Bitcoin Forum

What PayPal's Entry Into Crypto Means For Users

PayPal will soon allow its estimated 325 million users to buy and sell a variety of cryptocurrencies directly on the platform.

If this plan comes to fruition, PayPal will become the largest traditional finance company to expand directly into the cryptocurrency space, marking a significant step towards bridging the gap between the traditional and digital economies.

What is your idea/vision?

https://cryptodaily.co.uk/2020/07/what-paypals-entry-into-crypto-means-for-users

https://i.imgur.com/BwA09H4.png

My concern with them adopting the buying and selling of crypto, how much will be their fee? Their usual transfer costs and considers to be high already for some users. But anyway, regardless of that I'm taking this as a very positive note.
Like the sayings, of not able to defeat the opponent, joining them is the best option. And that's what Paypal is doing right now, massive adoption is coming to town.  8)

Obviously the impact will be positive as they will introduce millions of people to crypto and crypto buying, selling and spending will become a whole lot easier also we will see confidence growing in crypto from the masses all these factors will make crypto bigger than ever and i think good times are coming for the market.

Well, for me that was a good development for the Crypto Industry because Paypal is big with a large user base estimated at 320 million+, with that sized I believe if it was realized it will bring more users/investors to the crypto industry so we can expect more development in the crypto space, the issue of centralization, fees, etc. are just temporary and it will be fixed soon let's wait and see if this big development will be fruitful.

if this works, i think paypal is taking the right step. paypal which is the most widely used financial platform by all countries, if adding crypto there, then the option can be chosen by people and it is not impossible that there will be more crypto transactions through paypal. and that can have a big effect on the crypto market itself.

I will prefer to wait and see this actually get working in crypto space before talking about it, I'm tired of good news that never get worked out in the end, I've seen many good news like this in the past and no single one works out, it's not a time to rejoice yet, not until PayPal really gets into action

And they've mentioned NewsCrypto as well in the article. For those of you who aren't aware just yet, Paypal is now added as a payment option to buy NWC tokens.

I did login to their dashboard to verify everything, and there's a Paypal button along with the credit card option under the fiat category. As I clicked the Paypal button, it pops up on the screen with the Paypal login screen. There's no third party involved when buying NWC tokens with Paypal.

Years ago, Paypal CEO claimed that Bitcoin is nothing but a filthy scam. Right now, he threw off his hat and decided to join the crypto space, as they are looking to hire crypto engineers as well.

Massive adoption is coming peeps!

Still its just a rumour or PayPal officially announced their crypto adoption? If paypal is going to accept cryptos then surely price of cryptos will be bullish for short term and more new people will be introduced to cryptos with PayPal's advertisement.

Anyway wait for the official statement until that it is all about speculation.

They already admitted that it is admitted and it's only a matter of time because they cannot go against something that is making big waves in the payment industry, it's either they go out of business, or they contribute to its success, it will benefit both PayPal and the Crypto community.and this will push Cryptocurrency to a new height.

This is just pure speculation whether they are really going to used crypto in their platform. We still remember there hard line stance against crypto isn't it. How about those accounts they suspended because it is dealing with crypto in the past? Will they get it back just because they change their tune?

It's a rumor but they have not denied it:

This is the info from 22.06. Maybe there was a confirmation by now but I haven't read anything like that.

They can still deny it or change their minds about it. If the news is true it's going to be great for crypto.

Many users will get angry and disappointed and many users will be happy too, Why I said there are people who will be angry? because in previous years Paypal is very strict on transactions with regards to crypto. In fact, they have to disable or ban some accounts with the transaction to buy bitcoin and some other cryptocurrency. But now they are adopting it which is good because they have huge users, I guess this change of policy more people will benefits.

If this is true, then a huge number of new users can join the crypto community and become potential investors for new projects. This can have a positive effect on the cryptocurrency market. We will wait for official statements from PayPal.

I doubt people will want to use their services when there are alternative especially due to the fact that they have numerously freeze users funds without giving reason for doing so. Also because it is going to be a centralized platform, users will not have sole control over their wallet. In the other way round. Paypal will bring about more crypto adoption by other payment platforms

Yes, that is right, it is really bad to see some good news which can not effect on cryptocurrency. When we see such news, we would be so happy, but our happiness will not take a long time. Paypal is a really popular company which is used by the whole world. l think this step can affect so good cryptocurrency. We will see what happens.

I am just seeing this news ::) so PayPal is really going into bitcoin and cryptocurrency as a whole? Wow, that’s cool.
The cool thing about this is that they are going to help in promoting cryptocurrency, and a lot of people on their platform will get to know about cryptocurrency and it’s really going to push this to the next level.

Although I don’t understand how they are going to be functioning, will they partner with an exchange and integrate it to their platform so that people will buy from that exchange and make payment from their PayPal, or they want to become an exchange itself and start selling and buying? Can’t wait to see this, and I hope they don’t kill it off with a high fee.

You just spoke my mind and truth about the said PayPal. This company should have be the very best thing that would have happen to cryptocurrency but due to their past treatment to their customers made many have a second thought about their sincerity. They almost got many of their customers frustrated including myself saying this words. I don't trust them with my cryptocurrency and won't patronize them even though am giving the Chance. I will rather use other method of payment than facing the worst in the history of fiats.

If this becomes a reality it is certainly good news for the cryptocurrency market, which will make cryptocurrencies more popular and will grow the market.

I think the fee will not be as high as their regular transfer fee, which will definitely be a competitive fee if they want to grow in this market.

I doubt that will happen anytime soon because of two reasons, one is that paypal is a US based company and we all know how crypto is treated in US at regulation level secondly, when it was asked from a top level employee of paypal he said he cannot confirm the rumors. So this also shows that till now there is no real work in this regard at the development level so this thing may not be near.

They noticed that they started losing alot of users to Revolut and similar platforms, and are trying to catch the train.
Up until few months ago, if paypal detected any crypto dealings, they would block your account permanently. But now when they see loses, they're eager to catch up

First of all, please link the source from where you took the logo of PayPal. Another thing, yes it will make a major difference if PayPal really gets into crypto as this had been waited for so long and their community is vast, so giving everyone a chance to take the advantage of both traditional and digital currencies at one platform will definitely give a boost to the crypto economy and make the total marketcap of the overall crypto spiked up (with BTC and other major alts that get listed over there, being a top priority).

Maybe that mentioning Bitcoin to Paypal is not a bad word? So far you were on a brick of being baned from using Paypal if you only mention word Bitcoin. It was so from about early 2013. Before that many bought Bitcoin with their paypal. It will be nice to see if this will change back to how it was before 2013.

It's good for users but it will not be a good thing for DeFI or even the major platform that is used as a payment system in the crypto currency as PP will eat a lot of demand from the market. I like when crypto was still on its way by improving defi.

I never bothered to check about the amount of active users they had but in the beginning they had a lot of customers but eventually they lost majority of the customers because of their policies and the lack of customer support when your account is frozen and hence i am bit surprised by the number of customers they still have.

All of the financial transaction companies need to evolve during changing times to keep up the business and it is not a big surprise that they are adding extra business models to have a sustainable business during changing times.

paypal is already indemand before and till now so there is no need to worry if thats your concern but on the other side of the world there is that crypto that is also indemand for those people that does not like the idea  behind paypal  .

 if paypal joins the crypto , that only compliments to crypto and both payment methods can benefit with it   .  defi is only a small part of the crypto so i dont think it will recieve a big impact if ever the impact will be negative

We will never know. They have been known for that so they can also take advantage on it because they are hiring people that will work for them into this expansion. No announcement yet coming from them and how they will adjust adding the feature of buying and selling of cryptocurrencies. What I see positive on this is that those people that have PayPal accounts can do transactions directly with them and buy and sell cryptos on their platform quickly.

This means that crypto still have many possibilities and hopes in future, it will be more interesting if PayPal really see interest in crypto but right now it's still not certain yet, let's wait and see, I hope PayPal team are serious on this

I just hope they will implement it correctly, unlike some services like Revolut, where you just "buy" the price, not the actual bitcoin.
For anyone who doesn't know, when you buy bitcoin on revolut, you can't move it to another wallet, you can just sell it. So it's like trading the price value rather than the actual BTC itself

The impact may not be that significant, a lot of persons already have several option (cards) of buying cryptocurrencies directly without necessarily  making use of it. In any case, this is a positive addition to the cryptospace

Just like stated, if it comes to fruition; thus for now we can only but wait and anticipate. But on a more serious note, this is good coming from a platform like PayPal and if it finally happens I think others will be moved to take desired steps into getting involved and tapping into the potentials of the crypto space. To be frank, anytime I come across news like this, I pause and ponder all that were ever said about the crypto space and the current status now, therefore showing that the crypto space has come to stay and it is only a matter of time for platforms just like PayPal to get involved hence increasing their chances of more growth and success while getting ready for the future.

PayPal understand that cryptocurrencies and their technologies are the future and therefore they made the right choice, and now even more people around the world will be able to buy cryptocurrencies through PayPal, because many people just use PayPal and now new opportunities have opened up for them.