Topic: More bullish news: Paypal will alllow crypto checkout (Read 648 times)

Quote from: TheUltraElite on April 04, 2021, 01:20:12 AM

According to what I read when the PayPal company first integrated Cryptocurrency, they are plan to expand the crypto features to every location/country where PayPal operates which their government has no legal ban on crypto but the initial implementation will start from the US wheres major crypto users.

Countries where bitcoin is still a grey area might need further improvements regarding the stance of bitcoin. Of course the North American continent countries are using crypto more than their asian counterparts. We have Bitcoin ATMs in USA maximally, the only one that was set up in India was taken down by the police, but possibly it was a genuine money laundering case.

But with Paypal, these countries may have an boost on bitcoin trading bans.

I don't hear about India Bitcoin Atm been taking down and what I read last about India stance toward crypto is that they planning to ban Bitcoin. Is crypto still allow there?
PayPal is a centralized company and I don't see them integrated cryptocurrency in the countries where cryto is ban.

Quote from: TheUltraElite on April 04, 2021, 01:20:12 AM

Although I don't like Elon manipulation tweet but I respect the wonderful job he does in making Bitcoin more popular within the people that have a negative impression about Bitcoin before.

It has both its good and bad effects. The pumping of bitcoin drove the price up but this became an inorganic growth. A support level might be much lower and hence a sudden drop can happen at anytime if there are no support levels already built. They get built with gradual price rise not sudden price rises over a few weeks.

Yes the market is deem to an inorganic growth but I was not talking about the growth of the price of the market. I was talking about some level of awareness he gave the market through his tweet.

Quote from: bryant.coleman on April 05, 2021, 06:36:49 AM

But, I have read that some merchants in Korea accept Bitcoin as payment is this genuine information?

Me cant say, possibly this can be only in South Korea Grin

, but only their natives can confirm.

You are right but that what I read in the news long ago and if the story is not truth the South Korean won't have somehow stand behind XRP by accaccumulating the coin when the project has an issue with the US SEC.

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There's been quite a lot of news concerning bitcoin and it's adoption by companies or prominent individuals and this is a super great news for the crypto community.
One of the most tangible challenges of bitcoin and crypto as large is the inability to spend them. This is because a lot of merchants afraid to accept it a a means of payment because of its volatility. This is a great move by PayPal. Now there about 27 million merchants which 27 millions different people or companies I can spend my bitcoin to purchase the services or products they offer. I am pretty sure that this will aid the adoption of bitcoin in the mainstream world

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It still feels like this Bitcoin will be forever tied up in Paypal vaults and that might be their ultimate end game to wipe out Bitcoin as an online payment competitor. In a weird way, it is actually sad that Paypal are buying up vast amounts of Bitcoin because they want to keep in locked away behind their digital curtain. They can treat all the transactions internally and maybe even take additional processing fees for using this form of payment. I hope that people avoid buying Bitcoin through Paypal because they already have too much power when it comes to online transactions and it was kind of nice seeing lots of competitive cryptocurrency exchanges pop up to fill the space - even if a few did suffer unfortunate events.

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I am not saying that PayPal is openly challenging the authorities. They will never do that. But the timing was significant. Cryptocurrency is facing increasing opposition from the lawmakers. Just recently two of the most authoritarian figures from the Socialist camp (Elizabeth Warren and Janet Yellen) had their public meltdown against Bitcoin. So each and every step taken by listed companies such as PayPal sends a strong message to these politicians. If the authorities were opposed to the plans by FaceBook, how can they be comfortable with the plans from PayPal?

Neither Janet Yellen nor Elizabeth Warren mean anything to cryptocurrency, nor the laws actually because they did wanted things before and failed to get it so that means as lawmakers they can't make laws. So people didn't care about them and their opinions and that is why Paypal was free to do whatever they want to do without any fear.

I would be afraid if it was Biden himself or someone more popular then Elizabeth Warren, but this is the same women who became president candidate and got one of the lowest votes even though she got so much attention, she was the main talking point for MANY media channels and she still dropped to fourth behind Biden, Bernie and Pete so I do not think that she really means anything. At the end of the day if we are talking about Paypal, they know what they are doing and they researched the possibilities very well before doing something like this.

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Quote from: The Sceptical Chymist on April 05, 2021, 08:45:21 AM

Quote from: The Sceptical Chymist on April 05, 2021, 08:45:21 AM

At least now, it's better to see that the big players are really serious. Allowing members to withdraw their crypto and do whatever they want will be better though.

Yeah, and PayPal is probably the most popular payment processor when it comes to individuals sending money to one another. This news, while a little bit old right now, is still huge and very bullish.

I also believe that most people who are not that tech-savvy would go for PayPal processing instead of Bitcoin. The ease of payment is definitely out there.

But as I understand it from the above post and others that you're still not able to withdraw bitcoin from PayPal, right? That's something that I hope PayPal changes in the future, because then they'd become basically what Circle was back in 2016, which was a very convenient and legitimate bitcoin vendor. There's been nothing like Circle since they stopped buying and selling bitcoin IMO.

I do think that you still can't. My region isn't yet applicable for the cryptocurrency department in PayPal but I hope it would go everywhere. I'm not familiar with Circle though.

Quote from: The Sceptical Chymist on April 05, 2021, 08:45:21 AM

And yeah, I'm not sure how they're going to keep track of all the international money sending and whatnot, but I'm sure they'll have no problem dealing with details like that. I'm just hoping they evolve into a bitcoin exchange of their own--it could be very profitable for them, but I bet it's a huge pain in the ass regulatory-wise.

There's always going to be the regulation stuff. No one can blame them either. Making sure that everything is legit. Some of the PayPal payments that I got are on hold too.

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Quote from: The Sceptical Chymist on April 05, 2021, 08:45:21 AM

Yeah, and PayPal is probably the most popular payment processor when it comes to individuals sending money to one another. This news, while a little bit old right now, is still huge and very bullish.

But as I understand it from the above post and others that you're still not able to withdraw bitcoin from PayPal, right? That's something that I hope PayPal changes in the future, because then they'd become basically what Circle was back in 2016, which was a very convenient and legitimate bitcoin vendor. There's been nothing like Circle since they stopped buying and selling bitcoin IMO.

I've been reading this news for a long time, but what hasn't been resolved is that Paypal still doesn't provide a crypto withdrawal feature on their platform. Indeed, it is not simple to add this comprehensive feature. Because there will be many policies that must be considered not only for the platform but also for other external policies such as the government of one country to another. I used to work as a legal at a company and it is very complicated to form new regulations in the company. So, this may still be in the process of formulating an internal policy which must be approved either from management or from the owner.

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Quote from: Bitstar_coin on April 05, 2021, 08:13:25 AM

Quote from: cheezcarls on April 04, 2021, 06:21:25 AM

I have a Paypal business account since 2009 and it’s my main payment gateway before I’m getting serious into Bitcoin. Although that this is a welcoming bullish news to all of us, especially merchants, I still choose not to put some BTCs and other cryptocurrencies there.

“Not your keys, not your coins”.

But this is great news for merchants who are looking to accept Bitcoin and other cryptocurrencies in their respective e-commerce stores or online shops.

Not your keys not your money, do you say the same thing to your bank who hold your money long before btc came into existence!
Hope anyone can tell me how to have my private key of my bank account because I still own fiat and it is my major currency for day to day transaction, Cool

If people can trust PayPal with fiat long before btc come into the picture am sure they won't have problem keeping their btc there.

I believe that we will have to accept the fact that not all people who may be using bitcoin in the future will be able to have enough knowledge, understanding and capabilities to safely store their assets. It is for such people that resources will be in demand, like PayPal, where people will not only be able to save bitcoin, but also convert freely.

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Quote from: cheezcarls on April 04, 2021, 06:21:25 AM

At least now, it's better to see that the big players are really serious. Allowing members to withdraw their crypto and do whatever they want will be better though.

Yeah, and PayPal is probably the most popular payment processor when it comes to individuals sending money to one another. This news, while a little bit old right now, is still huge and very bullish.

But as I understand it from the above post and others that you're still not able to withdraw bitcoin from PayPal, right? That's something that I hope PayPal changes in the future, because then they'd become basically what Circle was back in 2016, which was a very convenient and legitimate bitcoin vendor. There's been nothing like Circle since they stopped buying and selling bitcoin IMO.

And yeah, I'm not sure how they're going to keep track of all the international money sending and whatnot, but I'm sure they'll have no problem dealing with details like that. I'm just hoping they evolve into a bitcoin exchange of their own--it could be very profitable for them, but I bet it's a huge pain in the ass regulatory-wise.

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I have a Paypal business account since 2009 and it’s my main payment gateway before I’m getting serious into Bitcoin. Although that this is a welcoming bullish news to all of us, especially merchants, I still choose not to put some BTCs and other cryptocurrencies there.

“Not your keys, not your coins”.

But this is great news for merchants who are looking to accept Bitcoin and other cryptocurrencies in their respective e-commerce stores or online shops.

Not your keys not your money, do you say the same thing to your bank who hold your money long before btc came into existence!
Hope anyone can tell me how to have my private key of my bank account because I still own fiat and it is my major currency for day to day transaction, Cool

If people can trust PayPal with fiat long before btc come into the picture am sure they won't have problem keeping their btc there.

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Quote from: AndySt on April 04, 2021, 04:46:28 PM

Quote from: bryant.coleman on April 04, 2021, 07:41:09 AM

Quote from: fenixosup on April 04, 2021, 06:35:34 AM

I still have one main question. When paypal will allow crypto withdraws from their system?

Be patient. They are allowing additional features in a gradual manner. They will not roll out everything overnight, because they are a listed company and therefore they need to take care of the tax and legal implications. I am sure that the government authorities are not happy about all this and PayPal needs to deal with that as well. But to their credit, PayPal is standing up to the authorities (unlike the case with FaceBook, which cancelled their plans for Libracoin).

I am not quite sure that the question is about the opposition to the authorities. Here we can rather say that PayPal has implemented support for some cryptocurrencies and the expectation of a reaction to its actions from the authorities. A completely different story with Facebook, here we are talking about the introduction of its own cryptocurrency by a huge corporation with huge capital, and here there really was some dissatisfaction on the part of the authorities multiplied by antitrust claims.

I am not saying that PayPal is openly challenging the authorities. They will never do that. But the timing was significant. Cryptocurrency is facing increasing opposition from the lawmakers. Just recently two of the most authoritarian figures from the Socialist camp (Elizabeth Warren and Janet Yellen) had their public meltdown against Bitcoin. So each and every step taken by listed companies such as PayPal sends a strong message to these politicians. If the authorities were opposed to the plans by FaceBook, how can they be comfortable with the plans from PayPal?

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Quote from: Leviathan.007 on April 04, 2021, 04:51:31 AM

This one is another good news and these good fundamental news can have some effect on price. However, I'm not surprising to see them doing this. But, I'll not use bitcoin on paypal or any other centralized unit. Because they will usually ask for kyc and this can be against protecting our privacy and put my identify in danger. The whole point of bitcoin is to be border-less and no kyc otherwise we could use other payment system such paypal in the first place.

paypal usually demands some kind of identification to verify because allowing people freely using that platform and that's true, centralized company like this usually demands KYC but most of crypto payment gateway don't even ask for one, they just converting the crypto you paid to the address into fiat, maybe you can stick with those instead of paypal that's usually kinda complicated, but this news regarding paypal acceptance of crypto could somehow boost crypto popularity.

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Quote from: Poker Player on March 30, 2021, 06:52:27 AM

Up until now, Paypal allowed you to buy Bitcoin. Now it will allow you to spend it. The purists will be unhappy that it will do so through automatic conversion to Fiat but this is yet another step towards mass adoption.

Well, I am just hoping that they don’t end up ruining everything with high fees, even right now whenever the price of Bitcoin goes up the fees are high as well. I hope one day all these things will be fixed.

Moreover when you’re making use of PayPal for cryptocurrencies I don’t think you can be able to use it as you would do a normal cryptocurrency wallet, because it doesn’t allow you to send crypto straight to another address or receive to your address as a normal wallet would do, you can only Hodlwith it. But despite all that I still love that they are doing what they are doing, as it’s going to be creating more of an awareness for cryptocurrency.

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Quote from: bryant.coleman on April 04, 2021, 07:41:09 AM

Quote from: fenixosup on April 04, 2021, 06:35:34 AM

I still have one main question. When paypal will allow crypto withdraws from their system?

Be patient. They are allowing additional features in a gradual manner. They will not roll out everything overnight, because they are a listed company and therefore they need to take care of the tax and legal implications. I am sure that the government authorities are not happy about all this and PayPal needs to deal with that as well. But to their credit, PayPal is standing up to the authorities (unlike the case with FaceBook, which cancelled their plans for Libracoin).

I am not quite sure that the question is about the opposition to the authorities. Here we can rather say that PayPal has implemented support for some cryptocurrencies and the expectation of a reaction to its actions from the authorities. A completely different story with Facebook, here we are talking about the introduction of its own cryptocurrency by a huge corporation with huge capital, and here there really was some dissatisfaction on the part of the authorities multiplied by antitrust claims.

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Quote from: Leviathan.007 on April 04, 2021, 04:51:31 AM

This one is another good news and these good fundamental news can have some effect on price. However, I'm not surprising to see them doing this. But, I'll not use bitcoin on paypal or any other centralized unit. Because they will usually ask for kyc and this can be against protecting our privacy and put my identify in danger. The whole point of bitcoin is to be border-less and no kyc otherwise we could use other payment system such paypal in the first place.

That is something people do not really understand, we should be focusing on our freedom and be able to use bitcoin however you want without caring about government trying to meddle with your moves but unfortunately that is getting harder.

Look at exchanges, they are asking for KYC and that is making it harder in nations as well, I do not even agree with governments getting taxes from crypto, why would they do that? I mean don't get me wrong if you sell something and get crypto for it, you should be taxed like you would do on a regular sale, however nothing extra for being crypto. Like if I own 100k bitcoins because I was here 10 years ago and bought at very cheap, that doesn't mean that I should be paying a huge sum of money for taxes just because I have al ot of bitcoins, that was an investment and as long as I make smart investment decisions that should not be punished with a tax.

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Quote from: fenixosup on April 04, 2021, 06:35:34 AM

I still have one main question. When paypal will allow crypto withdraws from their system?

Be patient. They are allowing additional features in a gradual manner. They will not roll out everything overnight, because they are a listed company and therefore they need to take care of the tax and legal implications. I am sure that the government authorities are not happy about all this and PayPal needs to deal with that as well. But to their credit, PayPal is standing up to the authorities (unlike the case with FaceBook, which cancelled their plans for Libracoin).

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I still have one main question. When paypal will allow crypto withdraws from their system?

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I have a Paypal business account since 2009 and it’s my main payment gateway before I’m getting serious into Bitcoin. Although that this is a welcoming bullish news to all of us, especially merchants, I still choose not to put some BTCs and other cryptocurrencies there.

“Not your keys, not your coins”.

But this is great news for merchants who are looking to accept Bitcoin and other cryptocurrencies in their respective e-commerce stores or online shops.

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This one is another good news and these good fundamental news can have some effect on price. However, I'm not surprising to see them doing this. But, I'll not use bitcoin on paypal or any other centralized unit. Because they will usually ask for kyc and this can be against protecting our privacy and put my identify in danger. The whole point of bitcoin is to be border-less and no kyc otherwise we could use other payment system such paypal in the first place.

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Quote from: Anonylz on April 04, 2021, 01:35:58 AM

Well, merchants still receive fiat, cash instead of bitcoin in their wallets. To me, that does not determine the good sign but we have to agree to disagree. At least PayPal is doing something for the cryptocurrency although their activities seem to increase benefits for themselves

This might be the first step toward full adoption of PayPal toward bitcoin and other cryptocurrencies. The progress may be just at the beginning but we can hope to see many advanced features and addons while PayPal tries to develop its ecosystem. And I am waiting for more cryptocurrency to be accepted on their platform

One step at a time, Rome was not built in a day, merchants may not be receiving btc directly right now but who knows what will happen next, since the time PayPal made the announcement of including crypto to their services they have made several adjustment and updates since then, I guess they like to take things one step at a time and observe how users react to those services,
I believe with time that will be included and merchants can receive btc directly just as they receive fiat.

I agree that someday merchants who work with Paypal will be able to accept payments with Bitcoin. Paypal will do it in stages, because a company
as big as Paypal will always be careful in making decisions. Because it was a very big decision for Paypal if merchants finally started accepting
direct payments with Bitcoin. In fact I predict there is a possibility that Paypal will make their own exchanges too, actually this is a big thing in
my opinion with the news that Paypal will allow Bitcoin checkout. Even though Paypal started adopting Bitcoin in just a few months.
But there has been an update regarding Paypal's policy regarding cryptocurrency.

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Well, merchants still receive fiat, cash instead of bitcoin in their wallets. To me, that does not determine the good sign but we have to agree to disagree. At least PayPal is doing something for the cryptocurrency although their activities seem to increase benefits for themselves

This might be the first step toward full adoption of PayPal toward bitcoin and other cryptocurrencies. The progress may be just at the beginning but we can hope to see many advanced features and addons while PayPal tries to develop its ecosystem. And I am waiting for more cryptocurrency to be accepted on their platform

One step at a time, Rome was not built in a day, merchants may not be receiving btc directly right now but who knows what will happen next, since the time PayPal made the announcement of including crypto to their services they have made several adjustment and updates since then, I guess they like to take things one step at a time and observe how users react to those services,
I believe with time that will be included and merchants can receive btc directly just as they receive fiat.

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Quote from: stadus on April 03, 2021, 05:24:08 PM

According to what I read when the PayPal company first integrated Cryptocurrency, they are plan to expand the crypto features to every location/country where PayPal operates which their government has no legal ban on crypto but the initial implementation will start from the US wheres major crypto users.

Countries where bitcoin is still a grey area might need further improvements regarding the stance of bitcoin. Of course the North American continent countries are using crypto more than their asian counterparts. We have Bitcoin ATMs in USA maximally, the only one that was set up in India was taken down by the police, but possibly it was a genuine money laundering case.

But with Paypal, these countries may have an boost on bitcoin trading bans.

Quote

Although I don't like Elon manipulation tweet but I respect the wonderful job he does in making Bitcoin more popular within the people that have a negative impression about Bitcoin before.

It has both its good and bad effects. The pumping of bitcoin drove the price up but this became an inorganic growth. A support level might be much lower and hence a sudden drop can happen at anytime if there are no support levels already built. They get built with gradual price rise not sudden price rises over a few weeks.

Quote

But, I have read that some merchants in Korea accept Bitcoin as payment is this genuine information?

Me cant say, possibly this can be only in South Korea Grin

, but only their natives can confirm.

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I'm seeing this is a big news with a good impact in the long run.

Adoption really is not for holding only, it should be the (buy/spend) transaction and good thing Paypal have already allowed that.
However, on how it will reflect to the price, I guess we will never know as price now could be overvalued and might be due for correction, however, I could also be wrong because bitcoin could still pumped and might reach to a $100k, which is another significant success.

I would say that given the huge boost in adoption and userbase that we had in 2020-21, Bitcoin is heavily underpriced. Forget about $100,000 level. I won't be even surprised if BTC shoots upwards to $250,000 in the near future. And it is not just the increase in acceptability/adoption. A major factor has been played by the stimulus measures as well. People are rushing to convert their cash reserves to other assets (such as cryptocurrency and bullion), because they are afraid of hyperinflation.

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Quote from: ven7net on April 03, 2021, 06:22:53 AM

Indeed, the adoption of crypto continues and large companies understand that if they now miss the opportunity to introduce crypto, then other companies will fill this niche, and they will be the loser. The news about PayPal contributes to an even rapid adoption of crypto in the world, which means that in 2021 we will see continued growth in BTC and the crypto market as a whole. I believe that other large companies will also contribute to the growth of BTC, which will eventually also begin to implement BTC and crypto.

That's right, those companies know for a fact that if they end up not investing into crypto, they are going to end up missing a lot and that's why they keep investing into crypto nowadays, that's going to not change for a while and that's why I am super excited about the potential of bitcoin in the future considering there are so many bigger companies that could get in combined tens of billions of dollars.

We have seen some financial companies like microstrategy and grayscale go into bitcoin, but there are huge ones like jp morgan or even banks that could get in and they can spend a lot more, we have seen regular companies like Tesla go in, but there are so many other big companies like amazon and google that could go in, we are talking about insane amount of money to be still out there that could go into bitcoin and that's why I am optimistic about the price of bitcoin in the future.

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Quote from: stadus on April 03, 2021, 05:24:08 PM

I'm seeing this is a big news with a good impact in the long run.

Adoption really is not for holding only, it should be the (buy/spend) transaction and good thing Paypal have already allowed that.
However, on how it will reflect to the price, I guess we will never know as price now could be overvalued and might be due for correction, however, I could also be wrong because bitcoin could still pumped and might reach to a $100k, which is another significant success.

I agree that it will be good news in the long term, in addition to the fact that US citizens have the opportunity to spend in Bitcoin is very good, also Paypal is one of the large companies that has invested a lot of money in Bitcoin, we could soon see Amazon, Apple that they also buy, it is very likely.

Also recently in a series of Marvel / Disney they mention Bitcoin, it is a series that many fans of the avengers follow, this can cause a very good impact in the long term, this type of news always does its part in the long term, it causes many to take interest In Bitcoin, now is a good time, because the pandemic is raging in some countries and this forces to spend more time at home, therefore more time on the PC, the conditions are in favor of Bitcoin.

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I'm seeing this is a big news with a good impact in the long run.

Adoption really is not for holding only, it should be the (buy/spend) transaction and good thing Paypal have already allowed that.
However, on how it will reflect to the price, I guess we will never know as price now could be overvalued and might be due for correction, however, I could also be wrong because bitcoin could still pumped and might reach to a $100k, which is another significant success.

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Quote from: Twentyonepaylots on April 02, 2021, 05:02:23 PM

It took them a couple of months to finally realize that people needed a checkout feature, but they finally did it. I believe this will be one of the other moves they will make to make Paypal the premiere cryptocurrency exchange/wallet of the masses, which is good since competition will only facilitate further improvement, which is good for us customers because this means more things for us to enjoy.

They might feel the struggle of not being able to do checkout, since PayPal is we're used to pay bills as well in terms of cashing out from different websites having the feature is definitely a must, it also would mean that they were expanding in operations and acceptance of crypto which is a good thing for community and can influence many to start investing.

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It's clear, the traditional system has lost it. I was laughing when the central bank of Nigeria asked banks in the country to stop processing crypto related transactions and immediately they made the announcement, bitcoin interest in the country increased. The Central bank government is left confused. Banks will either integrate cryptocurrency in the future or go into oblivion.

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Indeed, the adoption of crypto continues and large companies understand that if they now miss the opportunity to introduce crypto, then other companies will fill this niche, and they will be the loser. The news about PayPal contributes to an even rapid adoption of crypto in the world, which means that in 2021 we will see continued growth in BTC and the crypto market as a whole. I believe that other large companies will also contribute to the growth of BTC, which will eventually also begin to implement BTC and crypto.

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Quote from: pilosopotasyo on April 02, 2021, 11:31:03 PM

This is something we all want PayPal to do now they finally realized that they can make more profit by letting their users cashout to Cryptom now things will get pretty excited now, we can now use Crypto to check out products and services that we all want to purchase but we do no have credit card or bank to use or fund our , it will benefit third world users.

I'm not that familiar on the development of crypto payment on PayPal but AFAIK, they have only a virtual BTC being offered so this cashout is as expected since customers is not really buying Bitcoin but a BTC proxy only. This will be only limited to Bitcoin alone since they still don't announce acceptance of other cryptocurrencies.

Unless I'm wrong about there checkout feature. Correct me if I'm wrong.

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Quote from: Twentyonepaylots on April 02, 2021, 05:02:23 PM

It took them a couple of months to finally realize that people needed a checkout feature, but they finally did it. I believe this will be one of the other moves they will make to make Paypal the premiere cryptocurrency exchange/wallet of the masses, which is good since competition will only facilitate further improvement, which is good for us customers because this means more things for us to enjoy.

I honestly think that there has been a decrease of users that uses their service to buy goods online and they trying to look into it, turns out people are already switching over to cryptocurrency as I've seen so many shops are now accepting crypto and even offer additional discount which i don't even know why and as you can see "if you can't beat them join them" is what exactly paypal doing at this point which is perfectly fine as it's gonna increase crypto adoption in general.

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This is something we all want PayPal to do now they finally realized that they can make more profit by letting their users cashout to Cryptom now things will get pretty excited now, we can now use Crypto to check out products and services that we all want to purchase but we do no have credit card or bank to use or fund our , it will benefit third world users.

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Quote from: Golftech on April 02, 2021, 10:21:57 PM

Quote from: Myleschetty on April 02, 2021, 07:20:14 AM

I know Paypal providing/allowing crypto checkout through the merchants will help/surge the price of the cryptocurrency market but this still does not change the fact that Paypal doesn't provide sound crypto services because they do not allow the withdraw of crypto on their platform.

Sooner or later that thing will happen, it's a process the fact that they already catered Bitcoin and bring bitcoin

to thier service, that something that bring the hypes, those who didn't know things about Bitcoin will be curious

and sooner or later, they will be following this system and invest their money out. No need to rush, just hope

for the best outcomes.

What they need to provide to the Paypal users is to allow them to withdraw Bitcoin out to be withdrawn to their personal wallet. If they are not doing that, chances is that PayPal users will just go to p2p to buy their BTC.

The advantage of what they did right now is that they are making users at least profit when BTC goes up and then they can withdraw fiat. This will still provide a trading platform for them.

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Quote from: Myleschetty on April 02, 2021, 07:20:14 AM

I know Paypal providing/allowing crypto checkout through the merchants will help/surge the price of the cryptocurrency market but this still does not change the fact that Paypal doesn't provide sound crypto services because they do not allow the withdraw of crypto on their platform.

Sooner or later that thing will happen, it's a process the fact that they already catered Bitcoin and bring bitcoin

to thier service, that something that bring the hypes, those who didn't know things about Bitcoin will be curious

and sooner or later, they will be following this system and invest their money out. No need to rush, just hope

for the best outcomes.

just_Alice

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I think for now it's the only way for PayPal to make purchases officially possible, or is there another solution? Though conversion to fiat may end up in big and unexpected fees, I imagine (if they don't create some kind of regulations in this regard).
Anyhow, it is good to know that this all wasn't just some sort of hype to attract new clients and increase the stock value. It seems that they are serious about crypto and support the adoption idea.

verita1

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Paypal's strategy is great. Although I have not read anything about the operating costs but I think this would reduce the intermediaries, the fees should be low, good transaction times and a user friendly app for everyone.

Paypal would capitalize the cryptocurrencies that its users spend as it is the one who has the wallet.
It is the opportunity for Paypal to completely renew itself by including cryptocurrencies as a means of payment because it is committed to being a leader in the industry.
Here it can be said that the user is always right.

pinggoki

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I've already read some articles regarding to this a few months ago and I am pretty sure that because of this adaptation and due to this happening the market will absolutely pump again and this will probably become a roller coaster ride for everyone. This PayPal will probably becomes a cryptocurrency exchange in which many people will be able to used this compared to that paypal is just using fiat currency to transact. Another thing is that maybe they are seeing this cryptocurrency as a positive side so that they grab it.

Twentyonepaylots

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It took them a couple of months to finally realize that people needed a checkout feature, but they finally did it. I believe this will be one of the other moves they will make to make Paypal the premiere cryptocurrency exchange/wallet of the masses, which is good since competition will only facilitate further improvement, which is good for us customers because this means more things for us to enjoy.

teosanru

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I think this was much needed. The bitcoin investment thing without allowing to send it was a useless feature. Despite all the safety checks that they were guaranteeing about actually holding cryptos I was still skeptical whether they actually buy the thing or are just showing up numbers. But after the checkout option, one could trust them with genuineness. Moreover honestly speaking I think it should be a necessary feature that should be available across every wallet that decides to give investment options of bitcoin to it's users. But yes I think even now they will keep such expensive fees that make it difficult for users to cash out in cryptos. What's their checkout fees? Anyone who uses paypal?

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Quote from: fortebettor on April 02, 2021, 02:45:03 AM

Quote from: Poker Player on March 30, 2021, 06:52:27 AM

Well, merchants still receive fiat, cash instead of bitcoin in their wallets. To me, that does not determine the good sign but we have to agree to disagree. At least PayPal is doing something for the cryptocurrency although their activities seem to increase benefits for themselves

This might be the first step toward full adoption of PayPal toward bitcoin and other cryptocurrencies. The progress may be just at the beginning but we can hope to see many advanced features and addons while PayPal tries to develop its ecosystem. And I am waiting for more cryptocurrency to be accepted on their platform

I agree it is just a shell and a cover. Paypal charges so terribly expensive. On bitcoin the commissions will probably be sick as well. This is just marketing and creating an effect. Companies like paypal don't care about dominating BTC

I do not know that they implement such an expensive fee. IN my country, PayPal only for international business while the domestic transaction is based on other apps or services. And I can guarantee that the fee is extremely low. Paypal is an old service and they must have a large number of the customer so in reference to the fee, charging too high can make a real conflict between it and its customers

Even if it is their marketing strategy, you can't deny that they are doing quite well for both themselves and cryptocurrency. In the future, where bitcoin is in mass adoption, PayPal will never be left behind. Accepting bitcoin is a good move for them, from any perspective

Imran232

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This is just a beginning for bitcoin. More news on the way like tesla have done. That day will be the bullish day when amazon accept bitcoin for payment. That bitcoin bitcoin will break off all time price record. And creat a history for crypto world. Wait wait wait when that day will come. Or am i dreaming much. But one day will be hope soo. What do you guys think. But thanks to paypal for being with us. And hopefully paypal listed some more coin so that we can buy it easily with paypal. Truely we have to admit paypal is our love buddy. Love you paypal for give a push to bitcoin.

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I bet no one is going to be considering that PayPal has just used a dominant position in the payment space to jump into crypto trading? I guess that it will only be when 90% of crypto payments are done through PayPal and then it will be too late to stop it.

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Up until now, Paypal allowed you to buy Bitcoin. Now it will allow you to spend it. The purists will be unhappy that it will do so through automatic conversion to Fiat but this is yet another step towards mass adoption.

"PayPal, which last year added the ability to buy, hold and sell cryptocurrency, is pushing it as a payment method across the 29 million or so online merchants connected to the fintech giant.

Announced Tuesday, PayPal’s Checkout will allow bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC) to be seamlessly converted into U.S. dollars or other fiat currencies when making purchases, the same as credit card or a debit card would work inside a PayPal wallet, said PayPal — meaning merchants will not actually be the recipients of cryptocurrencies.

Calling it “a new way for businesses to get paid,” the checkout service is all about driving mainstream adoption of cryptocurrencies, said Dan Schulman, president and CEO, PayPal.

“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies,” Schulman said in a statement.

Cryptocurrencies are going mainstream with banks and institutional investors taking an interest, but the utility of Bitcoin and other crypto tokens when it comes to buying goods has always been limited due to their volatility.

But PayPal, which made a huge splash when it officially entered the crypto space last October, wants to smooth those wrinkles out and get its wide network of merchants onboard.

Since introducing the crypto service, PayPal has increased weekly purchase limits two times from $10,000 to $15,000 and then $20,000."

Read more on: PayPal Pushes Crypto Further Mainstream With Checkout Service for 29M Merchants

Yes, that was always what I considered negative.
And as you can see, I'm not alone in this.
PayPal will have understood that very quickly.
In fact, I definitely did not consider their planned and practiced approach as promising for the future...

Nevertheless... Wait until it is available in my country!

Reid

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A lot of big news incoming from these big companies.
But it still scares me if they really have the numbers in Bitcoin.
Nevertheless, good news for those countries being restricted by an exchange. They now have the purchasing power that will scatter the Bitcoin around leaving the institutional investors to doubt about manipulating the Bitcoin market.

I would still recommend if you are the one keeping it instead of a third party.

posi

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Quote from: TheUltraElite on April 02, 2021, 12:37:47 AM

Quote from: manul888 on March 31, 2021, 06:26:20 AM

I hope that Korean government will quickly move away from regulation-oriented policy and change to a market-oriented policy that allows various attempts like the United States.I am very envious of the situation in the United States.

Not just you many others are too. Cheesy

Hoping to see similar stance from Paypal for the other locations too not just US. After all the number of bitcoin users in US is far more but the population of the world still using bitcoin but unable to openly trade it is in the third world.

According to what I read when the PayPal company first integrated Cryptocurrency, they are plan to expand the crypto features to every location/country where PayPal operates which their government has no legal ban on crypto but the initial implementation will start from the US wheres major crypto users.

Quote from: TheUltraElite on April 02, 2021, 12:37:47 AM

Also this is a nice upward push coming after the Paypal news that came earlier this year. No wonder the market is bullish. Look like the Elon Musk induced craze has started to take effect. Soon we might see merchants accepting bitcoin allowing many users to buy stuff using it and thus liquidating the bitcoin market even more.

Although I don't like Elon manipulation tweet but I respect the wonderful job he does in making Bitcoin more popular within the people that have a negative impression about Bitcoin before.
But, I have read that some merchants in Korea accept Bitcoin as payment is this genuine information?

mu_enrico

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Sadly, PayPal is a crappy payment gateway for Indonesian businesses as the exchange rate fees and merchant fees in total taxing my business soo hard. I'd rather take instant coins (like TRX or XRP) to the exchange and withdraw from there, but it's fuckin illegal Grin

What's best is something like Bitpay/coinspayments, but with less fees, and a wider network. Imagine shopping from a Binance account...

EclaireWithLove

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This news was circulating for a while already and I'm not that shocked that it did. What I'm thinking was what if online merchant services also offer stocks like this on their app? I mean accept it as payment as well? Will it be possible? Not sure but maybe in the future.

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Quote from: Myleschetty on April 02, 2021, 07:20:14 AM

I know Paypal providing/allowing crypto checkout through the merchants will help/surge the price of the cryptocurrency market but this still does not change the fact that Paypal doesn't provide sound crypto services because they do not allow the withdraw of crypto on their platform.

Situation will not change overnight and you need to have patience. When they rolled out their cryptocurrency services, PayPal had made it clear that full services will be available for the users only by mid-2021. They are making new features available in a gradual manner. Earlier the checkout option was not available, and now they have enabled that. I guess within the next few months, they will also make the withdrawals available for BTC.

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I know Paypal providing/allowing crypto checkout through the merchants will help/surge the price of the cryptocurrency market but this still does not change the fact that Paypal doesn't provide sound crypto services because they do not allow the withdraw of crypto on their platform.

Trinx01

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There is always good news that we can see day by day and that is really what the community wants, it seems like every week there is always a good news for us and a lot of companies and countries are now seeing the potential of bitcoin as an asset. It makes bitcoin go up to the point that it turns back again up to $59k.

fortebettor

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Quote from: iamsheikhadil on April 02, 2021, 01:48:29 AM

Well, merchants still receive fiat, cash instead of bitcoin in their wallets. To me, that does not determine the good sign but we have to agree to disagree. At least PayPal is doing something for the cryptocurrency although their activities seem to increase benefits for themselves

This might be the first step toward full adoption of PayPal toward bitcoin and other cryptocurrencies. The progress may be just at the beginning but we can hope to see many advanced features and addons while PayPal tries to develop its ecosystem. And I am waiting for more cryptocurrency to be accepted on their platform

I agree it is just a shell and a cover. Paypal charges so terribly expensive. On bitcoin the commissions will probably be sick as well. This is just marketing and creating an effect. Companies like paypal don't care about dominating BTC

electronicash

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Quote from: adzino on April 01, 2021, 01:52:13 AM

This is was an old news. I mean, paypal announced it when they started to allow people to buy, sell and hold bitcoins on their platform. Their users were supposed to be able to checkout with bitcoin, that is pay merchants with bitcoin. But in fact, they aren't checking out with bitcoin. What they are doing is selling their bitcoin and then using fiat/paypal balance to pay the merchant. So only users that hold bitcoin on paypal will be able to use that options. Paypal won't process any external bitcoin payments.

It's technically the same though, even though users may not pay directly through Bitcoin as the crypto is getting converted into fiat as payment, it's still as if paying directly with crypto because somewhere in the flow of cash, the crypto will get eventually converted into fiat as crypto is nowhere near to fiat in terms of acceptance as a legal tender. PayPal might even give the seller crypto as money, but the seller will eventually convert it into crypto himself anyways.

it's not the same thing because paypal can just close your account whenever they want. what really matters here is checking out with BTC, withdrawal the BTC out of their platform.

you as a user can use btc to purchase but it's not really BTC that you are paying it's still the fiat/USD. if you don't own it on your wallet then the coins isn'tyours.

iamsheikhadil

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Quote from: adzino on April 01, 2021, 01:52:13 AM

This is was an old news. I mean, paypal announced it when they started to allow people to buy, sell and hold bitcoins on their platform. Their users were supposed to be able to checkout with bitcoin, that is pay merchants with bitcoin. But in fact, they aren't checking out with bitcoin. What they are doing is selling their bitcoin and then using fiat/paypal balance to pay the merchant. So only users that hold bitcoin on paypal will be able to use that options. Paypal won't process any external bitcoin payments.

It's technically the same though, even though users may not pay directly through Bitcoin as the crypto is getting converted into fiat as payment, it's still as if paying directly with crypto because somewhere in the flow of cash, the crypto will get eventually converted into fiat as crypto is nowhere near to fiat in terms of acceptance as a legal tender. PayPal might even give the seller crypto as money, but the seller will eventually convert it into crypto himself anyways.

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So anyway, I applied as a merit source :)

Quote from: manul888 on March 31, 2021, 06:26:20 AM

I hope that Korean government will quickly move away from regulation-oriented policy and change to a market-oriented policy that allows various attempts like the United States.I am very envious of the situation in the United States.

Not just you many others are too. Cheesy

Hoping to see similar stance from Paypal for the other locations too not just US. After all the number of bitcoin users in US is far more but the population of the world still using bitcoin but unable to openly trade it is in the third world.

Also this is a nice upward push coming after the Paypal news that came earlier this year. No wonder the market is bullish. Look like the Elon Musk induced craze has started to take effect. Soon we might see merchants accepting bitcoin allowing many users to buy stuff using it and thus liquidating the bitcoin market even more.

ivankoh

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Quote from: Poker Player on March 30, 2021, 06:52:27 AM

Up until now, Paypal allowed you to buy Bitcoin. Now it will allow you to spend it. The purists will be unhappy that it will do so through automatic conversion to Fiat but this is yet another step towards mass adoption.

"PayPal, which last year added the ability to buy, hold and sell cryptocurrency, is pushing it as a payment method across the 29 million or so online merchants connected to the fintech giant.

Announced Tuesday, PayPal’s Checkout will allow bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC) to be seamlessly converted into U.S. dollars or other fiat currencies when making purchases, the same as credit card or a debit card would work inside a PayPal wallet, said PayPal — meaning merchants will not actually be the recipients of cryptocurrencies.

Calling it “a new way for businesses to get paid,” the checkout service is all about driving mainstream adoption of cryptocurrencies, said Dan Schulman, president and CEO, PayPal.

“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies,” Schulman said in a statement.

Cryptocurrencies are going mainstream with banks and institutional investors taking an interest, but the utility of Bitcoin and other crypto tokens when it comes to buying goods has always been limited due to their volatility.

But PayPal, which made a huge splash when it officially entered the crypto space last October, wants to smooth those wrinkles out and get its wide network of merchants onboard.

Since introducing the crypto service, PayPal has increased weekly purchase limits two times from $10,000 to $15,000 and then $20,000."

Read more on: PayPal Pushes Crypto Further Mainstream With Checkout Service for 29M Merchants

Well, this is the good news, perhaps their consideration of the four potential coin option will become the payment method they accept. This is not the same as Tesla accepting bitcoins in order to subsidize and raise more extensive bitcoin funds. Anyway, Paypal is also the giant in payments. The fact that they value and carefully consider the "unit" of the coin they accept will also create a huge buzz. Maybe the above coins should also be my target!

el kaka22

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It still doesn't allow you to withdraw bitcoin as far as I know. The only new thing here is the fact that they will allow people to spend bitcoin while shop owners will receive dollars, which has existed for few years now and that is why not a big deal if you ask me. Of course it is not going to be nothing, it is a great deal and I think people will be happy about it, but that doesn't change the fact that we are talking about not a big deal.

Think about it this way, if this didn't existed, nothing big would have happened, and just because it exists we are not at zero anymore, it is not a huge help, the price is not increasing because of it, but that doesn't change the fact that it is not zero help neither. So, I would say I would rather have it than not have it, but I would not be super excited and happy jumping up and down because of it neither.

TastyChillySauce00

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Quote from: DrBeer on March 30, 2021, 08:15:20 AM

It must be understood that it was not PayPel that decided to trade on its own, but added an option according to the permissions of the regulatory authorities. But what is really positive is that cryptocurrencies are still receiving official approval as a financial instrument or an asset that can be exchanged.

Regardless all the obstacle, being recognized worldwide like this is already such an amazing feat indeed. If only the authorities not being too stiff on something like for example technology things would be a lot more better. I mean, we know each country have their own problem that's possibly unique to themselves but they should realize that they could take advantage of crypto and find momentum to boost their economy.

so98nn

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From this article I am only getting an idea that Elon Musk is just trying to hold more and more bitcoins rather than getting paid in the fiat. Same thing was published by him that if you buy Tesla with bitcoin then those will be considered as bitcoin itself and won't be dumped for the fiat. Now the same thing with PayPal! This only indicates that Elon is on the vision that he wanna hold more and more bitcoin. If so, then he may just influence more people around the world or may be his rich friends to invest into it and pump the prices later on so that he would be able to grab more profits. That's the bigger plot here dude. Tongue

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This is was an old news. I mean, paypal announced it when they started to allow people to buy, sell and hold bitcoins on their platform. Their users were supposed to be able to checkout with bitcoin, that is pay merchants with bitcoin. But in fact, they aren't checking out with bitcoin. What they are doing is selling their bitcoin and then using fiat/paypal balance to pay the merchant. So only users that hold bitcoin on paypal will be able to use that options. Paypal won't process any external bitcoin payments.

Kong Hey Pakboy

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Quote from: bittick on March 31, 2021, 11:47:47 PM

This gonna solve the problem that those merchants who aren't really into crypto facing which is difficulty of integrating crypto to their shop. as it seems that the convert rate and others are handled by paypal themselves it's gonna eliminate the difficulty of integrating it though it has disadvantage which is transparency maybe? but I'm hoping more and more merchant could finally accept crypto as it makes purchasing things convenient for me aswell.

I don't think that these merchants really have to worry about transparency because there would be some receipt of the transaction that is going to be recorded and how much is how much. We just have to be happy that Paypal is going to allow a crypto checkout and this kind of coexistence will bring more people in crypto whether we disagree or not.

slapper

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Well, merchants still receive fiat, cash instead of bitcoin in their wallets. To me, that does not determine the good sign but we have to agree to disagree. At least PayPal is doing something for the cryptocurrency although their activities seem to increase benefits for themselves

This might be the first step toward full adoption of PayPal toward bitcoin and other cryptocurrencies. The progress may be just at the beginning but we can hope to see many advanced features and addons while PayPal tries to develop its ecosystem. And I am waiting for more cryptocurrency to be accepted on their platform

bittick

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This gonna solve the problem that those merchants who aren't really into crypto facing which is difficulty of integrating crypto to their shop. as it seems that the convert rate and others are handled by paypal themselves it's gonna eliminate the difficulty of integrating it though it has disadvantage which is transparency maybe? but I'm hoping more and more merchant could finally accept crypto as it makes purchasing things convenient for me aswell.

Sithara007

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Quote from: meanwords on March 30, 2021, 10:45:23 AM

A fantastic news for those who wants to spend cryptocurrencies without converting it to fiat first, well because paypal is doing the job for you Grin

. Access to 29 million merchants using your cryptocurrency is a huge to adoption. Though It's not particularly new to me since a third-party wallet app here already does this in our country.

Anyway, I wish they allow withdrawal of Bitcoin or other cryptocurrency next.

There is another advantage with PayPal converting the BTC to fiat, instead of the merchant. Since everything is done internally, they don't have to deal with sky high transaction fees and delays in getting confirmations. Obviously cryptocurrency purists are going to complain about it, but 99% of the users don't care. And regarding BTC withdrawals to other wallets, I believe they have already promised that would be implemented soon.

aoluain

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Quote from: wheelz1200 on March 30, 2021, 10:16:17 AM

Quote from: Poker Player on March 30, 2021, 06:52:27 AM

Up until now, Paypal allowed you to buy Bitcoin. Now it will allow you to spend it. The purists will be unhappy that it will do so through automatic conversion to Fiat but this is yet another step towards mass adoption.

"PayPal, which last year added the ability to buy, hold and sell cryptocurrency, is pushing it as a payment method across the 29 million or so online merchants connected to the fintech giant.

Announced Tuesday, PayPal’s Checkout will allow bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC) to be seamlessly converted into U.S. dollars or other fiat currencies when making purchases, the same as credit card or a debit card would work inside a PayPal wallet, said PayPal — meaning merchants will not actually be the recipients of cryptocurrencies.

Calling it “a new way for businesses to get paid,” the checkout service is all about driving mainstream adoption of cryptocurrencies, said Dan Schulman, president and CEO, PayPal.

“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies,” Schulman said in a statement.

Cryptocurrencies are going mainstream with banks and institutional investors taking an interest, but the utility of Bitcoin and other crypto tokens when it comes to buying goods has always been limited due to their volatility.

But PayPal, which made a huge splash when it officially entered the crypto space last October, wants to smooth those wrinkles out and get its wide network of merchants onboard.

Since introducing the crypto service, PayPal has increased weekly purchase limits two times from $10,000 to $15,000 and then $20,000."

Read more on: PayPal Pushes Crypto Further Mainstream With Checkout Service for 29M Merchants

I find it comically hilarious how soon paypal has switched its tune. What's next, Western union will allow us to go to their office and have them send crypto to another person for us for a fee. PayPal isn't needed and its only a matter of time before they are phased out like blockbuster.

We know paypal is offering to be a "middleman" as such, one of the things Bitcoin was
designed to get rid of but not everyone wants the full custodial experience.
Even high wealth investors dont want the hassle of buying wallets, storing seeds
and sending and receiving coins, they use a custodial service. The younger
generation are using services like Revolut for its convenience, so paypal
sees the potential of Bitcoin and is moving to provide a convenient uptake for its users
who may otherwise not get involved with Bitcoin.

manul888

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I hope that Korean government will quickly move away from regulation-oriented policy and change to a market-oriented policy that allows various attempts like the United States.I am very envious of the situation in the United States.

uelque

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Quote from: meanwords on March 30, 2021, 10:45:23 AM

A fantastic news for those who wants to spend cryptocurrencies without converting it to fiat first, well because paypal is doing the job for you Grin

. Access to 29 million merchants using your cryptocurrency is a huge to adoption. Though It's not particularly new to me since a third-party wallet app here already does this in our country.

Anyway, I wish they allow withdrawal of Bitcoin or other cryptocurrency next.

As far as I understand OP post, in paypal you still need to convert Bitcoin and other crypto to Fiat first in order to make purchases and not directly using cryptocurrencies.

Quote from: Poker Player on March 30, 2021, 06:52:27 AM

Announced Tuesday, PayPal’s Checkout will allow bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC) to be seamlessly converted into U.S. dollars or other fiat currencies when making purchases, the same as credit card or a debit card would work inside a PayPal wallet, said PayPal — meaning merchants will not actually be the recipients of cryptocurrencies.

And at the same time, I saw we're from the same country. And tbh, I haven't seen or ecountered an online merchant here that accepts crypto directly. We still need to convert it to PHP our local currency in order to do so.

Though I'm not an active Paypal user, I only uses it whenever I make an out of our country purchases of certain stuffs because card are very useful still, I still like this kind of news, allowing paypal users to convert Bitcoin to Fiat and vice versa to make online purchases. But I still don't think it will give big adoption to bitcoin due to the fact that only those paypal users will get exposed to bitcoin and not those 29 million merchants. But still this is a great news.

Ain't sure if paypal allows receiving of Btc and other crypto from other crypto wallets and exchanges, I hope they do just like our third party app here. (Can't access OP link, can't read details).

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Quote from: philipma1957 on March 30, 2021, 07:43:42 AM

I advise everyone allowed to own PayPal btc to buy some say 1 to 10% of their entire about of btc.

For people math challenged if you have .5btc in total 0.005 to 0.05 should be in your PayPal account. leaving 0.450 to 0.495 in other wallets or exchanges.

I won't recommend to keep a certain percentage of your holdings on Paypal, just the amount you may need to spend in the near future.
Many exchanges have lost user funds in the past. I'm curious if Paypal would offer any guarantee if that happens to them. After all, they are a Luxembourg-based bank. Or maybe that's the reason they don't offer Bitcoin trading to users in Europe yet.

For Paypal, I prefer the additional guarantees coming from using a creditcard. But I see the benefits of being able to pay with Bitcoin on almost any other webshop that doesn't accept it in another way.

Quote from: Poker Player on March 30, 2021, 06:52:27 AM

Allowing members to withdraw their crypto and do whatever they want will be better though.

I see a huge drawback: Bitcoin's limited on-chain capacity and high transaction fees would strongly limit this. In a way Paypal now allows users to use Bitcoin as a store of value, to expose themselves to Bitcoin's volatility (and a hedge against dollar inflation). I wouldn't be surprised if they'll soon allow Bitcoin transactions to other Paypal users without converting to dollars, while still remaining on their own platform. Some will say it's not Bitcoin, but considering the limited on-chain capacity it's one of the few options to increase adoption. And it doesn't stop you from buying real Bitcoin without using Paypal anyway.

meanwords

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A fantastic news for those who wants to spend cryptocurrencies without converting it to fiat first, well because paypal is doing the job for you Grin

. Access to 29 million merchants using your cryptocurrency is a huge to adoption. Though It's not particularly new to me since a third-party wallet app here already does this in our country.

Anyway, I wish they allow withdrawal of Bitcoin or other cryptocurrency next.

tomahawk9

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ah, so this is what caused the small spike in the price earlier today? news about this went live 4 hour-ish ago and it matches with that $1k green candle in the charts.

Up until now, Paypal allowed you to buy Bitcoin. Now it will allow you to spend it. The purists will be unhappy that it will do so through automatic conversion to Fiat but this is yet another step towards mass adoption

i mean, can u blame them? there will be no signs of cryptocurrency transactions between buyer and merchant, so yeah, i guess the cryptocurrency purists won't like this very that much
at least newcomers will get familiar with crypto price swings and the whole hodl thing...next thing you know they'll start buying/investing in the real thing (:

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Quote from: Poker Player on March 30, 2021, 06:52:27 AM

Up until now, Paypal allowed you to buy Bitcoin. Now it will allow you to spend it. The purists will be unhappy that it will do so through automatic conversion to Fiat but this is yet another step towards mass adoption.

"PayPal, which last year added the ability to buy, hold and sell cryptocurrency, is pushing it as a payment method across the 29 million or so online merchants connected to the fintech giant.

Announced Tuesday, PayPal’s Checkout will allow bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC) to be seamlessly converted into U.S. dollars or other fiat currencies when making purchases, the same as credit card or a debit card would work inside a PayPal wallet, said PayPal — meaning merchants will not actually be the recipients of cryptocurrencies.

Calling it “a new way for businesses to get paid,” the checkout service is all about driving mainstream adoption of cryptocurrencies, said Dan Schulman, president and CEO, PayPal.

“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies,” Schulman said in a statement.

Cryptocurrencies are going mainstream with banks and institutional investors taking an interest, but the utility of Bitcoin and other crypto tokens when it comes to buying goods has always been limited due to their volatility.

But PayPal, which made a huge splash when it officially entered the crypto space last October, wants to smooth those wrinkles out and get its wide network of merchants onboard.

Since introducing the crypto service, PayPal has increased weekly purchase limits two times from $10,000 to $15,000 and then $20,000."

Read more on: PayPal Pushes Crypto Further Mainstream With Checkout Service for 29M Merchants

I find it comically hilarious how soon paypal has switched its tune. What's next, Western union will allow us to go to their office and have them send crypto to another person for us for a fee. PayPal isn't needed and its only a matter of time before they are phased out like blockbuster.

crwth

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Quote from: Mauser on March 30, 2021, 09:59:25 AM

Since most trades are fairly small in BTC terms it wouldn't really make sense to trade them for cryptos. But a large company as PayPal can definitely do so with very low fees.

For sure, fees in their application would be really cheap or none because it's just inside their network but the moment when they do some withdrawals with BTC, then it would be another story. I think that's one of the reasons it's hard to completely stay away from the banking system right now because the fees are greater compared to BTC tx fees. Hopefully, Paypal would allow altcoins in the mix as well.

Mauser

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