Coinbase Adds PayPal As Payment Option For U.S. Users

nelson4lov

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Quote from: fladnaG on April 30, 2021, 07:39:21 AM

Have Binance already done this or are they just going to do it?

If you mean Binance p2p, yes. PayPal was one of the payment options the last time I checked but a couple of my friends using PayPal to buy bitcoin via the platform ran into issues as PayPal payments were always flagged and sent back to the seller. Anything involving using PayPal to make transactions is a big no no for me especially since they'd remain in custody of ny funds and can easily make it inaccessible for me just like they always do to people's money. U.S should be able to use other options to buy bitcoin. Buying though Coinbase + PayPal isn't a straightforward process as both platforms offer only custodial services to customers.

Streets 2.0

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Mutual integration of cryptocurrency and existing financial instruments greatly simplifies life and trading for everyone. Such steps will increase the number of people who will be able to buy or sell cryptocurrency, or vice versa, to buy something with it without unnecessary actions. The more such financial infrastructure develops, the wider the community and the stronger the cryptocurrency market. There would be more such positive news.

tbterryboy

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Quote from: ConnerDalfino on April 30, 2021, 04:38:31 AM

-It's hilarious to see PayPal come full circle. They banned buying bitcoin from their platform really early on, but it's now apparently too lucrative to ignore.
-Those fees are insane. (2.5% for deposits, 4% for direct purchases).

What do you think is bullish? Will people be using it?

As I have seen a lot of people complaining about the fees and not letting middleman(PayPal) handle the transactions.

Man for real, I do remember the time that they (PayPal) banned bitcoin and even closing the account of users that were making use of bitcoin, but this time around a lot of things have changed and it’s now those companies that banned bitcoin that are now accepting it in their platform and PayPal is now one of them.

I am not surprised that Coinbase has added then as a payment option, because PayPal is now allowing payments in bitcoin and other cryptocurrencies (although the process is quite different) they are sure going to be letting their users make use of it in payment.

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Quote from: aoluain on April 30, 2021, 04:06:43 PM

Just for clarification, can I buy Bitcoin on Coinbase with a Paypal balance?

Can I sell Bitcoin on Coinbase and have the FIAT go to my Paypal account?

If this is the case I would most certainly use it.

yes you can both.

Kong Hey Pakboy

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Quote from: concept2 on April 30, 2021, 04:03:24 PM

This is not a significant news since both coinbase and paypay are related to bitcoin and cryptocurrency.

I believe that new companies joining the crypto world bring more positive news than this (ex: Visa could join the crypto revolution). Paypal news had driven the market for many months and it is end by now. We need new momentum created by a new prominent name

Well, they are a big company so to say that it isn't a big deal of a news is an understatement of the century. Yes companies joining the crypto craze is a good news but that doesn't mean that every other news is disregarded, this still calls for a celebration although not a lot of people like this situation.

aoluain

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Just for clarification, can I buy Bitcoin on Coinbase with a Paypal balance?

Can I sell Bitcoin on Coinbase and have the FIAT go to my Paypal account?

If this is the case I would most certainly use it.

concept2

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This is not a significant news since both coinbase and paypay are related to bitcoin and cryptocurrency.

I believe that new companies joining the crypto world bring more positive news than this (ex: Visa could join the crypto revolution). Paypal news had driven the market for many months and it is end by now. We need new momentum created by a new prominent name

Bitstar_coin

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I knew there are yet more news to come from paypal, since the time they announced accepting btc in their services they have been working hard to make the experience more friendly and easy for users, people already where complaining that the service don't allow users to withdraw their btc to personal wallet, but with this new update am sure those who use the service to buy from coinbase can be able to withdraw,
Even if paypal stand to gain more but the important part is they are creating new ways to reach more people.

mrongoz22

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Coinbase is adding paypal as a payment option for US users, which will enable millions of users based in the United States, to add their debit and credit cards connected to their paypal to their coinbase account, creating a way for unlimited crypto purchases, I think they do all of that just to make a lot of money too, because they realize now that bitcoin has grown, so they do all that to make a lot of profit ..

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Quote from: ConnerDalfino on April 30, 2021, 04:38:31 AM

"Coinbase now allows users in the US to buy and sell bitcoin and other cryptocurrencies via an integrated PayPal account. Previously, users could only purchase bitcoin from the exchange using either ACH or wire transfer via a connected bank account. PayPal-linked credit cards can’t be used, there’s a purchase limit of $25,000 per day for PayPal users and the exchange will charge 3.99% fees."

-It's hilarious to see PayPal come full circle. They banned buying bitcoin from their platform really early on, but it's now apparently too lucrative to ignore.
-Those fees are insane. (2.5% for deposits, 4% for direct purchases).

What do you think is bullish? Will people be using it?

As I have seen a lot of people complaining about the fees and not letting middleman(PayPal) handle the transactions.

Those who don't have any other alternative to buy will consider it, half bread is better than none, PayPal's involvement in crypto is paving ways for more opportunity, am sure some people would not even mind the fees as long as they can now have access to buy btc, it is a good move nonetheless, anything that bring more exposure and easy access to btc is certainly an achievement.

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There's just not stopping PayPal from capitalizing on the hype that cryptocurrency has to offer. They don't even let users withdraw the actual bitcoin on their platform, so I guess this is the workaround that they come up with instead. It's just a win-win situation for them, though for retail investors this could also be a good starter for them to actually be included in the actual flow of the market. I believe there would be a lot of newbies out there who's going to try to use PayPal on Coinbase just to see if everything works and checks out.

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Quote from: ConnerDalfino on April 30, 2021, 04:38:31 AM

-It's hilarious to see PayPal come full circle. They banned buying bitcoin from their platform really early on, but it's now apparently too lucrative to ignore.

it is both hilarious and predicted at the same time.
it was obvious from the start that paypal had problem seeing bitcoin grow and wanted to buy time. that is why they added a lot of restrictions for their users. but as bitcoin keeps growing they are being left behind. in order to catch up they have to do things like this and start partnerships with the biggest bitcoin exchanges such as coinbase to make some money too.

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To be honest, I don't find the fees insane. What's insane is BTC transaction fees from time to time, but paying less than 5% for conversion from fiat to crypto or vice versa sounds like a very good deal for me.
I think it's natural that Coinbase will allow US users to use PayPal because PayPal is integrating cryptos for US users as well, right? So while PayPal wants to work with traditional institutions to ensure that it's fine for people to use cryptos via it, they're also trying to engage with crypto companies and build connections.

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Quote from: hugeblack on April 30, 2021, 09:26:21 AM

The second type: They are those who believe in the power of technology, and therefore the private key is the most important. (they are few.)

Generally, most people looking to get into Bitcoin is with the intention of making enough money, and eventually cashing out for their fiat currency. That is something that's always going to be promoted, and be the main reason why people are getting into cryptocurrencies. If you look at any news article, at least positive ones they usually treat Bitcoin as an investment, and encourage investors to not wait too long until they cash out.

Unfortunately, the complex nature of Bitcoin means it will never be mainstream adopted based on its technicalities, and technology. Despite the Blockchain having significance not only in the financial sector, but multiple other industries too.

Quote from: philipma1957 on April 30, 2021, 08:22:51 AM

What would be nice is to be able to simply transfer btc from PayPal to coinbase and or from coinbase to PayPal.

Probably likely to happen, if not with Coinbase with some other third party exchange.

hugeblack

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I think we have two types of investors: the first type is the one who is exposed to price and is indifferent to technology. These users care about the fees and the price without caring about obtaining private key, and then services such as MasterCard, Coinbase, PayPal will be a suitable option for these type of investors who do not want to be exposed to all the complications.
The second type: They are those who believe in the power of technology, and therefore the private key is the most important. (they are few.)

philipma1957

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Quote from: Welsh on April 30, 2021, 08:13:26 AM

Quote from: philipma1957 on April 30, 2021, 08:07:13 AM

I have a line of credit with paypal.

six months no interest.

Thus I can buy btc with six months to pay.

This would sound really good, but I'm convinced that they've probably written it into their terms, and conditions. This would be huge for a lot of people if people are particularly bullish in the short term. Sounds a little to good to be true, for them to allow though.

You could effectively purchase a large amount of Bitcoin which you wouldn't ordinarily be able to afford (at least all at once) with no interest until 6 months, then if Bitcoin goes higher at any point, you could instantly sell it making up what you paid, and more without any money leaving your Paypal account.

Just did the setup.

It allows PayPal balance
It allows bank.

It does not allow PayPal credit
It does not allow credit card.

~~There may be ways to get around that not sure though.~~

Now I do have BTC on my PayPal account about $1500 usd worth

I have been buying little pieces of it since October 2020.

What would be nice is to be able to simply transfer btc from PayPal to coinbase and or from coinbase to PayPal.

To all I support actual "real" companies with some btc not all of my btc.

My PayPal 'btc' has always been purchased and never sold. So it has zero tax consequences.

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Quote from: philipma1957 on April 30, 2021, 08:07:13 AM

I have a line of credit with paypal.

six months no interest.

Thus I can buy btc with six months to pay.

This would sound really good, but I'm convinced that they've probably written it into their terms, and conditions. This would be huge for a lot of people if people are particularly bullish in the short term. Sounds a little to good to be true, for them to allow though.

You could effectively purchase a large amount of Bitcoin which you wouldn't ordinarily be able to afford (at least all at once) with no interest until 6 months, then if Bitcoin goes higher at any point, you could instantly sell it making up what you paid, and more without any money leaving your Paypal account.

philipma1957

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I have a line of credit with paypal.

six months no interest.

Thus I can buy btc with six months to pay.

I will see if they give me the six months to pay with zero interest.

I will come back to this thread and let you know.
I added PayPal to my coinbase account as a payment choice

It routed me to PayPal account and PayPal does the following:

They allow bank
They allow PayPal balance

They do not allow PayPal credit
They do not allow credit cards

So It is not a big deal for me.

It does shield you from coinbase a bit.

Welsh

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Quote from: elda34b on April 30, 2021, 06:58:38 AM

It's more like a move to earn as much money as possible while the market is still bullish.

Yeah, Bitcoin is probably getting the most media coverage as well as several infulencers now promoting either Bitcoin or cryptocurrencies. While this isn't particularly useful in the long run, its definitely increasing the amount of people who are investing in Bitcoin, and while its good news that Paypal now seem very pro Bitcoin, and want a slice of the pie that doesn't mean its going to be a permanent addition, and could easily be removed once this initial hype dies down.

Quote from: DaveF on April 30, 2021, 07:03:10 AM

The other advantage I see, and it's a small one, are those people who want to buy crypto though Coinbase but do not want to give them their banking information.
Yes it costs you a bit, but unless they changed something you are still getting a buffer that Coinbase never sees your banking information.
Also, if you sell on eBay and have funds sitting in your PP account you can now get BTC without moving it to your bank 1st so that is good.
-Dave

I'm not all that familar with Paypal I'll be honest. However, wouldn't the invoice which has been generated still have the card number that was used. As far as I know, Paypal has to have a bank card linked to it, which displays account number, and card holder name. So, Coinbase would still have access to that information as a invoice would need to be created.

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You don't get it.
PayPal is only using bitcoin and crypto to position itself for the next generation of finance which is unfolding right before our eyes.
Having entered the custody space they are now actively integrating all this to do a complete change first in their company and then within the financial ecosystem.
After hating crypto, they're embracing it not to become useless in the future.

Topic: Coinbase Adds PayPal As Payment Option For U.S. Users (Read 248 times)