Every (founder) story I’ve ever heard about PayPal goes something like: “there we were, the only people who offered a service that let people send money, and we had the genius to figure out people wanted to do that.” Nobody ever explains *why* they were the only such service.
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For how many years?
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Because the general view I’ve always gotten is that PayPal sucks and everyone hates it. When Stripe and Venmo and Square came along, people couldn’t wait to move. But that took a DECADE. What’s that about? PayPal was so good??
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I also think there’s a bit of survivor bias here. PayPal was able to lawyer their way out of money laundering and banking w/o license issues compared to defunct contemporaries, eg, e-Gold, WebMoney, Flooz. Concept of “micro transactions” was well known as desirable in mid-1990s
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