What needs to happen for Bitcoin to be as popular as PayPal for online transactions?

To outcompete PayPal, you can’t just be as good as PayPal, you need to be significantly better to win over customers.

So, let’s look at some areas at which Bitcoin might have an edge over PayPal:

Fees

With the lightning network, Bitcoin can do free or almost free transactions a.k.a microtransactions. In my opinion, PayPal fees aren’t high and most of them involve currency exchange and credit card fees, this would still be a pretty significant improvement.

Decentralization

On the Bitcoin blockchain what you own is what you own and no one can take that from you. When using PayPal you can get your account frozen, which can have a huge impact on your business.

So, this is how I think Bitcoin could compete with PayPal. Some other categories where Bitcoin loses or is equal with PayPal are:

Transaction Speed

With the lightning network, Bitcoin can do instant transactions, this is definitely an improvement against banks, but not against PayPal because it can offer this as well.

Customer Support

I guess PayPal doesn’t have to worry about this one, no matter how bad their customer support would be, it won’t be as bad as no support.

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As a Bitcoin user, you can look out for help in forums, but no one can actually get in the blockchain and revert your transaction if you sent to the wrong address.

Usability

Bitcoin is really complicated to use. People like simple like PayPal. I do see Bitcoin becoming more user-friendly in the future, but PayPal definitely has an edge here.

I don’t see Bitcoin outcompeting PayPal anytime soon, but with further development of the Lightning Network, it might have a chance in the future.