Bitcoin Forum

I really want to know, whats so good about PP accepting BTC? Paypal make money from fees charged by handling payments (20p + 3.5% last time I checked), Bitcoin barely has any fees whatsoever (0.0001 I get charged for a transaction) so what's PP gaining from accepting it and anyway, Coinbase seems to work fine for businesses wanting to accept BTC without problem so what will make business switch to or start using PP? The only good thing I've thought about is that Ebay might be adopting the currency meaning better presence for BTC. Any other advantages for PP?  ;D

We dont need Paypal from a purely pragmatic point of view. But we need them for mass adoption. It's basically a big advertisement, the perfect one actually.

It helps with the mainstreaming of btc so it is good
Obviously, the dream is that one day cryptos will replace PP, we will see about that

Actually Paypal endorsed DOGE & LTC coins as well.  ;) They don't want to put their bucks only in the Bitcoin basket.
Maybe it's time to start doing arbitrage trading between BTCs, DOGEs & LTCs...  ;D 8)

They did not endorse Doge and LTC, they are only accepting them as payment at sites that use PP as their payment processor.

This will actually be the first merchant that will accept any alt coins as payment

don't spread FUD. it is clearly stated that they said they're going to accept BTC and no other alt coins was said

they will eventually dump at some point, i'm not really convinced that this adoption will be a good thing

It's a face-saving exigency for paypal who had to adopt to mollify their customer base]
Long term not sure it changes anything for either BTC or PP

What do yo mean dump? What are Paypal really risking by accepting BTC? It's only benefits imo, since no one really needs to be there doing anything, they don't need to hire much people to get this to work.

It's not about what Paypal can gain from accepting Bitcoin, it's about what it can loose from ignoring it.

Paypal is slowly realizing that Bitcoin among other payment providers (like ApplePay) is a serious threat to their existing business model, so they try to get an access to that market. But it won't help them longterm. By the time Bitcoin's usability is improved and it reaches mainstream, there will no longer be any need for payment providers, because most transactions will be Bitcoin-only with no currency conversion needed at all. If ebay is smart, they'd sell Paypal as soon as possible and try to improve their marketplace instead.

ya.ya.yo!

You are wrong here. browse this forum, is many threads of this.

https://www.cryptocoinsnews.com/paypal-supporting-litecoin-and-dogecoin-gocoin-ceo-confirms/

PayPal announced partnerships with Coinbase, BitPay and GoCoin
In a tweet, CEO of GoCoin Steve Beauregard told followers that Bitcoin, Dogecoin and Litecoin would be available to PayPal merchants

That's one way to make coin supports

That is good anwser

paypal and other want the money too, they will dump their bitcoin, receivedfor items purchased from customers around the world, and convert those btc to fiat

I'm also pretty sure they will right away convert the BTC to fiat to get their "money" and simply use BTC as an intermediary transfer method.

Not sure though how will this influence the Bitcoin price on the long run.

Honestly I don't care and probably won't use paypal, unless it lets us deposit money as bitcoin and use paypal as we normally do. Its nice because it gets some more popularity for bitcoin.

If payment processors like paypal just take BTC and immediately dump it on the market, I don't see how this would be good for BTC. They really need to provide BTC wallet capabilities so it doesn't create huge, constant downward price pressure on btc.

In past, some paypal accounts gets frozen because people use it to trade BTC, that will not happen again because PP and BTC are friends now.

For me it's mostly because it adds legitimacy to bitcoin. There are still idiots or just misinformed people that think of bitcoin as a ponzi scheme or as something that is used only from criminals.  :-X

Also, I'm wondering how will this change their policy of not buying cryptocurrencies wit PP + chargeback issues. All the scam issues will be gone now?

I doubt that will happen because if it starts to PayPal will make a huge fight out of it and that's not going to be the best fight for bit coin.

Simple. A website owner who uses solely PayPal for payment processing can now accept bank debits, MasterCard, visa, Amex and bitcoin with not a single line of code changed on their site. All of a sudden millions of new sites could theoretically begin accepting bitcoin without even thinking about it*


* except right now! my understanding is that PayPal will only let people pay in bitcoins for digital goods and services. But should that go off without a hitch, they'll likely broaden the range of items that BTC can be used for.


Ultimately, though, the big news about it isn't so much paypal itself, it's that the millions of vendors who rely on them can or will eventually accept BTC

it is a good thing because it can be used in many places and it will more acknowledged

Bringing it to the masses has to be a good thing doesn't it?

currently I still use both, bitcoin or paypal, as there are many systems also use paypal payment, bitcoin as a new payment system, not so many that use it, possibly in the next few years bitcoin could be a global payment system such as PayPal, or it could be paypal later collaborated with bitcoin in a payment system ... hopefully ...  ;D

Because if big company accept bitcoin
Some people who use the service will accept bitcoin too  ;D


I hope the paypal accounts not frozen  :)

I don't think they will change this policy. They will probably only allow for bitcoin to be used to buy things on PP, not for PP $ to be used to buy BTC. (I know this is ironic)

Everything! Now I can buy something cool by using PayPal and my Bitcoins!

better anonymity also, unless paypal do something about your transaction, i don't know how it work for this thing

I would say it rather decreases the level of anonymity. If PayPal associates the address from which you sent the BTC to your PP account, then they know it is your sending address and hence your email and other PP account information. Theoretically they could then associate other addresses with your wallet.

It's still going to be a good "marketing" for bitcoin though, at lest I imagine so.

Has anyone purchased with bitcoin via paypal yet?

I hope its a good thing, paypal and crypto.

If you use bitcoin in a way that would maximize your anonymity (only use an address one time) then PP would not be able to associate any of your other addresses with your identity as they would have no real way of knowing which address belongs to you and which addresses belongs to the person you "sent" the bitcoin to

“I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world." - Peter Thiel, Co-Founder of Paypal

They have the largest user base of online payment systems and can act as a medium/escrow, which is what Bitcoin lacks from a consumer point of view. Although right now their payment hub is restricted to virtual items for what I understood.

in the bright side it makes your purchases legal but who knows what will paypal do next in their plan

paypal or bitcoin both have advantages and disadvantages, advantages and paypal can bitcoin transactions through the virtual world, where distance is no longer a problem, while the lack of paypal there is always a fee or tax when we want to withdraw into our currency, while bitcoin always can be used to buy goods without paying taxes on the transaction ...  ;D

Yeah, like the other poster said, it makes Bitcoin seem more legit and moves it away from the idea that Bitcoin is used by drug dealers, Terrorists groups, arms dealers.

Very true. Paypal doesn't really have a use for us, but it will make the public happier and more enthusiastic about bitcoin.

Actually a bad thing to associate Paypal name with bitcoin.

All merchants know Paypal days are numbered whether they will adopt bitcoin or not.

Even if PP's days are numbered does not mean that the adoption rate for PP is not huge now. PP is a good (yet very expensive) way to allow for merchants to be able to accept payment from a large variety of customers

bitcoin payments may alternatively be used, even now accept Paypal daan ebay already bitcoin as currency transactions there, I hope this can last long ... :)

If Bitcoin has more uses, caeteris paribus, its value increases. So it's great that known sites accept it.