[2018-02-22] PayPal CFO: Bitcoin’s Success is Very Likely

[tyz]

PayPal CFO: Bitcoin’s Success is Very Likely

There’s a lot of doubt surrounding Bitcoin’s potential as a viable, real-world currency – but PayPal’s chief financial officer sees only positive things in the dominant cryptocurrency’s future.

http://bitcoinist.com/paypal-cfo-bitcoins-success-is-very-likely/

[cynical]

Interesting,
I wonder when John Rainey thinks bitcoins Volatility settles down? when all coins are mined?
Positive news and a positive sensible outlook is great to hear rather than the usual crap we hear from people in power, for example
https://bitcointalk.org/index.php?topic=2960408.0 - Warren Buffett’s longtime sidekick says Bitcoin is ‘noxious poison’

I also wasnt aware that I could use Bitcoin on its platform?
I just see now it is a merchant option:

This is not the first time PayPal has shown support for Bitcoin and cryptocurrency.
PayPal was one of the first companies to accept cryptocurrency as a currency on its platform,
allowing merchants the option to be paid in Bitcoin as early as 2014/2015.

[okae]

Given the volatility of bitcoin right now, it’s not a reliable currency for transactions because if you’re a merchant and you have a 10% profit margin, and you accept bitcoin, and the very next day bitcoin drops 15%, you are now underwater on that transaction.

Well, you have two ways to solve this "problem":

• Convert BTC<=>$ipso facto
• Wait for LN

Voilá! all of the currents merchants problems solved , what will be the next excuse to don't use it?

[Lucius]

This is not first time some of PayPal high ranking staff say positive things about BTC and future of cryptocurrency.We all remember PayPal co-founder Peter Thiel and his opinion about BTC,and also his investments which was the "big" news recently.

PayPal was one of the first companies to accept cryptocurrency as a currency on its platform,
allowing merchants the option to be paid in Bitcoin as early as 2014/2015.

This part is not clear to me,because there is some general opinion that PayPal is not too friendly when it comes to buying/selling cryptocurrency?

[1Referee]

PayPal was one of the first companies to accept cryptocurrency as a currency on its platform,
allowing merchants the option to be paid in Bitcoin as early as 2014/2015.

This part is not clear to me,because there is some general opinion that PayPal is not too friendly when it comes to buying/selling cryptocurrency?

It's misleading, very much so. In order to potentially "accept" Bitcoin, businesses will need to integrate with Braintree Payments. Braintree Payments is part of PayPal, but as seperate platform. PayPal itself still operates an anti buying and selling crypto policy. It's yet again an article twisting the reality. How difficult is it for a writer to just do an extra bit of research? Great that you noticed this, it shows that at least some people actually take the time to read an article before blindly posting something.

[aeternus]

Interesting,
I wonder when John Rainey thinks bitcoins Volatility settles down? when all coins are mined?

Volatility is probably going to stay for a long time and in fact I do not think we are going to see it go away during our lifetimes, the limited supply adds to the volatility since no central authority can print more of it to satisfy the demand, this is part of the design but this increases the volatility, many believed an higher market cap will make the price more stable but it does not work like that, whales hold bitcoin and an increase in the price of bitcoin does not change the amount of bitcoin they hold so whales can still manipulate the market as they wish.

[Lucius]

PayPal was one of the first companies to accept cryptocurrency as a currency on its platform,
allowing merchants the option to be paid in Bitcoin as early as 2014/2015.

This part is not clear to me,because there is some general opinion that PayPal is not too friendly when it comes to buying/selling cryptocurrency?

It's misleading, very much so. In order to potentially "accept" Bitcoin, businesses will need to integrate with Braintree Payments. Braintree Payments is part of PayPal, but as seperate platform. PayPal itself still operates an anti buying and selling crypto policy. It's yet again an article twisting the reality. How difficult is it for a writer to just do an extra bit of research? Great that you noticed this, it shows that at least some people actually take the time to read an article before blindly posting something.

Maybe PayPal have some plans regarding BTC in future,at least some people who are part of that company have a very positive opinion about cryptocurrency.Peter Thiel certainly did have some plans,but in the end he left company-some say because of the inability to implement some of his ideas.

John Rainey has similar thoughts regarding BTC, and maybe PayPal is working on some way to integrate cryptocurrency in their business,or John awaits the same fate as Peter Thiel.I think many companies looking for ways to join to crypto train while it's time,no one wants to stay on the sidelines.

I always like to read a good article-it makes no sense to comment on something if you do not know what it is about

[Samarkand]

This is not first time some of PayPal high ranking staff say positive things about BTC and future of cryptocurrency.We all remember PayPal co-founder Peter Thiel and his opinion about BTC,and also his investments which was the "big" news recently.

...

I wouldn´t overestimate the investment of Peter Thiel into BTC. Likely a big share
of the investment of his fund is client money (I assume that his fund doesn´t only consist
of his personal funds?) and not own capital.

Besides, if you measure his Bitcoin investment in terms of percentage of his total net worth,
most of us have probably invested a higher percentage of our net worth into Bitcoin. His
exposure to BTC therefore is pretty conservative and not exactly the big news that some people
claim it is.

[patt0]

It's a quite positive point of view and it's good to hear that for a change. Specially if we consider that bitcoin could somehow hurt paypal, if it establishes it self as a payment method. People like the security provided for paypal, but I'm sure a lot of people would enjoy paying with bitcoin as well, since it doesn't require them to link a credit card or a bank account in order to make any payments, and the fees should be even lower than paypal as soon as LN gets deployed.

[BitHodler]

People like the security provided for paypal, but I'm sure a lot of people would enjoy paying with bitcoin as well, since it doesn't require them to link a credit card or a bank account in order to make any payments, and the fees should be even lower than paypal as soon as LN gets deployed.

PayPal offers ultimate security for the buyer side, which is a horrible feature affecting sellers. PayPal has become a scam haven with how easily it is to charge back on people selling stuff, which is pissing them off understandably.

Bitcoin will allow sellers to finally enjoy an ultimate form of security and protection of their cash flow due to how transactions become final once confirmed. One way or another, it would be cool to see PayPal merge with Bitcoin.

SegWit fees are already way lower than PayPal's fees. Currently a fee of $0.10 in Bitcoin is enough to get a guaranteed confirmation within 2 blocks. Imagine what lightning network will do with the fees.

[prehisto]

PayPal offers ultimate security for the buyer side, which is a horrible feature affecting sellers. PayPal has become a scam haven with how easily it is to charge back on people selling stuff, which is pissing them off understandably.

Yes, this enables scams in variety of ways. I have lost money on ebay buyers trough Paypal which make claims and win automatically. Also recently i had a situation when PayPal just reversed 3 different payments to buyers without any reason! ( 3 countries and 3 different dates) They were shipped and tracking was added.

Bitcoin will allow sellers to finally enjoy an ultimate form of security and protection of their cash flow due to how transactions become final once confirmed. One way or another, it would be cool to see PayPal merge with Bitcoin.

In this scenario buyers are not protected at all thus it wont work . Escrow is needed in some way.

[BitHodler]

In this scenario buyers are not protected at all thus it wont work . Escrow is needed in some way.

If PayPal handles everything the same, it surely won't work that's right. However, if PayPal offers people the option to accept vanilla Bitcoin payments without buyers protection, then it will definitely work.

It gives sellers a peace of mind, and will allow people to use Bitcoin in any store or shop accepting standard PayPal payments. If buyers protection is so important for people, then there is an option, but it will be fiat settled.

If you for example buy something with Bitcoin, and you legitimately open a claim to get your funds back, you'll be getting the funds back in fiat instead of Bitcoin, because there is no way I can ever see PayPal hold Bitcoin.

They will liquidate all their Bitcoins directly through the exchange they partnered with by that time.

[Granxis]

PayPal CFO: Bitcoin’s Success is Very Likely

There’s a lot of doubt surrounding Bitcoin’s potential as a viable, real-world currency – but PayPal’s chief financial officer sees only positive things in the dominant cryptocurrency’s future.

http://bitcoinist.com/paypal-cfo-bitcoins-success-is-very-likely/

Obviously I never thought PayPal was against Bitcoin, but Bitcoin users are not thinking about paypal. If we think of Paypal in 2002, we can say that Bitcoin is new compare as Paypal.

[prehisto]

In this scenario buyers are not protected at all thus it wont work . Escrow is needed in some way.

If PayPal handles everything the same, it surely won't work that's right. However, if PayPal offers people the option to accept vanilla Bitcoin payments without buyers protection, then it will definitely work.

It gives sellers a peace of mind, and will allow people to use Bitcoin in any store or shop accepting standard PayPal payments. If buyers protection is so important for people, then there is an option, but it will be fiat settled.

If you for example buy something with Bitcoin, and you legitimately open a claim to get your funds back, you'll be getting the funds back in fiat instead of Bitcoin, because there is no way I can ever see PayPal hold Bitcoin.

They will liquidate all their Bitcoins directly through the exchange they partnered with by that time.

The model which you just described would be great if they actually decided to implement it. Lets hope they will do something like this.
Also I believe they will have to do something new since they are in trouble because of their exclusive Ebay relationship ending ( thank god) soon.

[btrice7]

Paypal is the biggest company that gives the most support to Bitcoin.thank you for us..

[Qartersa]

I am very careful when it comes to accepting praises from large companies mainly because I know there are reasons why they have to advertise their company's name in support of it when they can just come as their individual selves in support of Bitcoin or any other cryptos. It just goes to show they are trying to influence the market yet again. If you think of it, they are using Bitcoin's popularity to further their cause. It is in all likelihood very fishy to think that many are at odds with cryptos yet here comes a huge company that openly comes in support of it. Later we will figure what really is the purpose behind.

[ApocalypseNow]

Even the banks stating that it is a threat so it just means everyone knows where bitcoin is heading. And I think that those big financial names know that it's the time for them to surrender their war against it.