News | Differences Bitcoin and Paypal, as well as limits in Indonesia

andrew4steem (29)in #bitcoin • 7 years ago

More and more, online payments are growing in popularity. Moreover, Indonesia has managed to become the world's top three digital tourists.

Managing Director of Asia Pacific Travelport, Mark Meehan, said that Indonesian tourists are very fond and appreciate a good digital experience. Therefore, most people in Indonesia are always updated about the growing digital trend.

Even if you do not use it directly, at least you need to understand your digital development. One of them is bitcoin and paypal which is very popular among millenials.

Here's a review of @paypal and @bitcoin, already know what's the difference between them? If not, note the following reviews yes.

What is paypal?

Paypal is an online payment system that has been used globally. Established Peter Thiel and Max Levchin, paypal has been actively used since 1999.

Paypal is a third person or broker that handles transactions online. During this time, paypal is known to have a fairly fast and secure process.

What about bitcoin

Actually bitcoin also has the same role in online payment methods. Differences in bitcoin also multiply as electronic money that can be used on certain sites.

Someone better known as Satoshi Nakamoto (a pseudonym) is the figure behind the bitcoin success. Since 2009, he managed to make bitcoin into the world's highest currency.

The difference between bitcoin and paypal

The main function of bitcoin is crypto currency used as an online payment tool. Bitcoin has its own currency symbol, the BTC.

As virtual money, bitcoin has a fairly expensive exchange rate. The value of 1 bitcoin can reach Rp 200 million. The circulation of bitcoin is very limited, there are only about 21 million worldwide. With these limitations, bitcoin prices are likely to continue to rise.

Unfortunately, not all countries let bitcoin trade freely.

The main benefits of paypal for online transactions

While paypal more serves as an online payment system such as Webmoney and Fasapay. Paypal tends to provide transaction processing facilities between users who have online wallets.

Not limited to one currency, paypal accepts different types of currencies as the user chooses. If you choose a dollar, then the money you put into it will be converted automatically.

Which is more secure between bitcoin with paypal?

Although very superior in investment, bitcoin more worrying. Even if you get access to the server, but you must dare to bear the risks.

Of course, gradually did not rule out more and more hackers are starting to glance at the benefits of bitcoin. So, they can plan to hack the bitcoin system.

While e-payment security depends on the type of broker you use. Globally, paypal is preferred in its credibility and security. Customer identity protection is also well maintained for smooth users.

PayPal is a business entity, so it's no wonder if he implemented many strategies. The goal is to maximize the marketing of its products.

Regulations on bitcoin and paypal in Indonesia

Use of paypal can also be paired with the use of credit cards. Therefore, you can use paypal freely and there is no ban from the government.

It's just that you have to limit yourself so as not to become a dark eye, and use it excessively.

As with bitcoin, many countries have forbidden it. Like @Indonesia, @China, and @Korea. For the government, bitcoin risks terrorism, money laundering, prostitution, and drug trafficking.

Although not yet inaugurated, Head of Bank Indonesia Transformation Center, Onny Widjanarko said that electronic money that will be out in the near future will be arranged, one of which is about bitcoin.

"Currently there is no clear rule if people do bitcoin transactions," said Onny.

And infonya, BI will also impose sanctions to anyone who uses Bitcoin for Transaction Tool.

Bank Indonesia asserts that virtual currency including bitcoin is not recognized as a valid payment instrument. Therefore, its use is prohibited as a means of payment in Indonesia.

Based on Law no. 7 of 2011 concerning Currency, any transactions that have a purpose of payment, or other obligations that must be met with money, or other financial transactions, must use rupiah.

"Ownership of virtual @currency is very risky and full of speculation because there is no authority responsible, no official administrator," wrote BI in its official statement on Saturday (13/1/2018).

In addition, there is no basis for price drivers or underlying assets so it is very volatile and vulnerable to the risk of bubbles or bubbles.

Without regulators, the use of virtual money also tends to be used as a means of money laundering and financing of terrorism, thus affecting the stability of the financial system and harming the public.

"Therefore, Bank Indonesia reminds all parties not to sell, buy or trade virtual currency," BI said.

Any person who does not use rupiah for payments or other financial purposes may be sentenced to a maximum of one year in prison, and a fine of not more than Rp 200 million. It has not been charged with the purpose of using virtual money in its payments.

Bank Indonesia stipulates that as a payment system authority, prohibits all payment system providers and financial technology providers in Indonesia, whether banks or non-bank institutions to process payment transactions with virtual currency.

It is regulated in PBI 18/40 / PBI / 2016 concerning the Implementation of Payment Transaction Processing and in PBI 19/12 / PBI / 2017 concerning the Application of Financial Technology

The so-called payment system providers include principals, switching providers, clearing providers, final settlement providers, publishers, acquirers, payment gateways, electronic wallet providers, fund transfer providers.

That's the information you need to understand about online transactions that are currently trending.

Thank you