PayPal Pulls Out of Puerto Rico; Huge Opening for Bitcoin

[edward222]

Credit to : Tax Avoidance News : PayPal Pulls Out of Puerto Rico; Huge Opening for Bitcoin

The original online payment platform, PayPal, has decided to leave the populous island of Puerto Rico next month. The commonwealth has imposed a 2 percent take on any money transmission, forcing Paypal’s hand. So what does this mean for those who need to send money from Puerto Rico?

Puerto Rico Begins Capital Controls

When a country’s economy or currency is struggling or on the brink of collapse, the citizens start to move money out of the nation to protect their savings from the devaluation. Nine times out of ten, the economic downturn is caused by poor governance and economic policy, not the citizens. Therefore, the people would rather invest their money in appreciating assets, not poor leadership and economic decline.

I can't help but wonder how long til the regulators decide this new policy disparately impacts minorities
(hispanic) and fines them into oblivion?

[fcuk]

Credit to : : [url=/2015/09/09/paypal-pulls-out-of-puerto-rico-huge-opening-for-bitcoin/]PayPal Pulls Out of Puerto Rico; Huge Opening for Bitcoin

The original online payment platform, PayPal, has decided to leave the populous island of Puerto Rico next month. The commonwealth has imposed a 2 percent take on any money transmission, forcing Paypal’s hand. So what does this mean for those who need to send money from Puerto Rico?

Puerto Rico Begins Capital Controls

When a country’s economy or currency is struggling or on the brink of collapse, the citizens start to move money out of the nation to protect their savings from the devaluation. Nine times out of ten, the economic downturn is caused by poor governance and economic policy, not the citizens. Therefore, the people would rather invest their money in appreciating assets, not poor leadership and economic decline.

I can't help but wonder how long til the regulators decide this new policy disparately impacts minorities
(hispanic) and fines them into oblivion?

So instead of paying the 2% fee they just close operations. Pretty funny that Paypal is against such fees when they take more themselves. In an ideal world this would help bitcoin but doubt many people will move to it.

[bimasena25]

paypal platform is indeed unfavorable to accumulate the
results of our online business and often do policies of
the parties to hold customer funds

[Q7]

To say the least bitcoin is also vulnerable to fluctations. You can't expect people to exchange to bitcoin when economy is bad because it is also exposed to all these risks. Imagine people who bought at 280 and putting whatever they have and now at 230, you can imagine how much they have lost. Bitcoin as a hedge and safe haven? Not at this point.

[HeroCat]

Yes, this is Bitcoin revolution in fact  Bitcoin is going forward to be real worldwide revolution in payments 

[Itun]

Only if there were convenient, affordable ways to buy bitcoins with their current currency..

Bitcoins were meant for economies like this but it's so timeconsuming and difficult to effectively adopt it into regular society

[roadbits]

So instead of paying the 2% fee they just close operations. Pretty funny that Paypal is against such fees when they take more themselves. In an ideal world this would help bitcoin but doubt many people will move to it.

I think paypal is having similar issues with many countries in the world. They change so much transaction fee but do not want to pay for the governments. Any way this may be good for bitcoin but do not know how many people in Puerto Rico are aware for bitcoins. As long as normal bushiness don't accept bitcoins then many people will not to bitcoins.

[Kingno.1]

Come on bitcoin rise again to $270 or more. Waiting to break even.

[okae]

So instead of paying the 2% fee they just close operations. Pretty funny that Paypal is against such fees when they take more themselves. In an ideal world this would help bitcoin but doubt many people will move to it.

yep, is so funny that they are against such fees when they take more themselves, they are one of the most expensives companys ( because of fees i mean )  and now they did it, this is ridiculous.

things like that made me think that people should wake up soon and open his eyes, BTC should not be the future, BTC should be the present.

[bimasena25]

yap, Bitcoin must hold this opportunity to increase rates again.
Bitcoin to the moon

[Amph]

sadly i'm think they will simply not use paypal anymore and will not move to bitcoin as a better alternative, because come on, you know, bitcoin isn't a better alternative... yet...

[manselr]

Puerto Rico is the great forgotten nation by the media. Turn on any TV news and you'll see all that shit about Greece, but never about PR.  And even now, it seems Greece has dissapeared as well when only a month ago it was on the news 24/7. Now it's the Syrian crisis, I wonder what will be next until they get tired and make it invisible again.

[Hazir]

The huge problem here is that bitcoin is unable to capitalize on mistakes and issues of standard FIAT.
We are having problems with Russian Ruble, crisis in Greece, Syrian crisis, paypal blocked in Puerto Rico and...
I do not see that bitcoin benefits from these events at all, on the contrary, bitcoin value is dropping.

[Mickeyb]

Even if Bitcoin would get in and filled a void off PayPal leaving, the government over there would still tried and imposed a 2% of tax on all Bitcoin transactions. This is just a government trying to get the missing money because of the recent bankruptcy.

Now of course that this tax collection would go much harder with Bitcoin than with PayPal just because of Bitcoin's decentralized nature.

[randy8777]

it seems like there is a huge opening for bitcoin. but i don't think they will use bitcoin as they simply move to other payment providers.

[roadbits]

sadly i'm think they will simply not use paypal anymore and will not move to bitcoin as a better alternative, because come on, you know, bitcoin isn't a better alternative... yet...

Yes your correct. As of now bitcoin is not used buy daily needs either in online or offline. It has limitations to buy certain things in online. So bitcoin will not be popular alternative until more businesses start accepting it as a currency. Because of this news I don't think bitcoin price will move up much.