PayPal president interested in bitcoin

[hashman]

Paypal is pretty evil, they report ALL your account info to the IRS, even if they claim "only for sellers with $20k+ in sales and 200 transactions."

Paypal wont ever allow it. They dont even understand it if they are considering it. Bitcoin makes Paypal totally obsolete.

Why would I fund Paypal with BTC if I can just send BTC directly, it costs me nothing and I dont have to provide a TaxID#, or even a name/address?

Because paypal could offer you escrow, instant verification of authorization, and a managed wallet, to name a few services they would be well ahead of the curve offering to us.       

[Herodes]

Paypal is pretty evil, they report ALL your account info to the IRS, even if they claim "only for sellers with $20k+ in sales and 200 transactions."

Paypal wont ever allow it. They dont even understand it if they are considering it. Bitcoin makes Paypal totally obsolete.

Why would I fund Paypal with BTC if I can just send BTC directly, it costs me nothing and I dont have to provide a TaxID#, or even a name/address?

Because paypal could offer you escrow, instant verification of authorization, and a managed wallet, to name a few services they would be well ahead of the curve offering to us.       

Hahha - imagine.. You can't have your bitcoins frozen, but if they were managed by Paypal and they had your private keys, they would be able to freeze them.

[Stampbit]

If paypal adopted bitcoin they would just force users to link it to their bank accounts, so if they wanted to "freeze/reverse" a bitcoin transaction they would just hold your bank account hostage.

Basically they would take everything that makes bitcoin unique and undo it through shady policies.

[virtualmaster]

If paypal adopted bitcoin they would just force users to link it to their bank accounts, so if they wanted to "freeze/reverse" a bitcoin transaction they would just hold your bank account hostage.

Basically they would take everything that makes bitcoin unique and undo it through shady policies.

That could be but nobody will be forced to use this service.

[Ekaros]

Let me guess, they will do the BTC->paypal balance in fiat. At their own rate, and then they will steal the money?

[herzmeister]

Using Bitcoin will be like using (Free-) BSD directly, only for freaks and geeks, while the masses are using the MacOSX built on top of it, aka PayPal.

[mobile4ever]

If paypal adopted bitcoin they would just force users to link it to their bank accounts, so if they wanted to "freeze/reverse" a bitcoin transaction they would just hold your bank account hostage.

Basically they would take everything that makes bitcoin unique and undo it through shady policies.

Since they would be another middle man in the bitcoin world, they will probably want to charge a service fee. Their high fees are already the reason why other payment processors give them a challenge. Bitcoin was designed to be P2P so including a third party like Paypal in the mix is going against the intentions of the whole system.

Who will want to pay MORE fees to use bitcoin when it is not necessary?

[lebing]

Who will want to pay MORE fees to use bitcoin when it is not necessary?

Those who dont want to take the time to figure out how to use a paper wallet for example.

i.e. alot of people.

[P4man]

Since they would be another middle man in the bitcoin world, they will probably want to charge a service fee. Their high fees are already the reason why other payment processors give them a challenge. Bitcoin was designed to be P2P so including a third party like Paypal in the mix is going against the intentions of the whole system.

Who will want to pay MORE fees to use bitcoin when it is not necessary?

Bitpay charges 1% fee + 2% to convert the bitcoins to fiat on your bank account. Do you think thats evil or somehow incompatible with bitcoin?
Not that I think this will happen any time soon, but if paypal can add value to retailers or customers by providing escrow, conflict resolution, currency conversion, insured online wallet,  shopping basket and other tools, then more power to them, and all the better for bitcoin.

[Stampbit]

Since they would be another middle man in the bitcoin world, they will probably want to charge a service fee. Their high fees are already the reason why other payment processors give them a challenge. Bitcoin was designed to be P2P so including a third party like Paypal in the mix is going against the intentions of the whole system.

Who will want to pay MORE fees to use bitcoin when it is not necessary?

Bitpay charges 1% fee + 2% to convert the bitcoins to fiat on your bank account. Do you think thats evil or somehow incompatible with bitcoin?
Not that I think this will happen any time soon, but if paypal can add value to retailers or customers by providing escrow, conflict resolution, currency conversion, insured online wallet,  shopping basket and other tools, then more power to them, and all the better for bitcoin.

This isnt correct

https://bitpay.com/pricing

     

eCommerce Pricing Comparison
BitPay is more cost-effective than all major online payment processors.
     Bitcoin Payout    USD Payout         Rewards Card*
   0.99%    0.99%    3.0% + $0.30    3.5% + $0.10
   BitPay    BitPay    PayPal    Visa/MC
$1    0.99%    0.99%    33.00%    13.50%
$5    9.00%    5.50%
$10    6.00%    4.50%
$20    4.50%    4.00%
$50    3.60%    3.70%
$100    3.30%    3.60%
$200    3.15%    3.55%
$500    3.06%    3.52%
Fraud Risk:    ZERO    ZERO    HIGH    HIGH

[bitcoinminer]

Whatever my issues are with Paypal- them joining bitcoin will make us rich. So I'm 100% supportive.

I'm a passionate Paypal hater. My desire to see them fail is even greater than my desire to be rich.

So I'm not supportive. I hope they perish like the dinosaurs 60+ million years ago.

Indeed.  I agree wholeheartedly.

[Mike Christ]

When I closed my PayPal account, I basically told them I was ditching for Bitcoin instead (along with a slew of other insults for various reasons, revolving around PayPal favoring scammers and ID thieves over me.)

Glad to see he listened

[bitcoinminer]

When I closed my PayPal account, I basically told them I was ditching for Bitcoin instead (along with a slew of other insults for various reasons, revolving around PayPal favoring scammers and ID thieves over me.)

Glad to see he listened

I had some similar issues.  I was like "Really?  You're telling me someone can literally steal money from me, and if it's less than a certain dollar amount, you don't care?"

And as a seller, any dispute whatsoever and they INSTANTLY yank money out of your account and send it into limbo while they sort through the arguments of some ebay douchebag.

[mobile4ever]

Since they would be another middle man in the bitcoin world, they will probably want to charge a service fee. Their high fees are already the reason why other payment processors give them a challenge. Bitcoin was designed to be P2P so including a third party like Paypal in the mix is going against the intentions of the whole system.

Who will want to pay MORE fees to use bitcoin when it is not necessary?

Bitpay charges 1% fee + 2% to convert the bitcoins to fiat on your bank account. Do you think thats evil or somehow incompatible with bitcoin?
Not that I think this will happen any time soon, but if paypal can add value to retailers or customers by providing escrow, conflict resolution, currency conversion, insured online wallet,  shopping basket and other tools, then more power to them, and all the better for bitcoin.

Do you think thats evil or somehow incompatible with bitcoin?

Nope - But it is probably unnecessary. It is possible to just have software do it for nothing.

[Twerka]

Accepting bitcoin, they can have information about all people using bitcoins.

PayPal has your bank account info, your documents, and, it's a US company. Remember.

[P4man]

eCommerce Pricing Comparison
BitPay is more cost-effective than all major online payment processors.
     Bitcoin Payout    USD Payout         Rewards Card*
   0.99%    0.99%    3.0% + $0.30    3.5% + $0.10
   BitPay    BitPay    PayPal    Visa/MC
$1    0.99%    0.99%    33.00%    13.50%
$5    9.00%    5.50%
$10    6.00%    4.50%
$20    4.50%    4.00%
$50    3.60%    3.70%
$100    3.30%    3.60%
$200    3.15%    3.55%
$500    3.06%    3.52%
Fraud Risk:    ZERO    ZERO    HIGH    HIGH

Seems like they changed it. If so, I stand corrected. Last time I checked they posted their 0.99% fee in big font and hid the 2% conversion fee. I found that rather sleazy and it also made bitpay more expensive than paypal or visa for most merchants. I guess the increased volume and number of customers allowed bitpay to seriously drop their rates, that can only make me happy.

Point remains however, its not free, and one shouldnt expect all bitcoin related services to be free. Bitpay offers a real and valuable service and Paypal could do that just as well.

[deathcode]

I wonder why paypal or some bank just doesn't make their own cryptocurrency? I read some where that Canadians banks are looking into making digital currency. I always hated having to use credit cards for online payments since they are irresponsible when it comes to security, too easy to cause recurring fees, interest etc.

The problem is that there was no alternative UNTIL bitcoins came about. A little ingenuity and mathematics and you can post an address online with no risk of theft and commerce can flow so smoothly. We are still at the tip of the iceberg of what cryptocurrencies can do.

Paypal is not worried about bitcoins because of the difficulty in purchasing bitcoins. The irony being that an internet currency that can't be obtained online. If paypal is smart they should brand themselves as the only place to purchase bitcoins with credit cards.

Don't be surprised if Apple comes up with their own currency for Passbook!

[P4man]

Nope - But it is probably unnecessary. It is possible to just have software do it for nothing.

The only way I knew off to convert bitcoins to euro or dollar for nothing was bitcoin-24 and that turned out to be hugely expensive.
IN the real world there is a need for services offered by companies like bitpay and paypal. And those services are valuable and cost money. I see nothing wrong with that.

The cool thing about bitcoin is that you have the choice. You dont have to use and pay for services you may not need, but having those services is definitely a good thing.

[mobile4ever]

Nope - But it is probably unnecessary. It is possible to just have software do it for nothing.

The only way I knew off to convert bitcoins to euro or dollar for nothing was bitcoin-24 and that turned out to be hugely expensive.
IN the real world there is a need for services offered by companies like bitpay and paypal. And those services are valuable and cost money. I see nothing wrong with that.

The cool thing about bitcoin is that you have the choice. You dont have to use and pay for services you may not need, but having those services is definitely a good thing.

The cool thing about bitcoin is that you have the choice.

Yes, choice is good. In the real world, technology should make our lives easier. Once "word of mouth" gets far enough with new technology, it is another minute or two of our lives that we have taken back ( times a million or two people).

[P4man]

This isnt correct

https://bitpay.com/pricing

BTW, this might be slightly off topic, but do I read this right? A deposit address at bitpay is free, and as long as the amount is bigger than $20 or €100 they will convert it to your bank account for free. Does that mean Bitpay can be (ab)used as a free exchange, at least to sell coins? When I check their exchange rates here:
https://bitpay.com/bitcoin-exchange-rates
THey are actually a tiny fraction higher than MtGox prices. But that may just be a delay thing.