PayPal, an online payments system, has been dominating businesses and transactions on the Internet for about 13 years now. With a lot of contributions to the betterment of online trades for goods and services, this payment provider has proved to be the pioneer of its kind. However, as Bitcoin emerged on the scene, PayPal seems to step down of its throne.
On a recent announcement, PayPal has given its clients a heads up for the upcoming update of its Terms of Service that will take place on July 1 this year.
The payments system will now have the rights to acquire any information and content provided for the usage of their service, according to reports,
As per PayPal’s excerpt of its User Agreement (Sec. 1.3):
“When providing us with content or posting content (in each case for publication, whether on- or off-line) using the Services, you grant the PayPal Group a non-exclusive, worldwide, perpetual, irrevocable, royalty-free, sub-licensable (through multiple tiers) right to exercise any and all copyright, publicity, trademarks, database rights and intellectual property rights you have in the content, in any media known now or in the future. Further, to the fullest extent permitted under applicable law, you waive your moral rights and promise not to assert such rights against the PayPal Group, its sublicensees or assignees.”
Being almost stripped off their privacy, the majority of their clientele appears to be baffled rather than pleased with the changes that are about to occur.
How Bitcoin saves online business transactions
However, in the midst of PayPal’s pushed authority, many still hold hopes to a just online business provider via Bitcoin transactions.
Braintree, one of PayPal’s subsidiary companies, offers its customers and merchants to pay and receive Bitcoin via Coinbase.
Braintree’s integration with Coinbase allows merchant to accept the cryptocurrency that guarantees smooth and quick Bitcoin payment transactions.
That being said, PayPal’s subsidiary company stands as one reason online merchants still believe in having their own control in their own business transactions that is in contrast with the impending changes in PayPal.
Bitcoin revolutionizes online business transactions with its advantages
Bitcoin is a decentralized cryptocurrency that allows each individual to have full jurisdiction of any business and actions. Every transaction is anonymously done, allowing users to secure their data and information while engaging in business.
One of the Bitcoin advantages is it automatically negates fraudulent acts due to every coin connected to a system that detects malicious actions. It also takes no longer than a few minutes for it to process, allowing more users to have more freedom of their time.
Bitcoin casinos like BTC-Casino.io, Betcoin Casino, and many others show a concrete example of these advantages. Games like Bitcoin poker provides its bettors an ability to withdraw or deposit bitcoins in an instant while Bitcoin blackjack, roulette, and other table games provide them with the provably fair feature that ensures the legitimacy of each game’s results.
Moreover, live Bitcoin casino games also offer the same features as its flash and HTML5-based counterparts, proving that Bitcoin definitely revolutionizes online currency transactions regardless of its set-up. Likewise, the Bitcoin slots appear more thrilling and entertaining exactly like the other Bitcoin games online.
With no third-party arbiter involved, present and future online merchants are granted with full authority of their business together with sure security and fairness that is tend to be no longer evident with online business providers to date like PayPal. However, with the return of the payment company to the iGaming market, does PayPal threaten Bitcoin in terms of usage and popularity?