PayPal to open up network to cryptocurrencies

exstasie

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Quote from: jaberwock on November 06, 2020, 03:11:28 AM

I can't believe this all started with Paypal getting involved.

It didn't. BTC was trading around $12K when the Paypal news broke. $12K to $16K is a 33% increase, but the increase from the $3,800s in March to $12K (~210%) was much bigger.

This is why technical analysts get so annoyed with the attitude that price only moves because of news and fundamental changes. What really happened is that BTC has already been in a raging bull market for months, particularly after forming the first structural higher high since 2019 (> $10.5K) this past July. The Paypal news may have catalyzed another leg up, but the bull trend was already very well established, and that leg up was bound to happen anyway. It was only a matter of when.

Reatim

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Quote from: DustyRah on October 21, 2020, 09:53:40 AM

https://www.reuters.com/article/us-paypal-cryptocurrency/paypal-to-open-up-network-to-cryptocurrencies-idUSKBN2761L6?il=0
https://www.marketwatch.com/story/paypal-will-let-customers-buy-cryptocurrencies-and-use-them-for-online-payments-11603283352

PayPal is going to allow buying/selling and even holding crypto on their platform. They will also allow merchants to accept payments with crypto.

I don't know if this is something Crypto community will be glad because as i read replies in topics similar to this?it has been PayPal is the most will benefits from this and crypto users not that advantageous.
Specially when we can find more options than using this payment method.
There are others that we are using before this binding happens and i don't think that this is the settings we have been waiting for long.

Quote from: DustyRah on November 05, 2020, 01:08:16 AM

The upward trend of the price indicates that PayPal getting comfy with crypto has really helped legitimize and open a wall of investment into it. We can look forward to moving towards the $1 trillion mark.

Do you really think that this trend now are because of that PayPal crypto bonding?or this is about the Effect of US election?

matchi2011

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Quote from: shoreno on November 06, 2020, 01:17:36 AM

Quote from: DustyRah on November 05, 2020, 01:08:16 AM

The upward trend of the price indicates that PayPal getting comfy with crypto has really helped legitimize and open a wall of investment into it. We can look forward to moving towards the $1 trillion mark.

is that true that paypal is behind of the bull that we felt in btc ? or maybe it has nothing to do with paypal but history are just repeating itself for btc . there are big hodlers that can manipulate the price to move like this but paypal joins with crypto are still a good news . its not important if this news brings an uptrend on the price or not but what important is that we can now use our crypto and paypal more conviniently . the news was on october and we are now on november , its old and the latest from paypal was they are said to create thier own crypto .

Both are correct, we can't assume that Paypal really bring this hypes but possibilities that it's open the door of much bigger
pumped to expect within the next coming years.

The good thing for now is because of that adoption many people will see and learn about this investment currency and once
more adoptions take place expect that it will bring stronger run.

SirLancelot

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I wonder if paypal has made any profit with bitcoin thanks to these increases as well since they got in. I don't know their system, it doesn't look like an exchange situation, which means they need to have some bitcoin in order to credit that to people and even though there are things lacking in their system like withdrawal and all, they must have some bitcoins to their names.

Considering they started fairly recently and price went up even in this quick period, I would say they probably realized this was one of the best decisions they have made regarding accepting crypto. Plus this means if paypal deals with crypto and profits, that will be a proof how awesome bitcoin can be towards other companies as well, if other huge digital companies start accepting crypto it could be really life changing for us.

3meek

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Quote from: jaberwock on November 06, 2020, 03:11:28 AM

I can't believe this all started with Paypal getting involved. For starters there are so many people who moved to crypto from accepting paypal payments in their online shops because there are so many troubles with paypal. You could literally sell something and the person who bought it from you could make a chargeback and you would lose both the item you sold but also not get the money for it AND charged with fee on top of that, so it is like a kick in the nuts and because of this situation a lot of people moved towards crypto instead of using paypal.

I however feel like this paypal deal is a great thing for the price (obviously) of bitcoin but I feel like as long as paypal do not stop bad practices in business, it will be a short termed hype that will die down eventually in a month or two.

That's right, PayPal has a lot of negative cases with its users... For example, PayPal can unreasonably block an account with your funds...

Then I have one question - if PayPal doesn't give out private keys to its users, BTC transfers aren't allowed either, maybe your wallet number will also be unknown? Then is PayPal going to buy bitcoins to provide users' funds?

jaberwock

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I can't believe this all started with Paypal getting involved. For starters there are so many people who moved to crypto from accepting paypal payments in their online shops because there are so many troubles with paypal. You could literally sell something and the person who bought it from you could make a chargeback and you would lose both the item you sold but also not get the money for it AND charged with fee on top of that, so it is like a kick in the nuts and because of this situation a lot of people moved towards crypto instead of using paypal.

I however feel like this paypal deal is a great thing for the price (obviously) of bitcoin but I feel like as long as paypal do not stop bad practices in business, it will be a short termed hype that will die down eventually in a month or two.

shoreno

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Quote from: DustyRah on November 05, 2020, 01:08:16 AM

The upward trend of the price indicates that PayPal getting comfy with crypto has really helped legitimize and open a wall of investment into it. We can look forward to moving towards the $1 trillion mark.

is that true that paypal is behind of the bull that we felt in btc ? or maybe it has nothing to do with paypal but history are just repeating itself for btc . there are big hodlers that can manipulate the price to move like this but paypal joins with crypto are still a good news . its not important if this news brings an uptrend on the price or not but what important is that we can now use our crypto and paypal more conviniently . the news was on october and we are now on november , its old and the latest from paypal was they are said to create thier own crypto .

slapper

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Quote from: Finestream on October 30, 2020, 06:26:13 AM

This is one of the big reasons why we should be bullish on bitcoin, and the recent surge of bitcoin could be a great start already.
We have one of the biggest news this year so far, the adoption that we are hoping are slowly coming with the help of big centralized payment system.

Good luck to us, continue to hold and hope that there will be more big news to come.

In spite of being accepted by one of the biggest companies operating worldwide online payments, the rise in the price of bitcoin does not have anything related to it, from my perspective. First, Paypal only lets people buy and hold their bitcoin within their system. Without sending or receiving bitcoin or even having an address, it is useless to use bitcoin. Second, bitcoin enthusiasts do not like centralization (like me) and there is no point buying bitcoin blindly whenever we hear a nonsense news

Bitcoin deserves better adoption in our daily life. However, this is fine with me. Moreover, I can't stand the congestion in the blockchain network. There will be many updates must be done so as to increase the number of transaction daily. People do not like it when their money gets stuck in the middle of the road

Paypal needs to improve its network for bitcoin and allow users to send their bitcoin whenever they want and wherever they like. If they want to compete with other platforms and companies, they have to look at bitcoin as a real concern.

DustyRah

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The upward trend of the price indicates that PayPal getting comfy with crypto has really helped legitimize and open a wall of investment into it. We can look forward to moving towards the $1 trillion mark.

redsun114

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People are focusing on the bad parts of this paypal deal and not enough with the good parts of the deal.

I understand that you can't exchange it with other people like the way you can do on binance, I understand that you can't withdraw bitcoins wherever you want which should be an easy option for paypal to add if they want to. I understand that this is not a pure exchange that you can trade however you want.

I am not denying that there are tons of stuff lacking in paypals acceptance of bitcoin, there is a big room for improvement in paypal right now when it comes to crypto.

However what people are missing out is the fact that the small things you have right now that paypal offers didn't existed a month ago, and now they are there, even those small and lacking additions mean a lot more than not having anything at all like last month and before.

3meek

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God, save BTC!

The fact that PayPal has added bitcoin to its service is undoubtedly great news for the whole crypto industry! However, please note that so far you will not be able to send or recieve your bitcoins to different addresses and you will not be allowed to know your private keys...
There are plans to introduce payment for bitcoins in the future, but it will only be a conversion to fiat, and payment by fiat...

davinchi

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What I have seen so far from a lot of people who are buying bitcoin from paypal is the fact that it is easier to do that compared to anywhere else. That is the thing about paypal being so important in the crypto world right now, and maybe why it even caused the price to skyrocket to over $13.5k as well with this news, I do not know where they get the bitcoin from or if people buy and sell from each other like an exchange because I haven't used paypal in years and haven't checked the situation, but I can see that ever since they started this, tons of people bought bitcoin from paypal because it was easy to do.

This shows us that "invest into bitcoin" is still something not too easy, if paypal makes it so easy that means other methods weren't this easy and we need to focus on that.

jrrsparkles

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Quote from: rodskee on October 30, 2020, 06:19:18 AM

Quote from: smyslov on October 27, 2020, 03:19:44 AM

This is going to be a long term effect this is just a confirmation that they are going to add Cryptocurrency to their platform but once the platform roll up and once there are Cryptocurrencies transactions on going and PayPal is adding more Cryptocurrencies expect the market to react to that situation, this is the best time to buy for future reaction of the market that this news will bring.

Paypal users trusting their platform for many years now and opening their door for crypto will add investors and users to crypto world .
Imagine how many of those PayPal users will surely study about this market and they might found this as another mode of investment and not just like traditional payment method used in paypal.
so all in all this is one of the best thing we are waiting for years now.

Paypal users may hear about the word bitcoin and also they starts to realize that bitcoin is something can be used by everyone for anything based on our needs on such perspective this is really good for adoption but from the community side, paypal is trying to take advantage of their user's crypto portfolio by controlling their funds and not giving the freedom of decentralized money.

Finestream

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This is one of the big reasons why we should be bullish on bitcoin, and the recent surge of bitcoin could be a great start already.
We have one of the biggest news this year so far, the adoption that we are hoping are slowly coming with the help of big centralized payment system.

Good luck to us, continue to hold and hope that there will be more big news to come.

rodskee

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Quote from: smyslov on October 27, 2020, 03:19:44 AM

This is going to be a long term effect this is just a confirmation that they are going to add Cryptocurrency to their platform but once the platform roll up and once there are Cryptocurrencies transactions on going and PayPal is adding more Cryptocurrencies expect the market to react to that situation, this is the best time to buy for future reaction of the market that this news will bring.

Paypal users trusting their platform for many years now and opening their door for crypto will add investors and users to crypto world .
Imagine how many of those PayPal users will surely study about this market and they might found this as another mode of investment and not just like traditional payment method used in paypal.
so all in all this is one of the best thing we are waiting for years now.

supine

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Great news for crypto enthusiast that are using Paypal now they could easily Buy crypto at Paypal.
But as a fellow crypto holder would you use it or would you still prefer trading sites to buy crypto?
Thanks to Paypal crypto would be easier to buy for those who would like to start earning in cryptocurrency.

justdimin

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Quote from: DustyRah on October 29, 2020, 03:34:37 PM

Their intention is to support Bitcoin and other cryptos as means of payment for their merchants which they currently do not. The merchants don't want Bitcoin and prefer getting paid in fiat. Their intention is also to allow their users to trade crypto on their platform (very bad idea IMHO since the clowns will lose their money left and right) or send/receive it as form of payment with other users.

They will never get into actual crypto ownership for their users because it will be a huge threat to themselves so they are trying to control the crypto space by allowing limited functionality which satisfies most non-technical users.

If they could just focus on the part where merchants could accept crypto, that would be enough all by itself because that is opening the whole world up to something a lot bigger for bitcoin. Think about it, if one day paypal comes out and says "anyone who wants to buy with bitcoin can do so and if shop owners do not want bitcoin, it will be automatically turn to fiat on their account" that is the only logical step we have left.

If that could be done, that means we are going to see something special, we are going to actually get millions upon millions of shops all around the world "accept" bitcoin as in we can spend it even if they want fiat which will result with something crazy, it would be unreal and it would be adoption in a massive scale that we can't even dream about right now.

DustyRah

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Quote from: beerlover on October 29, 2020, 02:10:00 PM

Quote from: BChydro on October 28, 2020, 05:02:34 PM

Quote from: DustyRah on October 21, 2020, 09:53:40 AM

PayPal is going to allow buying/selling and even holding crypto on their platform. They will also allow merchants to accept payments with crypto.

PayPal is accepting cryptocurrencies but you cannot withdraw those coins as per the users who used them and the PayPal team has not answered to the queries whether they will be allowing them to withdraw in the future. When you purchase cryptocurrencies in their platform you can only hold them or sell them.

I didn't know about the withdrawal issue, I researched and paypal has a page that specifically states that you have to cash it to fiat in order to withdraw your money, you can't withdraw bitcoin directly. That is actually a big deal if you ask me, why would I want to cash out when I have bitcoin?

If my bitcoins are mine, I should be able to do whatever I want with it, including taking it to some place else, why force people to use fiat if they do not want to? At the end of the day this is still an addition, paypal wasn't involved at all and now it is involved, that alone itself is a big deal and I feel like we could totally see this as a positive sign, from zero to bad is still an improvement and I believe it will move bigger and better in the years to come as well.

Their intention is to support Bitcoin and other cryptos as means of payment for their merchants which they currently do not. The merchants don't want Bitcoin and prefer getting paid in fiat. Their intention is also to allow their users to trade crypto on their platform (very bad idea IMHO since the clowns will lose their money left and right) or send/receive it as form of payment with other users.

They will never get into actual crypto ownership for their users because it will be a huge threat to themselves so they are trying to control the crypto space by allowing limited functionality which satisfies most non-technical users.

beerlover

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Quote from: BChydro on October 28, 2020, 05:02:34 PM

Quote from: DustyRah on October 21, 2020, 09:53:40 AM

PayPal is going to allow buying/selling and even holding crypto on their platform. They will also allow merchants to accept payments with crypto.

PayPal is accepting cryptocurrencies but you cannot withdraw those coins as per the users who used them and the PayPal team has not answered to the queries whether they will be allowing them to withdraw in the future. When you purchase cryptocurrencies in their platform you can only hold them or sell them.

I didn't know about the withdrawal issue, I researched and paypal has a page that specifically states that you have to cash it to fiat in order to withdraw your money, you can't withdraw bitcoin directly. That is actually a big deal if you ask me, why would I want to cash out when I have bitcoin?

If my bitcoins are mine, I should be able to do whatever I want with it, including taking it to some place else, why force people to use fiat if they do not want to? At the end of the day this is still an addition, paypal wasn't involved at all and now it is involved, that alone itself is a big deal and I feel like we could totally see this as a positive sign, from zero to bad is still an improvement and I believe it will move bigger and better in the years to come as well.

darewaller

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Quote from: ?? on ??

I read an article recently, by launching crypto buying and selling features 350 million Paypal users just got access to crypto, that's really huge. Adoption is on the way as we have needed. More people will show their interest which make more buying possibility and we're already experienced it.

I would be grateful if someone who uses the paypal can confirm what features have they allowed. Like can we withdraw the BTC we bought through paypal to our own address? Or are we only allowed to keep them in the balance on paypal and sell them for USD.

Paypal being the biggest platform for electronic payments must bring a large user base into bitcoins indirectly and when a new feature is launched by such platforms the users on the particular platform buy some coins in excitement.

I haven't been able to understand what all paypal is going to offer about BTC but from what I have heard and seen from people it seems like a great and positive move.

Topic: PayPal to open up network to cryptocurrencies (Read 817 times)