TechCrunch: Is Bitcoin the new Paypal?

TechCrunch posted an article today comparing Bitcoin to the early Paypal days—when fraud, theft, and technical issues ran rampant. TechCrunch’s headline would probably be a bit more accurate if “Mt. Gox” were substituted in place of “Bitcoin” (and to be fair, the body of the article mostly focuses on the current problems plaguing Gox when drawing comparisons to Paypal’s early days), but the write-up is interesting nonetheless.

I do remember a time when Paypal was regarded in much the same way that Bitcoin is today. Back then, trusting a fledgling internet company to “send money across the web” was something that crazy people did. Times have certainly changed, and it’ll be interesting to see where the public perception of cryptocurrency is in five or ten years.

In related news, Mt. Gox issued a short update today apologizing for the continued delays while they work through their issues. What’s up with the “security problems” that Gox claims forced them to relocate? Rumor has it that they’re referring to the three-person protest currently taking place outside their headquarters.

3 Responses to TechCrunch: Is Bitcoin the new Paypal?

  1. Paypal was great when it first launched. Then slowly went to shit. Once eBay purchased it, nail in the coffin. Hope Bitcoin doesn’t go the way of Paypal, lets hope the similarities end there.

  2. Dean Walsh says:

    No, Bitcoin is the new dollar – Ripple is the new paypal.

  3. No, bitcoin is not the new paypal, bitcoin is much better than that. because they can limit you, delete, etc.. claiming the paypal account many things, however the no one can take your bitcoin bitcoin unless you’re doing something illegal as happened to silk road

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