Held on 31st July, PayPal TechXploration, a Bitcoin event by PayPal on the digital currency was a huge success wherein more than 700 participants flocked in from various parts of the US at the ‘Town Hall’ space located at the PayPal offices in San Jose, California. The event was organized by the company was mostly attended by employees of PayPal and eBay.
The venue in California was packed with hundreds of people who came to participate in a regular series held by the company. Apart from the employees of PayPal and eBay, members of the Bitcoin community too came in large numbers to have an understanding about the digital currency and the potential available for them in the Bitcoin ecosystem.
The event was intended to introduce people to the concepts and technology behind Bitcoin. There are no indications yet whether PayPal will ever agree for Bitcoin; however, it has show interest on the digital currency. Founded in 1998, PayPal has now become the most preferred Internet payments services provider for international customers.
Never before transferring money was easy; now, users can send money via email addresses using the services from PayPal. Working under the eBay umbrella, the company has become a reliable services provider for a lot of customers around the world; however, with the emergence of Bitcoin, it is facing huge competition.
Bitcoin Could Become a Major Challenge for PayPal
Earlier in June this year eBay CEO John Donahoe had said that Bitcoin was more than just on the company’s “radar screen” and that the company was looking for integrating the digital currencies as well. However, later on some reports came in that the company had filed a patent to develop digital tokens which will be similar to Bitcoin.
Though there were several speakers, the main speaker on the day was Scott Robinson, the head of the Bitcoin incubator program at the Plug and Play Technology Center. He gave an informative presentation and said that many people probably have not heard about Bitcoin because for most, the US dollar has been an effective currency.
He pointed out that why there never were any questions on the USD and none ever worried about it. Giving his explanation about the digital currency he said that Bitcoin is both a protocol and a currency. He admitted that Bitcoin could solve the Byzantine Generals problem, an issue that other digital currency predecessors to Bitcoin failed to figure out.
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