Bitcoin Forum

Paypal President Fascinated With Bitcoin

http://bitforum.info/t/paypal-president-fascinated-with-bitcoin/547

What's holding them? I mean, merchants all over the world is lining up for bitcoin integration, why not them?
Why not look bitcoin as an ally and not as an enemy?
They can make more money together, I think..

Isn't Paypal official working with Bitcoin already? before I go insane.. please somebody tell me what this is then?

https://www.youtube.com/watch?v=pF7HxLCFMeY&feature=youtu.be&t=8s

Agree with op. I don't get if the powers that be are such fans then why aren't they taking a more direct approach to implementing it in some way. I think Paypal wpuld be better off making their own version of Bitpay etc and look at earning their cut that way.


Nope. Nobody knows what the hell that advert was about. One of the companies owned by Paypal has started dealing with it though I believe.

If I were PayPal I would be trying to crush bitcoin. Sure they could start using them at a loss of revenue, but why? They have not figured out a way to game the market like they do with grandpa's money.
What I would do is pay people to set up phoney accounts at bitcointalk.org and post disparaging threads about how bitcoin will fail and how only official bank sanctioned money can save you.

bitcoin has less population than dollars, bitcoin has less population then yuan. so i do not think that bitcoin will supersede fiat soon.
after all bitcoin is another currency that can easily work alongside fiat without need to supersede all 200 different fiat currencies.

but paypal can make fee's on allowing people to convert fiat to bitcoin via paypal, at just a 1-2% spot premium. whilst still allowing both fiat and bitcoin merchants to advertise and sell products at a 1-2% ad fee.

in short, its delusional for anyone to think that paypal is hesitant because they fear bitcoin. they are simply holding back until some *cough* regulations *cough* give them a safety net to trade bitcoins whilst becoming less liable

Paypal is still testing the bitcoin waters and still not decided to take a bath on it.

Risk mitigation strategies are essential for real world companies, they wouldn't last very long without them. With Bitcoin, there are so many things that can go wrong within a relatively short period of time that risk management becomes a nightmare (For instance, a single unknown entity (Satoshi) holding over a million coins isn't exactly reassuring). To make matters worst, there is no legal framework for companies to fall back on. It is clear that Bitcoin offers some very interesting new possibilities but if you're a multi-million/billion dollar company, you're just not gonna jump onto the Bitcoin bandwagon without any safety net.

PayPal is no different than any of the other bigger companies out there.... IF they can generate EXTRA PROFIT on it, they will use it. PayPal already tested the water with Braintree and the water is sweet.

Ask yourself this... Would the CEO of a big company acknowledge the fact, that a competing technology can ruin their business... and he hates it?

Nope... Keep your enemies close to you.... learn how they operate...profit from them... adapt the technology to suit your needs and call it your own.  ;)

You can turn bitcoin into cash from any ATM now with neteller deposit and their card.  Cant be long before paypal allow deposits.

I thought this has already been implemented with braintreepayments which basically allows you to perform bitcoin transactions with their merchants. the only thing don't have right now is actually allowing your paypal account to store btc and directly allow you to spend using the currency from your paypal account. I think here we are still making progress.

Paypal already announced they are fucking with Bitcoin in this video:

https://www.youtube.com/watch?v=pF7HxLCFMeY

The question is WHEN they will make it official and put it all over ebay already for christ sakes.

Paypal would be stupid to NOT take advantage or the profits bitcoin could bring them. Many people want to buy btc with paypal without paying outrageous fees/ risk of scam. If paypal could find a way to make bitcoin transactions non reversible (possibly by requiring a phone confirmation) they surely would profit a ton and it would be great for all of us!

Paypal right now is understanding that they cannot win against Bitcoin and so they are considering to adopt it

Credit card companies are not there yet ... LOL ;D

I would have thought Paypal would be trying to destroy bitcoin's reputation?
Paypal can not compete with BTC.
Not sure if I can see them integrating BTC into their system no matter how many times they say they're considering it.

David Marcus is the former president of PayPal - he works for Facebook now (integrated payments for Facebook).

Their new president is Dan Schulman - afaik Schulman didn't say anything about Bitcoin so far.

I saw the video that says clearly ''we can send Bitcoin with a tap'' but nothing on the site yet even if this video is already from Sep 2014 we will see in the future if they make any move...The only well known ewallet i am sure they have added BTC already is Neteller but is not functional yet, also there is a big chance to included on Skrill too as both of them are under the same company now (optimal payments).

Kind Regards,
BTC-Bank.

Paypal has mutated into an unlovely bunch of people, but if you look into their deep origins they started out with some strangely BTC-esque ideas in the late 90s.

They're middlemen so they're exceptionally vulnerable to pressure from Mastercard and Visa. At the same time they're in the right position to outlive card processors if crypto becomes huge.

It would be foolish for them not to flirt with what might be the future. However I can see them crumpling under threats from the old guard if push came to shove.

well paypal afaik is already taking steps related to bitcoin, but since its a giant company i believe they are going to be very cautius since they are heavily regulated themselves.
https://www.braintreepayments.com/ is under their ownershio, and they accept bitcoin already, so that means that we have progress with them, it would be foolish
from their part to simply integrate bitcoin to their system on a wild guess everything will go good for their behalf.

cheers

One of the fundamental parts of paypal is the ease in which a transaction can be reversed if the customer is not pleased. Bitcoin transactions are irreversable. Many websites that currently accept paypal may be cautious about this. So that means Paypal will have to take the heat if something goes wrong in a transaction. Something I don't see happening.

Yeah that is very true. The irreversible nature of bitcoin would change how Paypal currently operates with the ability to dispute transactions. Could definitely be a concern for websites such as ebay where you are purchasing products from someone want a guarantee that you get what you paid for.

I think you hit the nail right on the head... Consumer protection would be a concern with the use of Bitcoin in PayPal. If they can implement a system, where they can control disputed transactions, they would have already used it.

Or they could simply build in a disclaimer in their ToS for Bitcoin transactions for all disputed transactions. {Give the consumer the option, but wash your hands when the shit hits the fan}  ;)

The fiat payments are usually not reversible either but it's paypal's system that is the weak link. Paypal doesn't actually take the money back out of your bank account they just minus the balance from your account and then you owe them the money so they essentially take the heat until you pay back. If they handled bitcoin payments it would probably work in a similar way. Either that or they will just hold the money as some sort of escrow until the transaction has been successfully completed.

That's a very good point raised. Even if they act as an escrow service, charge back could still take place 1 month down the road especially when some for items that involve international shipping, that would take even longer and changeback could still happen more than a month after that. So they can't just hold on to the bitcoin for that long because once released it is not reversible. After reviewing the point, yeah, I don't think we'll ever see a paypal bitcoin currency account for that matter

Actually it does. I sold multiple items on eBay and some buyers submitted a claim that the item was not as promised or not as delivered. Immediately after the claim was filed, the transaction that put money into my account was instantly frozen and I was not allowed to access the funds. When eBay took support of the buyer, the same transaction was reversed.

PayPal can always act as an escrow service. But the money would be held for an enormous amount of time and buyers would have to send some sort of conformation that the item is as described and that they are satisfied with it to prevent a chargeback. Something that doesn't really seem realistic in the business world. Also, when you reach a negative in a PayPal account, youre more or less going to pay up since a typical PayPal account is very transparent. Bank accounts, credit cards, even SSN numbers are linked to peoples accounts. You can't just abandon the account and expect to start a new one. But what about bitcoin? Really the only information you would need to put up is your bitcoin address. You get debt in a bitcoin PayPal account its no big deal. This is why PayPal would probably request you link a lot of personal information in order for you to buy stuff with btc. Something a lot of bitcoin users may not be all to happy about doing. 

They can freeze your funds in your paypal account but they can't do anything if you had transferred the money into your own bank account. Your Paypal account balance would go into negative but they can't reverse the actual payment, only you can do that if you choose to pay it which you don't have to and can fight it. If the money is still in your paypal balance they'll take it though.