PayPal/Venmo are going to become bitcoin vendors? - page 2.

Coyster

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Quote from: The Sceptical Chymist on August 13, 2020, 07:09:25 PM

Curious to hear the community's opinion about this.

If not for anything, for adoption it's a good news; quite a lot of users will prolly not buy via payPal if and when it's up and running, some users aren't even comfortable using centralized exchanges and this service is going to be as centralized as it goes, with KYC and all, Tx fees is also another clog.

Just like the news about MicroStrategy the other day, what I like about this is the mainstream growth, places to purchase bitcoin increasing and firms taking U turns to accept bitcoin; every service cannot be comfortable for all, there are still quite a lot of users that will use PayPal for this as it's in their comfort zone, adoption increases as well and all that is great.

avikz

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Quote from: crypto1010 on August 13, 2020, 11:27:40 PM

I read somewhere back then that PayPal was kinda against crypto, but I guess that's really how massive technologies are when they were still new. Anyways, it's great to see PayPal finally opening their eyes and seeing the amount of transactions that can happen inside PayPal if they start integrating crypto in it. Not to mention the adoption side of things too. Very similar to how banks are against crypto back then, and how tables have turned with the bank in Lithuania doing their own coin through the NEM ecosystem. Fiat will always be the global currency but crypto will slowly sneak in.

Indeed! Paypal was once against the cryptos like many other banks worldwide. However, they have now understood the business and also understood that if they do not leap into crypto, slowly they will become extinct from the world of payments. That's why they have changed their stance towards it and now all set to welcome cryptocurrencies into Paypal system to be used by the global user base.

It seems they have already started their crypto services in selected countries. This is what I found in their US website,

https://publicpolicy.paypal-corp.com/issues/blockchain

Definitely KYC related matters will come with its own risk and there are millions of people who wouldn't like to go through that process. But it's no denying that crypto will slowly go mainstream with such initiative from global financial giants!

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Many believe this to be a great news for bitcoin owing the high number of users on PayPal and Venmo, but PayPal has been used as an indirect method for transacting in bitcoins on Paxful and coinbase. Bitccoin has also become quite popular globally and potentially majority of users on both platforms would have heard about it or are using it, this means it will not be opening the network to a new market.

Another perceived advantage is that it makes it easier for one to handle bitcoins (buying, selling and holding) this would however come with side effects;
• Centralization issues - it's unclear how they would go about it or if they would at all. But, NOT your private keys, NOT your BTC. If they could restrict transactions at will, that will be a problem.
• Cost of transactions
• Personal information privacy - a hack on someones profile could break their pseudo anonymity and personal identity could be linked to addresses they own.

crypto1010

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I read somewhere back then that PayPal was kinda against crypto, but I guess that's really how massive technologies are when they were still new. Anyways, it's great to see PayPal finally opening their eyes and seeing the amount of transactions that can happen inside PayPal if they start integrating crypto in it. Not to mention the adoption side of things too. Very similar to how banks are against crypto back then, and how tables have turned with the bank in Lithuania doing their own coin through the NEM ecosystem. Fiat will always be the global currency but crypto will slowly sneak in.

Darker45

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We've already had a few threads on this particular topic created around the time this news broke out. A couple of them are linked below. I can remember there was at least another one in the Press board under the Bitcoin Discussion section.

https://bitcointalksearch.org/topic/paypal-rumor-5257462
https://bitcointalksearch.org/topic/325-million-new-potential-users-5257445 (the article linked in the OP of this thread is the same one in yours)

Anyway, everything's speculation for now. We'll wait for it to eventually unfold. If it happens, it is kind of a bittersweet development probably. At least it provides another option to Bitcoin and altcoin buyers, although privacy will have to be relegated as a secondary concern should they decide to use PayPal/Venmo's services.

bitsurfer2014

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Paypal used to denounce crypto from the past and saw it as a competition to their business model but I'm not surprised if they suddenly embrace crypto and I think it a wise move since it will be both beneficial to both Paypal and the crypto industry.

Now I could only imagine the impact it could do once Paypal implements this plan because it can potentially on-board or introduce a significant chunk of its customer base to cryptocurrency. Imho.

hatshepsut93

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I'm not excited, because I doubt that they will offer better terms than centralized exchanges. Probably they'll slap some 3-5% fee, and selling Bitcoin will be the same pain in the ass as with Bit Pay. They'll likely not going to touch crypto themselves and outsource it to some other company, which would be the reason for high fees and poor customer support.

The Sceptical Chymist

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I didn't know if this thread should be in Economics or Exchanges, but the thread I drew inspiration from was in the former. Mods, please move it as you see fit.

I just read this article from Coindesk, which was from June, but I hadn't heard anything mentioned about it on the forum (where I get most of my crypto news). Am I the only one who's feeling just a tad bit excited about the prospect of being able to buy & sell bitcoin through PayPal/Venmo? I fully understand that if you're not the type who likes KYC it won't be your thing, but right now I personally have no way to purchase bitcoin through a service like this. Coinbase isn't an option, since they nuked my account years ago.

From the article:

Quote

Fintech giant PayPal plans to roll out direct sales of cryptocurrency to its 325 million users, according to three people familiar with the matter.

Currently, PayPal can be used as an alternative means for withdrawing funds from exchanges such as Coinbase, but this would be a first in terms of offering direct sales of crypto.

“My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo,” a well-placed industry source told CoinDesk. “They are going to have some sort of a built-in wallet functionality so you can store it there.”

It is unclear which or how many cryptocurrencies would be available. The industry source said they expected PayPal “would be working with multiple exchanges to source liquidity.”

A second source confirmed that PayPal is looking to offer buying and selling of crypto and said the service could be expected “in the next three months, maybe sooner.”

I have a PayPal account already, but I went ahead and signed up for Venmo just in case this thing becomes a reality.

Curious to hear the community's opinion about this.

Topic: PayPal/Venmo are going to become bitcoin vendors? - page 2. (Read 322 times)