Bitcoin Forum

So, here we go..

"The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly." -- Dan Schulman, CEO of Paypal

“The cult of bitcoin makes many claims — that it’s instant, free, scalable, efficient, secure, globally accepted and useful — it is none of those things,” -- Bill Harris, Ex-CEO of Paypal

https://i.ibb.co/CPXVwKF/image.png (https://twitter.com/PayPal/status/1326963409141706752)

"Paypal announced the launch of a new service enabling its customers to buy, hold and sell cryptocurrency directly from their PayPal account, and signaled its plans to significantly increase cryptocurrency's utility by making it available as a funding source for purchases at its 26 million merchants worldwide." -- SAN JOSE, Calif., Oct. 21, 2020 (https://newsroom.paypal-corp.com/2020-10-21-PayPal-Launches-New-Service-Enabling-Users-to-Buy-Hold-and-Sell-Cryptocurrency?sf130849673=1)

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Honestly say, many people are being sceptical with this knowing how strictly PayPal freezes its users' accounts for little reason. I don't know if they will treat crypto accounts differently or not, but imagine getting your accounts frozen for 6 months before they decide to give them back to you or not.

Another thing is what will be the fees? $15 for a $1000 transaction?
https://i.ibb.co/DCRrRwh/11.png (https://www.paypal.com/us/webapps/mpp/paypal-fees)

And this little rise after 00:00 AM looks like was caused by the announcement.

https://i.ibb.co/wB2DW7P/1.png (https://coinmarketcap.com/currencies/bitcoin/)

So, what do you think about this?

I live in a country where PayPal is not really necessary. Because of that reason, we do not often use PayPal unless we have some business with foreign clients, mostly US citizen. This news might affect the price of bitcoin since many US citizens are using bitcoin, including big companies.

What are the fees you talk about? It is a mining fee or is it a service fee? Do we have a bitcoin address in our PayPal account?

Freezing accounts appears a lot in my country. Dont know why. Maybe people do not provide enough identity and involve in shady activities.

Why most of us insist on saying PayPal has some shading stuff behind; is there actions against some certain happenings. Have you read their TOS of this their buy and sell of Bitcoin service? please, kindly do to know what they are up-to. They have a very bogus TOS and i personally won't take that from PayPal, i rather buy from exchange than buy through PayPal service, period.

It's only for US citizens for now, and buying through PayPal was already allowed in US. So it's not such a big news, and the initial big news had triggered quite a rise already.
Maybe when this will be allowed worldwide, maybe then the market will have a bigger reaction, but I don't know...

I don't use PayPal much either. I guess it depends where people buy from. I needed it less than 5 times in the last 10 years.

In the article, it says "no service fees" but have a feeling there will be a hidden fee of some sort ^{[apart from the obvious TX fees]}.

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IMHO, this is mostly beneficial to those freelancers ^{[on platforms not supporting crypto-currencies]} that are after a quick way to exchange their PayPal funds into crypto.
^{- I can't see their customers using this feature for a significant amount.}

Do they allow users to withdraw Bitcoin/crypto though? AFAIK there is nothing like that so far. You can buy, sell and store on Paypal directly but there's no option to withdraw or deposit so far. In other words, it is very much a closed system. If anything, might as well withdraw your Paypal funds and buy on exchanges.

Not really a big news as compared to the initial announcement. Everyone already anticipates that this will go live sooner so I guess the element of thrill and excitement is already gone. There's not much changes that happened in the market upon the announcement of this so I guess people just see this as a neat addition to the services in PayPal but not really a highly important one.


Kinda skeptic about this "no service fee" thing knowing how PayPal imposes some of the worst fee structure in money transferring services. Give it a month or two and fees will start racking up to those who wish to buy crypto with their PayPal account.

Fiat-to-cryptocurrency and cryptocurrency-to-fiat exchange transactions. 2.3% for transactions below $100, 2% for transactions between $100 and $200, 1.8% for transactions between $200 and $1,000 and 1.5% for transactions above $1,000. There’s a minimum fee of $0.50 for transactions below $25. They will be waived until 2021.

This is wonderful news lol, it shows that Bitcoin has a lot of room to develop. For now they're offering the service only for US citizens, might be gradually expand it's service. Since paypal began offering crypto service many question came to our concern. There are a lot of people who think they now have bitcoin and charge high fees to get it.

This a good news for crypto that another big company engage in crypto through accepting bitcoin and other altcoins. People who are Paypal lover at the same time Crypto lover will now easily send and receive bitcoin on their paypal account in just a few minutes.

That is the best thing to do, withdraw your PayPal funds and buy coins on an exchange and hodl your coins to wallets where you hodl the key, you will only use PayPal if you trust their system or you do not want to be responsible for your coins, it's like authorizing PayPal to manage your coins.

It also comes as no surprise to me that PayPal is now arriving with accepting Bitcoins. That does not mean that it will all run smoothly. They will no doubt use programs to monitor transactions so that criminals can forget about money laundering at PayPal. Can also be a tactic by the government to gain more insight into these transactions of bitcoins in this way, and in this way to be able to trace them back to the actual owner / originator.
I would watch out and be very careful.

Obviously.
You do not hold the keys for the crypto you buy from them.
They hold all the cards when it comes to any transactions you do on their platform of course.

Definitely a lie for having no service fee. They are a third party network, why will they do such thing for charity purposes? Ofcourse they will, but are hidden. Hidden probably from the changes in the market price of cryptos. That's how business works. Actually many people are having thoughts that PayPal only did such thing to generate profit which is ofcourse having a high chance or certainty. There are many third party networks in my country wherein it accepts cryptos to be converted to fiat and the other way around. Fees are high so I decided to engage on crypto exchanges.

People are more likely frustrated for the market price of Bitcoin to again reach its ATH or to even surpass it. Maybe because for more than a year, the market price remained low and it is just this year wherein the market showed signs of recovery which probably lifted the hopes of many people and again catch their interest towards this technology. PayPal is a huge network and many people believe that this would be the first step towards mass adoption. But the bottomline is that, no matter how big its influence is, wide acceptance of this technology depends on the government's of each country.

Not surprised anymore unlike their first announcement well I'm really glad that at last cryptocurrency was gladly accepted by the world slowly. After some years they managed to accept the Bitcoin.

Unlike others, it surprised me that they did it unexpectedly. The no fee that they are implementing is like an opening fee which is for everyone to try their new feature.
But I agree with dothebeats that sooner or later, once they are already stable some changes might come including the rise in fees.

PayPal is not allowing you to withdraw bitcoin or send to other, all you can do is to buy and sell the coins in the platform which is really strange and there is no point in doing that as there are several other exchanges with much lesser charges to purchase the coin. I never used PayPal in over a decade and when the news came out i just logged in to see the changes and after seeing the options i found that i have better options to purchase bitcoin rather than going going to PayPal.

They launch a platform that allowed people to buy crypto, not to convert It that is what I know too, but if I will need to buy btc in the future? I rather buy in som exchanges like binance, I think I will let them improve their website first and add more pairs, I want binance since my assets are already there and the fees are not so high afaik.

Was expecting people to be more excited like they were when paypal first announced it. I guess they understood how centralized everything is when they will be using paypal for storing bitcoin. I haven't got the time to check how bitcoin is being stored and used in paypal. As far as i heard, you won't be able to send any crypto to external wallet addresses. You can only send bitcoin to another paypal user. Kinda sounds really shitty, but makes more sense about "no fee" service. People will be forced to buy from paypal and there is where all the "premium" fees they will be taking.

I don't understand. Does it cost different fees to send different amount of bitcoin? Cause the fee it'll cost to send $5 btc should clock the same as for $1000. So where's the $15 coming from?

PayPal won't cease to surprise me. The service fee is ridiculous and I'm sure they won't allow withdrawal. Which in this case doesn't include blockchain in it's service. They are only after fees and make profit from user.
They will seize funds at any slight mistake without listening to any appeal.
For the news to be great. They need to allow more features.

I'd say there are still in process of a full adoption, but to me it still doesn't any sense too, If all users can do is just to buy, hold and sell. And moreover, it is said to be opened to US users only. Even in my country PayPal can only be used to make purchase and send in a one way manner.

Personally, as tempting as this PayPal/Bitcoin integration may sound at times, I'm going to avoid it like the plague. PayPal just has such an atrocious track record of suspending accounts and freezing funds & transactions at their own whim, and many times for seemingly no reason.

it is good progress, but I do not like transactions using paypal for several reasons:
1. high transaction fees.  As many exchange sites charge high fees on PayPal transactions.
2. If the platform does not accept IDR, currency conversion fees apply.  PayPal fees are 3.5% above exchange rate.  For all other currencies, the fee is 4% above the exchange rate.

"The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly." -- Dan Schulman, CEO of Paypal

If you can't beat them, join them. That's pretty much what happened in Paypal since Bitcoin is just going out of control now.

Although this isn't really the best way to store Bitcoin, this just pave a way for those who have average knowledge about computers to invest in something that they aren't aware of. This really is a good year for Bitcoin.

This is positive news for Americans citizen looking to buy Bitcoin on a popular and trusted platform. This is a good promotion to introduce
Bitcoin to more people, as we know Paypal users are very much. And there are still many who don't know about Bitcoin, so accepting
Bitcoin is good progress by Paypal. Although for now Bitcoin transactions can only be in the Paypal network, but it is possible that Paypal
will allow to deposit or withdraw Bitcoin in the future.

thanks for that comparison of paypsl fees vs to exchanges fee . for the people that are familiar on how crypto exchanges work and thier corresponding fee , fees are going to be thier main drawback for using a paypal for crypto but for the rest users , fees arent going to be thier main concern . paypal was a giant company so expect that fees are also going to be not really friendly but thats the sacrifice for making these things possible . if only theres more shops that will accept crypto payments we dont need to use paypal to shop anymore .

It did cause the rise, and I think this is just the start of the continuous rising of BTC. There are a lot of followups that came from this announcement and I see companies planning to make BTC as their capital reserve. I think that's just one of the things that could make or break your company but deciding if it's for the better, it is. I'm quite biased with BTC, but I think this will continue.

On the standpoint of PayPal, it's going to be hard to totally monitor all the transactions that will be in BTC because there are possible money laundering that could happen on their system so they are on the lookout for suspicious Transactions as well.

Users doesn't need to pay any transaction fee, and that is a big positive with Bitcoins in PayPal platform. But obviously, the merchants needs to pay the fee, just like any other payment option in PayPal (I guess it is around 1.8% to 2%, depending on the geography). And secondly, their services are limited to American users right now. Once they expand their operations to global users, you may be able to directly pay with IDR.

It makes total sense to me. We had a good, long warning from when they told us the first time. Good thing the world has been accepting Bitcoin ever since.

Cryptocurrencies have remained a niche payment method, partly down to the rapid change in prices they can experience compared with traditional state-backed currencies. That has made them popular among some types of investors.
PayPal said it was aiming to increase consumer understanding and adoption of cryptocurrency .

Yeah.  If, as you said, 6 months freezes the account for whatever reason, it is unacceptable where price changes are constant.  Now nobody can predict what will happen.  we will watch and see all together.

Yes, you are quite right. Personally I do not use PayPal, in my country there is no such an opportunity. But even in case it was, I would not use PayPal for buying or especially holding crypto currency. Their policy is too strict, and today they accept it, and the next day they rapidly may change and your assets may be blocked on the indefinite period. Of course there is everywhere such a risk, but I would rather use different exchanges or other wallets, being more confident and use my assets with better terms.

It is a Growth of Crypto that Famous companies are coming towards crypto and using it ,It will increase amount of investments and quantity of investors.

The good news for Bitcoin is that PayPal has finally allowed BTC to increase the demand for BTC and will be able to transact very quickly through PayPal wherever you are in the world. Sending money from any country in the world is slow but takes a long time to send remittance to banking channel but bitcoin takes about one second to send money from PayPal Zoom service. PayPal allows every bitcoin user to deposit money through PayPal wherever they want the demand for crypto will increase.

With this kind of news on the air, we can reach up to $20,000 per BTC just before the end of this year, or maybe it will lead to even more high price because PayPal is not just some small companies in regards to online payment, It is one of the trusted online payment out there. in fact, for me, it is the top one. The other companies will follow them if they see PayPal is taking the lead.

yes, exactly, so I also feel less interested in using paypal. because, first I really have no urgent special interest, and secondly without paypal I think it will still be fine. but in the future if I do have a business and need to use paypal, I will definitely use it. but not for now. As for crypto transactions, I still use the available alternatives, because until now it is still running smoothly and there are no obstacles whatsoever.

PayPal finally accepting Bitcoin is good news, but there is a question I have been asking for long, and since this PayPal cryptocurrency doesn’t work in my country yet I keep asking whether people can as well send the cryptocurrency they buy to other people no matter the wallets they are making use of; let’s say sending Bitcoin from your PayPal wallet after purchase to a BitPay wallet, is that going to work?

Or is it just buying and selling and holding till you’re ready to sell again? I pin my hopes on more of these happening in the future, really good.

This was long predicted and expected, the timing was something that was kept secret. Any financial institution who fails to integrate the ever dynamic financial revolution currently gathering momentum in the crypto sector, will sooner become obsolete. The competition to stay in business and remain profitable is not negotiable.

They dont offer to buy but just sell, so where do they get all the bitcoins to sell?
My other concern is what happens in the bear market?
 will they offer the same service at the same limit for everyone, purchase will decline then like ever but will they still be in the market or close shop like others.

PayPal accepting crypto was something that was inevitable, PayPal is a really old system of payment, whereas bitcoin is the future, so they had to adopt it in other to continue existing, I really like the fact that the fact that they will make crypto more accessible to everyone, considering that they are the biggest payment platform in the world, with millions of active users this will certainly lead to mass adoption of bitcoin, it's a shame here in my country we are unable to access PayPal, seems like my country was blacklisted or something,but we are unable to use the PayPal platform.

Many people think negatively about Paypal regarding their decision to accept Bitcoin, because Paypal is considered to be taking
advantage of the popularity of Bitcoin for their own personal gain. And Paypal rules are strict regarding Bitcoin transactions, even
though this is just the beginning in my opinion. We give Paypal the opportunity to adopt Bitcoin in their way, because I believe Paypal
will change their policy regarding Bitcoin. If it turns out that Bitcoin transactions on their platform are crowded, then there is a possibility
that Paypal will provide access to Bitcoin deposits and withdrawals. Or even Paypal is working with several large market places so that
Paypal users can buy goods using Bitcoin. Just let and see.

With their past experience, they need to follow every rule that PayPal implements so that there will be no problem. 6 months is not a joke when you have all your assets in that account. Despite all of the rumors, Paypal still pursues their desire to caught the massive trends with cryptocurrency these days. The main reason for this is their research has proved that investing in such industries will bring them money. otherwise, we are not talking about them here today.

I have been waiting for the time that eventually PayPal will be allowing the purchase of Bitcoin (and other cryptocurrencies soon maybe). We have to understand that PayPal is recognizing the demands from their global users and yes because PayPal is one that is always looking for ways to boost its revenues and profits as well as looking at Bitcoin as something unstoppable -- they now decided that the time ahs come. A big good news, indeed!

Even though Bitcoin can be bought on PayPal, we can't send Bitcoin to other wallets and this is in my opinion a very limited feature. Bitcoin can only be sold on Coinbase and Localbitcoin. This company only allows us to buy, sell and store it, and they get a fee for the transactions that occur.

I believe this is a gradual process, so we have to wait for the full adoption of cryptocurrencies on the PayPal platform so that we have more flexibility if we want to buy Bitcoin or LTC there.


source  (https://www.buybitcoinworldwide.com/en/buy-bitcoin-paypal/#:~:text=The%20fees%20for%20selling%20bitcoins%20to%20PayPal%20are%203.75%25%20using%20Coinbase.)

Unfortunately, it is now only limited to the US, it might be better if they include the other users who lived outside the country but anyway sooner or later I'm pretty sure that they will open up.
Currently, this Paypal adoption brings cryptocurrencies near to the hand of the people more conveniently, and I think this is one of the reasons why Bitcoin is surging right now. Unfortunately, just like what I have mentioned it would be better if they open up for other countries because based on the other comments they aren't able to use it.

That is some GOOD NEWS!

The exchange deals that you get in Localbitcoins are not legal. If PayPal comes to know about this, then your PP account will be nuked, as already happened to thousands of users (you can search here, and may come across multiple threads related to this topic). As of now, PayPal doesn't have partnership with any of the cryptocurrency exchanges and it is not possible to do any transactions on them with PP.

Indeed, it seems that there is a positive impact that occurs because paypal has collaborated to use bitcoin, of course it is a good thing for the positive trend movement that occurs because 15k has been penetrated.

It is not impossible if the price of bitcoin could possibly reach 20k.