The Hacker News (THN) Experiences Paypal Ban as Customers Attack Payment Platform
PayPal is once again in the media after banning a very important user of the platform. The cybersecurity news site The Hacker News (THN) has no access to its funds after PayPal had its account frozen without any previous warning. The information was released by The Hacker News (THN) on December 28 on Twitter.
In a series of tweets uploaded by The Hacker News, the company explains that PayPal permanently banned all of their accounts without mentioning any reason. At the same time, their funds have been held for 180 days. In another tweet, THN says that PayPal did not provide any specific or valid reason why they have frozen their funds on the platform.
Instead of giving a valid reason, company says "specific reasons for such a decision is proprietary & it is not released since that could impair PayPal's ability to do business in a safe and secure manner"
You have to mention at least one valid reason.
— The Hacker News (@TheHackersNews) December 29, 2018
In general, PayPal has been taking similar decisions against corporate clients that are also involved in the virtual currency world. However, in most of the cases, they do not provide a proper explanation about why they take such a decision.
As soon as the company released the information on Twitter, several users proposed the site to start using Bitcoin (BTC) as a means of payment. There are several companies that have embraced Bitcoin and crypto payments to run their business.
In the past, when credit card related services failed, users in the virtual currency space have also asked firms to start using virtual currencies, which can never go offline.
Virtual currencies provide a fast and cheap way of sending and receiving payments. Since there are no middlemen to process transactions, it is possible for cryptocurrencies to be a more competitive alternative than PayPal or other similar systems.
A few days ago, we wrote that a Swiss merchant complained about the high fees that he had to pay for a simple transaction. He paid more than 8% fees just to sell a simple product to an individual from another country. He ended his complaint luring users to start using virtual currencies to move funds and pay for products and services.