Why should we welcome centralized bodies for Bitcoin mainstream

[Ucy]

The question should be, why shouldn't  companies like PayPal develop crypto  platforms that are compatible with the Ideals of Cryptocurrency, like decentralization, transparency, immutablity, censorship resistant, privacy-friendly/anonymity-friendly, trustless/permissionless, self-custody, safe/secure, etc. Is it that they can't build such platforms or they just have different agenda that conflict with crypto ideals?
 I would not recommend things I do not believe in or trust to people. Doing so will be hypocrisy. Well, people who prefer the centralized platforms shouldn't put in too much crypto in them, or they could preferably use the non-custodial ones.

[plast555]

BUT when they come in and want to become something like a "bitcoin bank" by adopting bitcoin, then that is a big malicious move in my opinion. that is what PayPal seems to be trying to do. they want you to give up the freedom you gained by using bitcoin again and rely on them once more!

I don't think PayPal has a malicious intention of taking away the freedom of Bitcoin users, if they did, they would have been active in Bitcoin field years ago. They simply want to make money just like what they do with fiat. This doesn't mean that their service is good or safe to use, I just don't think there's any malicious intent behind it.

Paypal has Finally relized that Cryptocurrency is new and very important technology and whover adopt it as sooner it is as better for their future. Paypal's use was already reduced thanks to Bitcoin and Cryptocurrency. so paypal had no other choice but to accept Bitcoin and Cryptocurrency. Besides this they can't do anything else with Bitcoin. they cant control bitcoin or make it centralized. and BTW. we have so many crypto platforms which are 100% centralized. like all those CEX echanges.
so we should see the positive side. and in this case the positive side is that bitcoin and cryptocurrency will get mass adoption with this paypal accepting bitcoin which is a good thing.

[20kevin20]

i have a theory about this.
[..]

Surely is a viable theory, but I doubt that's the case especially as some centralized coins are now sitting among the top cryptos out there. Libra was a huge failure imo because of the missing legal framework that should've surrounded cryptos at the time it was presented. PayPal's news about adding Bitcoin is quite close to the time strong regulations the EU will see, so they could've just waited more before they could 100% legally add their PayPalCoin to the game. In fact, maybe that's exactly what they plan to do: accumulate as many crypto enthusiasts as possible, and then come up with your own coin.

Besides that, obviously, I agree with you - Libra was an utter shit straight from the start to the end of it .. and hopefully will not be revived in the future. What @DooMAD said a few replies above is exactly what I fear: centralized bodies may actually implement a virtual, non-existent Bitcoin and that could go further into an even worse scenario such as artificial Bitcoin inflation and strong price manipulation by corporations.

[hatshepsut93]

Paypal's use was already reduced thanks to Bitcoin and Cryptocurrency.

PayPal processes 5 million transactions every day, and nearly all of those transactions are consumer transactions or transfers between individuals. Bitcoin's half a million transactions per day is mostly just speculators and investors moving coins in, out and between exchanges, as evident by the spikes of transaction volume when there's rapid price action. And just from common observation, "PayPal accepted here" is hundreds times more common than "Bitcoin accepted here".

I'm sure PayPal didn't adopt Bitcoin because they felt that it's already a threat to their business. Maybe they though it would be in some decades, or maybe they just though it would generate profit for them.

[claire_lovely]

While I prefer decentralized trading, I think that more and more centralized exchanges like Paypal entering the cryptocurrency market is a great thing as it will just drive adoption forward and allow for more methods to obtain Bitcoin. If it's easier to obtain from centralized exchanges, then there's also going to be more volume for decentralized trading.

[witcher_sense]

While I prefer decentralized trading, I think that more and more centralized exchanges like Paypal entering the cryptocurrency market is a great thing as it will just drive adoption forward and allow for more methods to obtain Bitcoin. If it's easier to obtain from centralized exchanges, then there's also going to be more volume for decentralized trading.

You are speaking of easy methods to buy bitcoin and singing praises of PayPal, but it seems you have missed an important point. You can't buy bitcoin with PayPal, you can't sell it with PayPal, you can't even call your bitcoin yours when using PayPal, because PayPal is not interested in giving you control, they rather prefer to control you. For them, you are not trustworthy or not responsible enough to manage your money. They want to prevent you from making mistakes constraining your freedom, controlling your decisions, telling you what to do, and how to behave. Indeed, you should welcome centralized bodies if you are no longer in need of freedom to choose.

Unfortunately, Bitcoin gradually going mainstream means limiting the freedoms of people using it.

[ampu]

The centralized institutions will be the places that indirectly help us bring Bitcoin and cryptocurrencies to the rest of the world. We need to understand that Bitcoin is too unpopular as it is new and has not been specified in any country yet. There is a lot of bitcoin speculation, we need some certainty for everyone to join bitcoin. The centralized agencies will be the best and most effective advertisers.

[hulla]

What I'm about say will hurt alot of crypto enthusiast but we need to be realistic cause if we by any means we wants Bitcoin and others good cryptocurrencies to succeed in becoming the mainstream we have to open our arms for some centralized bodies which I see Paypal as one of them since we also use centralized exchange site sometime but people are not to use them as wallet or exchange site but for payment.

we need popular platforms to include btc or crypto within their payment system. that is, if we want btc or crypto to become mainstream. anyway, as mentioned, it is not that users can directly send their crypto to another entity. the receiver will still receive the amount in corresponding fiat (ex. USD) and not the crypto payment itself. so somehow, there is some control about the usage of crypto.

Yes, we need some popular platforms to include before we can achieve cryptocurrency to be mainstream and its inevitable.
With that been said, what I read is that Paypal won't handle the transaction but users not receiving crypto is what I'm not sure about and if paypal said their users will have the chance to buy, sell and hold crypto it means their users can receive crypto.

[posi]

It understands that we all love the decentralization aspect of Bitcoin and others cryptocurrencies but we need to welcome centralized bodies for cryptocurrencies to be mainstream. However, this doesn't mean we should be ignorant to examine any shortcomings that may be create by the centralized bodies because we cant know their true purposes and the last time i checked people are advised to always keep the amount they can afford to loose on such platforms.

[suzanne5223]

The positive things that may come out of it is the reason why I think we need to give them a chance since the transaction will be operated through Paxos.

Right, maybe I seem a bit too skeptical about centralized parties, but this sudden turn from being against BTC to supporting it all of a sudden by not only one or a few companies but so many in the past year seems just too sketchy for me.

Unless the opposite proves to be true, to me it seems like it's just a plan of theirs. Could very well be that they simply gave up as Bitcoin is slowly gaining a lot of ground, the old "if you can't beat them, join them" idiom. But until then, I can't help but keep questioning this sudden wave of BTC support.

Honestly, it seems skeptical to me either but the whole process will be handle by a well know centralized crypto company and we cant know their true intention if we don't give them a chance by focusing on the positive effect it will bring to the market which we have been seeing lately.
The banks and institutions have understood that they cant beat Bitcoin and IMF boss advised them to join the crypto scheme which is the reason why choose to join now.