Three Paypal founders invest in BitPay

[lebing]

Soon: 4% fee on bitpay

No more advantage over PayPal

They have stated publicly that their fees will only go down over time and have already made good on the promise once so far.

[Zaih]

Amazing news. Let's hope the follow up doesn't let us down

[wopwop]

Soon: 4% fee on bitpay

No more advantage over PayPal

They have stated publicly that their fees will only go down over time and have already made good on the promise once so far.

Lol and what are you going to do when they are well established and start raising the fees? Cry they lied to you?

[Malawi]

Soon: 4% fee on bitpay

No more advantage over PayPal

They have stated publicly that their fees will only go down over time and have already made good on the promise once so far.

Lol and what are you going to do when they are well established and start raising the fees? Cry they lied to you?

It's much easier for a merchant to switch to another provider of bitcoin exchange than it is to switch the userbase into another payment service.

IOW - Paypal is not mainly about delivering payment services to merchants, but to have a ready-made system with a large userbase.
With bitcoins the userbase part is made into a public good, and the merchants can tap into that userbase with whatever tool they choose.
The payments can be bitcoin by itself, bitcoins trough coinbase or bitcoin trough <insert random bitcoin conversion service here>

[lebing]

Soon: 4% fee on bitpay

No more advantage over PayPal

They have stated publicly that their fees will only go down over time and have already made good on the promise once so far.

Lol and what are you going to do when they are well established and start raising the fees? Cry they lied to you?

They lose alot of customers to the next in line (and there will be plenty soon enough).

[BCB]

This is great news. Tony Gallippi the founder of Bitpay, is one of the good guys and a terrific bitcoin advocate.

To my knowelege Bitpay is a "payment processor" and not subject to finCEN regulation that now requires bitcoin businesses that buy and sell bitcoins to be registered as a Money Service Business (MSB).

Finally, Paypal did not invest in Bitpay, the very wealthy and influential founders of Paypal invested which is clearly great news for Bitpay specifically and Bitcoin in general.

Congrats!

[wopwop]

Soon enough BitPay will introduce online wallets for customers

[Gordonium]

Soon enough BitPay will introduce online wallets for customers

And that would end the debate about long confirmation time. I hope they will do it.

[Hfleer]

Soon enough BitPay will introduce online wallets for customers

Good news for bitcoin adoption for commoners, many who wouldn't want to bother with a regular wallet.  Bitpay could really take off.

[wopwop]

Soon enough BitPay will introduce online wallets for customers

Good news for bitcoin adoption for commoners, many who wouldn't want to bother with a regular wallet.  Bitpay could really take off.

bitpay opening online wallets for customers means they become a bitcoin bank

it would be like banks are to hard cash:
1. fractional reserve
2. credit

if you understand that bitcoin's nemesis are banks, then you see that that bitcoin's survival requires that there will not be bitcoin banks

bitcoin banks becomes more popular than bitcoin itself -> bye bitcoin


too bad this will happen anyway, with or w/o bitpay, because bitcoin is too user unfriendly in different core aspects

if bitcoins would somewhat catch on in popularity it will be in such banks and not bitcoin itself

[notme]

Soon enough BitPay will introduce online wallets for customers

Good news for bitcoin adoption for commoners, many who wouldn't want to bother with a regular wallet.  Bitpay could really take off.

bitpay opening online wallets for customers means they become a bitcoin bank

it would be like banks are to hard cash:
1. fractional reserve
2. credit

if you understand that bitcoin's nemesis are banks, then you see that that bitcoin's survival requires that there will not be bitcoin banks

bitcoin banks becomes more popular than bitcoin itself -> bye bitcoin

If you understand wallets are not the same as bank accounts, then you see that you are jumping to conclusions that will likely not play out in reality.

Do some research on the blockchain.info wallet model.  It doesn't support fractional reserve, credit, nor does it even give the operators access to any funds.


That said, fractional reserve bitcoin accounts will probably happen eventually, but when a bank run happens those who gave up control of their money will learn their lesson instead of being baled out.  We will always have the choice to avoid such institutions.

[Gordonium]

Soon enough BitPay will introduce online wallets for customers

Good news for bitcoin adoption for commoners, many who wouldn't want to bother with a regular wallet.  Bitpay could really take off.

bitpay opening online wallets for customers means they become a bitcoin bank

it would be like banks are to hard cash:
1. fractional reserve
2. credit

if you understand that bitcoin's nemesis are banks, then you see that that bitcoin's survival requires that there will not be bitcoin banks

bitcoin banks becomes more popular than bitcoin itself -> bye bitcoin


too bad this will happen anyway, with or w/o bitpay, because bitcoin is too user unfriendly in different core aspects

if bitcoins would somewhat catch on in popularity it will be in such banks and not bitcoin itself

Commercial/Investment Banks aren't the enemy. Central Banks are the enemy.

[kokojie]

That's how it goes, they want to own all the competition.

[Theraty]

Soon enough BitPay will introduce online wallets for customers

Good news for bitcoin adoption for commoners, many who wouldn't want to bother with a regular wallet.  Bitpay could really take off.

bitpay opening online wallets for customers means they become a bitcoin bank

it would be like banks are to hard cash:
1. fractional reserve
2. credit

if you understand that bitcoin's nemesis are banks, then you see that that bitcoin's survival requires that there will not be bitcoin banks

bitcoin banks becomes more popular than bitcoin itself -> bye bitcoin


too bad this will happen anyway, with or w/o bitpay, because bitcoin is too user unfriendly in different core aspects

if bitcoins would somewhat catch on in popularity it will be in such banks and not bitcoin itself

Commercial/Investment Banks aren't the enemy. Central Banks are the enemy.

What if the users own the bank say with shares giving them the control decision making involved int he running of the bank and accounts

[hubbabubbabaker]

If you do a little research, you discover that once upon a time, Peter Thiel was quite the firebrand.  His concept of what PayPal was created for, and what it could become, was remarkably revolutionary and disruptive.  He was essentially an anarcho-bitcoin fanatic, with the goal of ending what he saw as a totally corrupt world financial system.

So there's two possibilities here.  Either 1.) he's back on track and hoping to right his past failure, or 2.) he's hoping to sell out again for even more this time.

I can't say that I favor the odds of either one of those over the other.

It's the latter, history tells us that it's always the latter. To believe otherwise is naive. I'd wager that his initial pro-anarcho position was simply a fabrication to garner support for his business.

[XXthetimeisnowXX]

Great just what we need, PayPal having absolutely anything to do with bitcoin.

+1 haha no doubt. I hate paypal with a passion!!!

[freedomno1]

So a second chance not to screw up hope they do it right
I know paypals popular so not a true screw up but I mean follow their ambitions