Paypal's acceptance of BTC. Massive price rise?

[Zaih]

Edit: I'm extremely stupid. Already a thread on this: https://bitcointalk.org/index.php?topic=187139.0 Soz guys!

http://thenextweb.com/insider/2013/04/24/paypal-president-is-fascinated-by-bitcoin-says-company-is-thinking-about-including-the-virtual-currency/

This was already posted in the press section.

This will surely make Bitcoins a LOT more easier to obtain for the average person. This will surely have to lead to a massive increase in demand..

If this indeed does end up happening, what sort of rise do you think we'd be looking at?

[naphto]

The demand will stay the same...
That's not because you allow to use drugs, that suddenly everyone will buy drugs in the street.


Only stupid deadbrain fanatic + some investors wanting to make money will use bitcoins.
And they are already in, with or without paypal.

[Zaih]

Gonna have to disagree with you sir.

I know a lot of people would invest in bitcoins or give it a shot if it was more widely accepted. Paypal using it definitely screams that.

It also makes it a lot more convenient. I know tonnes of people who would buy Bitcoin's if they could just use Paypal. Especially in countries like Australia where a lot of the easier payment methods for places such at Gox don't work

[massivebitman]

Is that for real?

Sounds like bullshit.

Paypal wouldn't go near it yet. Why promote something that could damage your business?

Then again when/if it really takes off it'd be a good business for them to get into

[Rampion]

Paypal will never embrace BTC, because BTC is a natural enemy for Paypal. It endangers their position.

At best, they are looking "into BTC" to understand how it works... For them to create their own cryptocurrency.

They do not like "decentralized" systems, and they want you to need a trusted third party (Paypal), which you do not need at all with BTC

[CalicoChris]

Paypal will never embrace BTC, because BTC is a natural enemy for Paypal. It endangers their position.

If you have btc, why do you need paypal?  Is btc not designed to be able to trade without that 3rd party?  It seems completely un-intuitive to have paypal in the mix.
Thing is, the bitcoin community has a huge education burden that needs to be picked up.  Also the scammers and the junk need to be relegated to a lower level of noise.  Also, the 'wallet' concept needs to be more secure and simpler to administer and it is getting there!  Also, we need exchanges that are hardened and trustworthy.  So, ease of use, reliability, security and education ... what's not to like and who needs paypal?    

[Hawker]

The demand will stay the same...
That's not because you allow to use drugs, that suddenly everyone will buy drugs in the street.


Only stupid deadbrain fanatic + some investors wanting to make money will use bitcoins.
And they are already in, with or without paypal.

Actually that isn't strictly true.  In the UK, its very hard to get Bitcoin.  Being able to swap from Sterling to Bitcoin in your paypal UI would be very convenient and I suspect you'd see a huge boost in the cost of Bitcoin

[Kluge]

They're talking about cloning BitPay. It's reasonable, and PayPal's known for some adventurism. (remember money-market accounts?)

They're in a great position to do a massive launch. Reversibility is still possible, because the BTC is converted to USD at time of transaction. (or they might make you deposit into Paypal, then have it convert once there are 6 confirmations -- so it isn't an immediate source of payment, but a way to put cash in your PayPal account, which could of course be withdrawn)

[Hawker]

It would be the end of mt.gox though. Easy to get BTC by doing a normal currency conversion within Paypal.  Then equally easy to switch back.