Yesterday I mentioned “the flippening” and how it may happen in the future. But that future is on the horizon for Bitcoin. Amidst an increase in the stock market and a record setting month Bitcoin is pushing the limit on another payment system; Paypal. Paypal has an overall value of about 70 billion USD. Bitcoin has rapidly pushed up its total worth to about 69 billion USD. And with the addition of Lightening Network, PayPal may have a very real competition ahead. And with the interest in Bitcoin growing it seriously looks to be the winner.
August has been a great month for Bitcoin. The introductuction of the Segregated Witness; or SegWit, has sparked a massive growth for the cryptocurrency. Allowing for smoother solutions in the blockchain and having miners work together to smoothly grow the chain is fantastic. The tension from the Bitcoin Cash split has passed by with ease. With the aforementioned growth slowing after its own success, Bitcoin can look into the future to even better days. And the introduction of the Lightning Network should only aid in that goal.
Flipping the coin
Paypal is currently used for various purposes. The ease in which a user is able to purchase goods with the creation of an account or even just inputting the credit card information makes it a great online payment system. But PayPal struggles to bring its value into the physical form. You cannot purchase from stores on a point-of-purchase terminal. This is a setback that Bitcoin strives to avoid and surpass. The entire purpose of Lightening Network is to eventually allow this to happen. And at the moment goods are able to bought with Bitcoin, a matter its counterpart PayPal has struggled to accomplish.
But as time goes on, maybe the success of Bitcoin will drive the eBay owned company to try again. And just maybe the competition will aid Bitcoin more than just learning from past mistakes. Could credit card companies be next in line for Bitcoin to replace?