I guess what makes it so popular now because a giant is now adapting the cryptocurrency method. I think what people need to know is what they are risking using their platform. The general users should be aware of what a private key should be and how important it is to have your own wallet instead of a custodial. I hope people who are going into the crypto space from PayPal would read this as well.
I like the idea of "enjoy." Once this goes even more mainstream, it will even reach higher highs. You will never know.
Topic: ㅤ - page 3. (Read 1182 times)
It is an awful idea to use PayPal to store our bitcoins because they sometimes randomly suspend users' accounts without any warning and notification. PayPal is a custodial wallet that we don't have any financial freedom with our assets or bitcoins because they don't let us keep our private keys, so they are full control over our funds.
Sounds a little sad. Yes, PayPal will become a large centralized exchanger. What about the very idea of cryptocurrencies? Where is their decentralization? Was this what Satoshi wanted? What can we do with bitcoin that is regulated?
The upside is that many people learn about Bitcoin? And aren't there other sources where you could get this knowledge? Again, everything ends with regulation. Taking one step towards control, which looks like government goodwill, the second step will be just as categorical. And over time, everything related to cryptocurrency will be in the hands of the state.
It remains to be seen if a regulated, read entirely controlled version of bitcoin is even possible. I think once people understand that Bitcoin IOU offered by PayPal and others is not real Bitcoin, they will start to use bitcoin properly, even without ever converting it into fiat. Paradoxically, companies start to adopt bitcoin, because people all over the world are willing to use it as a currency for saving and everyday transactions because of its deflationary and decentralized nature, but, at the same time, what companies do is try to make bitcoin look like centralized fiat currency. Don't they understand they are rendering bitcoin worthless, because it was created to replace fiat currencies, that is the main reason people value bitcoin! In short, they add bitcoin because it is valuable, but the way they do that makes it not. The upside is that many people learn about Bitcoin? And aren't there other sources where you could get this knowledge? Again, everything ends with regulation. Taking one step towards control, which looks like government goodwill, the second step will be just as categorical. And over time, everything related to cryptocurrency will be in the hands of the state.
No doubt Paypal is going to be one of the most centralized exchange/wallet out there. You won't have access to your keys and you might lose access to your funds temporarily (or even permanently). But at least they are now involved with cryptocurrencies which will help more people know about bitcoin and other crypto currencies. Though we should still warn people about the risks involved and encourage them not to hold or store large amount of coins in paypal.
Sounds a little sad. Yes, PayPal will become a large centralized exchanger. What about the very idea of cryptocurrencies? Where is their decentralization? Was this what Satoshi wanted? What can we do with bitcoin that is regulated?
The upside is that many people learn about Bitcoin? And aren't there other sources where you could get this knowledge? Again, everything ends with regulation. Taking one step towards control, which looks like government goodwill, the second step will be just as categorical. And over time, everything related to cryptocurrency will be in the hands of the state.
By including Bitcoin, Paypal is expanding its services and its purpose is for the user to have more payment options for their customer list. For us it would be convenient to use it in some cases. It is not the best tool we want because we are used to decentralization, and managing our keys. For a person new to crypto, it may be of interest to buy Bitcoin in Paypal for its ease.
No doubt Paypal is going to be one of the most centralized exchange/wallet out there. You won't have access to your keys and you might lose access to your funds temporarily (or even permanently). But at least they are now involved with cryptocurrencies which will help more people know about bitcoin and other crypto currencies. Though we should still warn people about the risks involved and encourage them not to hold or store large amount of coins in paypal.
I wonder why Paypal turned into "pro-crypto" so fast,after being in the "anti-crypto" team for all those years?
What changed inside their company?Maybe they smell money inside the crypto industry and decided to abandon all their core principles of banning crypto trading,blocking user accounts,etc. just for the sake of more profits.This seems like a very opportunistic move.
However,all the FUD/anti-Bitcoin banks and corporations like JP Morgan and Paypal are about to jump in the crypto wagon.This trend has pros and cons and we shouldn't celebrate.
They see their users as a cashcow. They turned into pro-crypto to make some easy money from people (and even promote themselves further). What changed inside their company?Maybe they smell money inside the crypto industry and decided to abandon all their core principles of banning crypto trading,blocking user accounts,etc. just for the sake of more profits.This seems like a very opportunistic move.
However,all the FUD/anti-Bitcoin banks and corporations like JP Morgan and Paypal are about to jump in the crypto wagon.This trend has pros and cons and we shouldn't celebrate.
Here's another interesting news, PayPal is not going to limit itself to simply adding cryptocurrency to its platform, they have swung to buy whole crypto companies.
In a recent article at: https://www.bloomberg.com/news/articles/2020-10-22/paypal-said-to-be-in-talks-to-buy-crypto-firms-including-bitgo, Paypal said they want to buy different crypto currency companies, next in line are negotiations with the custodian service BitGo, which also provides lending services.
In a recent article at: https://www.bloomberg.com/news/articles/2020-10-22/paypal-said-to-be-in-talks-to-buy-crypto-firms-including-bitgo, Paypal said they want to buy different crypto currency companies, next in line are negotiations with the custodian service BitGo, which also provides lending services.
That's even worse than making a limited custodial account for cryptocurrencies!
Imagine for a second if Paypal goes around buying crypto companies we are all familiar with, they could buy Blockstream, they could buy blockchain.info, and then every transaction you make will be logged and reported to authorities. This is actually worse than the reporting Coinbase does because at least they don't report continuously.
What happen next, Amazon or Google makes a bitcoin solution and starts buying bitcoin companies as well? Then big tech will lure the majority of users to their solution.
Then countries under the guise of AML start prohibiting bare transactions on the blockchain on the basis that the transactions
can't be reported to them and governments can't inspect such transactions, and turn it into a luxury right only given to enterprises? This is not the direction we want to head in.
Mind you this would affect all major cryptocurredies and even Bitcoin Cash and Monero.
It think they will going to use some money after it can get accumulated in their platform. Imagine that many people stored money in their platform but thinking of not withdrawing it as indicated in their policy? So, what really is bitcoin for them? an accessory or something? People are thinking about it as an investment now that bitcoin to grow I think that they afraid of lossing money after I guess they spend probably the money of the people after buying bitcoin. They can probably return their money when bitcoin market will go downand they can make easy purchase.
PayPal into cryptocurrency is pure business and it isn't gonna support the adoption of bitcoin in the global market.
I actually disagree with you on this. PayPal is definitely helping with both increased awareness and adoption of BTC where the latter doesn't have to be direct purchases through PayPal but can be through other non-custodial places i.e. exchanges.
Even if there might be underlying reasons tied to monetary values why PayPal despite initially disproving crypto has now decided to endorse it the movement has also initiated the new bull run BTC seems to be on.
As to using PayPal for BTC, I think most early-adopters will know better than not to fall for this. I'm sure this new partnership (if you can call it that) means more identity exposure and possibly making you more of a target, plus the fees would be another matter altogether.
In 2018, ex-CEO Bill Harris called Bitcoin is the greatest scam in history, and now PayPal is going to support it. What has changed?
Anyone can changed when they do saw that their opinions had been completely trashed and been ignored by people whom do support Bitcoin.
They do saw that it cant really affect crypto the way on telling things ex. being a scam but instead of making out some fuds to decrease its price, it do rather stood strong after all these years.
Integration of paypal with crypto is a good move but on general sense, this isn't something different on buying up bitcoin on typical exchangers that we do had today.
Of course, if you don't own the keys then you don't own those coins as long it stayed to paypal wallet.
I used Paypal since 10 years ago I think. I used it for online microtransactions.
in 2015-2015, Paypal limited my account. Unfortunately, I still had funds on in Paypal account.
I can't use my PayPal to send or withdraw my money before I follow their instructions.
I need to send my ID, billing address, etc. That was my first online KYC.
When I heard that Paypal will have Bitcoin integration, I was like..
duck you P, you will make users complicated when they need it
let them promotes Bitcoin.
but don't use it
yes Paypal currently requires KYC verification to be used as a whole so you can make purchases and withdrawals. I think using paypal is only an alternative option from the many platforms that you can choose from. if you have bad experience with paypal you can miss it. To be sure paypal is currently making a big adoption by adding cryptocurrency to its platform and this is the adoption that has been waiting for.in 2015-2015, Paypal limited my account. Unfortunately, I still had funds on in Paypal account.
I can't use my PayPal to send or withdraw my money before I follow their instructions.
I need to send my ID, billing address, etc. That was my first online KYC.
When I heard that Paypal will have Bitcoin integration, I was like..
duck you P, you will make users complicated when they need it
let them promotes Bitcoin.
but don't use it
Been using PayPal for so many years but I usually leave few dollars on my account as I don't feel the need to leave big amount. I am using it for convenience purposes when you need to pay a merchant online. And yes, you do need to undergo KYC as you are connecting your credit/debit card to your account. There's no way you can avoid that step. And with the inclusion of bitcoin in their platform, for me, it will drive adoption no matter what. So it depends on the crypto user if he is not amenable with KYC requirement. There are other options how to get crypto.
I used Paypal since 10 years ago I think. I used it for online microtransactions.
in 2015-2015, Paypal limited my account. Unfortunately, I still had funds on in Paypal account.
I can't use my PayPal to send or withdraw my money before I follow their instructions.
I need to send my ID, billing address, etc. That was my first online KYC.
When I heard that Paypal will have Bitcoin integration, I was like..
duck you P, you will make users complicated when they need it
let them promotes Bitcoin.
but don't use it
yes Paypal currently requires KYC verification to be used as a whole so you can make purchases and withdrawals. I think using paypal is only an alternative option from the many platforms that you can choose from. if you have bad experience with paypal you can miss it. To be sure paypal is currently making a big adoption by adding cryptocurrency to its platform and this is the adoption that has been waiting for. in 2015-2015, Paypal limited my account. Unfortunately, I still had funds on in Paypal account.
I can't use my PayPal to send or withdraw my money before I follow their instructions.
I need to send my ID, billing address, etc. That was my first online KYC.
When I heard that Paypal will have Bitcoin integration, I was like..
duck you P, you will make users complicated when they need it
let them promotes Bitcoin.
but don't use it
I guess there is nothing wrong in using paypal as a means of buying or selling bitcoin especially if it will be easier for you to cashout via paypal as paypal has a big
connection to many banks.
But with regards to storing, I guess I can compare it to CEX exchange like binance and etc. as we can store,sell or buy bitcoin there but we don't have the private key of it
so it's up for us to trust our money to them. But if you don't like it then you can use paypal service in many ways like cashin in bitcoin or cashing it out via paypal especially
if their fees is not that high.
connection to many banks.
But with regards to storing, I guess I can compare it to CEX exchange like binance and etc. as we can store,sell or buy bitcoin there but we don't have the private key of it
so it's up for us to trust our money to them. But if you don't like it then you can use paypal service in many ways like cashin in bitcoin or cashing it out via paypal especially
if their fees is not that high.
paypal is an unrivaled online payment gateway. for many years they have been providing services with a good reputation. provisionally how many cryptocurrency they will implement? a few things i didn’t understand clearly. in this paypal wallet can we just received crypto no option to send anywhere? i have an account it’s limit over last 2 years.
not your keys not your bitcoins got famous on crypto but i never hear this saying before by the time theres no cryptos yet . people didnt care about the money that they put on paypal and other centralized wallets because they think its already trusted
Because Bitcoin is the first currency to exist that is transparent, open-source and decentralized. It's the more fair digital version of cash. With cash, the crypto saying could be translated as "not your wallet, not your banknotes".paypal is going strong up to this date with no reports that money got stolen except to those that got scammed .
Actually, it isn't as strong as you may think. I don't think there actually is one website or software out there that has literally zero flaws. Now that you've mentioned PayPal's supposed strength against theft, there have been really bad flaws in the past with PP. Most of the times, security is just an illusion.after paypal announce this , threads then follow up on this site . they all say that its the paypal causes the sudden increase in btc but days before the revelation. the price are already high but it got boosted by paypal crypto news .
I wouldn't get too excited about it. Could be just a short term hype pump as usual. 
Certainly, a large company such as Paypal will not give up its centralization and complete control over the money of its users easily. It is true that Paypal entered the world of crypto, but it is clear that it is trying to enter in its own way, and instead of merging with the decentralized crypto world, it tries to make the crypto world subject to its central conditions.
Of course, this news had a great positive impact on Bitcoin and cryptocurrencies, and it will help the mass adoption of cryptocurrencies around the world, but I think that a large number of cryptocurrency fans will not accept that the private keys for their cryptocurrencies are in the hands of a third party, as Paypal will be able to block them at any time. And freeze their coins. Plus, PayPal will definitely order KYC, which is what many crypto fans don't like.
Of course, this news had a great positive impact on Bitcoin and cryptocurrencies, and it will help the mass adoption of cryptocurrencies around the world, but I think that a large number of cryptocurrency fans will not accept that the private keys for their cryptocurrencies are in the hands of a third party, as Paypal will be able to block them at any time. And freeze their coins. Plus, PayPal will definitely order KYC, which is what many crypto fans don't like.
the main point here is people should still be cautious in doing transactions since it has been said not your keys, not your coin.
not your keys not your bitcoins got famous on crypto but i never hear this saying before by the time theres no cryptos yet . people didnt care about the money that they put on paypal and other centralized wallets because they think its already trusted but it is because paypal is going strong up to this date with no reports that money got stolen except to those that got scammed .
after paypal announce this , threads then follow up on this site . they all say that its the paypal causes the sudden increase in btc but days before the revelation. the price are already high but it got boosted by paypal crypto news .
Yes, from what I understood. The option of buying with Bitcoin through PayPal is actually just Paypal converting said Bitcoin to fiat before first sending it to the partnered merchants.
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Paypal does not allow people to withdraw bitcoins from their platforms. They will collect Bitcoin transaction fees and silently squeeze people's wallets as they transfer money until there is no Bitcoin left.
I think Paypal's work only makes things worse because of their absurd regulatory frameworks. We don't need Paypal because just using Bitcoin the traditional way is enough.
[/quote
Paypal does not allow people to withdraw bitcoins from their platforms. They will collect Bitcoin transaction fees and silently squeeze people's wallets as they transfer money until there is no Bitcoin left.
I think Paypal's work only makes things worse because of their absurd regulatory frameworks. We don't need Paypal because just using Bitcoin the traditional way is enough.
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