Coinbase has partnered with Paypal - Officially!

[iram66680]

PayPal is slowly dipping its toes in the bitcoin waters.
The company has partnered with Coinbase, a virtual currency wallet and exchange, so Coinbase users can sell bitcoin and cash out to their PayPal accounts. Buying bitcoin isn’t possible yet, but the small integration is a noteworthy first step.
PayPal did not immediately respond to Quartz’s request for comment.
While bitcoin and its underlying technology, blockchain, has caught Wall Street’s attention, consumer tech giants have largely stayed away from the technology until now. Recently, Quartz reported that Airbnb “acquihired” a bitcoin company and its engineers. Other tech giants, like IBM and Microsoft, have been exploring blockchain tech more closely. IBM developed open source code that’s being used in the Linux Foundation’s Hyperledger consortium. Microsoft has been integrating blockchain services into its Azure cloud platform.
Behind the scenes, PayPal’s been showing signs of interest in virtual currencies. A recently published patent application from PayPal shows the company has explored integrating bitcoin and other virtual currencies like LiteCoin and Dogecoin into physical smartphone payments. The patent application was filed in December 2015.
PayPal also held a hackathon in December, according to multiple sources with knowledge of the event. The purpose? To find out new ways for PayPal to use bitcoin and blockchain technology. The attendees included Snapcard, a B2B bitcoin payments company, Coinbase, and Chain. Developers tested things like cross border payments, merchant processing, and creating a digital wallet using bitcoin.
For bitcoin’s growth, even a slight interest in bitcoin on PayPal’s part would be a big win. PayPal has over 180 million customers and processed $1.4 billion in payments in the first quarter of 2016. The payments giant recently added Wences Casares, CEO of bitcoin wallet Xapo and a renowned bitcoin advocate, to its board of directors in January 2016.

http://qz.com/713528/paypal-is-warming-up-to-bitcoin/

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[dsham7]

I have been reading this news today
yea only a beginning
starting from USA

might take some time to catch up with other countries
wait and see

[vodaljepa]

This is awesome news, about time!

[DebitMe]

Seems less like a partnership and more like Coinbase will just send you Paypal funds if you request it.  Notice that you cannot buy bitcoin with Paypal, which makes me think there really isn't a partnership going on, but instead just an agreement that they will let you cash out large sums if necessary.

[robinH]

death to paypal, screw em! bitcoins don't need paypal, it's the other way around.  Time will tell. .....

[lottery248]

death to paypal, screw em! bitcoins don't need paypal, it's the other way around.  Time will tell. .....

indeed, unless users can use paypal using bitcoins in the bitstamp.
however if fiat dead then so do the bitcoin, that is tha fact so far. bitcoin don't need paypal but yet bitcoin helps teens to spend dollars for something.

[handschi]

think of paypal as of myspace...

where is myspace in 2016 ?

....

[xuan87]

Its an awesome news, if paypal is fully integrated with bitcoin then it will make the global transaction easier, recently coinbase keeps on innovating new way and system to atrract their customer

[chennan]

Its an awesome news, if paypal is fully integrated with bitcoin then it will make the global transaction easier, recently coinbase keeps on innovating new way and system to atrract their customer

Yeah, but at the expense of privacy and everything that Bitcoin stands for. 

Look, I know that people want Bitcoin to become mainstream and want everyone in the world to be exposed to Bitcoins; but at what cost?  If Bitcoin is going in on a "partnership" with paypal, how does Bitcoin differ from any other fiat money transfer if it is willing to become somewhat reliant on what paypal has to say?

It just seems stupid to make this once P2P "digital cash" system we once had reliant on the most dictatorship of a money transfer service there ever was.

[philipma1957]

Its an awesome news, if paypal is fully integrated with bitcoin then it will make the global transaction easier, recently coinbase keeps on innovating new way and system to atrract their customer

Yeah, but at the expense of privacy and everything that Bitcoin stands for. 

Look, I know that people want Bitcoin to become mainstream and want everyone in the world to be exposed to Bitcoins; but at what cost?  If Bitcoin is going in on a "partnership" with paypal, how does Bitcoin differ from any other fiat money transfer if it is willing to become somewhat reliant on what paypal has to say?

It just seems stupid to make this once P2P "digital cash" system we once had reliant on the most dictatorship of a money transfer service there ever was.

coinbase was never private.

[Chris!]

It's not fully integrated so it seems like this is barely a first step. Really all they're doing is not denying these transactions to go through anymore just solely based on them being cryptocurrency transactions. It's a decent start I guess.

[Bit_Happy]

It's not fully integrated so it seems like this is barely a first step. Really all they're doing is not denying these transactions to go through anymore just solely based on them being cryptocurrency transactions. It's a decent start I guess.

This is huge news!
Even if only in one direction, it is a major step for Bitcoin. I once suffered a 6 months suspension of my Paypal account for the "crime" of (being suspected of) selling Bitcoins (of course the buyer had a great reputation or I wouldn't have done it)

[7788bitcoin]

From what I heard, it is only a oneway-thingy. You can only withdraw bitcoin into fiat via Paypal, but not to buy bitcoin with Paypal.

However, it is already half way there. We are in the middle of all the exciting developments!

[Patatas]

It's not fully integrated so it seems like this is barely a first step. Really all they're doing is not denying these transactions to go through anymore just solely based on them being cryptocurrency transactions. It's a decent start I guess.

This is huge news!
Even if only in one direction, it is a major step for Bitcoin. I once suffered a 6 months suspension of my Paypal account for the "crime" of (being suspected of) selling Bitcoins (of course the buyer had a great reputation or I wouldn't have done it)

This is the worst first step for bitcoin.The plan was to Boycott paypal and not support it.I'm not really happy with the teaming up part,still an entire generation of the wealthy elite gentlemen would suffer paying service taxes for the sakes of trading a crypto which barely needs one.Hey what's next ? Paypal buys bitcoin and runs it centrally ? Paypal knows bitcoin is the serious threat for their existence,they wouldn't survive the revolution and hence this massive venture.You can always shake hands if you fail to beat it.Nicely played paypal,you still fuckin suck.

It's not fully integrated so it seems like this is barely a first step. Really all they're doing is not denying these transactions to go through anymore just solely based on them being cryptocurrency transactions. It's a decent start I guess.

Yeah ,now to match up with their standards ,you will have to pay almost "double" the transaction fees out of which some goes in their own bank and a 20% to miners.I don't think how this is good for bitcoins ,not even slightly.

[vodaljepa]

I think most of you guys saying it's a one way thing are missing the bigger picture, HELLO this is PayPal they use to hate having anything to do with bitcoin, this is a small step but a huge step in the right direction

[chennan]

Its an awesome news, if paypal is fully integrated with bitcoin then it will make the global transaction easier, recently coinbase keeps on innovating new way and system to atrract their customer

Yeah, but at the expense of privacy and everything that Bitcoin stands for. 

Look, I know that people want Bitcoin to become mainstream and want everyone in the world to be exposed to Bitcoins; but at what cost?  If Bitcoin is going in on a "partnership" with paypal, how does Bitcoin differ from any other fiat money transfer if it is willing to become somewhat reliant on what paypal has to say?

It just seems stupid to make this once P2P "digital cash" system we once had reliant on the most dictatorship of a money transfer service there ever was.

coinbase was never private.

I mean, I understand that... but I guess I'm just thinking in the "two wrongs don't make a right" type of way.

It just seems that this is just another step for Bitcoin to all governments/corporations/banks to regulate and control bitcoin... idk, I mean different people seem to have different feelings than me in that I think that Bitcoin should be as private as possible rather than as adopted as possible... People only like this news because of the fact that it means that more people might end up buying/selling bitcoins which means more money liquidity; but I for one think that there has to be a better way for getting people to adopt cryptos/Bitcoin.

[Ravi Helios]

This is great news for Bitcoin - and cryptocurrency all together. I expect the price to be going up here soon!

[patronis]

I think most of you guys saying it's a one way thing are missing the bigger picture, HELLO this is PayPal they use to hate having anything to do with bitcoin, this is a small step but a huge step in the right direction

I agree, this also spreads the influence of Bitcoin to people who are usually only exposed to fiat enabling them to have easier access to Bitcoin.

[tiffyroman]

Good move by paypal.
Many people are starting to lose hope for paypal since they've had their issues and of course, bitcoin users would choose wallets then. But now that paypal has adopted the use of bitcoins, maybe some of the bitcoin users will use their service.

[lumeire]

It's not fully integrated so it seems like this is barely a first step. Really all they're doing is not denying these transactions to go through anymore just solely based on them being cryptocurrency transactions. It's a decent start I guess.

This is huge news!
Even if only in one direction, it is a major step for Bitcoin. I once suffered a 6 months suspension of my Paypal account for the "crime" of (being suspected of) selling Bitcoins (of course the buyer had a great reputation or I wouldn't have done it)

Was both of your accounts fully verified? This is the first time I've heard a Paypal suspension for a transaction like that.

@ontopic not so much of a progress IMO it's just transferring your fiat balance to Paypal. The selling happens within CoinBase still.