Colorado DMV now accepts cryptocurrency for online services. - page 2.

DaveF

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Quote from: stompix on September 01, 2023, 06:56:23 AM

Quote from: Lida93 on September 01, 2023, 06:33:09 AM

Those customers who will be paying I'm cryptocurrency will have to do so through PayPal with a service fee of $1 plus 1.83% of DMV total, asides PayPal fee that may apply for each transaction.

So, why would anyone choose to pay with crypto from their papal account when I can use a normal card and pay none of the fees?

Because it's sitting in their account and they don't care.

If you as someone selling things decided to take BTC / crypto thought PayPal since you were using them to take payments anyway and it was nothing more then a few mouse clicks but you don't care about BTC / crypto then you could easily wind up with some in your account. Now you have to give the DMV money, and you can now spend on something you were going to have to spend money on anyway. Yes, there is a fee, but 'whatever' you no longer have to worry about this BTC / crypto sitting in your account.

THAT is PayPal's target audience. Fees in, fees out, terrible exchange rate. But, it's a painless process.

I have a few clients who STILL use PayPal just for credit card processing. They could save a bunch my moving to another vendor. But over the years they have integrated PayPal with so many things. Even saving 2% on the $300000 (so $6000 net) they move through them every year will cost them more in redoing their back end then a few years of fees.

-Dave

Lida93

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Quote from: elevates on September 01, 2023, 07:50:03 AM

It might be a coincidence but I have been seeing lately post on this board that are trying to promote PayPal. In my understanding without any urgent requirement everyone should avoid PayPal for buying or selling crypto. Reason is simple charges are high and you cannot forget PayPal was never meant to support crypto. It was created to make global payment system simpler and faster but with a catch of high fees. I wouldn't recommend anyone using its service to buy Bitcoin or any other crypto. My recommendation is to use a P2P exchanges as generally they don't ask for verification and the fees are very less.

For me this is another possible oppertunity for the financial system to extract money. The disguise that they would use is PayPal and they would show that it doesn't mean anything for anyone.

There may be a sinister motive no doubt but let beam our torch to the other side of it that this innovative can forge some trust on those people that have some sentimental fear in adopting cryptocurrency, such people have no need for use of exchanges( Cex or Dex) based on their fear on how secure their funds are on these exchanges, and with the use of PayPal they could be tempted to try crypto for payment using PayPal if they don't have problem in affording the fees.

elevates

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It might be a coincidence but I have been seeing lately post on this board that are trying to promote PayPal. In my understanding without any urgent requirement everyone should avoid PayPal for buying or selling crypto. Reason is simple charges are high and you cannot forget PayPal was never meant to support crypto. It was created to make global payment system simpler and faster but with a catch of high fees. I wouldn't recommend anyone using its service to buy Bitcoin or any other crypto. My recommendation is to use a P2P exchanges as generally they don't ask for verification and the fees are very less.

For me this is another possible oppertunity for the financial system to extract money. The disguise that they would use is PayPal and they would show that it doesn't mean anything for anyone.

stompix

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Quote from: Lida93 on September 01, 2023, 06:33:09 AM

Those customers who will be paying I'm cryptocurrency will have to do so through PayPal with a service fee of $1 plus 1.83% of DMV total, asides PayPal fee that may apply for each transaction.

So, why would anyone choose to pay with crypto from their papal account when I can use a normal card and pay none of the fees?

This is starting to become infuriating, for real!
Bitcoin started as a "A purely peer-to-peer version of electronic cash".

And now, every single adoption from someone goes through an intermediary platform, and guess what, even if we exclude that major inconvenience that goes against the main principle behind it, it's also becoming more f* expensive to use crypto! I swear, sometimes I feel like I need to make a set of tinfoil hats because this looks like someone wanting to piss off Bitcoiners and intentionally making services available but with intermediaries and higher fees, just to make it look as Bitcoin payments are not the best alternatives. No surprise that usage is losing steam and nearly everyone thinks of "investments" rather than daily payments.
/rant over!

Dunamisx

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Well, i will say this is a nice move from Colorado this time again, even though it's something now common that you discover many organizations adopting bitcoin as a means of payment in this modern technology, i believe they have realized what they would have probably missed out if they don't extend their offer to allowing cryptocurrency payment for their services, it is very important to also noted that bitcoin being a decentralized digital currency is the most widely acceptable means of payment adopted by most institutions in cryptocurrency because it was recognized as a legal means of making digital payments and transactions on good and services, the people can also trust and be reliable on it use for the privacy they want.

Lida93

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On Thursday the DMW announces it now accepts online cryptocurrency payment through PayPal as a measure to provide a wide and convenient service delivery to their customers.

Those customers who will be paying I'm cryptocurrency will have to do so through PayPal with a service fee of $1 plus 1.83% of DMV total, asides PayPal fee that may apply for each transaction.

Source.

This is something that can be described as another adopters move as this innovative will attract interest of more users to the bitcoin technology reducing their fears about the digital gold.

And isn't the first time the Colorado state is taking such an outstanding decision, in 2022 they were the first state to accept cryptocurrency as payment of state taxes and fees.Click for more info.

Topic: Colorado DMV now accepts cryptocurrency for online services. - page 2. (Read 264 times)