Bitcoin Fulfilling the Original Purpose of PayPal

PayPal tried and failed in its stated mission to create a “new world currency,” but Bitcoin is stepping up and fulfilling PayPal’s original vision.

It’s a long road to travel for a new means of commerce to gain traction and eventual acceptance. Bitcoin has finally reached such a stage as the digital currency has soared in value over the last year. While digital currencies are all the rage, there have been notable attempts at creating a new economic ecosystem in the past, and the most successful of these is PayPal. What is interesting, and pointed out by VentureBeat, is that Bitcoin is actually accomplishing the original purpose of PayPal, which was to create a “new world currency.”

Picking Up the Standard from PayPal

When PayPal was first started, it was not intended to just be an online wallet, but rather an entirely new economic ecosystem. David Sacks was the original COO of PayPal, and he talked with CNBC about how Bitcoin is now fulfilling the original mission of PayPal. He states:

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.

A payment is just a credit to one account and a debit to another. That’s a database entry. We believed that, if we could get enough people to participate, money would never need to leave the system. PayPal could become the database of money.

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