The Paypal for Bitcoin

[Suleimantheone]

Hello Guys,

I 've seen a project that is under development phase, the main idea of this project is to be what Paypal is for fiat.

I am sure most of you know how comfortable the bitcoin environment can be for people who try to scam others and play with bad faith.

So, this project aims to solve this issue while People can rest assured when using bitcoin throughout this service, it can be used to pay services, send money ,etc.

From my perspective, Bitcoin was not created to work through a centralized network but in the short and mid-term this solution can help bitcoin to achieve mass adoption faster.

I want to know, what do you guys think about this project?

[FATechnologies]

I really didn't get the project properly, but you can PM me for development advice

[JollyGood]

Beware, scammers change their names:

https://bitcointalk.org/index.php?topic=1931218.0

https://bitcointalk.org/index.php?topic=1973137.0

[iamTom123]

I love the idea of having a company similar to PayPal and using Bitcoin as the medium of payment. Is that the main idea of your post here? It is a little bit confusing actually so I am encouraging you to post more technical details. I had been with PayPal for many years before shifting to cryptocurrency.

PayPal had some issues which to these days are still unresolved. Maybe because they don't want to get entangled with the government, they became stricter than usual and this resulted into many online marketers leaving PayPal for good.

I am sure though that sooner or later, PayPal would incorporate cryptocurrency into their business model otherwise they would be losing more business value and may just fade away.

[User365]

If you plan on creating a new "token" which I call now (Paypal-BTC), and the advantage is extreme fast tx like in the real Paypal and chargeback and stuff, then

NO please don´t do this. If you create a Paypal for Cryptocurrencies you would have another fiat (Paypal-BTC)

for a further expalanation: What is fiat? Fiat is in fact some guy (bank) who tells you he keeps your Gold (yes your Gold!) safe and gives you a Coupon with which you can get your Gold back (Fiat, f.e. €, $, ...). Every curreny (except crypto) is covered by the bank by gold, but only by ~3%, because nobody goes to the bank and wants their gold back, so not nessacary to have 100% of the "coupons"/fiat covered by gold. Why do people do this? Because it is dam unconvinient to carry a lot gold around or keep it save.

Now some genious (Satoshi Nakamoto) solved this problem, he invented a new "Gold" (the bitcoin), which is convininent. (It is not right now because of the scaling problem, I know and I am very very sad about that). But if you create now the Paypal-BTC which is covered by the real BTC, simmilar to Fiat and Gold, it destroys the whole ideology of BTC. The company which runs/owns Paypal-BTC could give out 100 million Paypal-BTC whereas there are only 21 million (again simmilar to gold, gold is not unlimited accessible, equivalent to BTC)

For those who didn´t know this stuff, now guess why it is called bitcoin MINING, maby because Gold is mined too ?  

[Slow death]

I want to know, what do you guys think about this project?

You have not posted many details, paypal is a reversible processor, how will you do something like paypal?

How much do you want to invest in this project and who are you?

[Kprawn]

It is the 3rd party services that are the weak points in Crypto currencies. We know centralized services like exchanges and wallet providers are

targeted the most and then people want to create more centralized services to attract more people to Bitcoin. Just imagine what will happen when

a big centralize service like Coinbase goes down? {like what happened with MtGox} 

[JollyGood]

It is the 3rd party services that are the weak points in Crypto currencies. We know centralized services like exchanges and wallet providers are

targeted the most and then people want to create more centralized services to attract more people to Bitcoin. Just imagine what will happen when

a big centralize service like Coinbase goes down? {like what happened with MtGox} 

After Cryptsy and Mt Gox, I have no trust in exchanges. Sooner or later Coinbase will announce bad news too.

[Bytextech]

I love the idea of having a company similar to PayPal and using Bitcoin as the medium of payment. Is that the main idea of your post here? It is a little bit confusing actually so I am encouraging you to post more technical details. I had been with PayPal for many years before shifting to cryptocurrency.

PayPal had some issues which to these days are still unresolved. Maybe because they don't want to get entangled with the government, they became stricter than usual and this resulted into many online marketers leaving PayPal for good.

I am sure though that sooner or later, PayPal would incorporate cryptocurrency into their business model otherwise they would be losing more business value and may just fade away.

Dear iamTom123, Paypal is a huge corporation with huge capital and a lot of customers world wide, if Paypal was interested in cryptocurrencies they could arrange it in one night, its all about market and demand. Only few are in blockchain/bitcoin world actually, there are appox 15 million wallets all over the world, and how many at Paypal ?
The true is that crypto world is running well and adopts local markets and sme agents, tremendous growth will be in case of big corporations are going join us. The second point is that legal bells are loud, risk monitoring and compliance  is a must for every solid business.
It takes time to implement new technologies anyway .

Take care

[orarider]

I want to know, what do you guys think about this project?

You have not posted many details, paypal is a reversible processor, how will you do something like paypal?

How much do you want to invest in this project and who are you?

Paypal and bitcoin are completely different, with bitcoin, the transactions are completely secret, you can not get back when sent it. Conversely, with paypal, you can give proof to get back the amount that was sent. They have their own advantages, depending on their usage.

[civilufo]

It is the 3rd party services that are the weak points in Crypto currencies. We know centralized services like exchanges and wallet providers are

targeted the most and then people want to create more centralized services to attract more people to Bitcoin. Just imagine what will happen when

a big centralize service like Coinbase goes down? {like what happened with MtGox} 

After Cryptsy and Mt Gox, I have no trust in exchanges. Sooner or later Coinbase will announce bad news too.

But still we need exchanger to exchange our coin. It is always recommended do not keep your coins in exchanger, keep in self wallet, only transfer to exchanger if needed.

[vikingchild]

The basic concept is absolutely fine - but it looks a bit bare on the bone to me. There needs to be more substance to this if your plan is to take this to market with some developers, unless you are the developer of course. If you can manage to get this work extremely fast, reducing fees etc. then it may work out just fine.

[carlfebz2]

Simple concept but still somehow risky knowing that Paypal transactions are irreversible and I don't know on how they would able to surpass those things knowing that this is one of the features of Paypal I do really hate as a buyer. If you do make a coin or an exchange then it would really takes time and I don't see for a reason for this project to be funded or to be supported.

[Pab]

There is service like that already.Spectrocoin i working very well for me,supporting diffrents fiat,btc,dash,claime and othersThay have very good visa cards and thay are legit.Create paypal for btc is enigmatic and not enough info.Personally i am not paypal biggest fan

[Rahar02]

the main idea of this project is to be what Paypal is for fiat.

I don't get it, to be what Paypal is for fiat?
PayPal for fiat?

So, this project aims to solve this issue while People can rest assured when using bitcoin throughout this service, it can be used to pay services, send money ,etc.

People could use PayPal or bitcoin to pay services or send money, why bother to use your service?
Bitcoin transactions can't be cancelled, so people have to be sure before send it or using escrow to be safe.

From my perspective, Bitcoin was not created to work through a centralized network but in the short and mid-term this solution can help bitcoin to achieve mass adoption faster.

How could this project could help bitcoin to achieve mass adoption faster?
Conclusion; this project remainsl unclear and confusing, nothing more than just a plan in your mind.

[mvidetto]

Maybe you should choose a different payment method and base a project on it, different to Paypal, but it must be secure and protected 'cause Paypal has an option to get money back if you have a proof that the transaction was really made.