[2020-06-23] PayPal Rumors Push Bitcoin Higher as On-Chain Transactions Surge

[batang_bitcoin]

Not even true, you're twisting a potential problem @Naida_BR was talking about, and making it unrelated.

You don't need to be verified to spend the money you received. Being unverified you can of course spend it as you wish at any merchant. And the method you posted doesn't even ask additional information by the way. When you link your bank account or debit card, you receive a code on your bank statement. And you need to copy the code to your Paypal account.

Is that what you're calling submitting additional information ?!?

I misunderstood the process of spending and being unverified and as well as understanding the term additional information. As for the verification, I considered the confirmation and addition of bank details and linking it as 'additional information' which is really a requirement by PayPal. I have already edited my post, thank you very much for correcting me.

[hilariousetc]

PayPal getting involved in BTC at this point seems pretty unlikely given the KYC requirements.  While they no doubt do know their customers, the difference between PayPal and, say, Coinbase in the KYC requirements seems huge.  (I haven't had to register for either in quite some time so perhaps that has changed).

How huge was the difference during the time when you have registered? Also, how many users does Paypal presently have that has done KYC already?

i have a verified paypal account from years ago that i occasionally still use. i don't believe i've ever given them my SSN, address, scan of driver's license or selfie---which have become standard KYC on licensed/regulated platforms like coinbase and square cash app.

if the rumors are true, i bet they'll operate it as a segregated service where people who buy/sell crypto will be subjected to a higher level of KYC.

They don't ask for a selfie. You can use Paypal without giving much info if you only spend a little. They have some limits that once you go over them they require you to submit some sort of ID and confirm your address and I think they lock your funds until they do. It's kinda weird how they don't require that info straight away as PayPal is a scammers paradise and anyone can open an account in minutes without any checks yet to deal with a bitcoin-based service you have to jump through numerous hoops.

Paypal....LULZ  I don't even trust them with my cash so there's no way I'm gonna trust them with my crypto. When a money grabbing organisation like paypal gets involved with Bitcoin you know it's just another money grab. Who on earth is gonna trust a wallet run by paypal? Besides, Bitcoin doesn't need paypal, it is a replacement for paypal & far safer.

Regardless of whether you like them or not it still would be huge... but I don't believe this rumour until I see some evidence. People have been saying the same thing for the past five years and nothing has happened so far. Maybe they will start dealing with cryto at some point but until I hear it from them I won't get excited.  

[gentlemand]

https://www.coindesk.com/paypal-picks-paxos-to-supply-crypto-for-new-service-sources-say

According to that Paxos have been chosen to handle Paypal's crypto side.

I'm still expecting it to be like Revolut and only offer you price exposure and Paxos seem well qualified to supply that. If it goes beyond that I'll be rather surprised.

[stompix]

Same here, the moment they mentioned Revolut all the enthusiasm went down if they will take the path of simply converting your funds to BTC and only sending BTC between PayPal accounts without the option of actually withdrawing coins probably only a few will buy into.
People don't store their money on PayPal, I don't see any reason why they would store virtual coins

But interestingly they dropped Coinbase

San Francisco-based cryptocurrency exchange Coinbase, which has a longstanding relationship with PayPal, was said to be in line to provide some kind of white-labeled crypto offering. European exchange Bitstamp (which provides crypto liquidity to Revolut in the U.K.) was also
mentioned as a contender at the time. Both companies declined to comment for this story.

all my instincts tell me I should be happy about it!

[hilariousetc]

https://www.coindesk.com/paypal-picks-paxos-to-supply-crypto-for-new-service-sources-say

According to that Paxos have been chosen to handle Paypal's crypto side.

I'm still expecting it to be like Revolut and only offer you price exposure and Paxos seem well qualified to supply that. If it goes beyond that I'll be rather surprised.

It probably won't be any use to us, but it would still be huge for adoption. Anything that makes it easier for your mom or gran to get involved is good in the grand scheme of things.

But interestingly they dropped Coinbase

San Francisco-based cryptocurrency exchange Coinbase, which has a longstanding relationship with PayPal, was said to be in line to provide some kind of white-labeled crypto offering. European exchange Bitstamp (which provides crypto liquidity to Revolut in the U.K.) was also
mentioned as a contender at the time. Both companies declined to comment for this story.

Probably wanted too much fees. PayPal will already be trying to make a decent mark-up on things as that's the price people pay for ease of access.

[figmentofmyass]

https://www.coindesk.com/paypal-picks-paxos-to-supply-crypto-for-new-service-sources-say

According to that Paxos have been chosen to handle Paypal's crypto side.

I'm still expecting it to be like Revolut and only offer you price exposure and Paxos seem well qualified to supply that. If it goes beyond that I'll be rather surprised.

according to paxos's press release for their new brokerage service, sending capabilities can be integrated into partner applications. https://www.paxos.com/paxos-crypto-brokerage-revolut-press-release/

i agree it's unlikely in paypal's case, but maybe they'll surprise us.

[bbc.reporter]

I do not understand these services. Does Revolut and Paxos allow their users to send bitcoin to their own wallets or not? Was I correct in my first assumption about the similarities of bitcoin usage in Paypal and Neteller?

[figmentofmyass]

I do not understand these services. Does Revolut and Paxos allow their users to send bitcoin to their own wallets or not?

you can't withdraw bitcoins with revolut. it's like robinhood.

paxos proper is mainly for institutional investors---custody, OTC broker (itbit), stablecoin issuance and redemption. customers can withdraw bitcoin and other crypto.

Was I correct in my first assumption about the similarities of bitcoin usage in Paypal and Neteller?

probably. technically, paxos built their third party brokerage service (which paypal presumably will be using) to include external crypto transfers so the matter isn't set in stone yet.

[bbc.reporter]

@figmentofmyass. It might only be similar to Neteller. Paypal want cryptocoin value coming in, however, it does not want to become a platform for money laundering similar to what many exchanges are, I reckon.

The skeptical me speculates that this might be a government supported move to make users use cryptocoins bounded in only a speculative manner hehehe.

[Cityhunter123]

I am sure that after PayPal announced this the price of Their shares soared

[Dilerium90]

News is always brought up under the price for those who want to justify the rise in price. In fact, Bitcoin's rise or fall is independent from Paypal news. It does not depend on other news either. Bitcoin moves exclusively technically according to all the laws of technical analysis. And the news will always be found.