Bitcoin Forum

This is the reason of bitcoin pump right now, if anyone still curious.

https://cryptobriefing.com/paypal-allow-crypto-payments-29-million-merchants/


But it's currently only supported 4 coins, hopefully they will allow other coin as well in the future.

Sad that Bitcoin Cash was still sorta considered a major coin when Paypal initially made the decision of what coins to include. Gives legitimacy to a fraud coin.


Welp, the major criticism from crypto-haters that you can't buy anything with Bitcoin just died a quick death.

Will be interesting how this affects the market long term. While it means you can widely use Bitcoin around the world, it doesn't change the fact that it is smarter to hold your Bitcoin than spend it in most circumstances. Also since Paypal just converts the crypto to fiat and sends fiat to the merchant, what this really does is add sell pressure to the market - very different than if people were accepting Bitcoin and a widespread bitcoin-to-bitcoin exchange was happening. Still, this is a slap in the face to every critic who says Bitcoin isn't a currency, since it will now be widely spendable, even if it is indirectly.

Don't forget that PayPal still works with IOUs they call Bitcoin, not with actual Bitcoin: you cannot deposit nor withdraw, nothing happens on the blockchain...
And the same goes for the other coins too.

Fully agree its compete crud.  There honestly is no need for PayPal to middle man for the consumer to use bitcoin.  They can just use crypto payments directly.  PayPal is using bitcoin as a flashy way to prop themselves up.  It will work for a short time but crypto doesn't need PayPal, PayPal needs crypto.

You do know that BCH is actually the original Bitcoin right?
BCH might be a shitty coin but it isn’t a shitcoin....

That's definitely a big step forward in the adoption of Bitcoin and actually gives much more purpose to buying cryptocurrency through Paypal. I guess the funds are still essentially trapped within the Paypal ecosystem and they'll surely be taking a cut in return, but for current holders it will be growing the user base even further. Ultimately the final step remaining for Paypal is to allow greater transparency and actual wallet transactions outside of their network, although that may take a long time because it'll require a lot more legal issues for them to solve.

Thanks for the share up and this might really be the reason behind on why we do have some slight increase in price and we might really be touching or breaking $60k soon.

Paypal is starting up to make some integration.Good thing that they do consider other crypto as well but to know that they do make out conversion to fiat then its just understandable.

Hopefully we would see another companies that will really be recognizing Bitcoin or crypto as a whole into their platform or services.

Depends on how you look on it. This isn't the real Bitcoin you will be paying with, but PayPal's internal "Bitcoin", that you can't deposit or withdraw, only buy and sell on their platform. If this is the road towards mass adoption, then Bitcoin kinda failed, because it will be no different from fiat payment systems.

The news that we actually need to hear is "29mil merchants adopt Lightning Network payments".

They don’t let you keep the payment in BTC (or fake BTC on their platform)? Seems like they want you to have to convert the usd back to BTC using their system which will give them additional fees. I guess this is the safe way for new merchants to accept BTC and it will increase their fee revenue for those who want to put it back into BTC, so I understand the decision. Would be cool if there was an option to keep it in BTC though and save on the extra fees with the added conversion step.

This is really having higher potential that many promising coins will be added. We might not notice that this will attract several popular asset to be added to their list as soon as possible. Because those four that's currently starting to boom, will influence other investors to be part of paypal as well.

I agree, and that's still likely that when someone pays bitcoin for goods or services through PayPal, they seem to show it like that you're actually paying bitcoin on it.

But on the back end, you'll never know that they're still paying it with USD. Still a news like this can really move the market and increase the people's confidence which adds massive adoption.

Hasn't this news been around since a few months ago? Is there a renewal in its use?
They do accept cryptocurrency. In fact, they trade crypto, although currently, it is still limited.
However, it is true what is said by, that we do not have access rights to the crypto. There is a limit where it cannot be withdrawn, so it must be exchanged for fiat first.
This is the complete list of Terms & Conditions related to cryptocurrency on PayPal
https://www.paypal.com/us/webapps/mpp/ua/cryptocurrencies-tnc

Offer a few months ago> users can buy or exchange bitcoin with fiat supported on paypal
Offer now> users can use their bitcoin paypal to pay for items between paypal merchant partners.

But it not sound bad at all.

It's a win-win situation from both Paypal and Bitcoin holders, Paypal can earn more profit from additional fees converted BTC to fiat and Bitcoin price will be bullish since it going to be accepted in mass adoption. But this mean, Bitcoin still can't be a legal tender.

I think it's possible, as long as Bitcoin is legal and fully supported in that's countries. So, it doesn't need a middleman/profit company... just through Peer to Peer.

I have some. I only buy from them. I am using them for small scale buy the dip and hodl.

I plan to use them for that.

If you think 3% rise is a "pump" then you are in for a heart attack when the price goes up 15% in the same time frame :D

In any case for the past couple of weeks we have had positive news nonstop and the adoption is clearly growing while the volume is also huge on exchanges that shows people are buying a ton of bitcoin. The real question is that why is price not going up and is still stuck below $60k?

Paypal had announced last year that they will provide full functionality to Bitcoin users by mid-2021. Now they have enabled payments with Bitcoin, but the option to withdraw your coins to non-PayPal wallets is not yet available. I guess they will add that as well, in the next few months. It would be great to have an option for direct payment with BTC as well, but I guess most of the merchants would not favor it.

I wonder why the impact could be so big that it pumps the whole bitcoin market (although not so big) where such thing already exist like coinpayments etc. I know it's paypal we're talking about and so many people are using it in daily basis but never expect this news alone could have significant impact. Though it also helps me paying goods online but right now almost any online merchant accepts crypto payments already but still a good news nonetheless.

That is the only way for Paypal, to move forward. I mean if a business doesn't hop early on a trend or do not integrate with the trend, their competitors will do so and they will get left behind. If they were to add that non-Paypal wallets option, I am pretty sure that they are going to explode into popularity among the crypto community.

Such an interesting issue. I wonder whether they charge a large transaction fee for their internal trade or not. But this improvement does make a big change on a large scale no matter what they are doing inside their website. We really want more from Paypal. A 29mil merchant is a big number. Combined with a vast number of users, Paypal has created a big market for bitcoin utilization.

I remember that there were many people who criticize PayPal because of being centralized upon bitcoin and other 3 cryptos but now, we all admit that what they are doing right now does bring cryptocurrency out of the shadow. Big enterprises are looking forward to integrating bitcoin into their system so as they can give their customers the best services and also take advantages of the blockchain technology simultaneously

I guess merchants don't really care in the end. As long as they get to say "Bitcoin accepted here" it ticks a box in their year's innovations requirements.

At least with Bitpay you can actually ask customers to pay to a real Bitcoin address. With Paypal, you just add paypal and hope your customers who "buy Bitcoin" at Paypal think it's a cool idea.

This is a great step for PayPal, allow crypto payment will make people happy and makes it easy for many people. I just don't know why people still using PayPal as a payment gateway which they know crypto is better? Paypal is so many lacks, they can control your asset, so think twice about that

Sooner or later, they will realize this difference. However, for now, a lot of them like the idea that they are accepting bitcoin via PayPal. This platform has a lot of users, so no wonder, merchants wanted to take part in this innovation. But in the long term, they will find other ways like using BitPay instead of PayPal. It will take time for them to understand the pros and cons on using these networks. But at least we are heading to this adoption thing. Whether PayPal is not really good for crypto transactions.

Quite bullish news because they could have taken years to do the same and just play it safe.  The reaction in price is quite subdued is my take compared to the potential scale of various news like this.   We do have a rising dollar index at the present which I would guess does add pressure to all speculative assets and crypto is one of those surely, maybe its a slow vice effect and I'm counting too soon but anyhow I do see the Dollar as trend up while 92 or higher.

 :D :D :D

you should write comedy

The only benefit to this that I can see is that it might save you the fees so you don't need to sell your BTC back to USD to spend those USD. Last time I checked the fees were very high for buying and selling BTC. Something like 2% one way so 4% in total.

Since they allowed this, I am assuming if you buy something for $100 in BTC, they will just take the exact $100 in BTC and not charge you any fee for it. Most likely the merchant either won't have to pay this fee either since many merchants would refuse such a huge fee and just disable btc payments all together if that was the case.

So I can see this being beneficial, especially since most people bought BTC on paypal when it was like $25-30K now they can get twice as much spendable funds from their initial investment.

I'm not so sure about that honestly. Merchants have been using Bitpay for over 5 years now when there are cheaper and better alternatives out there that allow for real bitcoin transfers. In the end very few merchants actually want to really use bitcoin now so they're all thinking of convenience, so are most users now.

That's always going to be the case I guess, even knowing pros and cons.

It's no surprise that this has sparked a rally in markets, but I'm honestly not sure whether it is justified.

The merchants aren't getting paid in crypto at all, which means that it's not necessarily going to encourage adoption at a wide scale. To them, there is simply no exposure to crypto that comes out of this. What is the difference between this initiative and other established payment processors such as Bitpay, then?

I also wonder what Paypal is doing with the coins. Do they hold it themselves for the long run, or do they sell it off straight away on exchanges? The former scenario would be interesting.

They dont have to sell, they can hedge with contracts for difference or whatever the market provides to swap them over to dollars then its someone elses problem to place in the market.   I dont think paypal is interested in crypto as such, its just another tool like any other currency they deal with in order to facilitate customers sticking with them ultimately and keeping a revenue stream of fees.   Their margins will cover the costs of dealing with BTC and I would guess its more efficient for them not to live deal BTC themselves but lay off that business to others as per cashflow requirements.

What is the point in adding more coins if you are not able to do the basic function of owning the coin, right now you are not owning anything just some digits in a software. So the market increases because people will hedge bitcoin to purchase products  ;D. As long as PayPal does not allow its customers to withdraw the coins i do not really consider this as adoption.
If i want to purchase anything i really do not need to purchase bitcoin from Paypal to do so i can do that in other effective ways without the fuzz ;D.

Just like an exchange, they will not add all coin/token in short pariode of time. They will analyst the function of the token/coin first to measure that the token/coin will be used in the platform.

But yeah, most of the coin that will be choosen by most new platform that just accept crypto currency will choose bitcoin or ethereum as the main place. Because both of the coin have a lot of community so as can attract their community to use the new platform that just accept the coin.

It's just the start the 4 coins are the most used coins in the market, PayPal is a profit-driven company, they will greatly benefit them if they add more coins, they should have done this in the first place when they adopt Cryptocurrency the first time, this is a good development for the community it's a win-win situation and greatly helps the price to move up.

I also do not understand the optimism around this news. There is nothing fundamentally new, another derivative has been created that has a very weak relationship to trading using bitcoin. No acceptance or anything positive - on the contrary, if the "progress" of the crypto continues in this way, then in the end it will be completely controlled and managed by banks.

They add these coins/tokens not for the coin's community but for their existing users, they want to add coins that's easy to understand how it function and their users can easily relate, remember their old users are not aware or do not know how to use Cryptocurrency and they are introducing it to them, they do not want to overwhelm their users, so they add 4 coins, for now, but expect PayPal to add more later.

I think this is going to be a decent news but nothing big. I mean when paypal got involved they bought some to make sure that they are backing it up, SEC is no joke about these things, if you tell people that they own bitcoin at paypal platform that means paypal should have that much bitcoin to back up that claim otherwise SEC would destroy them. That is why the initial launch was a big deal and it helped us increase a bit thanks to it.

However I do not agree that this one is as important as that one, there is clearly some difference and that is why I think it should not be considered equals. It is definitely not the same because we are talking about just newer versions of the old news, it is just improving, the first initial launch is obviously bigger deal, whereas improving on that launch is just good news but nothing could compare to what it was.

I personally barely use Paypal but the thing is Paypal is a mainstream payment processor and them implementing cryptocurrencies in their service from buying and selling them to directly converting them is a big step towards mass adoption. Since it is mainstream then definitely it will boost the awareness of a lot of users about what cryptocurrencies are which is for me beneficial for us. We have been all waiting for big names to step up and have cryptocurrencies part of their businesses now that they are here I don't understand why there is still negativity about it.

This should be enough to push the price to the $60k level hopefully this news will create a big impact on the price in the coming weeks, the 4 coins are enough for now, they don't want to overwhelm their users with so many coins especially unfamiliar coins in the market, hopefully, in the future, they include international users to use this feature, this is to further increase users of Cryptocurrency of their members.

This is a huge and great news for crypto space. More token will be supported as we graduate to a mass adoption. I can see that we are in the era of digital currency, and before we know, we are going to experience the same as that of internet which nobody can do without it at present.

I use PayPal but still not using their crypto services. If you are a longtime crypto user, you won't use PayPal for your crypto dealings. However, for newcomers, this platform is a good introductory platform for them to be oriented in crypto. And I believe, PayPal is improving their crypto services as they are realizing that crypto users won't really use their platform for crypto transactions.

Even though currently Paypal only accepts 4 coins that can be used as payment for the 29 million merchants that work with Paypal. I am sure that
if the demand is high, the number of coins received as payment will increase in number. But this is already a very good move by Paypal, as evidenced
by the fact that after this news started to spread, the price of crypto started to slowly rise. Because what Paypal is doing has been waiting for a long
time by some Paypal users, and now it can be realized. This Paypal decision made an advantage for both parties with Paypal itself and also
the crypto community which did use Paypal.

In recent months I have been using PP very actively and it is a big pain  ;D But I have to admit that none of my counterparties offered me to use the crypto instead of PP, there were proposals regarding other payment systems, but not a single one about the crypto. And I do not know how this innovation from the PP will expand the use of crypto, except as an investment tool.

But, paypal has always been a bad one, between paying for fees to getting your account locked to creating debt when there is none all things paypal does is a bad business practice. Many people moved to other places as well and I think they were right about moving somewhere else.

I just think that paypal is trying to gather some crypto people because they have lost a lot of momentum they had, the previous 10 years of paypals life was a lot better than the last few years (maybe except 2020 and 2021 because of pandemic, but more like 2017 and 18 and 19) and that is why I think they are trying to get crypto people involved, to get back into the momentum they had. Some companies grow super fast, I mean facebook was invented in 2004 and had just Harvard, in 2007 it was all over the world, but they can't keep growing bigger forever, paypal can't neither so that is why they are trying to grap as much as they can while going down.

Paypal is bigger with those typical payment providers online but it would be good if they will be adding up into their feature where you can deal up with bitcoin
aside from fiat transactions and now that Paypal did make the first move then this possibly able to open up others eyes and might consider on going with the
same path but dont expect that all will really be having the same input or perception towards bitcoin because there are still those no-coiners or non-believers on this
market.Now that paypal allows crypto payment then this is really a good news of adoption.