PayPal to open up network to cryptocurrencies - page 4.

shield132

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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

Pretty much true. On most of the news websites titles look like PayPal already implemented crypto with full features. Right now, as it seems we will only be able to buy virtual bitcoins, not a real ones i.e. we own bitcoin on paypal and it's price will change like a real one but we won't be able to deposit/withdraw bitcoin. Also, there was an article on cointelegraph about paypal crypto and taxes. Seems we will have to pay and get charged again.

Btw without doubt, paypal is a reason of this rise in price but was it the result of the fact that people didn't understand that paypal hasn't really implemented it right now and what it offers to us is just virtual bitcoin? Or people understood it and it still caused positive vibes?

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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.

Using it as a means of purchase is a positive as they have a wide customer base and it connects merchants to consumers of their service. I would however not recommend anyone store their funds on a centralized platform, the risk of; 'not your keys, not your coins' applies in exchanges (CEX) and would also apply in PayPal. Anyone who stores a decentralized currency on a centralized platform undermines the purpose of holding it, and is subject to risk of their funds being seized or their details being sold.
Downloading a Bitcoin wallet for storing your funds is pretty easy, and if the private keys are generated on an air-gapped device it can hold much larger funds, without the need for a hardware wallet (although this is recommended).

This is definitely big news for overall adoption and promotion of Bitcoin and in the long run centralized platforms would contribute to making Bitcoin mainstream, this does not however have to come at the cost of orivace and financial freedom.

adaseb

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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.

crwth

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Cryptocurrency would be open to more users and even the non-tech savvy people who has PayPal would be applicable now. It's going to be easier now to get a hold of it and it's just going to expose more and more people. That's what we want as a user of BTC, right? More adoptions!

Quote from: exstasie on October 21, 2020, 09:41:18 PM

Libra is dead. Even if it isn't, I don't see it hurting BTC. It'll just trade against it.

Like most of the coins, it's still BTC that is being used as the traded currency. Nothing will ever replace that for sure.

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Quote from: DustyRah on October 21, 2020, 06:03:26 PM

Did some digging around and found out that merchants won't even have to do much to accept payments with crypto, the button to pay with it will automatically show up on the websites similar to how Venmo and other buttons show up. The merchants will have an option to immediately sell the crypto after receiving it as a form of payment though so it may not really affect the price and in fact may support a reduction in price.

Essentially what Bitpay has been doing for a long time.

Paypal must be setting up relationships with several major exchanges or OTC brokers to handle the liquidity. Most of their merchants are probably going to want fiat, so one would expect the payment processing side to be a net negative for price.

Their brokering service may be a net positive for price though.

Quote from: DustyRah on October 21, 2020, 06:03:26 PM

The next hoopla will be when Facebook gets its act together and actually makes Libra possible and that may actually hurt BTC though.

Libra is dead. Even if it isn't, I don't see it hurting BTC. It'll just trade against it.

Wulan_maniez

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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.

thecodebear

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Quote from: DustyRah on October 21, 2020, 06:03:26 PM

Did some digging around and found out that merchants won't even have to do much to accept payments with crypto, the button to pay with it will automatically show up on the websites similar to how Venmo and other buttons show up. The merchants will have an option to immediately sell the crypto after receiving it as a form of payment though so it may not really affect the price and in fact may support a reduction in price.

The next hoopla will be when Facebook gets its act together and actually makes Libra possible and that may actually hurt BTC though.

Ah so this is a big deal for a future where people actually spend Bitcoin. That's cool.
Just another sign post in the continuing onward march of Bitcoin's ascension.

If Libra finally ever does happen it won't hurt bitcoin, it isn't designed to compete with bitcoin, it's just another stable coin. If anything it will help bitcoin by legitimizing crypto payments even more.

DustyRah

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Did some digging around and found out that merchants won't even have to do much to accept payments with crypto, the button to pay with it will automatically show up on the websites similar to how Venmo and other buttons show up. The merchants will have an option to immediately sell the crypto after receiving it as a form of payment though so it may not really affect the price and in fact may support a reduction in price.

The next hoopla will be when Facebook gets its act together and actually makes Libra possible and that may actually hurt BTC though.

exstasie

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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.

Ah, so they actually followed through on those rumors. Robinhood and Coinbase, watch out!

Heck of a pump today. That's a $1,000 candle. I figured that $12K would act as more reliable resistance, then something like this happens. Fortunately didn't sell anything, but unfortunately I'm still sitting on a little cash too.

DeathAngel

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It’s just the beginning, these are only baby steps on the route to mainstream adoption. Please don’t sell anything, this time next year the price is going to be out of this worldly high.

DustyRah

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Its on Coindesk as well and there I read that the feature to buy/sell will be available in a few weeks (for some users its already there it seems). If PayPal helps merchants accept BTC, it will drive a large amount of ca$h into BTC from consumers who want privacy. We can expect more news next year about this to drive BTC and other crypto prices up.

https://www.coindesk.com/paypal-new-york-conditional-bitlicense-paxos-cryptocurrency

LUCKMCFLY

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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

DustyRah

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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.

Topic: PayPal to open up network to cryptocurrencies - page 4. (Read 817 times)