I think bitcoin has a great chance for bitcoin to overcome paypal but I do not think it is going to be soon, I think it is going to take at least 10 to 20 years for bitcoin to be able to rival paypal and ebay, but for that we need a solution to the slow confirmation time.
Completely agree with you, mate. While it's quite disappointing to experience slow confirmation times within the Bitcoin network, there is hope that someday not far in the future, Bitcoin would scale becoming closer towards rivaling PayPal or other payment processors.
We need to give it more time, for it to become fully mature and handle any kind of load while preserving decentralization. It's not going to be easy, but I'm confident that Bitcoin will improve and survive for many years to come.
In the meantime, we could just enjoy Bitcoin's uptrend in price by holding our coins for the long term, while using other altcoins to handle our daily transactions. Both Bitcoin and Litecoin make a great combination. One would serve as a store of value, while the other would serve more as digital cash. Just my thoughts.
