PayPal to open up network to cryptocurrencies - page 3.

goaldigger

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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.

They are taking steps slowly but surely and hopefully they will successfully launch this one next year and introduce more good options for us, hopefully not a shitcoin. Paypal announcement made a huge impact in the market, we finally reach the level of $13k but fell short today, hopefully more good companies will finally accept bitcoin as a legal digital currency, and for me they need to adopt now or else Paypal will dominate the market. Cheesy

Fundamentals Of

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Quote from: DustyRah on October 25, 2020, 10:00:59 PM

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.

They do plan to include Bitcoin Cash, Etherium and Litecoin. I have a feeling they will eventually come up with their own coin to milk it out. Merchants love Bitcoin payments because there is essentially no chargeback and the seller pays commissions to send it out instead of the merchant paying it. But PayPal will take their cut though.

In fact, their announcement also includes Bitcoin Cash, Litecoin, and Ethereum. But the opportunity for the users to buy stuff from Paypal's merchants will not happen until next year.

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.

Bitcoin, Litecoin, Bitcoin Cash, and Ethereum are not going to be used as they are. They are just used as a sort of a reserve for Paypal's users.

DustyRah

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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.

They do plan to include Bitcoin Cash, Etherium and Litecoin. I have a feeling they will eventually come up with their own coin to milk it out. Merchants love Bitcoin payments because there is essentially no chargeback and the seller pays commissions to send it out instead of the merchant paying it. But PayPal will take their cut though.

Fortify

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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.

$crypto$

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Quote from: LUCKMCFLY on October 21, 2020, 12:07:51 PM

I understand that they will start in 2021, for now they are closing all the negotiations with Paxos since they got the license with BitLicense, it is an opportunity to be able to expand with Bitcoin, Litecoin, Ethereum, BCH. It's all a matter of waiting, so far it has been published in a reliable source known as Cointelegraph.

Source : https://cointelegraph.com/news/paypal-to-offer-crypto-payments-starting-in-2021

But this is also good news in the future. If it is true that it happens with negotiations with their license then I think it's still under consideration so in 2021 there is still time whether accepting cryptocurrency will be a tremendous advantage because this can also be said to be an asset. valuable at this time then paypal announced it too.

Lots of info about this but I will take the good side where this will be a strong response to the existing commodities and the community will welcome it well.

Distinctin

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Quote from: Fortify on October 24, 2020, 09:16:24 AM

Once you see a giant like Paypal start to allow cryptocurrency selling/purchasing/trading, you know there is quite a seismic shift taking place. This is certainly going to have a positive effect on the value of bitcoin and will probably end up taking a large chunk of business away from all of the other exchanges. I know a lot of people who trust Paypal for day to day transactions, but would never dream of going through the application process at somewhere like Coinbase.

That something boosts the hypes in the future, not today. I know that other merchants and big companies will have their adoption into crypto but seems to in the level of trials and yet, undecided.

Anyway, it is the PayPlay that has prompted to take this, and what they did is making a way to help other companies to realize and see crypto potentials in today's generation and probably for the incoming. I see the success of this integration, PayPal will surely find its way to make it prolific.

Fortify

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Once you see a giant like Paypal start to allow cryptocurrency selling/purchasing/trading, you know there is quite a seismic shift taking place. This is certainly going to have a positive effect on the value of bitcoin and will probably end up taking a large chunk of business away from all of the other exchanges. I know a lot of people who trust Paypal for day to day transactions, but would never dream of going through the application process at somewhere like Coinbase.

exstasie

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Quote from: adaseb on October 21, 2020, 11:11:09 PM

For many old people who got tons of money and aren't too technical then Paypal would be perfect. They would just open their app, buy it on there and just keep it as an investment. Much easier than having to open a Coinbase account or go to a bitcoin ATM. So since they got such a huge audience this is pretty bullish event in my opinion. Just as big as the BTC futures annoucement a few years back.

It's always funny when people bitch about stuff like this, like they expect the executives of giant dinosaur companies to immediately become cypherpunks or something.

This is obviously good for adoption, just in the sense of legitimacy. And it's possible Paypal adds BTC transfers in the future. That's what Etoro did. And it's definitely good for price. Paypal and Paxos need to source the BTC their customers buy from somewhere, even if their customers can't withdraw it.

Saisher

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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.

There's so many similar threads like this here in speculations, altcoins, trading and Bitcoin sections, it's the biggest news so far this month and maybe this year, there's no news as big like this, this year we can possibly reach an all time high with over two months to go expect unexpected things to happen.

figmentofmyass

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Quote from: aioc on October 23, 2020, 12:35:58 AM

It's not yet implemented I log in in my Paypal account and I cannot see additional feratures or links about Cryptocurrency, they just have been granted license and it's a work in progress

it's already live in the USA, at least for some folks. check out @philipma1957's thread, he's already bought some BTC with his account: https://bitcointalksearch.org/topic/my-vast-btc-hodl-on-paypal-5283723

this is what i see when i log in, so i guess it's being rolled out state by state or something:

apparently it's not coming to other countries until sometime in 2021.

aioc

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Quote from: BrewMaster on October 22, 2020, 01:41:18 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.

but they are not allowing the most important thing: to withdraw bitcoin from their website.
the way i understand the news is that you can buy bitcoin and you can store it on Paypal and you can sell it again there but you will not be able to cash it out which makes no sense!
it is like an exchange that only works with fiat.

It's not yet implemented I log in in my Paypal account and I cannot see additional features or links about Cryptocurrency, they just been granted license and it's still a work in progress, there could be a lot of changes, once they launch, all Paypal users will be notified through emails, that's what they do when they are adding features and giving a big update.

Simakura

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This is a big change for bit[Suspicious link removed]d job Paypal

BrewMaster

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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.

but they are not allowing the most important thing: to withdraw bitcoin from their website.
the way i understand the news is that you can buy bitcoin and you can store it on Paypal and you can sell it again there but you will not be able to cash it out which makes no sense!
it is like an exchange that only works with fiat.

el kaka22

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www.Crypto.Games: Multiple coins, multiple games

I honestly think when you are as big as paypal there is no way that "not your keys not your coins" would apply, sure if they get hacked that could be a trouble and if the keys are taken from them and some other person takes the charge of the wallets that could end up very bad.

But, this is one of the biggest companies in the entire world so I am pretty sure they both have a great security, think of all the hacking that could hurt them without crypto as well, and that is why they would be ready and make it very very secure, when you worth tens of billions of dollars as a company you can hire the best people for that. Also on top of that they would have some cold storage as well, so only the hot wallets could be hacked and if a hacker withdraws everything or gets noticed, cold will be locked and until everything is fixed only the hot wallet will be gone.

kentrolla

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Well that's how BTC is getting popularity day by day, PayPal has millions of users on its network and this new service will definitely help BTC and other crypto currencies to gain more adoption as payment method. This is definitely a good news for crypto community because one of a biggest digital payment company across the world has stepped in crypto currency is a great sign for Happy days are coming back Cool

CODE200

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Quote from: pilosopotasyo on October 22, 2020, 08:29:56 AM

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.

This proves the saying that if you can't beat them join them, Paypal is going to be one of the big company that will help Cryptocurrency adoption even those who are not using Cryptocurrency will have an idea how Cryptocurrency works, and even those who doubt about Cryptocurency will have a new perception of Cryptocurrency.

Things are not yet guaranteed.
The news regarding PayPal and its acceptance of cryptos, is indeed something to celebrate but we should keep in mind that possibilities will then be clarified once this 'plan' started. Once it started, the influence will determine either progress to the mass adaptation or negative image (if and only if there would be issues eventually). Cryptocurrencies are not yet accepted across majority of the countries for a reason, which is more likely concerned with doubts. And those doubts has basis, ofcourse. So once everything starts, changes may occur afterwards and that is something we should patiently wait nd hope that it will be in favor for this industry. For now, let us all enjoy the good news.

Spaffin

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One way or another, this is still a very big step towards the legalization of Bitcoin and the possibility of using Bitcoin as a means of payment. Moreover, PayPal is a payment system that is used by half the world, and I consider this a positive phenomenon, which will provoke a very expected effect on the growth of the cryptocurrency rate. But nevertheless, I believe that not only PayPal's decisions are the result of the current growth, since today many other factors affect the prices of cryptocurrencies, including the search for deflationary assets.
In 2016, WebMoney also introduced the use of Bitcoin, on an equal basis with other national fiat currencies, but this fact coincided with the beginning of the bull run of that period. By the way, WebMoney is also a payment system that is used by a huge number of people.

pilosopotasyo

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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.

This proves the saying that if you can't beat them join them, Paypal is going to be one of the big company that will help Cryptocurrency adoption even those who are not using Cryptocurrency will have an idea how Cryptocurrency works, and even those who doubt about Cryptocurency will have a new perception of Cryptocurrency.

daarul50

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Quote from: adaseb on October 21, 2020, 11:11:09 PM

I think too many people are making a big deal out of the fact that Paypal states that you cannot deposit/transfer/withdraw the cryptos in your account. Basically the entire "no your keys not your coins". Sure it is true however if you are smart enough to own a hardware wallet then you can buy your crypto in other ways.

For many old people who got tons of money and aren't too technical then Paypal would be perfect. They would just open their app, buy it on there and just keep it as an investment. Much easier than having to open a Coinbase account or go to a bitcoin ATM. So since they got such a huge audience this is pretty bullish event in my opinion. Just as big as the BTC futures annoucement a few years back.

Correct. Now can we appreciate how paypal can be a big gate into cryptocurrency mainstream era?
Maybe it was not the most ideal way to use bitcoin as the main big principal in bitcoin is a decentralized and the fact that paypal makes bitcoin there looks totally centralized disappointed us as a decentralized fighter.
I still found a place to appreciate this big occassion.

DoublerHunter

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^ There are a few big events right now and Paypal adopting crypto is apart of it which is a result of bitcoin price pumped in the market since yesterday in just an hour. Probably many investors jumped to crypto investment because the stock market was down recently. And now Paypal adding more impact to the bitcoin price. With a large number of Paypal users, for sure bitcoin will pump more until, at the end of this year, it is indeed good news to us. Do you think it is the right time to celebrate regarding the bull run?

Topic: PayPal to open up network to cryptocurrencies - page 3. (Read 817 times)