Paypal is about to stop domestic transaction services in Taiwan. Can Bitcoin payment be a solution?

Recently, Paypal posted a notice on its official blog, announcing that it will soon ban Taiwan Paypal accounts from making payments within the island, and that transactions can only be made with Paypal accounts outside the island. According to Paypal, this decision was made because of restrictions imposed by Taiwan's third-party payment law, the "Regulations on the Administration of Electronic Payment Institutions." As the world's largest third-party payment processor, Paypal has a strong momentum of development. Therefore, many people suspect that Paypal has blocked other people's financial paths, so PayPal has no choice but to cut off its own services.

Whatever the reason, PayPal users in Taiwan still have to consider looking for another way to pay. So can Bitcoin payment be an alternative? Although the development environment of Bitcoin in China is not optimistic, the development of Bitcoin in Taiwan is still relatively positive.

In June, Taiwanese bitcoin startup Maicoin launched a service that allows users to buy bitcoin at 10,000 convenience stores in Taiwan. The company will also launch MaiWallet, which allows users to pay by simply showing their QR code on their mobile phone or tablet, and then the cashier scans it to complete the payment.

Also in June, Taiwan's Bitcoin hardware wallet company CoolBitX Technology announced that it would release the CoolWallet hardware wallet in July.

In fact, as early as 2014, the global Bitcoin exchange KBBEX had cooperated with Taiwan Bitcoin platform BitoEX to provide Bitcoin purchase services in 2,986 Family Market convenience stores. In January this year, BitoEX announced the expansion of Bitcoin sales points. In addition to Family Market convenience stores, convenience stores such as OK Mart and Hi-Life can also purchase Bitcoin.

It seems that the survival and development environment of Bitcoin in Taiwan is relatively good, which has laid the foundation for Bitcoin payment to be accepted by the Taiwanese people. Some people may question, "Even if Paypal is no longer available, there are still Alipay, Apple Pay, and WeChat Pay. How can Bitcoin be used?" Of course, I am not sure whether Bitcoin payment can become a payment option for the Taiwanese people. However, Bitcoin payment does have some advantages over traditional electronic payment. For example, the cost of Bitcoin payment is lower than that of traditional payment; Bitcoin payment is not controlled by centralized institutions, which is conducive to preventing the abuse of central power; and it can also stimulate innovation in traditional payment methods.