Topic: PayPal could benefit greatly from providing a wallet service - page 2. (Read 2412 times)

Paypal is a payment platform. They know bitcoin is going to replace them, that is the reason they are banning it. Deep down, they also know they will be forced to incorporate bitcoin in the future. I think they should be in the bitcoin market before new entrants comes in. Experienced bitcoin users may not want to use Paypal bitcoin wallet, new bitcoin users will, and there are more of them than us.

Paypal would benefit but users probably wont the amount they'll want in fees. Suppose it spreads bitcoin to a bigger audience though.

Following this thread I find it interesting that everyone is so anti-paypal.  The fact is where would commerce be today without it.  They were a catalyst for e-commerce growth especially for small to medium size businesses.  Can they do the same for bitcoin if they venture in?  Not sure but they will engage if the time is right.

For those fearing they will hold coin, steal etc.... that has already happened with Mt. Gox and others.  Anybody doing a risk analysis of their funds would have scored Paypal at a 95%+ trust level and Mt. Gox at like 5%.

Finally, because this is decentralized by nature how can they screw it up.  Everyone will just have more choices.  More options are  a good thing.

The value of my bitcoin would greatly benefit from Paypal providing a wallet service.


Although seriously, getting PayPal onboard would be fantastic. For all the hate, for the vast majority of 'mom and pop' types, they do an excellent job.

FTFY.

Anyway, I'm doubtful you'll have to worry about that eventuality. Having a Bitcoin wallet on PayPal doesn't exactly benefit PayPal, if they started to charge fees both consumers and merchants can use clients (like Electrum/Multibit/Qt) that don't actually cost you for using the client. And without fees all they are doing is competing with themselves and earning nothing from it. Unless they come up with a way to generate profits from running a Bitcoin wallet without actually charging fees it won't be implemented.

Which is why I don't use them.

Sounds like they will fit right in with other bitcoin exchanges 

1. I don't think, anybody hacked Paypal and just got a bunch of account-credentials out. They "hacked" on the user-site not on the server-site, e.g. installing keyloggers, phishing, etc.
2. What is the difference between a "Paypal USD accounts" and a "Paypal BTC accounts"? You have a Paypal-Account and you can store money there. I don't see how, the kind of money you store has any influence about, if you get "hacked"

No thank you. I don't want PayPal near Bitcoins. They will fuck it up, I am 100% sure of that and nobody can convince me otherwise. They will freeze funds, lose coins, etc. Never ever would I use a Bitcoin service provided by PayPal after they fucked so many legit Bitcoin resellers.

Anything and everything that makes bitcoin more mainstream is good right now

I'd venture out and say the same as normal (2.9% + 30 cents). And that it would be taken in Bitcoin.

Their costs for letting people transfer fiat would be the same for Bitcoin, so I don't see any difference there. They do have a lot of overhead...

I'm curious as to how much in fees Paypal would try and tack on to do BTC transactions (once supported).   Also, how would they go about collecting their fees, since they usually just keep a percentage of the money sent or whatever (would it be in BTC or fiat)...

There is no way I would ever let those money grubbing sharks near my bit coin or private keys. Companies like paypal are part of the problem bit coin seeks to solve.

PayPal = Blockbuster Video.

Overcharging middle-men parasitic pieces of shit that will be out of business within 5 years. Bitcoin makes Paypal and similar services 100% obsolete.

This would be my fear as well. There are just far too many horror stories to trust them with decent amounts of money, and I've personally had my own problems with them. Bitcoin is an even bigger risk than fiat in that regard, and I just can't fathom taking that plunge without protection.

paypal is corrupt in its core
only bad things happened to me through using paypal, not one bad thing since using bitcoin
dont want to do business with them ever again

No way in hell would I want paypal handling my bitcoin...they could freeze an account at their sole discretion the same way they do already. I don't even remotely trust them to store money. I use paypal for 2 things that let me make transactions without tying up my bank info. Once those two adopt bitcoin as a payment method, good riddance paypal...forever.

Here's the thing - bitcoin IS a payment processor, same as paypal. Bitcoin does the job 100 times better and more efficiently than paypal.

There really isn't much paypal can do because it's already established itself and its policy. In order to compete with bitcoin, they'd have to eliminate their fees or just offer an annual payment option in a low enough amount it is the equivalent of pennies. They'd have to completely decentralize itself in holding people's bitcoin.

It'll never happen. Once bitcoin as a payment processor gains traction, I fully predict paypal will implode - they have millions of unhappy customers who hate them but use them because they have no other viable options. Once bitcoin becomes one, pp will lose a solid core of their business. It will respond with raising fees to offset the loss, then tightening restrictions which will meet backlash, to then surrendering to "free" right before they go out of business. Western Union will also follow suit, probably before paypal does. Walmart money grams will also fall.

Paypal had the right idea when it started out...but once it got beyond a certain point, it became more or less draconian because it was the only option.

I'd imagine paypal closes its doors in the next 5 years.

PayPal often refuses to return funds. Nobody want to hold their Bitcoin with them. 

It is highly unlikely that Paypal will play ball and if they do then it would come with high fees. 

They probably would benefit by offering a wallet service but it would require a huge investment and a ton of work. They would need to hire engineers, support people, more HR people, etc. They'd need office space for all these people too. It would be like building another small company.