Whenever you try to explain Bitcoin to someone, it’s always good to compare the monetary aspect to traditional payment methods. One of the comparisons people like to refer to is the difference between Paypal and Bitcoin payments, despite Paypal allowing for Bitcoin payments through their Braintree subsidiary. But, there are other reasons why Bitcoin is a far better alternative, especially if you are a content creator.
Paypal Wants Your Content’s Copyright
If you have taken a look at most online payment processing companies, there is one very noticeable trend that always happens, sooner or later. Every single one of these companies become so popular, they turn their back on the customers who helped build up the company brand. In this case, Paypal is going after content creators.
Rather than looking at ways to increase the connection between their customers and the Paypal brand, they have decided to go a different route and run their service into the ground, one step at a time. As a result, we may very well see lots of [former] Paypal customers flocking towards other online payment methods, and, perhaps, even Bitcoin.
As of July 1st 2015, Paypal will be changing their Terms of Service for all customers. Paypal users have no say in this matter, as the company’s decisions are final. It comes down to this: if you do not like the changes being made, you have to either get over it or look elsewhere to use a widespread online payment system.
The major change that has caught our attention comes in the form of taking away any and all intellectual rights to content provided by you, in an online manner. That means that if you run a podcast or create any other form of online content and accept Paypal payments while doing so, you will lose all ownership associated with that content.
“When providing us with content or posting content (in each case for publication, whether on- or off-line) using the Services, you grant the PayPal Group a non-exclusive, worldwide, perpetual, irrevocable, royalty-free, sub-licensable (through multiple tiers) right to exercise any and all copyright, publicity, trademarks, database rights and intellectual property rights you have in the content, in any media known now or in the future.
Further, to the fullest extent permitted under applicable law, you waive your moral rights and promise not to assert such rights against the PayPal Group, its sublicensees or assignees. You represent and warrant that none of the following infringe any intellectual property right: your provision of content to us, your posting of content using the Services, and the PayPal Group’s use of such content (including of works derived from it) in connection with the Services.”
A Prime Example of Why Centralization Never Works
Paypal has been one of the front runners when it comes to processing online payments in a rather simple and convenient manner. Once the integration with eBay had completed, it gradually became one of the biggest online payment platforms in the world. However, as the company has grown, they have also started to lose touch with their customer base, as can be seen in the upcoming TOS change.
With so many sellers and content creators around the world using one and the same payment processor – which is pure centralization – people have been putting their financial “freedom” in the hands of one single company. And that company will now reward you by taking every copyright claim related to your content, as a way to show how much they value your business.
Bitcoin brings financial freedom to the people by leaving everyone in charge of their funds at all times. With this freedom also comes a lot of responsibility, however, which is something that Paypal cover themselves. But, Bitcoin will never lay any copyright claims on your content or business.
Source: Paypal TOS Update
Images courtesy of Paypal and Shutterstock