The popular payment provider Paypal has been known for cutting off a number of merchants and organizations over the years. This week, the public found out that Paypal has been censoring merchants that sell items related to the name “tardigrade” just because a Balkan arms dealer uses the same name. The story shows just how beneficial censorship-resistant money is today and how centralized monetary systems are ultimately doomed.
Ever since Paypal came out in 2001, the payment platform has seen broad use and a great number of users worldwide leverage the system. However, the payment processor is a centralized system, and over the years it has been known for restricting services to certain individuals and organizations.
For instance, Paypal censored the web portal Wikileaks and this invoked the nonprofit organization to start accepting bitcoin (BTC). Last year, Paypal shut off ties to workers leveraging the adult web portal Pornhub and 100,000 performers