When most people think of PayPal, a payment processing system comes to mind. Since its establishment, PayPal has grown to be one of the most successful payment processing systems on the market. However, what most people do not know is that payment processing was not always the original purpose of PayPal. Rather, the platform was actually started to create a “new world currency.” In a sense, PayPal was far ahead of its time and while its story is still a successful one, it no longer harbors an interest in changing the currency marketplace.
Now though, it is becoming clearer than ever that Bitcoin is adopting PayPal’s original endeavor and unlike its predecessor, it may be far more successful at it.
Bitcoin Is Growing In Value
There are many indicators that point to Bitcoin’s success – in particular, this week’s growth in value. The digital currency has soared in value since its start and the value is only expected to continue growing. As the value of Bitcoin grows, so does the expectation that a world currency will be a feasible thing and one that many people will find themselves starting to opt for.
Bitcoin’s venture to follow and surpass PayPal’s footsteps are not based on inferences alone. For example, David Sacks, the original COO of Paypal spoke with CNBC. In Sacks’ statement to the news outlet, he stated, “But Bitcoin is fulfilling PayPal’s original vision to create “the new world currency.” We actually had T-shirts printed in 1999 with that mission statement. We believed that if we could get enough people to participate, money never need leave the system. PayPal could become the database of money.”
While Bitcoin seems to be fulfilling PayPal’s original purpose, it is doing so with some differences. Unlike PayPal, which was more centralized – Bitcoin is completely decentralized. Bitcoin’s decentralized database is called blockchain and so far, it is working well to fulfill its purpose.
A Journey Not Free From Struggle
Granted, while this week has shown that Bitcoin’s dream of being a world currency may become a reality, the path to such success was not without struggle. In fact, there are still a number of bumps in the road ahead. One of the main issues that Bitcoin has that seems to endure is popularity.
Despite being a household name, most people are still extremely unfamiliar with the term cryptocurrency and they certainly do not know how it works, how to use it, and ways to get started. These pitfalls are ones that can be cured with education, but even then, most people are too familiar with traditional money to venture away from it.
The good news is that those who do understand cryptocurrency and are aware of its value are taking advantage of it. The Big Four accounting firms are deeply involved in the currency and global finance giants are leaning too. Rather Bitcoin will sink or succeed is something that will become apparent as the years go by and its popularity – and hopefully value, increases.