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Bitcoin, Online Payments and the Scourge of PayPal - BayPay Members Blogs

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There was, however, one crucial component missing in our virtual office: a decent tool for online payments. And we had to do a lot of online payment processing; paying staff and accepting payments from our sponsors being the two most important. The closest we got to a viable tool was PayPal, but we quickly learned to avoid it.

PayPal's fees for international payments were (and still are) exorbitant. What we ended up using was the international banking system, SWIFT. It was full of red tape, the bank's online software was buggy, and often we found that one or more intermediary banks had taken a chunk of money during the process.

In short, the banking system was opaque and frustrating… but even then it was better than PayPal.

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Bitcoin, Online Payments and the Scourge of PayPal - BayPay Members Blogs

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