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Can Bitcoin replace PayPal?

Can Bitcoin replace PayPal?

Going Global showcases entrepreneurs taking their businesses around the world, tackling issues like business strategy, marketing and international logistics.

(CNN) — When Bitcoin’s architect first unleashed the idea of creating a decentralized virtual currency on the internet, the tech-savvy elite sat up and listened.

That was in 2008. Just a year later, operating under the pseudonym Satoshi Nakamoto, the unknown developer took the concept live. By year-end, over 1.6 million bitcoins had been mined.


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Since then, the meteoric rise of the digital currency has continued to capture the world’s attention as financial institutions now examine its viability.

At a time when many have lost faith in the global financial system, Bitcoin is being hailed as the future of e-commerce.

“It’s lower cost, lower risk and a more accessible form of payment from anything else we have today, especially for shopping online,” says Tony Gallippi, founder of BitPay, a Bitcoin payment processing service.

“Credit cards were designed in the 1950s and were never designed for the Internet. It leads to issues like identity theft and payment fraud.”

Gallippi — who recently testified before a U.S. Senate committee on the growth of Bitcoin — explains that the virtual peer-to-peer currency was created to be “borderless by design,” thus opening the door to the international marketplace for smaller merchants.


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This entry was posted on December 11, 2013 by and tagged .

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