Topic: PayPal Integrating Bitcoin soon. - page 7. (Read 11263 times)

One of the things that Paypal prides itself on is giving the buyer peace of mind by actively stepping in to resolve disputes.  In order to do this, or more specifically, to process a charge-back with Bitcon, I might suppose that they could take complete control over the private keys of any of the Bitcoins that are in their system.

By doing this, they can restrict how coins are sent from their system (Or, in other words, bitcoins can't come out of an account, except as specified through their system.  Remember, in this scenario, they have the private keys.  An average user can only do with the Bitcoins what the buttons Paypal gives them will allow).  Next, with that power, they could make it impossible to transfer the Bitcoins to a non-Paypal wallet.  This ensures that someone doesn't withdraw them immediately after receiving a payment in order to dodge the chargeback.  

However, I suppose one still could exchange their Bitcoins for another currency, but then Paypal still holds the Bitcoins.  All they'd need to do is chargeback the other currency from the seller, then return the bitcoins to the buyer.

This is just a hypothesis on my part.  I do not claim it to be what Paypal plans or intends to implement.  It is just a speculation on my part.

Celroc

BTC is a paypal killer.
Don't see how paypal could "integrate" bitcoin into their payment system without adulterating bitcoin.


What we are witnessing are desperate attempts at survival for dying payment legacies - credit cards will be next.

They somehow have to adopt Bitcoin. I just can't see how integrating it would work in their environment.

I had talked about this before and every seller should be able to pay an additional fee of 1% to prevent all unauthorized transactions. This will solve 99% of all chargebacks. PayPal then calls up the buyer and verifies the buyer made the transaction. Seller has absolutely no responsibility for unauthorized transactions. Seller still has to deal with "not sending disputes" and "description not matches."

But the majority of scams are the unauthorized.

Fixed that for you.

All paypal need to do is give the customer the option on each transaction to make it non-refundable. 

Paypal is a total scam/joke and they are integrating bitcoin only because Bitcoin would put them out of business .. legacy payment systems will soon be obsolete

Paypal acts like an escrow service now and it almost always rules in favor of the buyer. It would be impossible for paypal to integrate bitcoin into their platform as they will always have the need to reverse transactions after the fact

This is the worst thing to happen to Bitcoin to be tainted with paypal is beyond a joke. I was hoping paypal never intergrated it.

truested buyer / trusted seller would be excellent and top it off with trusted company like paypal should be good .... i hope lol

Does anyone else think that we need a "Trusted Buyer" system integrated with bitcoin and escrow? Fuck a trusted seller. Trusted sellers can command higher prices. In the case of the "Trusted Buyer", sellers can reduce prices with the expectation of reduced headaches (disputes [bitcoin escrow] - or chargebacks in the case of PayPal). I'd expect something like this on the market soon that will rival ebay (minus the "PowerSeller"). A good bitcoin seller gives an accurate description of their product and delivers as agreed. A trusted buyer releases escrow immediately if the terms are met.

I think the biggest hurdle to adoption for debit purchases (cash, bank account, bitcoin) purchases is third party trust; which unfortunately we still need to some extent. Escrow solves this. It is essentially what Paypal does and gets paid handsomely. The second hurdle is for the seller to trust that he/she will actually get the agreed upon price in a timely fashion. It's going to happen.

Things like OpenBazaar are likely the future, but running a client that manages financial transactions on a PC is not going to be in any common man's wheelhouse anytime soon. I've been in bitcoin since early 2013 and still refuse to run QT, multibit, or any other client on my desktop. Most consumers will not do this.

I think paypal will act like an escrow service.

Even unofficial announcement may increase/decrease the share price of Paypal. So, it could be a speculative...

bitcoin credit is a VERY bad idea for multiple reasons

first of all bitcoin and fractional reserve do not mix very well, and secondly you should NEVER get a debt in bitcoin.


Debt in fiat hardly matters, just wait a few years and you'll have to pay much less, in terms of purchasing power, debt in bitcoin may soon proof to be impossable to ever pay off.

We don't need plastic cards if you can have money on your smartphone, transfer it easily to your friends or pay with your smartphone! You can always get cash from Bitcoin ATM's if you need some

I doubt bitcoin credit cards will work, but bitcoin debit cards will and are already available. I think they'll be a pretty good idea too.

Hopefully two factor authentication from physical device not connected to internet is required first, so no bad publicity for Bitcoin when paypal is exploited with weak user security

In case they integrate Bitcoin to their payment system, Paypal will carry a warning that the payments once made can't be cancelled or refunded. That means that there will not be any buyer protection.

Cash is irreversible and bank transfers are not but banks work with cash, they don't like it but they have to use it
Adding a irreversible payment is easier than adding a reversible payment

that my friend is why they say opposites attract lol maybe a match made in heaven