PayPal finally allowed BTC - page 3.

smyslov

sr. member

Activity: 2030

Merit: 269

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.

Axelseseclevz

jr. member

Activity: 313

Merit: 1

This a good news for crypto that another big company engage in crypto through accepting bitcoin and other altcoins. People who are Paypal lover at the same time Crypto lover will now easily send and receive bitcoin on their paypal account in just a few minutes.

lifeOK

member

Activity: 308

Merit: 22

This is wonderful news lol, it shows that Bitcoin has a lot of room to develop. For now they're offering the service only for US citizens, might be gradually expand it's service. Since paypal began offering crypto service many question came to our concern. There are a lot of people who think they now have bitcoin and charge high fees to get it.

mediaBuzz

full member

Activity: 379

Merit: 168

Quote from: concept2 on November 13, 2020, 07:09:04 AM

What are the fees you talk about?

Fiat-to-cryptocurrency and cryptocurrency-to-fiat exchange transactions. 2.3% for transactions below $100, 2% for transactions between $100 and $200, 1.8% for transactions between $200 and $1,000 and 1.5% for transactions above $1,000. There’s a minimum fee of $0.50 for transactions below $25. They will be waived until 2021.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

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.

joniboini

legendary

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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.

SFR10

legendary

Activity: 2968

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Crypto Swap Exchange

Quote from: mediaBuzz on November 13, 2020, 06:55:44 AM

Another thing is what will be the fees? $15 for a $1000 transaction?

Quote from: concept2 on November 13, 2020, 07:09:04 AM

What are the fees you talk about? It is a mining fee or is it a service fee?

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]}.

Quote from: mediaBuzz on November 13, 2020, 06:55:44 AM

So, what do you think about this?

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.
^{- I can't see their customers using this feature for a significant amount.}

NeuroticFish

legendary

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Looking for campaign manager? Contact icopress!

It's only for US citizens for now, and buying through PayPal was already allowed in US. So it's not such a big news, and the initial big news had triggered quite a rise already.
Maybe when this will be allowed worldwide, maybe then the market will have a bigger reaction, but I don't know...

I don't use PayPal much either. I guess it depends where people buy from. I needed it less than 5 times in the last 10 years.

XCANA

full member

Activity: 1470

Merit: 148

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.

concept2

sr. member

Activity: 750

Merit: 258

I live in a country where PayPal is not really necessary. Because of that reason, we do not often use PayPal unless we have some business with foreign clients, mostly US citizen. This news might affect the price of bitcoin since many US citizens are using bitcoin, including big companies.

What are the fees you talk about? It is a mining fee or is it a service fee? Do we have a bitcoin address in our PayPal account?

Freezing accounts appears a lot in my country. Dont know why. Maybe people do not provide enough identity and involve in shady activities.

mediaBuzz

full member

Activity: 379

Merit: 168

Quote from: ?? on ??

I will not worry because I don't do shady things in my account. I just used it on buy ng goods online especially when store is international like amazon and eBay. PayPal don't do random freeze to an account without a valid reason. You should not use PayPal of you know that your account activities will violate there TOS, If you are following there TOS then you don't need to worry about your account.

I use PayPal regularly for 5 years and never encounter any issue. So my answer is yes on trusting PayPal but with a limited amount not a huge chunk of my asset.

mediaBuzz

full member

Activity: 379

Merit: 168

So, here we go..

"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

“The cult of bitcoin makes many claims — that it’s instant, free, scalable, efficient, secure, globally accepted and useful — it is none of those things,” -- Bill Harris, Ex-CEO of Paypal

"Paypal announced the launch of a new service enabling its customers to buy, hold and sell cryptocurrency directly from their PayPal account, and signaled its plans to significantly increase cryptocurrency's utility by making it available as a funding source for purchases at its 26 million merchants worldwide." -- SAN JOSE, Calif., Oct. 21, 2020

Honestly say, many people are being sceptical with this knowing how strictly PayPal freezes its users' accounts for little reason. I don't know if they will treat crypto accounts differently or not, but imagine getting your accounts frozen for 6 months before they decide to give them back to you or not.

Another thing is what will be the fees? $15 for a $1000 transaction?

And this little rise after 00:00 AM looks like was caused by the announcement.

So, what do you think about this?

Topic: PayPal finally allowed BTC - page 3. (Read 604 times)