Bitcoin Forum

Just thought I should bring this great news to your notice, UK customers with verified PayPal account can now buy bitcoin and other cryptocurrencies through the PayPal account, this news was shared on coin telegraph an hour ago.
https://cointelegraph.com/news/paypal-completes-crypto-trading-rollout-for-uk-customers?fbclid=IwAR163jeudWgPbcoghchajHeICe10oLNJpfEyCJCHqSdP6XOcN50sd_B8-7Q

It’s a great development, though Paypal in the UK still doesn’t allow its users to withdraw crypto out to their own personal crypto wallets. While this may allow more and more people to get a taste of crypto trading, letting them withdraw is another experience that people should have. I know that it’s already in the works, and that might mean yet another push for cryptocurrencies since Paypal needs to acquire crypto in order to fund user accounts for crypto withdrawals to be possible.

Once, PayPal was one of the companies that were against cryptocurrencies and weren't leaning towards them. However, this has changed after some time period. They started being one of the biggest supporters suddenly. They started working on integrating cryptocurrencies in their system also and here it is! Now, we are seeing PayPal increasing their branches which are supporting cryptocurrencies also. They have millions of users (around 392 million to be precise) so they can benefit from this a lot I think.

PayPal crypto cooperation has been in the news for a long time now and in the US its operations have been active for a while now just that you can only buy crypto and sell on Pay Pal but customers can not send cryptocurrency to other wallets from PayPal this is the only setback in the PayPal cooperation I hope to see more development and expansion to other regions shortly

they are finally allowing other countries from EU, someday probably in months they will also allow Asian countries. the privileges they give to those who are dear to them.
the disadvantage is still there because like it's said below, they are still now allowing withdrawals. but keeping the fake coin in your paypal BTC address still can give you nice profitwhen the price reaches $100K.

European, but not EU (can’t count UK there after the Brexit) …

It seems that current operations deployes in UK are buy/hold/sell on their custodial wallet, but not pay through crypto (checkout with crypto) as yet; a bit like the deployment performed in the USA. I figure they’ll activate it later along the line (even though it’s really a virtual conversion from crypto balance to the merchant’s fiat account).

I gather Paypal is probably looking into many more countries to deploy the same scheme, and likely only local legislation is making them pace their roll-outs after careful study, taking it on a case by case basis. UK lately seemed to have some beef with crypto, so striking a mark on deploying their custodial solution there seems like a good thing (for them at least).

Exactly and based on the following "FAQ for US (https://www.paypal.com/us/smarthelp/article/cryptocurrency-on-paypal-faq-faq4398)" users, looks like they still don't have that feature, so it's going to take a long time before we could see such a feature for the UK users.

I wonder what's stopping them from partnering with a provider to speed it up?

I highly doubt they would expand to the Asian market anytime soon... Based on the following quote, I strongly believe Germany would be next while none of the Asian countries are in the top 7 in terms of "active daily users":

• Quote from: https://hostingtribunal.com/blog/paypal-statistics
  (Source: Statista)
  
  Breaking down the number of PayPal users by country, the UK and Germany are at the top of the European list, each with more than 300,000 daily active users.
  
  They are followed by France (96,124), Italy (71,811), Russia (69,306), and Spain (55,000).

Aside from the good news of Paypal accept Bitcoin, but if you want to use PayPal to buy Bitcoin you need to read the whole fees they charge on various territories [1] they also charge fees on inactive Paypal account and send to incorrect Bank account/delivery information. For me it's just similar like tax, it's really complex and too much terms... IMO centralized exchanges (e.g. Coinbase, Kucoin) are better than this.

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[1] https://www.paypal.com/uk/webapps/mpp/paypal-fees?locale.x=en_GB

PayPal is doing well by including (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) to its users that will only be available to verified customers.
The way I understand it, when we can only buy, hold, and sell cryptocurrencies, we are endorsing the product.
For PayPal to maximize its usefulness and increase its uses throughout the chain of associated clients.
For the crypto community it is important because by having PayPal we will be adding more utility.

I was hoping they would expand from US to Europe a little bit faster. You could buy cryptocurrency on US paypal almost a year ago already so i am a little disappointed that they didnt expend it to whole EU.

I think this is a very good mechanism, everyone can easily adopt bitcoin. paypal including the world's leading fiat wallet that has been around for a long time and now paypal can easily buy bitcoin in cryptocurrency. It has been seen now that bitcoin has entered the range of the best investments in the world. many countries used to be against and against cryptocurrencies, but are now starting to adopt them because the prospects are very good for future assets.

Depending on how you look at it, this can actually be bad for the future of Bitcoin. Paypal are doing this right now because cryptocurrency is a direct competitor to their fees structure. If they can take control of a substance amount of Bitcoin and allow internal trading of it, then they won't even be moving money across the network as it'll just be stored in one central pot - but you can be damn sure that they'll still stick some fees on it. By doing this they are essentially getting their customers to fund Paypal's domination of the leading cryptocurrency and they have a huge userbase. It will raise prices for this coin over the short to medium term having such a big company involved, but gut's Bitcoins independent abilities in the long run.

That's great but not surprising, Paypal already showed the world that they are going to be friendly with bitcoin and bitcoiners, there are even already a few more topis here on the forum about PayPal integrating with bitcoin and accepting bitcoin. However, using bitcoin through PayPal can make your bitcoins centralized because you are actually forced to do KYC, actually, this can be another way for governments to people make pass the KYC steps indirectly and have more control over the transactions, otherwise, the government would not accept such thing happening in the UK or any other country.

If Paypal has implemented the method of buying Bitcoin from the platform itself, I'm quite sure that the amount of demand given to them from their users is quite a lot, therefore, I really do think that they'll be acquiring crypto soon, also, with Bitcoin on their platform, such as other wallets, I'm pretty sure that they'll include other cryptocurrencies as well.

We can agree that Paypal doing it for the sake of self-interest, but their possible effect on the future of Bitcoin is exaggerated, IMO.

About the internal transfer, the cryptocurrency biggest exchange, Binance, even has an internal transfer feature, yet it does not significantly cause any centralization within Bitcoin. So, I don't see the point why Paypal would cause/act differently than what that example does. As they rolled out the feature, they still only facilitate the user only to "buy, hold and sell", and still testing out how their user behaves before implementing further features.

My point of view is the feature they rolled out is great as a network effect for Bitcoin. At the very least, some users are able to see "what's happening" within cryptocurrencies spaces. I presume that would spark the interest some users to learn more about Bitcoin, in the hope they will choose the self custodian solutions in the near future.

This cooperation between PayPal and Bitcoin has been in the know for some time, this service was first started in UK PayPal bought their customers still phases quite some problems such as high fees and being unable to send Bitcoin to other cryptocurrency wallets.

I agree with you but the information that was really in the public domain was bring able to buy crypto using a USA PayPal account and no other but now that this information is getting into public domain this will make it super easy for anyone having this account to acquire some crypto for themselves. At this rate we moving with supporting services and regulations all in favor of bitcoin and cryptos in general we should be bullish on the price of btc.

Looks interesting that this news was legit enough to let the whole world knows how bitcoin captures the heart of every business establishments. On big companies like this, I am confident that buying cryptocurrency bitcoin and other profitable digital asset became so easy and accessible by different people who learned crypto.

This is exactly what I was looking for while reading posts in this thread. The real concept of BTC was P2P cash transfer, instantly and with anonymity by eliminating the middlemen. With PayPal these objectives cant be achieved, rather its just like traditional money transfer. Where you pay banks fee (not to forget banks have full authority to cancel the transaction), do KYC, wait for days bla bla.
In my opinion, real win for BTC will be when such institutes will accept BTC in its original form aka decentralized BTC.

Nothing new, I mean Paypal already had news about it accepting payments way back then, just with other countries. Them expanding its influence isn't exactly odd, nor should it actually incite waves like the first time it did. After all, a lot of people are having negative opinions of it due to the hows of the system of paypal letting users buy BTC. It's like removing the core concept of Bitcoin, which is anonymity. If PayPal were to allow users to actually move their Bitcoin funds to an external wallet or something, that would alleviate it a bit since only the KYC issue remains, but if they don't, well, it'd probably still stand as a last option for those who want to buy BTC.

When the news first came out regarding PayPal integrating Bitcoin to their platform, I could see a great number of negative posts in this forum. But one year has passed, and the overall impact has been positive. The move turned out to be mutually beneficial for both the sides. PayPal has witnessed a growth in net revenues, and a lot of people who were earlier to purchase cryptocurrencies from mainstream exchanges opted to do that using PayPal. In short, PayPal has made cryptocurrencies more accessible to the ordinary (especially less tech savvy) people.

So that means that for now this is good for people who have the plan to just hold to their digital assets within PayPal. I am sure this will be changed at the right time when maybe PayPal may already have an approval from financial authorities in the UK. Nevertheless, this is already a big good news for UK people who are enamored with cryptocurrency as they now have a good option to buy the digital assets they may love. So far, PayPal has not yet announced this option in my country which is already ripe for cryptocurrency and they can do a good business here most especially if there can already be a seamless movement of assets to real cash and vice versa.

Honestly speaking Paypal is very slow in such kind of development and while the services are just limited in some territories IMO, it's not helping at all in terms of convenience from other users around the world, Anyway, there's a lot of platforms out there that was equipped with better services compared to Paypal so they must improve its services more to catch up other platforms that have offered the same services.

That's because they're limited in operation and they have to be buddy with the local government before doing anything else so it's really making them look bad, another reason is probably they're not the only payment system in existence that offers something better.

So from US paypal users now it is UK that offering this kind of advantage, how long will it take for even Asia to also accept this and finally we can generate Bitcoin address thru our Paypal accounts  ;D

Welcome to UK people for this and also congratulations to them for having this one.

LOl expect that from US company because we knew how crypto is being abused and used as money laundering material so They are just preventing from becoming or using as abused.

I think since Paypal is owned by Ebay(or Ebay by Payal) we should see soon the option to buy goods with crypto,of course this would be difficult to accept for all the sellers there but a bunch of them should not have any problems accepting payments with crypto.That would be a huge improvement to the Ebay marketplace.I haven't seen such option implemented yet as when I click "Buy it Now" I only see Paypal and Credit Card as payment options but seeing crypto there as a payment should be a great addition.

A lot of people that does not understand "Financial Freedom" and also "Pseudo anonymity" will get excited about this news, but it is not what Bitcoin and Crypto currencies should be all about. Satoshi Nakamoto wanted to bypass "third party intermediaries" so that everyone could be their own Bank.... and he wanted people to have financial privacy.

The moment that you add a eBay or a Amazon or a PayPal to the mix, you actually strip the pseudo anonymity of the person that are using that service. (Instead of the person using their own wallet, they now have to use PayPal to buy things online ...and that destroys pseudo anonymity)

We should celebrate when people can use any wallet, like Electrum ..to buy things on eBay / Amazon etc... because you do not have to re-use old addresses that are linked to your true identity.  :(

Once this can attract attention from people who use Paypal from the UK, they may be trying to buy crypto through their account and send it to the exchange to gain more experience in crypto. Hopefully, Paypal will announce the next update news for the other Paypal users from other countries to buy crypto. If that can happen, that can boost crypto among the Paypal user to give a chance for people from other countries to feel the experiences. But still, in these situations, crypto needs more good news to lift the price.

Paypal had previously announced that it was collecting payments in other nations at the time. It's not unusual for them to increase their influence, and it shouldn't cause waves like it did the previous time. After all, many people are critical of it because of the way PayPal's infrastructure allows customers to purchase BTC. It's as though the basic notion of Bitcoin, privacy, has been removed.

Not that I’m going to use it, but I believe it’s a good thing for bringing new investors into the market.

Not like PayPal is functional in all the countries around the globe, so the impact may not be felt by many unless users from the UK and the United are the most celebrating customers, if integrating cryptocurrency into PayPal goes live with full features.

I don't even see any news in this PayPal as a payment app stands to gain a lot from Bitcoin in the long term because they will charge high fees on crypto transactions even their customers in the UK are already experiencing this high transaction fee within the PayPal account.

Congratulations all UK's people. Its lovelty to hear about the development you guys getting in your country with bitcoin. I wish our country gives us permission to buy sell bitcoin in our country. Who know when our luck gives us this chance. Its like a comedy that our luck depends on others decision. Just forget it i didn't talk about my countries regulation. I just want to congratulated UK people’s for the chance you guys get. And all the development which makes more easier ti use bitcoin in your country.  Congratulations again and all the best for everyones success.

Of course this is a epoch-making news for UK citizens, in this development people will be able to connect themselves more easily with crypto, at the same time the use of crypto in people's daily life will increase and people will benefit from it.

If anyone want’s to take a sneak peek at what it looks like managing (custodial) bitcoin through Paypal, their website now has a video that pretty much shows how it works through their app:
https://www.paypal.com/uk/webapps/mpp/crypto

It seems pretty easy to manage. Of course you’re missing out all the fun and part of actually being their custodial (with the entailed responsibility), sending and receiving transactions, and even making payments (for now) …

I think that the fact that PayPal has started yo allow people to buy bitcoin in the us a couple of months ago and now they have decided to launch that option in the uk, shows that they are going to be launching this option to a more worldwide option, and this is obviously a good thing because it will make people know more about it and use more.

This is a good news for the US citizen. I always saw that there was many restrictions for US citizens to buy cryoto. Now, It will be easier for them to involve in crypto. Crypto market will see many new investors now.

for people to buy bitcoin they need to have a bank account because not all people will use a friend who has bitcoin to sell them

for people to use some good exchanges they need to go through KYC

centralism was inevitable, KYC was inevitable, paypal entry was inevitable and several others that will come

But don't forget that that this move is not totally freedom for them, as you need to go thru KYC, still they are subject to their government's scrutiny if needed. So when they deal with crypto, they still need to make sure that they are not violating any of their government's protocol because they are not totally anonymous with their crypto transactions. But anyway, such move will create more adoption.

This goes to show that the road to global adoption is already underway. UK is undoubtedly one of the most powerful countries in the world and for the country to become part of the pioneer group that will rally the adoption of bitcoin through the rest of the planet is a good move from Paypal. Just hoping to hear more from this news because updates are really important especially at this crucial stage where people are dying to know more about bitcoin and how the adoption process will go through. UK citizens are the ones mentioned here if I'm not mistaken. Although there is some form of connection between the two countries, I wouldn't really interchange them since they have this sort of rivalry against each other. That being said the adoption wave could carry over to US soon enough if not already, and this would mean further good news for bitcoin and those who hope for its global adoption like us.

PayPal doesn't allow you to withdraw your bitcoins though...

If you don't have your bitcoins in your own wallet, then they're not truly yours, as you have to trust the company holding them for you.

I think we're starting to see more and more "fake" bitcoins, where people think they have it, but in reality it's just an IOU.

Probably there might even be a difference in price in the future for "free" bitcoins instead of bitcoins that are trapped in a specific system like PayPal.

Right now, they don't allow you to do that. But they have already made it clear that this functionality will be added soon.

https://www.coindesk.com/business/2021/05/26/paypal-will-let-customers-withdraw-crypto-exec-says/

PayPal Will Let Customers Withdraw Crypto, Exec Says


Just give them some time. They implemented the Bitcoin integration to their platform less than a year ago. Adding additional functionalities will take time. They need to make sure that everything works properly, or else the coins can be easily stolen by hackers. I no longer use centralized exchanges nowadays, but I would say that PayPal looks much more secure to store my BTC, compared to any of the cex platforms. If you are a non-tech savvy user, and you have small amounts of crypto, then PayPal looks like a good option.

In the cryptocurrency industry, bitcoin has become a currency in the mainstream payment system. PayPal's move is an important milestone in the evolution of bitcoin to a payment transaction tool.

I think the problem now with Paypal is that more and more people are realizing what many users here have also noted, that this is not real Bitcoin and just a balance in the PP app account.

That said, Paypal is supposedly building their own wallet (real wallet) and if this is true, when they do roll it out they will need to buy a lot of real BTC in 2022, that should be nice for us!

What impact will the creation of wallet by PayPal have on the price of Bitcoin, because those already using PayPal to buy and sell Bitcoin on the PayPal account are already complaining of high fees, so I believe the situation will be the same in the wallet they will keep taking a high fee on a transaction which will not be beneficial to users in the long run.