PayPal Hosts Packed ‘Introduction to Bitcoin’ Event

commandrix

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Quote from: hua_hui on August 01, 2014, 05:29:01 PM

Quote from: commandrix on August 01, 2014, 04:04:52 PM

I'm probably going to keep pushing purely Bitcoin as a payment option simply because Bitcoin has low transaction fees, etc. My major concern with this would be that newcomers to Bitcoin might think that Bitcoin and Paypal are essentially the same thing and avoid it anyway because of Paypal's bad reputation among merchants.

I don't think so. PayPal and Bitcoin is totally different thing. Most people know what is paypal. BTC related news is always coming out. People cant really ignore and read them and know what it is.

Yeah I know. I was thinking about people like my grandmother who I tried to explain Bitcoin to her and she was like, "Oh, it's sorta like Paypal. Magic Internet money." Oi. I think a lot of the problem is, we know the difference, but we need a way to explain what makes Bitcoin different and better for people who aren't all that tech-savvy.

hua_hui

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Quote from: commandrix on August 01, 2014, 04:04:52 PM

I'm probably going to keep pushing purely Bitcoin as a payment option simply because Bitcoin has low transaction fees, etc. My major concern with this would be that newcomers to Bitcoin might think that Bitcoin and Paypal are essentially the same thing and avoid it anyway because of Paypal's bad reputation among merchants.

I don't think so. PayPal and Bitcoin is totally different thing. Most people know what is paypal. BTC related news is always coming out. People cant really ignore and read them and know what it is.

theonewhowaskazu

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Not to be a buzzkill, but other than the network that paypal has of people willing to accept it, and maybe a nice name, paypal offers nothing to BTC. You can already transfer money from BTC addr to BTC addr for free, why would you possibly want to pay 3% and do the same thing with paypal? Maximum they could do is offer a competitor to Bitpay with some merchants already "pre-accepting" it.

commandrix

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I'm probably going to keep pushing purely Bitcoin as a payment option simply because Bitcoin has low transaction fees, etc. My major concern with this would be that newcomers to Bitcoin might think that Bitcoin and Paypal are essentially the same thing and avoid it anyway because of Paypal's bad reputation among merchants.

h0lybyte

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I was wondering why the bitcoins went up in price (from 560~ to 600), but now it makes sense.

TheButterZone

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RIP Mommy

Quote from: BTCGigs on August 01, 2014, 02:41:27 PM

I just see a huge headache with paypal even if they accept bitcoin, with their chargeback and refund policies. I try to avoid using paypal whenever I can.

Here's what I think PayPal could do:

PayPal user "sends" BTC to PayPal by having PayPal sweep their private key (note: sole private key possession is proof of ownership). PayPal converts BTC to their local fiat currency. Within the same login session that the BTC was sweeped in, PayPal user can send the fiat to another PayPal user, or initiate withdrawal to their own bank account. Yubikey or other industry standard 2FA would be required to do anything with the fiat after the login session is terminated.

Fiat payment is now irreversible because you can't claim your 1) credit card 2) bank account 3) PayPal account 4) BTC exchange account (none of which provide private keys to users) was stolen. For fungibility, PayPal is held harmless for users/exchanges not properly securing their private keys, just as they would be held harmless for someone placing their wallet full of fiat on a bus bench and walking away, then a thief not obeying found property laws, taking the money in the wallet, and buying a PayPal money loading card with it.

Daniel91

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If Paypal accept Bitcoin this will be really great news and it will help a lot Bitcoin to become finally mainstream.
It's true that some users don't like Paypal much because of different reasons but still for a lot people Paypal is the most convenient way of online payment so if Paypal accept Bitcoin, this will help Paypal users to accept Bitcoin much sooner

BTCGigs

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I just see a huge headache with paypal even if they accept bitcoin, with their chargeback and refund policies. I try to avoid using paypal whenever I can.

oceans

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This is great news. Question is not if they will implement it but when they will. They really should be attempting to make it a reality sooner rather than later as so many are crying out for it.

Beliathon

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