Why should we welcome centralized bodies for Bitcoin mainstream - page 2.

suzanne5223

hero member

Activity: 2786

Merit: 657

Want top-notch marketing for your project, Hire me

Quote from: ?? on ??

I wouldn't call centralization as little sacrifice, unless paypal allow it's user to send Bitcoin to anyone with Bitcoin address and pay merchant from our own Bitcoin wallet directly.

The whole operation will be performed by Paxos which is the owner of Paxos Gold stable coin.

Quote from: Fundamentals Of on October 24, 2020, 07:27:25 AM

If the price for adoption is that Bitcoin is going to be centralized, I'd rather bid good bye to it. Bitcoin is decentralization. Bitcoin is decentralized or else it is not Bitcoin at all. It is just either a decentralized Bitcoin or nothing at all.

But other centralized apps, sites, payment systems, businesses, etc accepting Bitcoin does not mean Bitcoin is now stripped of its decentralized nature. It does not alter Bitcoin at all. Nothing has changed in Bitcoin.

Paypal is not the only way for decentralization supporters to buy, sell, and make use of their Bitcoin.

The price of the adoption is not centralized mate cause Bitcoin has already gained adoption but if we want it to be mainstream some centralized bodies will step in.

Quote from: 20kevin20 on October 24, 2020, 07:08:13 AM

Quote from: suzanne5223 on October 24, 2020, 06:45:47 AM

for crypto to be mainstream a little sacrifice(centralization) will be needed

It's a big sacrifice. Bitcoin is here to avoid centralization, it just doesn't make sense to welcome it this way.

I understand it big sacrifice if we consider what the damage the centralized organization can cause but the bond and the love crypto enthusiast had for Bitcoin is strong enough to overcome it.

Quote from: 20kevin20 on October 24, 2020, 07:08:13 AM

I understand there are so many merchants that'll allow Bitcoin payments which is great, but I'm not sure it's going to be Bitcoin you'll be paying with. Without full control over the coins, it's just like PayPal created a virtual Bitcoin and allowed you to use it. I'm really curious to find out if the "purchases using Bitcoin" are going to be done over the blockchain or PayPal takes the BTC and gives you virtual ones.

The positive things that may come out of it is the reason why I think we need to give them a chance since the transaction will be operated through Paxos.

DooMAD

legendary

Activity: 3948

Merit: 3191

Leave no FUD unchallenged

You aren't alone in not feeling particularly welcoming. I'm certainly not giving them any business, Bitcoin-related or otherwise. But as the same time, the network is open to anyone to join, even if some of us aren't fond of their business practices or their previous conduct towards Bitcoin and users of Bitcoin (which won't be forgotten).

eaLiTy

hero member

Activity: 2814

Merit: 911

Have Fun )@@( Stay Safe

Quote from: 20kevin20 on October 24, 2020, 07:08:13 AM

I understand there are so many merchants that'll allow Bitcoin payments which is great, but I'm not sure it's going to be Bitcoin you'll be paying with. Without full control over the coins, it's just like PayPal created a virtual Bitcoin and allowed you to use it. I'm really curious to find out if the "purchases using Bitcoin" are going to be done over the blockchain or PayPal takes the BTC and gives you virtual ones.

It looks like PayPal will be providing virtual coins and there is not transaction going through the blockchain and with that i really do not want to even it BTCitcoin, they created a trading platform essentially to stay in the business and since they have a much bigger user base they might be thinking that there will be users that will lock their money purchasing their virtual BTCitcoin Grin

.

I am yet to fully understand their business model, whether they will be investing on the behalf of the users because literally it does not make any sense if they are not allowing users to withdraw the coins.

Assface16678

full member

Activity: 1484

Merit: 136

★Bitvest.io★ Play Plinko or Invest!

That is because Bitcoin is lacking support from governments of many countries which slows down the adaptation of this technology. Third parties are backed by governments due to regulation and centralization of it. Bitcoin is already a mode of payment but we in order for it to be accepted by more masses, something should help it acquire more popularity and reliability, third party networks would be a huge help to spread awareness of such technology. I believe doubt plays a huge role why many countries are still against this industry and if something will put trsut in it, it would be influencial and may trigger a motion called domino effect.

ilovealtcoins

sr. member

Activity: 1246

Merit: 263

SmartFi - EARN, LEND & TRADE

Bitcoin alone is already a means of payment and it is in direct competition with any form of global payment in the world because of the advantages of transferring money quickly and having small fees when sending large amounts.
Paypal has a much higher cost than Bitcoin. The integration of Bitcoin in Paypal's system helps them benefit from transaction fees.
Bitcoin on Paypal does not lose the decentralization of Bitcoin because not all of us choose Paypal to transfer money.

Talking about the benefit of Paypal for Bitcoin, which is that it is free globally, Bitcoin will become legal because it is regulated in the law, Bitcoin has more liquidity from users on Paypal (this has will cause Bitcoin to rise in price).

acener

full member

Activity: 1274

Merit: 115

★Bitvest.io★ Play Plinko or Invest!

Crypto or Bitcoin was created to be decentralized to give us freedom and now you are asking us to accept it warmly and embrace it being centralized to be on mainstream?
They are making it to gain control and to monitor us it is like asking something to be redesign for it's purpose just to be accepted by society.
But for me it is not that bad unless people would really forget it's main purpose we still have a choice to choose we could still use our own wallet to be decentralized and doesn't need those centralized system since we have been doing well before they even step up and accept Bitcoin.
They aren't forcing us to use them we are free to use whatever wallet we want for our crypto.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: hatshepsut93 on October 24, 2020, 09:15:14 AM

Quote from: pooya87 on October 24, 2020, 07:39:13 AM

BUT when they come in and want to become something like a "bitcoin bank" by adopting bitcoin, then that is a big malicious move in my opinion. that is what PayPal seems to be trying to do. they want you to give up the freedom you gained by using bitcoin again and rely on them once more!

I don't think PayPal has a malicious intention of taking away the freedom of Bitcoin users, if they did, they would have been active in Bitcoin field years ago. They simply want to make money just like what they do with fiat. This doesn't mean that their service is good or safe to use, I just don't think there's any malicious intent behind it.

that is my assumption too, they want to get in on the money making train and get their share for now. but at the same time, they are basically acting like a custodial wallet and a "bank" since they don't seem to have any plans on letting their users take the bitcoin out of their account and to their local (eg desktop) wallets where they control the keys after they dumped their fiat.

AmoreJaz

legendary

Activity: 3122

Merit: 1102

Leading Crypto Sports Betting & Casino Platform

Quote from: hulla on October 24, 2020, 07:13:19 AM

What I'm about say will hurt alot of crypto enthusiast but we need to be realistic cause if we by any means we wants Bitcoin and others good cryptocurrencies to succeed in becoming the mainstream we have to open our arms for some centralized bodies which I see Paypal as one of them since we also use centralized exchange site sometime but people are not to use them as wallet or exchange site but for payment.

we need popular platforms to include btc or crypto within their payment system. that is, if we want btc or crypto to become mainstream. anyway, as mentioned, it is not that users can directly send their crypto to another entity. the receiver will still receive the amount in corresponding fiat (ex. USD) and not the crypto payment itself. so somehow, there is some control about the usage of crypto.

Quote from: MCobian on October 24, 2020, 06:49:15 PM

I don't think it is a problem with the centralized company adopting Bitcoin, because to be honest Bitcoin requires a centralized platform
like Paypal to increase popularity and awareness on Bitcoin. As we all know Paypal users are very much, so this could be the beginning
for Bitcoin to be accepted as payment. Even without Paypal accepting Bitcoin is not a problem, Bitcoin will still exist and grow, but maybe
the development is not as fast as if Paypal accepts Bitcoin.

let's admit it, the integration of crypto in PayPal will increase crypto adoption. the news itself somehow made a significant impact in btc market. how much more when PayPal users are already actively using crypto within the system? think of the millions of users that are already onboard with this company and if crypto is readily available on this platform, people will try to utilize at some point. if PayPal will be successful in this inclusion of crypto, chance that other big companies will follow through.

MCobian

full member

Activity: 1190

Merit: 117

I don't think it is a problem with the centralized company adopting Bitcoin, because to be honest Bitcoin requires a centralized platform
like Paypal to increase popularity and awareness on Bitcoin. As we all know Paypal users are very much, so this could be the beginning
for Bitcoin to be accepted as payment. Even without Paypal accepting Bitcoin is not a problem, Bitcoin will still exist and grow, but maybe
the development is not as fast as if Paypal accepts Bitcoin.

verita1

member

Activity: 1358

Merit: 81

A Mainstream adoption as PayPal says is definitely coming soon.
I like the fact that consumers on Paypal will be able to instantly convert their cryptocurrency balance into the fiat currency of their choice at no additional fees. Just as merchants will not have any additional fees, transactions will be made with fiat currency and with current PayPal rates.
The step forward by PayPal to digitization was inevitable. The covid19 pandemic has sharpened banking services.

fiulpro

hero member

Activity: 1890

Merit: 831

I do believe we can add a lot of points too here :

- they can handle cases and legal fights with he government and the people in regards to cryptocurrencies

- they can make sure that no one , literally no one has control of mining power

- they can make sure that whales and other holders don't cumulatively influence the price

- they can make sure that bitcoin projects and other crypto projects are not being tackled by the governments out of nowhere and banned overnight

But we are missing something :

This is something that we can only wish when we would be living in a ideal world , a world where there is no corruption and no evil.

Even a single corrupt person in that centralized body can make the whole crypto community suffer , they can influence the price themselves or make laws which would be eventually bad for us.

We don't live in an ideal world , we cannot trust people , that's why it's decentralized in the first place.

Any centralized body feels the need to dominate after a while.

bitbunnny

legendary

Activity: 2912

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

If we want to see better adoption of Bitcoin and further development regulation and some kind of monitoring are needed. I wouldn't say that would automatically mean centralisation but from my point of view it would mean better protection and security as well as legal certainty, especially for companies.

bL4nkcode

copper member

Activity: 2142

Merit: 1305

Limited in number. Limitless in potential.

Any adoption from any kind of company is good and nothing to worry about for the centralization issue, but I'm not good with existing digital payments acting as a wallet/exchange that doesn't let its users send bitcoin/crypto to others.

kryptqnick

legendary

Activity: 3332

Merit: 1404

Join the world-leading crypto sportsbook NOW!

I'm closer to welcoming such steps than being outraged by them. I don't like Facebook's Libra project and would not welcome such a huge privacy risk and this company getting even more powerful. That's too much, and it barely counts as crypto adoption. I also hate big US banks that both invest in cryptos and say bad things about Bitcoin. In general, I wouldn't feel comfortable with their projects. But companies that are adopting Bitcoin and allowing people to use it more are good for crypto adoption. I get it, they're centralized, don't care about privacy and are profit-oriented. But if with their help Bitcoin becomes more accessible and usable, it's worth a shot.

cabron

hero member

Activity: 2800

Merit: 595

https://www.betcoin.ag

Whatever development is a good development. I think centralization had gradually started since the CEX accumulating our KYC data and this paypal not just accepting BTC but also acquiring CEX will collect more data from not BTC users to the ones who started using. It helps bitcoin to be well known though and whether we welcome them or not, its not up to us because all these are opensource. There really is the need to use DEX because they are up to chase those DEX users, the government is catching up with the dex users.

ChrisPop

legendary

Activity: 2324

Merit: 1035

Not your Keys, Not your Bitcoins

I think we shoud look at the centralized entities adopting Bitcoin like a mainstream. Before we go into full decentralization people need to feel "safe" about Bitcoin. Big names like PayPal putting their reputation on the line by offering crypto-related services like payments and asset holding features is certainly an assurance for users.

Bttzed03

legendary

Activity: 2114

Merit: 1150

https://bitcoincleanup.com/

Expectation:
1. People will realize the importance of a currency that's not controlled by the Government.
2. People will understand how fuck up fiats are - how it's not really backed up by Gold and how Central banks prints them so easily.

Reality:
1. Most people don't give a fuck whether what they're using as currency is just a piece of paper with no real value.
2. The convenience centralized platforms provides is more important than the value of decentralization.

To be frank, part of the blame why BTC isn't going mainstream without these centralized platforms like Paypal is on us. How many of us have truly supported P2P marketplaces and exchanges? How many of us blames the developers for not giving us the same experience as Paypal, Amazon, Binance etc.?

Nalbo

full member

Activity: 875

Merit: 125

No one owns or have a full control over bitcoin. The freedom and the security provided by the extensive network is what makes bitcoin make popular.
People can have different views on bitcoin and with it's primary developer missing, they can define the objective of bitcoin to be anything.
For most, bitcoin has been a limited resource that's rare and is going to increase in price by folds, much faster than most other things. For them, any positive news are welcome. But who believe bitcoin as the leader of decentralization and power of peers, they'd believe bitcoin's going into wrong hands.

sheenshane

legendary

Activity: 2548

Merit: 1234

Quote from: hatshepsut93 on October 24, 2020, 09:15:14 AM

I don't think PayPal has a malicious intention of taking away the freedom of Bitcoin users, if they did, they would have been active in Bitcoin field years ago. They simply want to make money just like what they do with fiat. This doesn't mean that their service is good or safe to use, I just don't think there's any malicious intent behind it.

I can't give more details of what the intention of PayPal upon embracing Bitcoin. As I read in many articles, you can't transfer your Bitcoin and it should be on your PayPal account only. So, what is the purpose of buying Bitcoin that you even don't have full control over your key? Unless, if you trust this centralized company which is PayPal don't hold your crypto. The only thing that has been benefited Bitcoin is just to have worldwide awareness that might possible to have mass adoption.

It's great news that PayPal opens their arms to cryptocurrencies at least, for them, it's a pure business because they know that Bitcoin was now on the mainstream. There are too many ways to buy Bitcoin that you will own the keys, if you care about your privacy avoid PayPal this isn't for you. We still are thankful, through PayPal, it has an impact on Bitcoin price and now pumped the price.

CODE200

sr. member

Activity: 1484

Merit: 324

Quote from: hatshepsut93 on October 24, 2020, 09:15:14 AM

Quote from: pooya87 on October 24, 2020, 07:39:13 AM

BUT when they come in and want to become something like a "bitcoin bank" by adopting bitcoin, then that is a big malicious move in my opinion. that is what PayPal seems to be trying to do. they want you to give up the freedom you gained by using bitcoin again and rely on them once more!

I don't think PayPal has a malicious intention of taking away the freedom of Bitcoin users, if they did, they would have been active in Bitcoin field years ago. They simply want to make money just like what they do with fiat. This doesn't mean that their service is good or safe to use, I just don't think there's any malicious intent behind it.

If there's any intention that is no other than money, ofcourse. Bitcoin and other cryptos are having a widespread of popularity during the previous years and they might want to take the opportunity. This network will be some sort of a third party just like banks in fiat currencies. Centralization seems to be what would happen. But it somehow benefit this industry for putting cryptos in mainstream. More people would recognize this technology due to the influence this huge network is having. If Paypal would benefit from doing so, there is a chance that other companies and networks would do the same thing eventually. What we should look forward with, is the aftermath of such action.

Topic: Why should we welcome centralized bodies for Bitcoin mainstream - page 2. (Read 359 times)