This Breaking News is worth noting. This is another piece of solid evidence that within another 3 to 5 years digital currency will be accepted by the mainstream. Typical of early adoption; it is not perfect or pretty. But someone got to get it going. The way it is done through the Paypal system is neither efficient nor cost effective.
For the love of Bitcoin or to those who are fortunate enough to be in the position where money is no object, it is certainly cool. Go for it. But that should not be the ultimate goal in making digital currency to be truly superior to fiat currency. We believe that for it to happen, there must be a stable trustworthy digital currency that can truly be spent as a medium of exchange between two parties without the necessary cost burden of an intermediary. That is what DNotes is striving for. It is a long lonely journey, but that is the best pathway to be true to our mission. Otherwise we might as well stay in the same old camp and be contented with the outdated costly credit/debit card system. It has been useful and convenient. Change is never easy. Most people rather remain in their comfort zone, despite having the cost of having to endure the some pain and suffering.
BREAKING: PAYPAL MERCHANTS CAN NOW ACCEPT BITCOIN
Justin OConnell 10/04/2015 Announcements, Bitcoin Business, News 4 Comments
In a long SEC filing from today, PayPal states that its merchants can now begin accepting Bitcoin. As the original text to the filing reads:
A merchant can typically open a standard PayPal account and begin accepting payments through PayPal within a few minutes. Most online or mobile merchants can onboard quickly and are not required to invest in new or specialized hardware. Our Payments Platform supports growth with a variety of value-added services designed to help businesses of all sizes manage their cash flow, invoice clients, pay bills, and reduce the need for merchants to receive and store sensitive customer financial information. For our standard service, we do not charge merchants setup or recurring fees. A merchant can also integrate with Braintree to begin accepting payments with credit or debit cards, PayPal, Venmo, digital currencies such as Bitcoin, or other payment solutions with a single integration.
In September 2014, PayPal announced it would accept Bitcoin via integration with Braintree, and the same month announced partnerships with Coinbase, BitPay and GoCoin. Via the PayPal Payment’s Hub merchants could use customizable APIs to integrate Bitcoin into their shops for digital goods. At the time, it released a video hinting at Bitcoin integration.
eBay CEO John Donahoe said in 2014 that Bitcoin would play an “important role” in eBay’s plans before the two companies agreed to a split due to a changing digital payment’s landscape.
“PayPal is playing the role of the intermediary, but the cost will be left up to the merchant and the payment processor,” said Scott Ellison, PayPal’s senior director of competitive intelligence and corporate strategy, at the time of the original announcement.
The digital payments firm will split from its former parent company, eBay, Inc., effective at the end of 2015. As eBay writes of the split in the filing:
…The commerce and payments landscape is rapidly changing, and each business faces different competitive opportunities and challenges. Consequently, in September 2014 the board decided to separate the businesses. As independent companies, we expect eBay and PayPal will be sharper and stronger, and more focused and competitive as leading, standalone companies in their respective markets. eBay and PayPal also will benefit from additional flexibility and agility to pursue new market and partnership opportunities.
Whether or not PayPal will pursue a more aggressive Bitcoin policy has yet to be seen. In 2014, weighing in already on Bitcoin currency regulations, the company told the Australian Senate:
“While the currency itself should not be regulated, and transactions by individual users without the assistance of the intermediaries should not be regulated, companies that provide a financial service for digital currency transmission, for issuance or sale of digital currency, or for exchange with other currencies such as the Australian Dollar, should be regulated in a manner similar to the existing regulations that apply to other payment services… Those regulations, however, should be adapted to recognize the specific details of how different digital currencies work, particularly ‘decentralized’ digital currencies that are not controlled by a specific issuer.”
Updated: April 10, 2015 at 8:22 am CET.
https://www.cryptocoinsnews.com/breaking-paypal-merchants-can-now-accept-bitcoin/