PayPal to open up network to cryptocurrencies - page 2.

barbara44

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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.

I don't use Paypal personally but I am glad they made such a move because if anything it will at least bring a hike in the price of bitcoins as a lot of Paypal users who might not be aware of what are cryptocurrencies and how they work will now get into our market and the price should jump when new investors come and demand increases. Also there were guys who were worried if Bitcoins is just a bubble and if they should invest or not, with Paypal acceptance of Bitcoins they should be confident now and even more investors.

I hope this move from Paypal is followed by other dominant payment processors because really this is the big step towards mass adoption of Bitcoins we all often talk about.

Viscore

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Live with peace and enjoy life!

Well, I hope people could have some insights about this event talking about PayPay collaboration to crypto as it was been discuss in HERE

yeah, the news was so interesting to see and many where happy because it boost the price to increase. But we can't just ignore how the owner of this company changes his mind and have a good approach to crypto as he was seeing bad against Bitcoin, could'nt find a reason to this. We don't know as well the seriousness of this as PayPal once decline crypto before.

BChydro

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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.

darewaller

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I believe this increase in attention towards bitcoin could be the reason why bitcoin is increasing and at a new high right now, not because paypal added and suddenly paypal already made the price go up, that wasn't the case, the reason why bitcoin went up was because of paypal but not directly, it was people who thought this would make a big change that bought bitcoin because of the "news" that made it go up.

Remember bitcoin only goes up when there is a big buying spree and without that bitcoin can't go up, and paypal itself didn't bought any coins which means other people bought it due to the news and that's it. Which is why I believe all these increases will eventually lead to more and more news like this and more and more increases like this as well.

Yurkov

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Pepemo.vip

Quote from: thuyvy2207 on October 28, 2020, 02:21:56 AM

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.

Yes, that's really huge. Paypal with a large user base will create momentum for the market in the near future. Most people who pay online have a Paypal account, they will be more interested in cryptocurrencies and and join this market.

The fact that PayPal accepts Bitcoin and several other cryptocurrencies is certainly very good to improve recognition on financial market. However, it does not introduce much (at least for the time being) to increase the liquidity. The reason is, that Bitcoin can only be bought and sold via PayPal, but cannot be withdrawn from there. Until this changes, PayPal will be for Bitcoin just a good advertisement.
But of course I really appreciate this cooperation and for sure, thanks to PayPal, there will be many more companies that would like to accept cryptocurrencies, so it's very good.

thuyvy2207

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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.

Yes, that's really huge. Paypal with a large user base will create momentum for the market in the near future. Most people who pay online have a Paypal account, they will be more interested in cryptocurrencies and and join this market.

Reid

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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.

Ain't it already reacting to what is happening right now?
Been a week and I think we saw what a big company can do to hype something.

I am sure there is still something behind this and not just plain adding buy and sell of cryptocurrencies.
What could it be? We will find out soon. Wink

Also, I may try to buy some with my Paypal funds. Curiosity strikes.

STT

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Quote from: beerlover on October 26, 2020, 12:58:55 PM

huuuuge connection between paypal accepting crypto now and the increase in price as well, people trust paypal more than they should and that could cause them to use it a lot more than they normally would.

Reflected glory, paypal becoming involved adds some reputation and assurance to the crypto equation. Of course Paypal wants this because it believes crypto represents some source of growth and revenue with a percentage cut for them in trading it. Its so locked down in its usage that I'm not quite as optimistic but someone else mentioned how the no withdraw to BTC with paypal could be a security bonus for new entrants. The rise on the news is speculative, if it counts as much as people hope we'll have to see.

smyslov

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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.

exstasie

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Quote from: adaseb on October 26, 2020, 10:29:24 PM

I don't think any millionaires are going to aquire bitcoin by paypal. The fees are just way too high. If I recall the fees are like 2%, maybe even both ways. The fees might be waved temporarily but eventually they will start charging. So if someone wants to buy $1 million worth of bitcoin on paypal they will lose at least $40,000 in fees alone. No millionaire will do this.

At higher volumes the fees drop to 1.5% but still, there is obviously no excuse for using retail services or even spot exchanges at all if you're buying $1 million worth of BTC. This is Kraken's OTC desk for comparison:

Quote

No fees

We do not charge you any fees for this service and will always quote a competitive price near the spot rate, regardless of the size of the order.

This is definitely aimed at small retail investors, the same core market Coinbase and Square are vying for.

onecall123

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Quote from: adaseb on October 26, 2020, 10:29:24 PM

I don't think any millionaires are going to aquire bitcoin by paypal. The fees are just way too high. If I recall the fees are like 2%, maybe even both ways. The fees might be waved temporarily but eventually they will start charging. So if someone wants to buy $1 million worth of bitcoin on paypal they will lose at least $40,000 in fees alone. No millionaire will do this.

Most retail might use Paypal to get small 4-5 figure sums of bitcoin but never 7 figures worth. You can use an OTC broker or even an exchange like Binanace which charges like 0.10% in fees. This is similar to bitcoin ATMs. The fees are like 10% but if you are buying $100 worth then $10 fee doesn't sound so bad. But nobody would go to bitcoin ATMs to exchange more than 4-5 figures worth of crypto due to the huge fees.

You call attention to beneficial things that went unreported and most people just believe that it's very good news for crypto investor. Smart investors might know that paypal are a bunch of crooks, they wouldn't let them touch their crypto. Right now the crypto on your account can not be transferred to other accounts and even transaction fees are also just ridiculous as you've described.

adaseb

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Quote from: beerlover on October 26, 2020, 12:58:55 PM

This is a brand new thing and I believe there is a huuuuge connection between paypal accepting crypto now and the increase in price as well, people trust paypal more than they should and that could cause them to use it a lot more than they normally would.

All these rich people who were afraid of going into bitcoin but didn't because they weren't sure about whats going to happen, might do that now due to paypal, buying millions of dollars worth of bitcoin from coinbase when you never did any bitcoin related work before could be a daunting experience whereas if you have millions of dollars and used paypal before and want to buy bitcoin you could now just do that on paypal. This is why I believe price of bitcoin is going up now, not because of anything else like hype or whatever.

I don't think any millionaires are going to aquire bitcoin by paypal. The fees are just way too high. If I recall the fees are like 2%, maybe even both ways. The fees might be waved temporarily but eventually they will start charging. So if someone wants to buy $1 million worth of bitcoin on paypal they will lose at least $40,000 in fees alone. No millionaire will do this.

Most retail might use Paypal to get small 4-5 figure sums of bitcoin but never 7 figures worth. You can use an OTC broker or even an exchange like Binanace which charges like 0.10% in fees. This is similar to bitcoin ATMs. The fees are like 10% but if you are buying $100 worth then $10 fee doesn't sound so bad. But nobody would go to bitcoin ATMs to exchange more than 4-5 figures worth of crypto due to the huge fees.

beerlover

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This is a brand new thing and I believe there is a huuuuge connection between paypal accepting crypto now and the increase in price as well, people trust paypal more than they should and that could cause them to use it a lot more than they normally would.

All these rich people who were afraid of going into bitcoin but didn't because they weren't sure about whats going to happen, might do that now due to paypal, buying millions of dollars worth of bitcoin from coinbase when you never did any bitcoin related work before could be a daunting experience whereas if you have millions of dollars and used paypal before and want to buy bitcoin you could now just do that on paypal. This is why I believe price of bitcoin is going up now, not because of anything else like hype or whatever.

plr

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Quote from: Yurkov on October 26, 2020, 06:15:53 AM

Each cryptocurrency expansion is another step to the mainstream.
With this integration, PayPal is sure to gain many customers interested in cryptocurrencies, as well as many PayPal customers will interest in cryptocurrencies. It is a win-win situation for both parties.
However, I also think PayPal is testing the market with Bitcoin and is very serious about introducing its own cryptocurrency. I think we'll find out about it in a few months.

This is the kind of news that I want to discuss to my friends because PayPal is mainstream company and not only mainstream but the biggest in the payment processor, it made things easy to promote Cryptocurrency because they have a ways to use it with PayPal introduction to their millions of merchants.

rodskee

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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.

Looks like this is the 3rd thread i visited with Paypal accepting Crypto topic but all are active as this is one of the greatest News we have this year aside from Halving of Bitcoin and the incoming Ethereum Version 2.0 release.

Quote from: Fortify on October 24, 2020, 03:26:28 PM

Definitely an interesting development and will give bitcoin a lot more long term credibility. I wonder if Paypal will eventually expand into other cryptocurrencies, like Bitcoin cash, Litecoin or Ethereum? I think that people will start flocking to bitcoin as an alternative development if a large international payment provider like Paypal starts protecting their wallet. People are tired of holding their money in bank accounts and bitcoin is essentially a form of virtual gold right now.

yeah for years of waiting at last the adoption happens and this pushes the market why Bitcoin reached $13,100+ value this week,the highest we have so far.

Fundamentals Of

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Quote from: adaseb on October 25, 2020, 10:41:13 PM

Quote from: Fundamentals Of on October 25, 2020, 10:19:42 PM

The bad news is that even if Paypal users are allowed to buy stuff using their cryptocurrencies in their Paypal wallets, the transactions are all going to be converted into fiat first so that the merchants will be receiving fiat instead of cryptocurrencies. This is not what Bitcoin and other cryptocurrencies probably want because this is hardly an adoption.

Merchants have always been converting crypto into fiat for as long as any type of bitcoin processors came out. Many sites use (used) Bitpay in the past and it lets you buy anything from the merchant, it automatically converts the US required into BTC and you send BTC and later it converts it into US for the merchant.

Merchants are usually in the business of selling goods, they aren't interested in speculation whether Bitcoin will go up next week, next month or next year. Plus it can also go down since the transaction took place and they will hardly make a profit selling their goods. Generally a private person might want to get paid in crypto and they might hold that for "fun or hobby" however its different for most businesses.

Probably not all businesses are sharing the same lack of interest or indifference to Bitcoin. Of course it is somehow good enough that businesses are amenable to Bitpay-like arrangements but it is a much better scenario, if not the best, if the businesses themselves would accept Bitcoin as a form of money and that commercial transactions between them and their clients or customers are done through the blockchain.

Yurkov

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Pepemo.vip

Quote from: Harlot on October 26, 2020, 06:06:53 AM

Quote from: Fortify on October 24, 2020, 03:26:28 PM

Definitely an interesting development and will give bitcoin a lot more long term credibility. I wonder if Paypal will eventually expand into other cryptocurrencies, like Bitcoin cash, Litecoin or Ethereum? I think that people will start flocking to bitcoin as an alternative development if a large international payment provider like Paypal starts protecting their wallet. People are tired of holding their money in bank accounts and bitcoin is essentially a form of virtual gold right now.

I would expect that before they start doing any kind of expansion towards adding more cryptocurrencies in their platform they would first monitor the conditions within the acceptance of Bitcoin, Eth, and Litecoin and and start on how they can expand on their. Also from the news provided you will see that they have integrated this system on their VENMO payment system which I think is a good start as it is a popular app payment method for the younger generation which I think will be a great fit for crypto payments.

Each cryptocurrency expansion is another step to the mainstream.
With this integration, PayPal is sure to gain many customers interested in cryptocurrencies, as well as many PayPal customers will interest in cryptocurrencies. It is a win-win situation for both parties.
However, I also think PayPal is testing the market with Bitcoin and is very serious about introducing its own cryptocurrency. I think we'll find out about it in a few months.

Harlot

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Quote from: Fortify on October 24, 2020, 03:26:28 PM

Definitely an interesting development and will give bitcoin a lot more long term credibility. I wonder if Paypal will eventually expand into other cryptocurrencies, like Bitcoin cash, Litecoin or Ethereum? I think that people will start flocking to bitcoin as an alternative development if a large international payment provider like Paypal starts protecting their wallet. People are tired of holding their money in bank accounts and bitcoin is essentially a form of virtual gold right now.

I would expect that before they start doing any kind of expansion towards adding more cryptocurrencies in their platform they would first monitor the conditions within the acceptance of Bitcoin, Eth, and Litecoin and and start on how they can expand on their. Also from the news provided you will see that they have integrated this system on their VENMO payment system which I think is a good start as it is a popular app payment method for the younger generation which I think will be a great fit for crypto payments.

robelneo

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Quote from: Wulan_maniez on October 21, 2020, 06:52:06 PM

Paypal users are very much with 346 million active accounts, which is one of the largest global payment providers. So it is only natural that the news from PayPal makes the price of bitcoin surge drastically and unexpectedly, which now the price of bitcoin reaches almost $13000. It’s one achievement we all expect. But the price of bitcoin often undergoes sudden changes like this. But it’s time for bitcoin to move on. People can’t wait to welcome the bitcoin party.

So far this is one of the biggest company that adopt Cryptocurrency, it's hard to ignore this news the condition and the health of the market largely depends on the good news that's coming in, we will have more coming in because one things leads to another, all the road leading to this news it's because many things happen positively in the past, we keep the positive news coming and it will snowball into something big.

adaseb

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Quote from: Fundamentals Of on October 25, 2020, 10:19:42 PM

The bad news is that even if Paypal users are allowed to buy stuff using their cryptocurrencies in their Paypal wallets, the transactions are all going to be converted into fiat first so that the merchants will be receiving fiat instead of cryptocurrencies. This is not what Bitcoin and other cryptocurrencies probably want because this is hardly an adoption.

Merchants have always been converting crypto into fiat for as long as any type of bitcoin processors came out. Many sites use (used) Bitpay in the past and it lets you buy anything from the merchant, it automatically converts the US required into BTC and you send BTC and later it converts it into US for the merchant.

Merchants are usually in the business of selling goods, they aren't interested in speculation whether Bitcoin will go up next week, next month or next year. Plus it can also go down since the transaction took place and they will hardly make a profit selling their goods. Generally a private person might want to get paid in crypto and they might hold that for "fun or hobby" however its different for most businesses.

Topic: PayPal to open up network to cryptocurrencies - page 2. (Read 817 times)