PayPal Files Patent for Bitcoin Payment Device

Ditonlin

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Quote from: alyssa85 on June 12, 2016, 12:29:55 PM

Quote from: yayayo on June 12, 2016, 12:27:16 PM

Quote from: amacar2 on June 12, 2016, 11:54:17 AM

The international payments processor PayPal has filed a patent application with the United States Patent and Trademark Office (USPTO) for a payment device that will be able to process cryptocurrencies including Bitcoin, Litecoin, and Dogecoin.

source: https://cointelegraph.com/news/paypal-files-patent-for-bitcoin-payment-device

seems like we will soon see paypal accepting deposit via bitcoin. Grin

I think it is imperative for Paypal's future existence that they innovate now. However I think in the long term they will have to say farewell to their once so profitable money transfer business:
If bitcoin becomes a dominant currency, there won't be much need for a currency conversion service. Everything will be available for Bitcoin, without the need for any fiat conversion. Such conversions only add costs and complexity compared to a direct Bitcoin transaction, hence it is highly unlikely that conversions will remain in use as overall Bitcoin acceptance is increasing.

Although - judging by their buying behavior - today's investors seem to think differently, I think that eBay as an auction service has better future prospects than Paypal as a payment service. But even eBay needs to innovate fast and drive costs down, as they will have p2p selling platforms like OpenBazaar closing in on their heels.

ya.ya.yo!

It is a hundred years away from that. Bitcoin struggles to managed 240,000 transactions a day - it wont manage the billions that actually take place all over the world in fiat. I think BTC will end up as an asset, a store of value. And maybe doge will be the currency for everyday use.

Paypal is a payment processor. You can store money in there and the transaction is instant, the same as fiat transactions.

BossMacko

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Quote from: amacar2 on June 12, 2016, 11:54:17 AM

The international payments processor PayPal has filed a patent application with the United States Patent and Trademark Office (USPTO) for a payment device that will be able to process cryptocurrencies including Bitcoin, Litecoin, and Dogecoin.

source: https://cointelegraph.com/news/paypal-files-patent-for-bitcoin-payment-device

seems like we will soon see paypal accepting deposit via bitcoin. Grin

If this will be implemented soon, expect more people to use bitcoin and that is a good news. And lots of bitcoin user who are using market exchange will be happy because it will be easier for them to exchange Dollar to Bitcoin or other cryptocurrency or vise versa.

naidray

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Quote from: amacar2 on June 12, 2016, 11:54:17 AM

The international payments processor PayPal has filed a patent application with the United States Patent and Trademark Office (USPTO) for a payment device that will be able to process cryptocurrencies including Bitcoin, Litecoin, and Dogecoin.

source: https://cointelegraph.com/news/paypal-files-patent-for-bitcoin-payment-device

seems like we will soon see paypal accepting deposit via bitcoin. Grin

Great news !!! Well paypal can understand that they have no way to avoid cryptocurrencies because cryptocurrencies day by day very stronger on market. So, soon we are going to be seeing on paypal have an option to deposit and withdraw via bitcoin.

Yogafan00000

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Mainstream fintech users don't trust Bitcoin, but they DO trust PayPal. I see this as huge win for PayPal and Bitcoin. Bitcoin gets closer to mainstream adoption and PayPal can lower their operating costs.

Chris!

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Quote from: biggbox on June 12, 2016, 12:36:13 PM

If Paypal jumps on board bitcoin, that will be a big game changer due to their current user base but ,...their fees sucks.

I wonder how will BitPay react.

There are two key points I wanted to touch base on. BitPay will be all over this. It's going to affect them the most.

I wouldn't deposit any bitcoins onto PayPal though. 1. Why pay their fees? 2. Will it be off chain, side chain transactions? I guess we'll see.

Blawpaw

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They might as well start accepting bitcoin or risk staying far behind. In fact, Bitcoin is the PayPal killer, so, if they won't try to start using it, they will be signing their death sentence.

biggbox

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Are we going to see the credit card gateways such as Visa, MC, Amex to start exploring Bitcoin and payment methods for Bitcoins?

TastyChillySauce00

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it seems PayPal know realised the fact that they're going to face a big problem for their company so they're preventing it to happen by implementing the thing,so he can take advantage of their potential problem

outatime1

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This is good news and it shows that paypal wants to benefit from bitcoin rather than fight it or compete against it. Bitcoin will allow paypal to tranfer funds more quickly and it give the customers more options.

gravitate

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nice pump then

h3rlihy

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Weird move from paypal considering they are the one payment processor I wouldn't touch with a ten foot pole regarding bitcoin

calkob

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Quote from: amacar2 on June 12, 2016, 11:54:17 AM

The international payments processor PayPal has filed a patent application with the United States Patent and Trademark Office (USPTO) for a payment device that will be able to process cryptocurrencies including Bitcoin, Litecoin, and Dogecoin.

source: https://cointelegraph.com/news/paypal-files-patent-for-bitcoin-payment-device

seems like we will soon see paypal accepting deposit via bitcoin. Grin

OR they could be trying to lock down a patent so no one else can register one. it then gets put to the back of the shelf and never seen again, it wouldnt surprise me with paypal they are scum bAGS

BellaBitBit

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Quote from: yayayo on June 12, 2016, 12:27:16 PM

Quote from: amacar2 on June 12, 2016, 11:54:17 AM

The international payments processor PayPal has filed a patent application with the United States Patent and Trademark Office (USPTO) for a payment device that will be able to process cryptocurrencies including Bitcoin, Litecoin, and Dogecoin.

source: https://cointelegraph.com/news/paypal-files-patent-for-bitcoin-payment-device

seems like we will soon see paypal accepting deposit via bitcoin. Grin

I think it is imperative for Paypal's future existence that they innovate now. However I think in the long term they will have to say farewell to their once so profitable money transfer business:
If bitcoin becomes a dominant currency, there won't be much need for a currency conversion service. Everything will be available for Bitcoin, without the need for any fiat conversion. Such conversions only add costs and complexity compared to a direct Bitcoin transaction, hence it is highly unlikely that conversions will remain in use as overall Bitcoin acceptance is increasing.

Although - judging by their buying behavior - today's investors seem to think differently, I think that eBay as an auction service has better future prospects than Paypal as a payment service. But even eBay needs to innovate fast and drive costs down, as they will have p2p selling platforms like OpenBazaar closing in on their heels.

ya.ya.yo!

It is true that it is imperative for Paypal's future. I would be glad to see that new people learn about bitcoin through paypal and until we no longer need paypal at all it would be nice to collect bitcoin for ecommerce. I am transferring my ebay and etsy store over to openbazaar hoping for the best.

crairezx20

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Quote from: amacar2 on June 12, 2016, 11:54:17 AM

The international payments processor PayPal has filed a patent application with the United States Patent and Trademark Office (USPTO) for a payment device that will be able to process cryptocurrencies including Bitcoin, Litecoin, and Dogecoin.

source: https://cointelegraph.com/news/paypal-files-patent-for-bitcoin-payment-device

seems like we will soon see paypal accepting deposit via bitcoin. Grin

This is a great new about paypal user.. honestly its a long time that i am looking for a site that can accept bitcoin to buy or sell using paypal.. they are afraid of reverse payment if you buy bitcoins or sell.. and i hope it will happen this year..

biggbox

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If Paypal jumps on board bitcoin, that will be a big game changer due to their current user base but ,...their fees sucks.

I wonder how will BitPay react.

OROBTC

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...

That's a great point, yayayo, re eBay (perhaps even Amazon) getting on board with Bitcoin (unless they see something BAD that we do not...).

Costs for these online marketplaces will likely come down, more entrants and tighter margins will indeed force eBay and Amazon to lower their costs too. BTC looks like the way to go for them.

helloeverybody

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Paypal should be worried about bitcoins future and you can be sure that they will be monitoring the whole situation very closely . If they think its in their benefit to adopt bitcoin then they will, If not they could potentially be kicked out of the market.

alyssa85

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Quote from: yayayo on June 12, 2016, 12:27:16 PM

Quote from: amacar2 on June 12, 2016, 11:54:17 AM

The international payments processor PayPal has filed a patent application with the United States Patent and Trademark Office (USPTO) for a payment device that will be able to process cryptocurrencies including Bitcoin, Litecoin, and Dogecoin.

source: https://cointelegraph.com/news/paypal-files-patent-for-bitcoin-payment-device

seems like we will soon see paypal accepting deposit via bitcoin. Grin

I think it is imperative for Paypal's future existence that they innovate now. However I think in the long term they will have to say farewell to their once so profitable money transfer business:
If bitcoin becomes a dominant currency, there won't be much need for a currency conversion service. Everything will be available for Bitcoin, without the need for any fiat conversion. Such conversions only add costs and complexity compared to a direct Bitcoin transaction, hence it is highly unlikely that conversions will remain in use as overall Bitcoin acceptance is increasing.

Although - judging by their buying behavior - today's investors seem to think differently, I think that eBay as an auction service has better future prospects than Paypal as a payment service. But even eBay needs to innovate fast and drive costs down, as they will have p2p selling platforms like OpenBazaar closing in on their heels.

ya.ya.yo!

It is a hundred years away from that. Bitcoin struggles to managed 240,000 transactions a day - it wont manage the billions that actually take place all over the world in fiat. I think BTC will end up as an asset, a store of value. And maybe doge will be the currency for everyday use.

yayayo

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Quote from: amacar2 on June 12, 2016, 11:54:17 AM

The international payments processor PayPal has filed a patent application with the United States Patent and Trademark Office (USPTO) for a payment device that will be able to process cryptocurrencies including Bitcoin, Litecoin, and Dogecoin.

source: https://cointelegraph.com/news/paypal-files-patent-for-bitcoin-payment-device

seems like we will soon see paypal accepting deposit via bitcoin. Grin

I think it is imperative for Paypal's future existence that they innovate now. However I think in the long term they will have to say farewell to their once so profitable money transfer business:
If bitcoin becomes a dominant currency, there won't be much need for a currency conversion service. Everything will be available for Bitcoin, without the need for any fiat conversion. Such conversions only add costs and complexity compared to a direct Bitcoin transaction, hence it is highly unlikely that conversions will remain in use as overall Bitcoin acceptance is increasing.

Although - judging by their buying behavior - today's investors seem to think differently, I think that eBay as an auction service has better future prospects than Paypal as a payment service. But even eBay needs to innovate fast and drive costs down, as they will have p2p selling platforms like OpenBazaar closing in on their heels.

ya.ya.yo!

amacar2

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The international payments processor PayPal has filed a patent application with the United States Patent and Trademark Office (USPTO) for a payment device that will be able to process cryptocurrencies including Bitcoin, Litecoin, and Dogecoin.

source: https://cointelegraph.com/news/paypal-files-patent-for-bitcoin-payment-device

seems like we will soon see paypal accepting deposit via bitcoin. Grin

Topic: PayPal Files Patent for Bitcoin Payment Device (Read 774 times)