PayPal finally allowed BTC - page 2.

bryant.coleman

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Quote from: mangsitin on November 13, 2020, 05:25:41 PM

it is good progress, but I do not like transactions using paypal for several reasons:
1. high transaction fees. As many exchange sites charge high fees on PayPal transactions.
2. If the platform does not accept IDR, currency conversion fees apply. PayPal fees are 3.5% above exchange rate. For all other currencies, the fee is 4% above the exchange rate.

Users doesn't need to pay any transaction fee, and that is a big positive with Bitcoins in PayPal platform. But obviously, the merchants needs to pay the fee, just like any other payment option in PayPal (I guess it is around 1.8% to 2%, depending on the geography). And secondly, their services are limited to American users right now. Once they expand their operations to global users, you may be able to directly pay with IDR.

crwth

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It did cause the rise, and I think this is just the start of the continuous rising of BTC. There are a lot of followups that came from this announcement and I see companies planning to make BTC as their capital reserve. I think that's just one of the things that could make or break your company but deciding if it's for the better, it is. I'm quite biased with BTC, but I think this will continue.

On the standpoint of PayPal, it's going to be hard to totally monitor all the transactions that will be in BTC because there are possible money laundering that could happen on their system so they are on the lookout for suspicious Transactions as well.

imstillthebest

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Quote from: mangsitin on November 13, 2020, 05:25:41 PM

it is good progress, but I do not like transactions using paypal for several reasons:
1. high transaction fees. As many exchange sites charge high fees on PayPal transactions.
2. If the platform does not accept IDR, currency conversion fees apply. PayPal fees are 3.5% above exchange rate. For all other currencies, the fee is 4% above the exchange rate.

thanks for that comparison of paypsl fees vs to exchanges fee . for the people that are familiar on how crypto exchanges work and thier corresponding fee , fees are going to be thier main drawback for using a paypal for crypto but for the rest users , fees arent going to be thier main concern . paypal was a giant company so expect that fees are also going to be not really friendly but thats the sacrifice for making these things possible . if only theres more shops that will accept crypto payments we dont need to use paypal to shop anymore .

Shasha80

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This is positive news for Americans citizen looking to buy Bitcoin on a popular and trusted platform. This is a good promotion to introduce
Bitcoin to more people, as we know Paypal users are very much. And there are still many who don't know about Bitcoin, so accepting
Bitcoin is good progress by Paypal. Although for now Bitcoin transactions can only be in the Paypal network, but it is possible that Paypal
will allow to deposit or withdraw Bitcoin in the future.

meanwords

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"The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly." -- Dan Schulman, CEO of Paypal

If you can't beat them, join them. That's pretty much what happened in Paypal since Bitcoin is just going out of control now.

Although this isn't really the best way to store Bitcoin, this just pave a way for those who have average knowledge about computers to invest in something that they aren't aware of. This really is a good year for Bitcoin.

mangsitin

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it is good progress, but I do not like transactions using paypal for several reasons:
1. high transaction fees. As many exchange sites charge high fees on PayPal transactions.
2. If the platform does not accept IDR, currency conversion fees apply. PayPal fees are 3.5% above exchange rate. For all other currencies, the fee is 4% above the exchange rate.

snarlpill

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Personally, as tempting as this PayPal/Bitcoin integration may sound at times, I'm going to avoid it like the plague. PayPal just has such an atrocious track record of suspending accounts and freezing funds & transactions at their own whim, and many times for seemingly no reason.

Harkorede

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Quote from: joniboini on November 13, 2020, 08:11:25 AM

Quote from: SFR10 on November 13, 2020, 07:54:43 AM

IMHO, this is mostly beneficial to those freelancers ^{[on platforms not supporting crypto-currencies]} that are after a quick way to exchange their PayPal funds into crypto.

Do they allow users to withdraw Bitcoin/crypto though? AFAIK there is nothing like that so far. You can buy, sell and store on Paypal directly but there's no option to withdraw or deposit so far. In other words, it is very much a closed system. If anything, might as well withdraw your Paypal funds and buy on exchanges.

I'd say there are still in process of a full adoption, but to me it still doesn't any sense too, If all users can do is just to buy, hold and sell. And moreover, it is said to be opened to US users only. Even in my country PayPal can only be used to make purchase and send in a one way manner.

Krislaw

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PayPal won't cease to surprise me. The service fee is ridiculous and I'm sure they won't allow withdrawal. Which in this case doesn't include blockchain in it's service. They are only after fees and make profit from user.
They will seize funds at any slight mistake without listening to any appeal.
For the news to be great. They need to allow more features.

oktana

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Eloncoin.org - Mars, here we come!

I don't understand. Does it cost different fees to send different amount of bitcoin? Cause the fee it'll cost to send $5 btc should clock the same as for $1000. So where's the $15 coming from?

adzino

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Was expecting people to be more excited like they were when paypal first announced it. I guess they understood how centralized everything is when they will be using paypal for storing bitcoin. I haven't got the time to check how bitcoin is being stored and used in paypal. As far as i heard, you won't be able to send any crypto to external wallet addresses. You can only send bitcoin to another paypal user. Kinda sounds really shitty, but makes more sense about "no fee" service. People will be forced to buy from paypal and there is where all the "premium" fees they will be taking.

ice098

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Quote from: SaShiRaJaVu on November 13, 2020, 03:07:30 PM

Quote from: joniboini on November 13, 2020, 08:11:25 AM

Do they allow users to withdraw Bitcoin/crypto though? AFAIK there is nothing like that so far. You can buy, sell and store on Paypal directly but there's no option to withdraw or deposit so far. In other words, it is very much a closed system. If anything, might as well withdraw your Paypal funds and buy on exchanges.

PayPal is not allowing you to withdraw bitcoin or send to other, all you can do is to buy and sell the coins in the platform which is really strange and there is no point in doing that as there are several other exchanges with much lesser charges to purchase the coin. I never used PayPal in over a decade and when the news came out i just logged in to see the changes and after seeing the options i found that i have better options to purchase bitcoin rather than going going to PayPal.

They launch a platform that allowed people to buy crypto, not to convert It that is what I know too, but if I will need to buy btc in the future? I rather buy in som exchanges like binance, I think I will let them improve their website first and add more pairs, I want binance since my assets are already there and the fees are not so high afaik.

SaShiRaJaVu

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Quote from: joniboini on November 13, 2020, 08:11:25 AM

Do they allow users to withdraw Bitcoin/crypto though? AFAIK there is nothing like that so far. You can buy, sell and store on Paypal directly but there's no option to withdraw or deposit so far. In other words, it is very much a closed system. If anything, might as well withdraw your Paypal funds and buy on exchanges.

PayPal is not allowing you to withdraw bitcoin or send to other, all you can do is to buy and sell the coins in the platform which is really strange and there is no point in doing that as there are several other exchanges with much lesser charges to purchase the coin. I never used PayPal in over a decade and when the news came out i just logged in to see the changes and after seeing the options i found that i have better options to purchase bitcoin rather than going going to PayPal.

passwordnow

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Unlike others, it surprised me that they did it unexpectedly. The no fee that they are implementing is like an opening fee which is for everyone to try their new feature.
But I agree with dothebeats that sooner or later, once they are already stable some changes might come including the rise in fees.

mardaed

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Not surprised anymore unlike their first announcement well I'm really glad that at last cryptocurrency was gladly accepted by the world slowly. After some years they managed to accept the Bitcoin.

Rafiqul

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PayPal's adoption of BTC is great news for the cryptocurrency world. I was very happy to know the news if PayPal has not yet taken any action in my country. With a large company like PayPal accepting a total of four cryptocurrencies, including Bitcoin, I believe there will be a massive expansion of cryptocurrencies.

Casdinyard

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Quote from: XCANA on November 13, 2020, 07:26:05 AM

Why most of us insist on saying PayPal has some shading stuff behind; is there actions against some certain happenings. Have you read their TOS of this their buy and sell of Bitcoin service? please, kindly do to know what they are up-to. They have a very bogus TOS and i personally won't take that from PayPal, i rather buy from exchange than buy through PayPal service, period.

People are more likely frustrated for the market price of Bitcoin to again reach its ATH or to even surpass it. Maybe because for more than a year, the market price remained low and it is just this year wherein the market showed signs of recovery which probably lifted the hopes of many people and again catch their interest towards this technology. PayPal is a huge network and many people believe that this would be the first step towards mass adoption. But the bottomline is that, no matter how big its influence is, wide acceptance of this technology depends on the government's of each country.

CODE200

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Quote from: dothebeats on November 13, 2020, 08:21:14 AM

Not really a big news as compared to the initial announcement. Everyone already anticipates that this will go live sooner so I guess the element of thrill and excitement is already gone. There's not much changes that happened in the market upon the announcement of this so I guess people just see this as a neat addition to the services in PayPal but not really a highly important one.

Quote from: SFR10 on November 13, 2020, 07:54:43 AM

In the article, it says "no service fees" but have a feeling there will be a hidden fee of some sort ^{[apart from the obvious TX fees]}.

Kinda skeptic about this "no service fee" thing knowing how PayPal imposes some of the worst fee structure in money transferring services. Give it a month or two and fees will start racking up to those who wish to buy crypto with their PayPal account.

Definitely a lie for having no service fee. They are a third party network, why will they do such thing for charity purposes? Ofcourse they will, but are hidden. Hidden probably from the changes in the market price of cryptos. That's how business works. Actually many people are having thoughts that PayPal only did such thing to generate profit which is ofcourse having a high chance or certainty. There are many third party networks in my country wherein it accepts cryptos to be converted to fiat and the other way around. Fees are high so I decided to engage on crypto exchanges.

Mugtaiya

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Quote from: smyslov on November 13, 2020, 10:49:10 AM

Quote from: joniboini on November 13, 2020, 08:11:25 AM

If anything, might as well withdraw your Paypal funds and buy on exchanges.

That is the best thing to do, withdraw your PayPal funds and buy coins on an exchange and hodl your coins to wallets where you hodl the key, you will only use PayPal if you trust their system or you do not want to be responsible for your coins, it's like authorizing PayPal to manage your coins.

Obviously.
You do not hold the keys for the crypto you buy from them.
They hold all the cards when it comes to any transactions you do on their platform of course.

Zackgeno96

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It also comes as no surprise to me that PayPal is now arriving with accepting Bitcoins. That does not mean that it will all run smoothly. They will no doubt use programs to monitor transactions so that criminals can forget about money laundering at PayPal. Can also be a tactic by the government to gain more insight into these transactions of bitcoins in this way, and in this way to be able to trace them back to the actual owner / originator.
I would watch out and be very careful.

Topic: PayPal finally allowed BTC - page 2. (Read 604 times)