Bitcoin Forum

According to Coindesk latest article PayPal has selected Paxos to manage PayPal crypto’s transactions, and in my personal opinion this is a big development as PayPal is used by million people all over the globe, and soon they all will be able to buy and sell crypto’s using PayPal.

Furthermore another positive news i.e. Mastercard will allow wirex to issue crypto based cards, and it’s quiet possible that people maybe able to exchange their crypto’s for fiat instantly using those crypto based cards.

Lastly I believe that these two news shall motivate people to buy and hodl bitcoins, but then again it’s quiet possible that they may quickly sell it too, however what do you’ll think of these two news?.

Sources:

https://www.coindesk.com/blockchain-bites-paypal-mastercard

https://www.paypal.com/uk/webapps/mpp/paypal-popup

It will be welcome one by crypto traders.It was welcome one to all investors. By this the investors in crypto currency will increase and surely will reflect on the price of major coin like bitcoin,ethereum. The holders of bitcoin ,ETH will get some good profit from it. All the traders and investors just hold your coins,you will get some good profit from it soon.

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if that news one day goes from theory to practice then it will be a very good thing because I believe that people will no longer think about making Hodl and will start thinking about using bitcoin as a means of payment which in my opinion is a good thing.

Paypal has been actively participating in the cryptocurrency development space in the recent past and the association with Libra Association has proved to be quite a good turning point for the crypto space. With PayPal venturing in the trading space, I believe they might be creating up an exchange in the near future along with the introduction of their own cryptocurrency. But the latter part doesn't seem to work on a larger scale for a company like facebook there might be possibilities PayPal would be venturing in the development of crypto space without the creation of a separate coin itself.

The primary creation of bitcoin was never meant to be a complete trading mechanism but to be used up as an alternative online currency. Well, the traditional currencies are traded but each and every one of the company venturing into creation of another shitcoin or creating a trading  exchange doesn't seem to improve the adoption.

Right from the beginning I was not always favored with the hodling of bitcoins for longer run but to use them in the place of a traditional currency. Many of them might call them the digital gold, but if they are meant to be used so the primary purpose of "Being our own bank" or "Decentralized currency without the intervention of the middle man" is being killed in the process. Bitcoin isn't meant to be a store of value rather we should use them for daily transactions and if the corporate giants tend to concentrate on such aspects of increasing the adoption of bitcoin as a currency, we would be eventually breaking the controlling power of banks on the global population.

This is really good news. It looks like payment monsters really want to establish themselves on crypto market. And I think it will only benefit everyone. Here is the latest news from Wirex: https://www.businesswire.com/news/home/20200720005148/en/Mastercard-Accelerates-Crypto-Card-Partner-Program-Making#:~:text=Aiding%20adoption%20and%20creating%20innovative,compliant%20payment%20cards%20to%20market

What can o say, this is good thing as far as I understand, PayPal is a big payment system with millions of subscribers, with such news it will most likely boost the awareness of crypto from all indications,  i use PayPal occasionally to buy from email, although there are some restrictions in my country but at least I can make payment with it, with the integration of crypto in their system,  it will give more option, love the idea, if it will be implemented.

as long as this is a change to be used so that users can more easily do something quickly, of course it needs to be appreciated.

we must admit that paypal has long been used by many people and are already familiar, if there are changes to correct the shortcomings, it is very much awaited, but if it's just ordinary I don't think it should be something to be proud of.

if mastercard wants to innovate by making it easy for crypto holders of course this is a renewable step and many will be helped and don't need twice the work, so it's very easy.
but maybe for those who are already accustomed to exchanging to fiat and using local banks for transactions, this news certainly does not affect.

but both of these news will not affect the movement of bitcoin, all are accustomed to hearing innovations which is certainly to make it easier for bitcoin owners. because those who do not directly from bitcoin but from people who really need to accommodate bitcoin and can benefit from their work.

I am honestly blown away with all of the PayPal bitcoin news of late.  I absolutely despise PayPal as I am well aware of how corrupt this company is and they are the LAST company that want's bitcoin to succeed so that just goes to show how much bitcoin has progressed to this point.  At one point this seem like it would never happen.

Wirex have been going for years. The only difference this will make is that it should make their service much more secure. So many of them have had the card provider balls up. It is a generally positive sign that a heavyweight is directly dealing with a crypto company.

As for Paypal, we're going to have to wait and see what type of service it actually is. It's quite possible they'll only be offering an entry in your Paypal account linked to the Bitcoin price. You won't be able to deposit or withdraw the real deal.

I wonder what these developments would make a 2010/11/12/13 Bitcoin fan think.

I don't like PayPal. I use them only when I have no other choice. So I don't care about them.

Mastercard... well, crypto cards startups already issued cards (indirectly) under Visa or Mastercard brands. Now allowing them issue the cards directly could make the services more secure against Wavecrest type problems, but that won't help that much. Wirex is still quite expensive, especially for those in countries where the currency is not GBP/EUR/USD and their support used to be sometimes awful. Mastercard allowing them issue their cards directly will probably not solve most of the existing problems, the startups still need to get more.. mature.

Wirex charge 1% and have a spread they don't tell you about. I worked it out and the overall cost averages at about 1.7% of what you spend. The cost for using it in any currency other than the one it's issued in is in line with any other prepaid card - fooking horrible.

The Coinbase card charges 2.5%. Dunno what the cost of the Bitpay card is but that's US only.

I wouldn't touch Wirex for banking, that's where all the problems seem to be, but the card bit works fine, certainly far better than any Wavecrest cards which quite often got rejected.

News like this increases my confidence in them but I'll still only load, spend it all and run.

I had the (good or bad?) luck to get Wirex card rejected at about same rate.
The forex rates are by far a bigger issue for me.
And the banking... is not the only thing. Now and then someone has to re-send identity and/or address papers, they don't get processed as good as expected and meanwhile the card cannot be topped up.

if wirex is offering crypto mastercard accounts, it'll give people more ways to spend. i don't see that encouraging buying and holding.

my guess is that paypal's service will likely be like robinhood crypto---a broker allowing investors exposure to cryptocurrency, with no ability to deposit/withdraw them. so you probably can't buy and hold bitcoins with it, per se.

Cryptocurrency is here to play a major role in the world of finance. It may not occupy the finance world by storm but it surely is slowly creeping into the traditional market and gradually converting everything in the financial landscape.

Mastercard, just like its top competitor Visa, has had dealings with crypto companies in the past. So this is just an expansion on their part. Paypal, on the other hand, is a sort of a new player entering the crypto market although they must have already recognized the strong potentials of cryptocurrency years prior. Not to mention that they have already welcomed crypto-friendly people in their top positions. And they also have previously committed to joining the Libra Foundation before they suddenly decided to back out.

All these entries of global payment giants in the crypto market signals the legitimization of crypto in the world of finance. We'll see if they indeed share this view or they're just riding on current trend waves.

Once it's already on the go, this will signify a massive adoption. PayPal users who don't like to use crypto might be trying it out soon with the use of their beloved platform.

But just like any other else, the worry is about the fee. If they can do something to lessen it, I guess that's a great incentive and a little by little when there's a demand, they can have a flat fee or at least an acceptable fee.

If the services are already available, users will not worry the fee if it is convenient for him at that moment. Remember, we are using bitcoin for so long though in some cases the transfer fees are expensive than other alts, yet, we still use bitcoin because of its availability even in our local exchanges. With the integration of crypto by these 2 giant financial companies, we will get good adoption in time.

In paper it really sounds awesome and picturing that before they are going to integrate crypto payment's, maybe we are just one step closer to adoption. However, it might takes as expected, I don't think just because these two big companies decided to jump on the crypto bandwagon we will see an immediate effect, it should not be the case. I agree that we need to look at how the fee are going to be set here, it will be another burden specially for crypto enthusiast.

I was thinking of the same thing. I doubt this will be any different from Skrill's implementation.


Not sure if I'm missing something, but Advcash has been providing MasterCards for a long time now, is there any difference?

not close but adoption is there already although we people arent contented with it because adoption for crypto are only under the 80 percent level  . we want over than that and this could be the time that we are waiting for  . of course effect arent imediate because people are going to be  skeptical at first but since the partnership came from trusted brands , it wont take a long time for the people to adjust and embrace this new tandem  . fees would be modified as well because people get used to the less to no fees at all offered by  mastercard and paypal

Them being integrated into Blockchain would really boost their security. It would also invite more users since knowing that some think Paypal has some poor security features even though carelessness and scammers are the reason of being involve in losing money.

PayPal is already a great electronic payment system that is available internationally and having some Cryptocurrency revolve around it would be good too. This adoption would really invite other companies to copy them which is a good thing.

If Paypal integrates crypto payments, of course, that will be good news for both user, crypto user, and Paypal user because we can pay with crypto or use Paypal processor. That can help the crypto to get mass adoption since Paypal user is almost in all countries, so the chance for the crypto to be accepted in other countries will be wide open. That can help Paypal too to grow their business because they can suggest their customer to have a new way of the investment, so they can invest in crypto while they use Paypal.

These are very big and important steps for the entire crypto space. There have been rumors about the integration of cryptocurrencies into these payment systems for a long time, but so far things are going rather slowly. Although we all know that such serious issues cannot be solved overnight. Nevertheless, I am sure that in the near future we will be able to use cryptocurrencies with the help of Mastercard and PayPal.

That is likely if the service is very much convenient.

But to us who has been dealing with exchanges and services, if we find it expensive, we won't be staying on it. So at least, they have to be competitive for the fees so that it's accessible by everyone.

And speaking of that, NewsCrypto.io has Paypal and VISA/Mastercard integration that lets you buy NWC tokens with this method.

Check here: https://newscrypto.io/blog/available-buy-nwc-with-paypal

With Paypal embracing and welcoming cryptocurrency in open arms, this is a huge step for crypto and blockchain enthusiasts like us. No doubt there will be more to come in a slow and sure way.

It is a good news for crypto adoption worldwide and I see opportunities that cryptocurrency can solve the charge back problems on PayPal. Crypto transactions are almost irreversible. There are odds for reversibility but it is extremely small and we should not care about it. Charge back on PayPal is very risky thing for their customers and it is more important for newbie customers who are lack of experience with PayPay's charge backs.

Personally, I don't like it because of privacy. I don't want to link my fiat to my crypto through any cards directly like that. Data can be required by governments and we don't know what will happen after that. Buying crypto on platform A, then use it to trade on other platforms that will be cool. "Don't store all eggs in a single bag" is better.

Is it a good news for worldwide crypto adoption or is it good news for PayPal adoption? Because it doesn't really look like we're helping crypto much in this case..

The only positive side is that you'll most likely be able to purchase BTC even as a complete newbie, and way easier than having to go through the pretty high amount of hassle you have to go through when learning about wallets, seeds, keys etc. But otherwise, this piece of information doesn't get me excited even a bit.

More of like Paypal adoption than Bitcoin adoption as they are expanding the horizon on different kinds of currency payments. Infact PayPal has been chasing for this for quite some time already, there were rumors before that they even showed interest in blockchain at first and will create their own crypto.
However, this might also be an advantage for Bitcoin as this will give exposure specially to those people who are using PayPal, but not much into crypto. Though this might require your financial info linked to your crypto wallet for convenience.

It help to spread the world Bitcoin out concurrently with PayPal. They are spred out together. I don't like that technical and financial implementation of this one on PayPal because of customer privacy problems. About adoption, I think it is good for both.
PayPal is the same as others include local governments, all want to take advantage of Bitcoin and blockchain growth to misguide their locals. I don't have any belief in governments that they really want to build up a truly decentralized blockchain in their nations. If there are something they will build up for, it will be centralized.

Two major companies adopting and integrating Cryptocurrency will make a huge difference, I am comfortable to where we are now, this is the reason why even the pandemic cannot take down Cryptocurrency, this has been what we all we want easy payment and buying of Cryptocurrency this will make people easy to get in, it will generate interest to Cryptocurrency.

PayPal and Mastercard, well, are two very popular and trusted payment methods. These two things are mostly done or conducetd by most people in the world. The way and mechanism are also very simple and globally conducted. So, we will face any big difficulties in using this.
Whe the PayPal integrated with crypto, I'm thinking about what kind of mechanism will payPal use? Is it only the blockchain technology or even the cryptocurrency itself by PayPal?

Probably you need to referesh your internet connection or probably it as the worng link before edited. Sorry.
Aside form this, Paypal will be welcomed so warmly in the crypto world. Moreover it no needs to use this as payment, it is so easy in only some steps.

This a good news to us as crypto enthusiasts, because it will surely have a good impact on the price because of these two giant companies that might lead to Bitcoin having mass adoption. PayPal currently has 286 million active users (https://spendmenot.com/paypal-statistics/) while Mastercard will surely countless of users they have(trillions maybe), if these number of users will hold Bitcoin and or use Bitcoin for a daily transaction, for sure there will be a huge pump of the price.

They must prepare to have multiple security levels at this point to avoid security breaches, we had heard different hacking of crypto and we don't want to discredit again the name of Bitcoin or in crypto in general.

The youtube pumpers are talking about it in their videos saying that it might be a trigger for another bull run but they used to say it when the first paypal news came out and as we all could see there was no significant move up, even a move down to 9000 dollars instead of a run up.

I'm bullish long term but I don't think these news can take us above 10 thousand again. It's justa nother gateway for buyers. Bakkt was supposed to be such gateway and we are where we used to be.

This is not the first time that PayPal has been linked to cryptocurrencies, and two years ago things were presented this way :


No one actually mentions Bitcoin in relation to PayPal, nor should it be expected that end users can profit by the fact that PP may in some way enter the world of cryptocurrencies. For me, these are two different worlds and I don't see how to connect them in a way that makes sense - unless someone wants to pay a miner fee first to send BTC to PP, and then another fee to spend that same BTC on something + extra fee to PP for serving as escrow?

No service introduction has ever created a bull run and it never will. I wish people would stop billing stuff that way. We have years and years of non track record to draw on now. Demand does not meekly wait for one particular portal to open up. It pours in however it can.

What they can do is make future bull runs more powerful. Every new gateway adds to the fire.

The truly important message it sends is that this makes it clear that Bitcoin and pals are not going anywhere and are only going to grow. Countries that ban it are going to look increasingly dim.

If this is true then really it would start a ripple effect in the big billion dollar companies out there to be inside the crypto industry and I'm glad that it's finally happening that Bitcoin and cryptocurrencies are finally catching up to the blockchain technology whom the companies have noticed and exploited now a big company like Paypal has set in and I think not only big companies will enter the market but also make mass adoption a little bit realistic for us.

actually, even if paypal no longer uses bitcoin is not an issue that needs to be raised. even though we know that paypal users are very large and clearly very potential potential.
but bitcoin is has its own base and is recognized, so there is no need to doubt that there will be many who accept bitcoin in any form of change in electronic payment instruments.

bitcoin does not need to be searched for to be used as a payment tool but it will certainly come in person like the mastercard told by the op who ultimately recommended it to be used as a direct exchange tool.
because with advances in technology, it is natural that what is known will be sought to be used to smooth out what they have, because they need bitcoin, not vice versa. because there are many transactions that will also be profitable.

Depends on how you look at it. It's not new for Paypal to be linked with cryptocurrencies, although it was never explicitly stated anywhere that they are working with bitcoin specifically, just now. While this technically opens up a new avenue for new players in the game to discover cryptocurrencies, I just don't think that this will be enough as a fuel for the next possible bull run since most of the people are still struggling. Paypal and Mastercard are both huge and trusted institutions, though we still don't know how things would pan out in the end.

These things are still subject to speculation, since Paypal hasn't really acted much on this subject with certainty.

This is the most important news you can get this year. we are talking about Paypal here dude, this is the first time I heard that they will gonna make their own version of crypto payments. then our access into the other method of payments online will become wide like that of PayPal. this is because most of the company who partnership with Paypal might accept bitcoin as a means of payments. I'm very excited because some of the online games I'm currently playing are not accepting crypto payment yet but they will gonna accept it soon because of what about to happen. Thanks, Paypal.

This will be really great news in the event that Paypal and MasterCard did not request verification via KYC, in the event that it will be, this will not be good news, especially as the companies are banning many countries.
For me, I live in a country that is banned from the services of the two companies, so it will not really matter to me whether they accept Bitcoin or not. These are central companies and they like to control and therefore I think they will enforce verification through KYC.

It is good for both paypal and crypto I guess since there will be people that would look for crypto in paypal if this happens, more likely we will be seeing a bunch of newbies in the crypto scene, the opening would be the paypal. The most negative I can think of about this is that scammers now will use paypal as their front, so we need to spread awareness as early as now to prevent any conflicts between paypal and user/new user. This might also be the eye opener for those who are using conventional currency such as fiat, once a known and giant company opens this, it would be trending.

I think we already have enough people for this, knows what the importance of wallet, hardware and software etc. We are just expecting a bunch of newbies that will probably use paypal for storing crypto they will offer. As much of a local wallet, what do you think?

Are you referring to PayPal as a company? Unfortunately this company has no single reputation when talking about companies about to venture into cryptocurrency, this company had done evil to her customers including myself about my pending transactions. Their support service is the worst among all others. MasterCard is what am happy for coming into the cryptocurrency space because they actually have their reputation built solidly and their presence will help grow global adoption.

I think it's better for people to have the opportunity to use this "crutch" from PayPal. It is obvious that everything will happen there through verification and blah blah blah.
But, the main point that I see in all this is that there will be more trust in bitcoin and cryptocurrency after this function is implemented.
I am sure PayPal will somehow advertise it, which may push people to use cryptocurrency.