2021-03-30 TheVerge - PayPal will let US users pay with Bitcoin - page 2.

Harlot

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Quote from: aoluain on April 02, 2021, 01:39:50 AM

Just thinking wont this also enable us to transfer Bitcoin to Paypal and then transfer to a
bank account and potentially avoid paying TAX on it?

It's considered a trade if you do that as you are using Paypal to convert your Bitcoin into Fiat Currency and not necessarily using their services in order to use your crypto for payments. The conversion it will take place will be considered as your capital gains. You won't really be avoiding any tax here as simply I don't see any loopholes on a straightforward law about your taxes with cryptocurrencies. Keep in mind that since Paypal is a very big company they will be in compliance with various AML laws and they will most likely do everything to avoid and report illicit activities from happening with their services.

aoluain

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Just thinking wont this also enable us to transfer Bitcoin to Paypal and then transfer to a
bank account and potentially avoid paying TAX on it?

Also using Paypal to buy goods where the merchant doesnt accept Bitcoin can also
help us avoid paying TAX instead of liquidating Bitcoin to FIAT in order to buy goods.

bbc.reporter

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@acquafredda @ InvoKing. Agreed! This is why I speculate that the numbers for amount of transactions for Paypal purchases through bitcoin will be low. If Paypal did not know this, they will soon learn. If Paypal knew this already then I reckon they are only using bitcoin friendliness as a device for marketing.

InvoKing

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✋(▀Ĺ̯ ▀-͠ )

Quote from: bbc.reporter on March 30, 2021, 08:50:40 PM

I would change my skepticsm of Paypal’s adoption of bitcoin if it begins allowing cryptocoin withdrawals from their site. What Paypal only did is create crypto gamblers of their users. This is my opinion only. Also, I hope Paypal releases the data on how many of their users really pay with bitcoin.

Big businesses don't care how much people buy with bitcoin. They appreciate every entering satoshi that will be multiplied after few months while FIAT is in devaluation over the years.

acquafredda

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It think that is not a problem at all given that people are exercising their time preference here: if I believe Bitcoin is going to be valued more in the future and if I see it as a valuable investment algonside a sound asset why should I be using for as a means of payment? Still, that is one of the main property that bitcoin has so who will want to use bitcoin (I imagine for high-value txs) could da that too.

bbc.reporter

legendary

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@acquafredda. Those numbers will be low, I reckon. Not much of holders buy with bitcoin. Much of it is speculative holding to sell later at a higher price. Sorry but this is reality.

This might only be larping by Paypal to appear bitcoin friendly because it has become a good marketing device similar to what Tesla and Microstrategy did.

acquafredda

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Quote from: bbc.reporter on March 30, 2021, 08:50:40 PM

I would change my skepticsm of Paypal’s adoption of bitcoin if it begins allowing cryptocoin withdrawals from their site. What Paypal only did is create crypto gamblers of their users. This is my opinion only. Also, I hope Paypal releases the data on how many of their users really pay with bitcoin.

It is about having faith now, you are right. Eventually they will have to do that, meaning PayPal will have to allow its customers to go in/out of crypto at will. It is about time, it will come. I would wait until the end of they year to see their facts and figures and, like you, I hope they will release their numbers.

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

The "PayPal" news is good, but it is also bad. PayPal effectively act as a Payment processor and whatever bitcoins are bought and sold, will not really have an affect on the price. As I see it, most people will not have any real incentive to use Crypto currencies over PayPal, because most of those coins are bought and sold on their centralized database. Roll Eyes

This is just a way to regulate and control people's transactions that are done via a centralized database. The true value in Crypto currencies like Bitcoin is centered around it's pseudo anonymity and also not relying on any centralized financial platform. (If PayPal goes down, you will not be able to use the coins on their platform)

It comes back to this.... "Not your Private Key, not your coins" Angry

bbc.reporter

legendary

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I would change my skepticsm of Paypal’s adoption of bitcoin if it begins allowing cryptocoin withdrawals from their site. What Paypal only did is create crypto gamblers of their users. This is my opinion only. Also, I hope Paypal releases the data on how many of their users really pay with bitcoin.

Slow death

legendary

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Paypal is bringing something we need at this moment: more exposure, but there is a difference from the exposure that paypal is bringing, which is how paypal is a payment processor and when they accept bitcoin they can awaken in people the spirit of using bitcoin to make payments and not just obsessing about making hodl, that's why I think this exposure that paypal is bringing is very good

prehisto

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I am not a fan of PayPal as a seller on PayPal, litle protection from scammy buyers, insane fees for regular transactions , also they are robbing people with conversation rates between currencies.

As a buyer I tend to enjoy the protection they give me Grin

I believe they saw that they are losing market share to crypto currencies thats why the had to start working with them not against them.

acquafredda

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Quote

We already knew that PayPal was planning to support cryptocurrencies as a form of payment. And now, the online payment app announced US customers can do just that with its “Checkout with Crypto” feature, rolling out today.

After rolling out the ability for US users to directly buy and sell cryptocurrency directly from their accounts last November, PayPal’s new “Checkout with Crypto” allows users to instantly convert their Bitcoin, Ethereum, Litecoin, or Bitcoin Cash to US dollars (with no additional transaction fees) that PayPal then uses to complete the transaction. If a merchant doesn’t take US dollars, PayPal also converts those dollars into local currency at standard conversion rates set by PayPal.

https://www.theverge.com/2021/3/30/22357246/paypal-buy-with-bitcoin-litecoin-ethereum-crypto-checkout

By now you should have noticed that the market was in a great frenzy and it was actually strange not to find this news here. PayPal is again showing a bold stance towards crypto and this implementation is very big.
What else next?

Topic: 2021-03-30 TheVerge - PayPal will let US users pay with Bitcoin - page 2. (Read 376 times)