Coinbase has partnered with Paypal - Officially!

[Btcvilla]

If only I could exchange BTC and Paypal without needing a shit ton of documents proving who I am.

[shinratensei_]

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.

What? It's not a partnership if you canot buy bitcoin with paypal, I agree partnership just have relation too in their feature and synchronization. Let's wait and see how the sync of coinbase and PayPal.

[betohell]

I think this is a signal positiv for bitcoin to expand to the outside world. I'm sure many other companies besides paypal which will work closely with bitcoin. I hope it happens fast

[Whosdaddy]

This is a welcome development for Paypal and Bitcoin users. Now it is easy to use and transact bitcoin as it is backup by this big company.Im expecting additional popularity of bitcoin and it will attract more follower and supporter.

I don't think Coinbase would allow a 1:1 withdrawal via PayPal and I'm still waiting for some more information on this. If they would need us to verify our account, it would be same like Virwox and we already have read about delays in Coinbase deposits and withdrawals. Hope everything goes well.

[smho_16]

This is a welcome development for Paypal and Bitcoin users. Now it is easy to use and transact bitcoin as it is backup by this big company.Im expecting additional popularity of bitcoin and it will attract more follower and supporter.

I don't think Coinbase would allow a 1:1 withdrawal via PayPal and I'm still waiting for some more information on this. If they would need us to verify our account, it would be same like Virwox and we already have read about delays in Coinbase deposits and withdrawals. Hope everything goes well.

Rest assured that they will ask you a ton of documents asking who you are regarding cashing out via Paypal. I am not from the USA but people from the USA who are using Coinbase are adding their bank account to buy and sell bitcoins there, Coinbase knows who they are as bank need identity documents when you open an account there. Maybe is better Coinbase becomes another Virwox ,cause this way Virvox may not feel anymore some kind of monopoly and lower down their fees.

[Kevin77]

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.

Coinsbase doesn't want the risk of creditcard fraud when you buy with Paypal. If they are the sending party and Coinbase is trusted, it is safe for both parties.
If they would allow you to buy Bitcoin with Paypal, they would make creditcard fraud very easy, and they would end up paying for it.

That makes them safe and their funds too safe. They already know how scammers work and they need to protect themselves from fraud and hence I don't see any harm in them not letting us buy bitcoins. It's a wise decision from Coinbase and PayPal. Hope again it's not restricted to US users only.

[yenxz]

Besides that I am not a big fan of Coinbase is any big company that start accepting bitcoins good news. Till now I don't use PayPal too often but possible it can be really useful. Only the verification of Coinbase and there gamble policy is so hateful.

I am coinbase user and not a gambler,so i think no problem if paypal choose coinbase as partner,so far i never get trouble for using coinbase,i wish more exchange have partner with other payment like paypal. 😊

[JarBinks]

This is a welcome development for Paypal and Bitcoin users. Now it is easy to use and transact bitcoin as it is backup by this big company.Im expecting additional popularity of bitcoin and it will attract more follower and supporter.

I don't think Coinbase would allow a 1:1 withdrawal via PayPal and I'm still waiting for some more information on this. If they would need us to verify our account, it would be same like Virwox and we already have read about delays in Coinbase deposits and withdrawals. Hope everything goes well.

I have been using Coinbase for more than a year, I am satisfied with the service that they provide.
I did have go to through a large amount of verification and I am pretty sure they know everything about me, including my blood type. 
My only gripe is the amount of delay they have built into buying and selling bitcoin from my bank. I have linked a checking account and it takes 3-5 days to actually receive the BTC or FIAT. Though the prices, and fees, are set the moment of purchase.
My only hope is that the partnership with Paypal may help out with that but, I am hot holding my breath.

[shinratensei_]

This is a welcome development for Paypal and Bitcoin users. Now it is easy to use and transact bitcoin as it is backup by this big company.Im expecting additional popularity of bitcoin and it will attract more follower and supporter.

I don't think Coinbase would allow a 1:1 withdrawal via PayPal and I'm still waiting for some more information on this. If they would need us to verify our account, it would be same like Virwox and we already have read about delays in Coinbase deposits and withdrawals. Hope everything goes well.

I waiting too, I hopeful with this. maybe be patience for next time and we can see more information about this news. But if easily to buy bitcoin using PayPal and difficult to buying PayPal amount with bitcoin I think I will not be interested with this.

[chineseprancing]

If only I could exchange BTC and Paypal without needing a shit ton of documents proving who I am.

I dont experience exchanging my bitcoin into paypal. But i knoe that you need to give them Many certificates. This event now Coinbase has partnered to Paypal will able us to exchange our bitcoin more easier

[pooya87]

This is a welcome development for Paypal and Bitcoin users. Now it is easy to use and transact bitcoin as it is backup by this big company.Im expecting additional popularity of bitcoin and it will attract more follower and supporter.

I don't think Coinbase would allow a 1:1 withdrawal via PayPal and I'm still waiting for some more information on this. If they would need us to verify our account, it would be same like Virwox and we already have read about delays in Coinbase deposits and withdrawals. Hope everything goes well.

I waiting too, I hopeful with this. maybe be patience for next time and we can see more information about this news. But if easily to buy bitcoin using PayPal and difficult to buying PayPal amount with bitcoin I think I will not be interested with this.

you can't buy bitcoin with your paypal through coinbase, i have not checked it myself but according to the news there is no paypal deposit yet they have only added paypal withdrawals to their system. and that is why i said before that this does not look like a prtnership

[402blownstroker]

It has partnered, but the fees defeat the purpose...

[CoinHopper]

It has partnered, but the fees defeat the purpose...

But partnering with Paypal now opens up Bitcoin to people who are not so familiar with Crypto. Many people are familar with Paypal and have used it before which is a positive side for Bitcoin. if PayPal trusts Bitcoin it gives people more incentive to trust it.

[SuperCoinGuy]

Does Coinbase only allow withdrawals to verified PayPal accounts? I am asking this because PayPal is known for randomly freezing people's accounts and also if your bank account is connected to your PayPal account they could even dip in there taking out money if they wish so. What if you have withdrawn money from Coinbase to PayPal and from there to your bank account and some problem arises with the Coinbase coins and PayPal freezes your account and takes the funds back. No more irreversible transactions with Bitcoin and no more private data protection. I would be using this service cautiously at first but I have to admit it's good in general for the adoption of Bitcoin over the world.

[Mishik]

Two centralized companies working together to join a decentralized world. Er, doesn't seem like the best idea for them or the community. *shudders*

[DimensionZ]

Two centralized companies working together to join a decentralized world. Er, doesn't seem like the best idea for them or the community. *shudders*

Yeah I don't think the Bitcoin community will be happy with getting controlled by government-owned companies that can spy on you every minute but unfortunately in order for Bitcoin to get more global adoption and to get more mainstream it means it has to give up freedom and become more centralized that's the sad truth. Centralization in exchange for adoption. Only time will show if this will work out for a decentralized system like the Bitcoin network or not, but it looks like the success lies in the hybridization of decentralization and centralization.

[cluit]

Nice find.

I have read that both Walmart and PayPal have issues with Visa, maybe this gives them a united vision to bypass Visa with their own system?

It seems that the virtual currencies are the need of time, which is slowly taking over the world in different ways possible. In fact, the world is gradually understanding bitcoin's importance and demand from the young generation because it's the need of the 21st century.

[naidray]

Bitcoin don't need PayPal. I am really surprised 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.

[Rubberduckie]

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.

well i agree and disagree

its good cause its making bitcoin seem more mainstream and could
help adoption

but I hate paypal and their business practice so I kinda dont want paypal
involved with btc

[Woshib]

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/

It is a good news that big websites like Paypal are interested in Bitcoins, it will simplify the exchange, sale of Bitcoins, or buying Bitcoins.
But, especially for Coinbase where before that, we could not pay by Paypal.
There remains only the big companies like Microsoft to accept Bitcoin.