We’re all veteran bitcoin users, whilst PP’s bitcoin integration isn’t perfect (far from it) it provides a platform for average Joe who isn’t tech savvy to buy bitcoin. It will help with mainstream adoption, as time passes I believe they’ll change their minds & allow private key retention for the user. Let’s just ride the wave for now & enjoy the price increase.
The price of bitcoin has increased because most of the people involved in the cryptocurrency space are still prone to believe that every "good" news that another potential rival of bitcoin started integrating and accepting it is somehow positive for its adoption. It is a fallacy. It may be that such companies and services like PayPal help to spread awareness about the existence of bitcoin, but they are indeed harmful for its adoption. Being an ideological opponent of bitcoin, PayPal distorts the ideas of bitcoin and is trying to show its users and everyone else that bitcoin can be controlled by centralized organizations.
My opinion has not changed since the first rumors about PayPal and bitcoin:
If PayPal to add cryptocurrencies, it will be another way to control your purchases, transactions, surveill on your habits, etc. It doesnt increase the level of adoption in places where people have no access to banks. It won't help them to buy bitcoin and transact at any time they want. Governments will have an ability to prevent your from using bitcoin through PayPal that discrediting the whole network by creating an illusion that bitcoin is censorable. As a result, 325 millions will have misconception of how to use bitcoin network properly. Adoption of illusions, misconceptions and underestimations, not adoption of cryptocurrencies.
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The positive effect is people will be use bitcoin almost everywhere where PayPal accepted
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That's exactly the delusion I was talking about. There is a small distinction between Bitcoin and, let's name it, "PayPal-coin". The first is the real one invented by Satoshi Nakamoto and is being run on a blockchain, which is, as we all know, decentralized, neutral, open, censorship-resistant, borderless, immutable, disintermediated, etc. We are using it because it has all of properties mentioned above and we also didn't ask for permission to access it. The second is fake bitcoin, it just pretends to be real bitcoin, because it doesn't have qualities natural for bitcoin. PayPal-coin is centralized, biased, closed, censorship-friendly, jurisdiction-based, mutable, intermediated and so on. People, who are not familiar with real bitcoin, may get a misconception about what bitcoin is and why it is valuable. They will never use bitcoin through PayPal, they will use PayPal-coin or rather PayPal-coin will use and control them.