my opinion, PayPal is just excellent. This post is really organized. Thanks for this post.

Digital currencies are fast replacing traditional means of payments like the PayPal. While the method these modes of payment offer are the best in recent years, transacting in digital currencies, cryptocurrencies to be precise has been an eye-opener for many, making other means of transaction archaic when compared with cryptocurrencies.

Crypto can't challenge the payments industry. Venmo works great!

You do know PayPal owns Venmo.

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I personally don't have Paypal so I would love to see this another medium of payment in order for me to buy online. Would look forward to see this mode of payment in the future on Amazon and kind alike.

If PayPal has a competitor, it is steem with Steemwallet, SteemConnect and all the other apps.

BitCash has "low transaction fees" ??? How about zero transaction fees on steem ?

You can send SBD to other users and be relatively sure that the value will stay reasonably close at "fiat cash-out" time as it was at "fiat exchange" time. If you send BitCash, what guarantee there is that what you exchanged into bitcash to send to whoever will still be worth a similar amount of fiat when the recipient wants to cash out fiat ?

I find it quite strange that someone who is among the top 50 witnesses on steem shills an inferior blockchain here ... while asking for support as a steem witness ...

They are not competing blockchains. They each have a purpose.

You and I know SBD is nowhere near pegged. When steem goes over $1 SBD will follow behind it.

I'm not shilling anything, I share things I like and in the last week I made around 100x mining than I would have with Ethereum.

Then again I can only have so many apps on my smartphone so the more things I can do with ONE blockchain, the better. Why would I want to use a blockchain for blogging and another one for transferring money when the former is as good as it gets for transferring money?
Steem has been positioned in terms of marketing for a given purpose. As it happens, it can do much more, which is good. I'd like to leverage those abilities to the fullest. In that respect, having to deal with a different blockchain with its own rules and idiosyncrasies and its own crypto is an unwelcome distraction.

SBD is pegged - but there is no perfect peg. The fact that it's not well pegged on the upside is a lot less important (to my eyes at least) than the fact that the peg holds decently well on the downside. Also, it is pegged "psychologically" which is extremely important. Does bitcash offer a stablecoin, one that is designed to be pegged ? Even if no peg is perfect, the design intention is essential.

SBD is pegged - but there is no perfect peg.

I firmly believe it isn't when Steem goes to $5 I believe SBD will be well over $2.

Yes, it is likely - but:

  • it states the intent of being pegged - which in this field of finance is a bit of a self fulfilling prophecy (the higher up it goes from $1, the stronger the psychological pullback force since more and more seller will see it as something to be shorted and those wanting to buy it will be less and less numerous)
  • the big problem is on the downside, not on the upside - the two directions are not symmetric. The issue with crypto is with the seller of goods, who needs to accept crypto in exchange. For him, the fact that SBD has a risk of going up is actually a benefit, not an issue. He is especially concerned by the risk of it going much below $1 - this is what the SBD peg should protect him from. The upside risk is a problem for the payer (he might miss an opportunity) but if the upside is not that big (SBD can go to $2 when STEEM goes to $5 so why would he stay in SBD rather than in STEEM?) and is also infrequent and hard to predict, then it doesn't diminsh the willingness of the payer to use the SBD in order to pay.

That sounds great if SBD is $1 at the time, what happens if it is a month down the road and SBD is $2. Do you put all transactions on hold because the risk of dropping 50% is pretty significant?

Either way, I don't think you can ever trust SBD to be pegged again, not unless new tools are given to witnesses to have more control of the peg without the collateral damage the current tools to push it down creates.

I agree that more tools to keep the peg would be good.
In the example you are taking, there are two aspects to consider:

  • if the SBD is $2, then the real world transactions revert to fiat, as before the SBD, waiting indeed for the $1 peg to be re-established. Some people who used to pay with SBD will revert back to paying with fiat.
  • on top of it, here intervenes the beauty of steem: there is still a certain probability that some people will "overpay" by paying with 1 SBD that the vendor (who gets the SBD) only takes as "face value", i.e. $1 if the following things hold: a) it is pretty easy to gain SBD by doing something you like doing, like for me writing AND b) it is pretty hard to convert those SBD into $2 of fiat, as is my case for instance because I don't have an account with Bittrex so I would need a full set of contorsions to extract maybe 15 extra bucks from as many SBD ... not worth the trouble

Generally yes, it would be better if witnesses had more tools to enforce the peg and if the peg was more stable. But I think you can trust the SBD to be "relatively pegged" - with a better certainty than for instance STEEM.

After that, it's a matter of how much risk one is ready to take - as I said, there is not perfect peg and a very shaky peg is still better than no peg at all.

Very kind of you to share this insight. My son has a gaming computer. We are taking steps to get it mining. A new endeavour. It's a blessing to get great insight like this from you as we discover our way along this mining rabbit hole! Thank-you @themarkymark All the best to you in your mining adventures!!

Nice info. I've been hearing how paypal has been shutting down peoples account and that has been my greatest fear in having an account with them

Nice post, steemit is lucky to have people like you

Hi @themarkymark I'm a bot, and wanted you to know that I've upvoted and re-steemed your post to help you with your promotion efforts! -exp

You have recieved a free upvote from minnowpond, Send 0.1 -> 10 SBD with your post url as the memo to recieve an upvote from up to 100 accounts!

Very awesome post on PayPal. In my point of view, PayPal is just awesome. Your post is really organized. I want read more posts from you.

You got a 33.73% upvote from @postpromoter courtesy of @themarkymark!

Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!

If possible can you provide the complete information about the mining i am quite interested in it.

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You just need to download the wallet, it is included as a one-click mining.

If you have more than one GPU though, you need to look at the link I posted above in the "Mining" section to learn how to turn them on.

thanks buddy will try it out..

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Hey. Thank you. I'm going to check it out using your ref link. Oh, wait...

I've used PP even longer than you. I've been frozen but not seized twice, both times just required phone calls to service. But I am at risk, and my partner and I are currently exploring options. AGAIN. We actually have two PP business accounts, and keep hers squeaky clean and mine with a pretty low balance. It's a PIA.

We got blistered in the Payza shutdown. If I'd have thought that through I'd have done it differently, but...

Anyway, thanks for the heads up. Always good to have an option and even better to be able to use crypto with it. I really do appreciate it.

Nice Cat. The one with the gold plated .45. Classy.

Your post is rich

Project looks promising!! Awesome wallet...

Thanks man! Will check it out 💯

PayPal does not allow receiving money in Nigeria. Does bitcash have such support

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Like almost all crypto, it has no country barriers.

nice post broe

Really thankful for the time you make from your busy schedule to write such good blogs. i hope you read this and it will make you smile ❤️

Bitcash not available to US consumers. They're looking for US beta testers only.

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it can be perfect

Sounds interesting and definitely great to start seeing options! Thanks!

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nice post... god nfo for the people tht dont know «. Im a customer odf paypal untill now i dident have no problems and for most web base platform of selling or making money online havins a paypal aprove is like half work done, and there are more paypal, like paypal being chshut doen like payza... is a thing to think about ... but more and more business are loking for a better solution

When I look for Bitcash, I only find Bitcoin Cash on google.

Is there a war going on for using that name Bitcash?

It's really new so Google probably hasn't indexed it well yet.

It's really new so
Google probably hasn't
Indexed it well yet.

                 - themarkymark


I'm a bot. I detect haiku.

Maybe there's a spot for Bitcash. It all depends on the people though. I never really used paypal but i won't dismiss bitcashm I'll keep my eye on it and see how consumers feel as it grows in adoption and usage.

I don't think so

How accurate paypal's safety privacy blockchain feature designed?

I've had experience with PayPal freezing a company account before, It was over 10 years ago now. But it's a kinda scary experience, especially when you have a decent chunk of change in there. It lasted about a week, but was sorted luckily.

Blockchain will overpass all technology later on . mark my words

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