Coinbase has partnered with Paypal - Officially!

[alyssa85]

Bitcoin don't need PayPal. I am really surprise why they are taking this decision lately, indeed PayPal will be more benefited.
By the way it would help bitcoin can join the mainstream in near future then hopefully bitcoin will replace paypal indirectly.

It is to do with customer choice. Coinbase has an interface between bitcoin and the banking system - they've now created one between bitcoin and paypal.

Of course if you could simply pay for everything with bitcoin, you wouldn't need these interfaces - but we can't, the blocks are full, and we need these offchain intermediaries for it all to work.

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[teddy5145]

With this feature that Coinbase introduced I think they just killed some of the exchange at localbitcoins
at least people from USA don't need to hassle anymore with trading their coins for Paypal

When this feature introduced to International this will benefit Paypal, people who stopped using Paypal might use Paypal again and Paypal will gain their user base back, not so green on the other side though

[Peacekhan]

Excellent contract    ! This will surely increase demand for btc, and the price rally will continue as Paypal is used world wide .

[beerlover]

It finally happened and after hearing about this news earlier, I expected that either Coinbase or another wallet would partner with PayPal. Happy that ebay broke the partnership so that PayPal could move on.

I wonder what would be their T&C for these withdrawals and if I can accept it in my own PP account else they may doubt that I have been using their payment processor for bitcoin transactions earlier as well.

[CaioFerraro]

Awesome!

[Raimonn]

As more players join the bitcoin network better for its users. Its a first movement, only to cash out from your coinbase account, for now its not possible to buy directly from paypal. I think that we will see more possibilities from buying or selling directly from paypal, not across other services.

[betohell]

Bitcoin don't need PayPal. I am really surprise why they are taking this decision lately, indeed PayPal will be more benefited.
By the way it would help bitcoin can join the mainstream in near future then hopefully bitcoin will replace paypal indirectly.

I think for now bitcoin need paypal many people are having problems on their shopping online.
I think this will help users bitcoin. no losses for both ?

[diodio5]

Bitcoin don't need PayPal. I am really surprise why they are taking this decision lately, indeed PayPal will be more benefited.
By the way it would help bitcoin can join the mainstream in near future then hopefully bitcoin will replace paypal indirectly.

I think for now bitcoin need help paypal not only separately to help process payments but help to process the deployment of bitcoin, adoption of bitcoin, and certainly making  bitcoin becomes more well known. I hope that more users of paypal will adopt bitcoin

[grim007]

but i think its not a good idea. paypal need personal identification while bitcoin is anonymous. i think they will have a conflict in  terms of privacy.

[groll]

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/

This information is great given that transacting bitcoins thru paypal is costly. I hope that the transaction fees this time will lower so I can use again my paypal in dealing with my bitcoins. I look forward to the realization of that project, if that will surely happen the bitcoin industry will be more lively as ever. It will be good news to paypal itself and to u paypal users.

[bitcoineverything]

That is awesome!  I have been waiting for this to happen. I am excited of what Paypal and Coinbase can offer. I should be using Coinbase now. 

[TastyChillySauce00]

but i think its not a good idea. paypal need personal identification while bitcoin is anonymous. i think they will have a conflict in  terms of privacy.

doesn't matter if you really need paypal ,you didn't forced to use paypal either,the privacy will not going to be shared,paypal do this to restrict from fraud activities so as long their client is safe its not going to be a problem

[streazight]

It would be great if they allow users to buy bitcoins with PayPal.

There can be a verification process as well and I would like to trade in PayPal rather than use Virwox that charges over 15% fee. I am glad that PayPal has finally recognized bitcoins and it's the best payment processor for me as the money is withdrawn to my bank.

[wadili89]

wow this is an great news if its really will be an partnership then it mean users will be able to cash out their BTC directly in paypal and cash out their paypal balance in BTC as well which will make life a lot easier no hassle to find a gay to exchange and everyone knows its really hard to do paypal to btc

[LuckGone100]

this really awesome news this time and appreciate it.. !

[hermanhs09]

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

I agree 100%, I have business accounts with neteller, paypal and all the other places, but I never use them anymore. The day I started with Btc, it has been my number one choice/method of transactions.. Its just so easy and simple. At long last! 

[bitart]

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/

I'm just wondering why everyone (or most of them) are really happy because of this, and say these are very good news...
If Paypal will adopt Bitcoin, then Bitcoin will be only one currency in Paypal's system, after USD, EUR, etc....
This means for me, that Paypal won't let their system change (I mean the buyer/seller protection part), so they will develop a system for Bitcoin (maybe a kind of escrow system) to let the Bitcoin payments be reversible in the future (e.g. they will only credit the funds only after a successful transaction, after the watiting period, and for the time, they will escrow the funds somehow, to be able to reverse the transaction, if neccessary).
It's Paypal who will win bigger, if Bitcoin join. Also, Paypal will only accept Bitcoin payment from the users, who has completed the AML, KYC, etc. requirements, so Bitcoin won't be anonymous anymore, if using Paypal.

[yenxz]

Last time I heard , they have lost ground to some other competitors. bitcoin is probably one of the competitors of them .
This proves that the paypal wants to dominate the online payment market . Good move , paypal . they may not be decentralized , but they allow
more people to use bitcoin . which a few years bitcoin will become a large company and known to many people . maybe.

[shinratensei_]

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/

I'm just wondering why everyone (or most of them) are really happy because of this, and say these are very good news...
If Paypal will adopt Bitcoin, then Bitcoin will be only one currency in Paypal's system, after USD, EUR, etc....

All of their said just bullshit . if you know what I mean. PayPal will never adopt bitcoin became their currency because in fact the value of bitcoin is using USD or stand on that. the shitty poster i hated about that.

[marky89]

You can already transact via ACH to Coinbase... What value does this partnership offer? I just see two scummy companies -- one of whom is desperate to deliver any good news it can to its irate shareholders (Coinbase) -- who can't offer users anything new. The last thing we need is more emphasis on merchant adoption. That's a dead end. Bitcoin is about p2p, not interfacing with corporations seeking dollar profits.