UK customers can now buy Bitcoin through Paypal

MrcMrc

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Quote from: slaman29 on September 27, 2021, 04:53:45 AM

I think the problem now with Paypal is that more and more people are realizing what many users here have also noted, that this is not real Bitcoin and just a balance in the PP app account.

That said, Paypal is supposedly building their wallet (real wallet) and if this is true, when they do roll it out they will need to buy a lot of real BTC in 2022, that should be nice for us!

What impact will the creation of wallet by PayPal have on the price of Bitcoin, because those already using PayPal to buy and sell Bitcoin on the PayPal account are already complaining of high fees, so I believe the situation will be the same in the wallet they will keep taking a high fee on a transaction which will not be beneficial to users in the long run.

slaman29

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I think the problem now with Paypal is that more and more people are realizing what many users here have also noted, that this is not real Bitcoin and just a balance in the PP app account.

That said, Paypal is supposedly building their own wallet (real wallet) and if this is true, when they do roll it out they will need to buy a lot of real BTC in 2022, that should be nice for us!

Wendy Simth

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In the cryptocurrency industry, bitcoin has become a currency in the mainstream payment system. PayPal's move is an important milestone in the evolution of bitcoin to a payment transaction tool.

Sithara007

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Quote from: nullama on September 26, 2021, 09:39:09 PM

PayPal doesn't allow you to withdraw your bitcoins though...

Right now, they don't allow you to do that. But they have already made it clear that this functionality will be added soon.

https://www.coindesk.com/business/2021/05/26/paypal-will-let-customers-withdraw-crypto-exec-says/

PayPal Will Let Customers Withdraw Crypto, Exec Says

Quote

Global payments giant PayPal plans to let users withdraw cryptocurrency to third-party wallets, its blockchain lead said. Speaking Wednesday at CoinDesk’s Consensus 2021 conference, Jose Fernandez da Ponte told moderator Jeff John Roberts that a withdrawal function is in the works. At present, PayPal does not let users move cryptocurrency holdings off-platform, though it has let customers buy bitcoin (BTC, 4.57%) and other cryptocurrencies since October 2020.

Just give them some time. They implemented the Bitcoin integration to their platform less than a year ago. Adding additional functionalities will take time. They need to make sure that everything works properly, or else the coins can be easily stolen by hackers. I no longer use centralized exchanges nowadays, but I would say that PayPal looks much more secure to store my BTC, compared to any of the cex platforms. If you are a non-tech savvy user, and you have small amounts of crypto, then PayPal looks like a good option.

nullama

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PayPal doesn't allow you to withdraw your bitcoins though...

If you don't have your bitcoins in your own wallet, then they're not truly yours, as you have to trust the company holding them for you.

I think we're starting to see more and more "fake" bitcoins, where people think they have it, but in reality it's just an IOU.

Probably there might even be a difference in price in the future for "free" bitcoins instead of bitcoins that are trapped in a specific system like PayPal.

pinggoki

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This goes to show that the road to global adoption is already underway. UK is undoubtedly one of the most powerful countries in the world and for the country to become part of the pioneer group that will rally the adoption of bitcoin through the rest of the planet is a good move from Paypal. Just hoping to hear more from this news because updates are really important especially at this crucial stage where people are dying to know more about bitcoin and how the adoption process will go through.

Quote from: Em00n01 on September 26, 2021, 03:06:24 PM

This is a good news for the US citizen. I always saw that there was many restrictions for US citizens to buy cryoto. Now, It will be easier for them to involve in crypto. Crypto market will see many new investors now.

UK citizens are the ones mentioned here if I'm not mistaken. Although there is some form of connection between the two countries, I wouldn't really interchange them since they have this sort of rivalry against each other. That being said the adoption wave could carry over to US soon enough if not already, and this would mean further good news for bitcoin and those who hope for its global adoption like us.

24Kt

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Quote from: Em00n01 on September 26, 2021, 03:06:24 PM

This is a good news for the US citizen. I always saw that there was many restrictions for US citizens to buy cryoto. Now, It will be easier for them to involve in crypto. Crypto market will see many new investors now.

But don't forget that that this move is not totally freedom for them, as you need to go thru KYC, still they are subject to their government's scrutiny if needed. So when they deal with crypto, they still need to make sure that they are not violating any of their government's protocol because they are not totally anonymous with their crypto transactions. But anyway, such move will create more adoption.

Slow death

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Quote from: Kakmakr on September 20, 2021, 08:39:58 AM

We should celebrate when people can use any wallet, like Electrum ..to buy things on eBay / Amazon etc... because you do not have to re-use old addresses that are linked to your true identity. Sad

for people to buy bitcoin they need to have a bank account because not all people will use a friend who has bitcoin to sell them

for people to use some good exchanges they need to go through KYC

centralism was inevitable, KYC was inevitable, paypal entry was inevitable and several others that will come

Em00n01

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This is a good news for the US citizen. I always saw that there was many restrictions for US citizens to buy cryoto. Now, It will be easier for them to involve in crypto. Crypto market will see many new investors now.

Shenzou

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Quote from: Wiwo on September 18, 2021, 06:06:22 AM

Just thought I should bring this great news to your notice, UK customers with verified PayPal account can now buy bitcoin and other cryptocurrencies through the PayPal account, this news was shared on coin telegraph an hour ago.
https://cointelegraph.com/news/paypal-completes-crypto-trading-rollout-for-uk-customers?fbclid=IwAR163jeudWgPbcoghchajHeICe10oLNJpfEyCJCHqSdP6XOcN50sd_B8-7Q

I think that the fact that PayPal has started yo allow people to buy bitcoin in the us a couple of months ago and now they have decided to launch that option in the uk, shows that they are going to be launching this option to a more worldwide option, and this is obviously a good thing because it will make people know more about it and use more.

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If anyone want’s to take a sneak peek at what it looks like managing (custodial) bitcoin through Paypal, their website now has a video that pretty much shows how it works through their app:
https://www.paypal.com/uk/webapps/mpp/crypto

It seems pretty easy to manage. Of course you’re missing out all the fun and part of actually being their custodial (with the entailed responsibility), sending and receiving transactions, and even making payments (for now) …

Hasan905

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Of course this is a epoch-making news for UK citizens, in this development people will be able to connect themselves more easily with crypto, at the same time the use of crypto in people's daily life will increase and people will benefit from it.

Imran232

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Congratulations all UK's people. Its lovelty to hear about the development you guys getting in your country with bitcoin. I wish our country gives us permission to buy sell bitcoin in our country. Who know when our luck gives us this chance. Its like a comedy that our luck depends on others decision. Just forget it i didn't talk about my countries regulation. I just want to congratulated UK people’s for the chance you guys get. And all the development which makes more easier ti use bitcoin in your country. Congratulations again and all the best for everyones success.

MrcMrc

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Quote from: masterrex on September 20, 2021, 06:21:03 AM

Honestly speaking Paypal is very slow in such kind of development and while the services are just limited in some territories IMO, it's not helping at all in terms of convenience from other users around the world, Anyway, there's a lot of platforms out there that was equipped with better services compared to Paypal so they must improve its services more to catch up other platforms that have offered the same services.

I don't even see any news in this PayPal as a payment app stands to gain a lot from Bitcoin in the long term because they will charge high fees on crypto transactions even their customers in the UK are already experiencing this high transaction fee within the PayPal account.

BIN-BIN

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Quote from: exhort on September 20, 2021, 02:13:06 PM

Not that I’m going to use it, but I believe it’s a good thing for bringing new investors into the market.

Not like PayPal is functional in all the countries around the globe, so the impact may not be felt by many unless users from the UK and the United are the most celebrating customers, if integrating cryptocurrency into PayPal goes live with full features.

exhort

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Not that I’m going to use it, but I believe it’s a good thing for bringing new investors into the market.

Ruvi2000sew

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Paypal had previously announced that it was collecting payments in other nations at the time. It's not unusual for them to increase their influence, and it shouldn't cause waves like it did the previous time. After all, many people are critical of it because of the way PayPal's infrastructure allows customers to purchase BTC. It's as though the basic notion of Bitcoin, privacy, has been removed.

ipanks

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Once this can attract attention from people who use Paypal from the UK, they may be trying to buy crypto through their account and send it to the exchange to gain more experience in crypto. Hopefully, Paypal will announce the next update news for the other Paypal users from other countries to buy crypto. If that can happen, that can boost crypto among the Paypal user to give a chance for people from other countries to feel the experiences. But still, in these situations, crypto needs more good news to lift the price.

Kakmakr

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A lot of people that does not understand "Financial Freedom" and also "Pseudo anonymity" will get excited about this news, but it is not what Bitcoin and Crypto currencies should be all about. Satoshi Nakamoto wanted to bypass "third party intermediaries" so that everyone could be their own Bank.... and he wanted people to have financial privacy.

The moment that you add a eBay or a Amazon or a PayPal to the mix, you actually strip the pseudo anonymity of the person that are using that service. (Instead of the person using their own wallet, they now have to use PayPal to buy things online ...and that destroys pseudo anonymity)

We should celebrate when people can use any wallet, like Electrum ..to buy things on eBay / Amazon etc... because you do not have to re-use old addresses that are linked to your true identity. Sad

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Quote from: Wexnident on September 20, 2021, 01:55:57 AM

Nothing new, I mean Paypal already had news about it accepting payments way back then, just with other countries. Them expanding its influence isn't exactly odd, nor should it actually incite waves like the first time it did. After all, a lot of people are having negative opinions of it due to the hows of the system of paypal letting users buy BTC. It's like removing the core concept of Bitcoin, which is anonymity. If PayPal were to allow users to actually move their Bitcoin funds to an external wallet or something, that would alleviate it a bit since only the KYC issue remains, but if they don't, well, it'd probably still stand as a last option for those who want to buy BTC.

I think since Paypal is owned by Ebay(or Ebay by Payal) we should see soon the option to buy goods with crypto,of course this would be difficult to accept for all the sellers there but a bunch of them should not have any problems accepting payments with crypto.That would be a huge improvement to the Ebay marketplace.I haven't seen such option implemented yet as when I click "Buy it Now" I only see Paypal and Credit Card as payment options but seeing crypto there as a payment should be a great addition.

Topic: UK customers can now buy Bitcoin through Paypal (Read 334 times)