Post
Topic
Board Bitcoin Discussion
Re: Is Bitcoin less evil than PayPal?
by
Timok Abiodun
on 08/05/2018, 11:35:34 UTC
With PayPal, users are locked into the fiat currency paradigm such as the US dollar, which will continue to lose value over time. But anybody from Argentina will tell you what capital controls can do to an economy and how a lack of viable currency options could hijack the economy leaving citizens scrambling to find any other store of value.

Fortunately, Bitcoin does not care what you think about Bitcoin and does not force anyone to use it. In fact, if you have a Bitcoin bias, every one is free to choose their coin of preference such as Litecoin, Dogecoin, etc. Don't like any digital coin? Then create one yourself - the possibilities are endless.

Why is this important? Well, let’s say you are in Egypt in the midst of a revolution and the government just imposed controls on all capital exchanges so you are stuck with the worthless Egyptian pound because you have no other alternative and, as a result, economic activity comes to a halt in your community.

Bitcoin, on the other hand, is resilient to outside influences, upheavals, recessions etc. And cryptocurrencies in general offer greater variety when it comes to selecting currency that will most benefit you.

So both a repressive regime or PayPal can seize or freeze your account for ‘security purposes’ – this is not the case with Bitcoin as an individual is now able to store and control their own money. Moreover, users also have greater storage options such as a paper wallet or cold storage to limit exposure to centralized risk.