Bitcoin Forum

“PayPal's crypto unit is experimenting with smart contracts, and testing Ethereum and other blockchains as potential candidates to help the company improve payments and other transactions.”
Source: twitter (https://twitter.com/mdudas/status/1367525905761984517?s=19)

Is this news gives a posetive effect on crypto, what do you think?

If & it’s a big if, Paypal incorporate bitcoin into their payment system options then of course it’d be a good thing. It’d be hugely bullish, let’s wait for an announcement before we get too excited though.

As we know, paypal is now accepting bitcoins (For some users), they can use Paypal to buy and sell bitcoin, but not to make a bitcoin transaction, is more like an investor's tool than money to use on your day by day. And since users don't have access to their privatekeys or their bitcoin we don't know how they are implementing the technology. But isn't a surprise for me that they are experimenting with smart contracts, they have a digital money business and they should invest in all of the new technology research that could make from the services something better or more efficient.

I think smart contracts are to their advantage since they can place conditions on your coins. It's what they want - control, so they're going to likely do it. All I'm waiting for is for them to enable (if they ever plan to do that) withdrawals to and deposits from personal, non-custodial wallets. At that point, they'll finally earn my respect. :)

Any recognition news  would always be a positive thing towards adoption neither it would only be  focusing on other blockchains rather than with bitcoin then its just fine
as long it does show off some interest towards crypto market then that what matter most.Its only normal for a company to look for another alternatives or things
which they do look for it to be beneficial into their company.It seems they do see bitcoin wont be enough thats why they are looking for another path and thats
the way on considering smart contracts and later on they might be considering other blockchains as well.

They will always think of their benefits here.
So they are looking for ways how to implement smart contracts on their platform.
Sooner or later, many paypal users will complain about how they deal with crypto.
And maybe, paypal will decide to change how they approach with crypto, and let these people deposit or withdraw their coins on their own.
Right now, most crypto users will not opt to use paypal when it comes to crypto transactions.

Wait until PayPal tells us that to us.

Every sense of adoption about cryptocurrencies and blockchain is all positive news to the market. You see more people gain their trust towards it.

And it's PayPal which they can't ignore but believe what it does because it's one of the largest payment processor in the world. Although they've already added the feature to buy crypto on their platform yet a little bit sketch about transferring it to others.

Well, that's not surprising (first Amazon working now with ETH) considering that  PayPal is planning to buy CURV, and now working experimenting with smart contract? Very nice indeed I think PayPal has big plans or improvements to announce soon

It's really not surprising for companies as big as PayPal to be experimenting and testing stuff that could potentially improve their business though (as they should, as they're a tech growth company). You're probably a bit too optimistic because there are zero guarantees that they will actually end up using smart contracts.

Well it's definitely positive news imo, especially since they're trying to integrate it as a way to improve the method of payments that we have right now. It is however still up to debate if they are going to integrate it or not. If they were, then that's fine, but if not, then that means that they found something more effective or there was an issue with the way the process worked. Either way, it could be a negative blow if such a thing happens (though it's mostly a blow in merchants trying to adopt smart contracts, not really with crypto itself)

I don't see how smart contracts will help PayPal in any way, especially if they are creating Ethereum on-chain transactions. PayPal is already faster and more efficient than Ethereum could ever hope to be. They are much better off using centralized servers than something as slow and expensive as a decentralized blockchain. We have heard of other companies using ETH or private forks but it never amounted to more than a few headlines and nothing really came of it.

Anything related to adoption like paypal and BTC and ETH is positive news to the public and its users. Paypal users alone I think is more than how much crypto users right now. The more cryptocurrency users activated through the integration of big companies like Paypal will make volumes greater. But we still have to find out what really they are up to with this smart contract.

I think this shouldn't be need anymore in paypal since paypal is doing good with its current and existing business system. Those people behind it doesn't need to venture smart contracts and blockchain. Besides, there are a lot of project/platform that offers the same service like paypal. I find this move not so wise.

I guess they don't want Elon Musk Getting all the head start. I wonder what kind of project are they going to do though? What's this "super app" that they are referring to? because from what they've described it, it's going to be one of those third-party wallet app that accepts cryptocurrency and can be use for services (like coins.ph) globally.

Yes it is, it looks like paypal is still discovering which smartcontract platform that will be very suitable to be used to improve their future crypto payment system.
If there will be a smartcontract platform will be chosen and there will be a big hype for this platform.
I think that we must keep our eyes in the smartcontract platform. More big companies interested with it.

Most of the companies are competing on application of blockchain technology to facilitate transactions between countries around the world quickly and without any obstacles, in my opinion this is very positive with the joining of large companies to join the blockchain network.

That way, there will be a choice of how to transact on paypal? would like to hear more information soon from this company.

In my opinion, this can be the natural next move for PayPal and they must have already determined that their users globally would love to have the option of using smart contracts within the PayPal ecosystem. Now, this can be good, of course, for the cryptocurrency industry as this is another validation of adoption and maybe use-case for the network (hope not just Ethereum) their eyes will lay on. In case, the final choice is going to be Ethereum then it can be a big boost for that platform and its coin. To be associated with PayPal can be brining a lot of marketing energy and goodwill in the marketplace.

in my opinion it's good news. It's time for many large corporations across the world to take advantage of blockchain and leave those obsolete, vulnerable systems.
If paypal's experiments turns out to be a huge success then it's time for further mass adoption of crypto to appear on various sectors. Though we need more information about this experiment more but I could see that they have seen potential on smart contracts maybe influenced by those stablecoins.

I think this news is not significant enough to create bullish effect because it is a common trend now where many companies and businesses are working on implementing blockchain and smart contracts to improve the efficiency of their businesses so it is no more surprising for the market.

This is still an experimental and test stage meaning they may not actually implement it because a big company like PayPal will first calculate the advantage and disadvantaged of adopting crypto to their platform, if they finally implement it will it be like XRP? that is centralized they will have full control over that crypto.

I think it will have a good effect on crypto, because with Paypal doing the experiment it will make comparisons between fellow smart contracts and will add new competition in crypto, which will make crypto even more developed in the future.

If that happens, that will be a huge plus for the crypto space. That is an option i believe alot of crypto users have been waiting for. That will be a huge plus but lets wait till it is fully official.

I have not heard of this yet, but it has happened that technology companies have been experimenting with blockchain for years. Apple, Samsung, Hyundai, Microsoft have filed for hundreds of blockchain-related patents.
Paypal's research on smart contracts is also a good sign and they are probably doing it for a long time.

Tweet isn't available, but you can find the decrypt article (https://decrypt.co/60086/paypal-ceo-schulman-talks-new-crypto-unit).

About the article itself: Of course they are experimenting with smart contracts. They would be fools not to explore something that might reduce the costs, imho there are probably ton of different projects looking at the smart contracts. Sadly ETH 2.0 delay is dragging the adoption behind.

PayPal seeking to leverage smart contracts to make payment more efficient is a good move, but we hardly can say anything until they are serious about it because saying something is different while doing that which has been said is the main deal. However, such move by PayPal will take them forward among others and if they succeed in leveraging the Ethereum smart contracts or blockchain then it would be a big one for them, because everyone knows that when it comes to smart contracts, Ethereum is the biggest and most efficient.
Lastly, news like this are highly good for the crypto space; on one hand it helps to drive more hype, and attention while on the other side it helps to show to the world that crypto has come to stay and the best anyone can do is to get involved as quickly as possible.

Even though it's not completely official yet, I'm also a little sure that it will happen in the future if the conditions
and development of crypto get better as it is today.

Yes, and in general all the things that each company has done can make the blockchain stronger basically, even though they also do their own research at different times, but this will have a good impact on the development of blockchain as well in the future.

But at least this is a sign that mass adoption has started. I think this is a big step for blockchain. There is nothing negative about them doing smart contract testing, if it works this will also be more profitable for the blockchain and crypto community

If PayPal has made Bitcoin and Ethereum as a means of payment, I think 10% will increase the price of Bitcoin and Ethereum. Even though PayPal is the largest payment platform, most PayPal users are already using crypto earlier. This means that there are not too many additional crypto users.

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Not sure if they have lots of crypto people around their service, Paypal creates impact when they announce their support to this sytem and for sure until now they are bringing new traders and investors.

Those who don't have any idea regarding to crypto who trust Paypal might gather interest to learn more about crypto.

It will always positive, the more people to support this system the more adoptions will take palce.

yes, it will make it easier for many people to adopt cryptocurrency, because so many people use paypal to transact.  I also hope this paypal project will materialize soon, it will have a very positive impact and will make it easier for everyone.

Yes, in general Paypal clearly believes in crypto because paypal has also seen several other large companies that have used blockchain for certain things, so that Paypal also has the same intention in this case so it will be very good for the continuity of crypto in general.

Why experiment if they don't have intention to implement!, i believe they are thinking towards improving their business structure, ever since they annouce their involvement in crypto, paypal has been looking for ways to make the experiene much better, if they are experimenting on smart contract of different blockchain can only mean they are ready to take the bold step to fully incorporate crypto into their system to enhance wider adoption.

This is very extraordinary. if Paypal already has a smart contract tied to Ethereum and other blockchains, it will increase Paypal's own features and trust for its users in terms of transactions. I am sure it will become a strong magnet and will be mass adopted.

It's too early to guess what PayPal will do in the future. They are just starting to learn about smart contracts, which means that there are still many possibilities that could happen regarding projections regarding the implementation of cryptocurrency on PayPal. Maybe PayPal chooses one of the blockchains to support their needs, or maybe they plan to build their own blockchain according to their needs. But certainly, PayPal is likely to enter the world of cryptocurrency to become the foremost payment gateway and become a leader among competitors.

Let's see what happens next at PayPal

This information has been conveyed from years ago, but PayPal has not shown concrete evidence in this regard. Even the tweet link you provided is invalid. Indeed, everyone is waiting for all of this, and hopes that crypto will be increasingly booming when large platforms like PayPal have made crypto a means of payment.

A big name inside business industry really got a good domino effects once this experiement

succeed, we will expect a lot more coming from other businesses. We do understand that

business personalities have a good tieup from each other, they are just waiting for whatever

good results before moving forward and adopt the system..

if it does happen to adopt the ETH system which clearly wants to increase the profit
enormously again and the ease in every transaction for its users.

Adopting the ETH system is not a mere coincidence, but rather a necessity for some projects because almost all project developers have realized that the ETH system is very good for adoption.

Actually adopting the Ethereum system is not a coincidence. PayPal is already planning to adopt it from last year, but it has not been realized. Indeed this has a very positive impact on Ethereum users, and also for PayPal users. Currently you can only add PayPal balances with real currency.

Now several other companies have also implemented it first and have not had any obstacles until now so that Paypal also wants to apply the same to their company for better service, and this will also have a good effect on the crypto world.

Yes, if PayPal has already entered the Crypto world, then there is a good chance that most of the popular cryptos will increase sharply. Among them, Bitcoin, Ethereum, BNB with the BSC system. But if PayPal only adopts stable coins like USDT, it's the same as Paypay only accepts payments from classic money.

Even if PayPal fully adopts cryptocurrencies or smart contract on their platform i wouldn't still touch it by investing my money into the platform.
Paypal has a very bad reputation when it comes to customer satisfaction and transparency when the lock up peoples money for 180 days or permanently. This has happened to me in the past and i wont invest in anything that has to do with PayPal, either cryptocurrency based or not

It's up to your own decision because every investment is free and there is no element of coercion in it so this will not affect anyone if you don't like Paypal because what is assessed here is the most, not just someone.

if the news is true, then it will be a positive thing for the crypto and blockchain world. We know that paypal has also been struggling in the financial and payment sector for a long time. Moreover, this is accepted in various countries, it opens up opportunities for other countries to accept payments via bitcoin and friends.

definitely, we are welcome in this type of news. with this activity, they may realise also that their approach in the integration of crypto in their system is not really favourable to its users. if they are confining the usage of crypto within their system, then people are not seeing the true benefits of using crypto.
however, if they are experimenting with smart contracts, then, maybe, they can offer better services on this aspect. there is no tangible results yet. so let's see if they can come up with a better way of serving its millions of users.

Yes, if this is true, then the crypto space will be even stronger and will also be liked by everyone in the world,
because paypal is very popular also through finance and payments.

Surely, they won't do this for their own benefits of course, however, just thinking if this thing already implement at this point of time.
Moreover, if this smart contract become successful it will become a great advantage for the their clients/users to have this good opportunity.
But for not all we need to do wait and see for it.

yea it seems it's gonna be more efficient than creating their own blockchain, tbh so many smart contract blockchain available and waiting to be used i don't see the need for a private company to create their own blockchain from scratch
and it's also better to further innovate the smart contract platform itself.
tbh, smart contract has always been kinda useful for various things, not to mention defi that's currently really popular, imagine if paypal also creates defi that lean towards decentralization.

If they are going to enter the Defi sphere then we'll know that its intent is to get more BTC from its user. Just like every Defi we know today are aiming to collect ETH. It could be true that PayPal is up for Defi because banks right now are also interested in Defi because its replicates what they normally do and Paypal seem to just become a bank and not a payment system.

Technology corporations such as Samsung, Microsoft, and Apple also have hundreds of blockchain-related patents. Paypal is also a big tech company and they also have blockchain-related research. Paypal is the largest cross-border payment company in the world, so it's only natural to find a way to upgrade their payment and money transfer solutions.

Maybe it will have nothing to do with paypal accepting ETH to their system, smart contract is just one way to host an app on a decentralized blockchain and paypal most likely gonna create ERC20 and some defis, therefore you shouldn't put your hope too much in it because it may not affect the price at all moreover paypal known for being very strict, they are probably gonna use the smart contract for something that benefit only them and not us the crypto community, but i'm thinking of swap service that's created by paypal right now.

There was a lot of good news like this. Everyone was waiting for cryptocurrencies to make a real rally. Much of the good news has vanished with recent market movements. I hope PayPal and other big institutions won't give up on cryptocurrency investments.

Right now the cryptocurrency market is going through badly with a correction so big that the good things about cryptocurrency are no longer visible at this point, whereas market corrections could have ended normally if good news for cryptocurrency could suddenly emerge.

They didn't vanish, it just so happen that people are more recognizing the bad news more than the good news that has rarely been published by most of these publishing companies. The aim of them is to spread more of the bad news and whoever is behind the spread and likely paid a good amount for quicker dissemination of the bad news then they have been successful with that. And they are not going to give up, they have already joined and one for sure is that they're going to keep on upgrading and improving their services for which they can cope up with the current popularity of cryptocurrencies.

these big company have many patents but never actually use it for the betterment of the community instead they just keep it to themselves, with smart contract i think paypal will open up their platform to crypto people but certainly its not gonna go against their interest but i could imagine its gonna stimulate other companies to use smart contract if paypal could prove it to be beneficiary, the most important thing is to see how they could actually implement use of smart contract to their centralized system and im really curious about that.

Sure, PayPal will put the technology on their centralized chain to be able to easily manage assets. The advantage of a centralized chain is that they can easily modify the data for their own purposes. I don't expect them to bring their blockchain technology to the public because it's a copyrighted intellectual product. I don't know which technologies of corporations and open-source blockchains are better.

What company do you mean by that? because if the company is really well known, I think there is no one who doesn't know about all kinds of information that the company has created, but it must be clarified first what company it is.