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Author Topic: [2018-05-23]Paypal:We'll 'Definitely support bitcoin if...  (Read 67 times)
Prodigye
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May 23, 2018, 05:32:48 PM
 #1

it becomes 'better currency'.
The CFO of PayPal defended the case for fiat merchant settlements Monday, telling mainstream media the company could nonetheless “definitely support” Bitcoin in the future.
Read the full article at bitcoinist here:http://bitcoinist.com/paypal-well-definitely-support-bitcoin-becomes-better-currency/
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May 23, 2018, 07:25:02 PM
 #2

So, they are basically saying that BTC has to do all the work on its own and once it's already taken over the world PP will embrace it. That's not how it works. If you do that you'll be one of the last to do it. In other words, you'll get left behind. I don't really care, it's your company, but it already is a better currency, you're just too ignorant to notice.
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May 23, 2018, 07:57:07 PM
 #3

So, they are basically saying that BTC has to do all the work on its own and once it's already taken over the world PP will embrace it. That's not how it works. If you do that you'll be one of the last to do it. In other words, you'll get left behind. I don't really care, it's your company, but it already is a better currency, you're just too ignorant to notice.

PayPal won't serve that much of a purpose anymore with proper LN clients making micro transactions instant and near free. I quite often read about how some old-school investors compare Bitcoin to a company back in the dot com boom, but they don't understand that Bitcoin itself can be upgraded and have applications run on top of it. All the companies back in the dot com boom time didn't bother to change and adapt to the situation, which resulted in them to be wiped off the table, and in this case PayPal might be one of them as well, but then in recent times. At some point I can see Coinbase become that what PayPal is right now, and they applied for a banking license, so the future looks bright for everything related to crypto, but not so much for the traditional payment services.
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May 24, 2018, 07:27:18 PM
 #4

So, they are basically saying that BTC has to do all the work on its own and once it's already taken over the world PP will embrace it. That's not how it works. If you do that you'll be one of the last to do it. In other words, you'll get left behind. I don't really care, it's your company, but it already is a better currency, you're just too ignorant to notice.

If Paypal supports bitcoin now, bitcoin will become a better currency.
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May 24, 2018, 07:47:17 PM
 #5

So, they are basically saying that BTC has to do all the work on its own and once it's already taken over the world PP will embrace it. That's not how it works. If you do that you'll be one of the last to do it. In other words, you'll get left behind. I don't really care, it's your company, but it already is a better currency, you're just too ignorant to notice.
They do already noticed such thing thats why they do said up these words as a diversion of their worrying into the current situation which is happening to bitcoin.It would surely gradually took over PP place where people would able to recognize the existence and realize the benefits that they can get thru Bitcoin in terms of payment system.If it does then its time to say Goodbye.


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May 24, 2018, 08:01:07 PM
 #6

If Paypal supports bitcoin now, bitcoin will become a better currency.
Wrong.

If PayPal supports Bitcoin, PayPal will become a better and more popular service.

Bitcoin doesn't need PayPal. Coinbase can function as payment gateway without any problems, and can do exactly the same as PayPal is doing, especially if they become a bank themselves at some point.

If Coinbase is being granted a banking license, PayPal can just suck it up and see how they have wasted a precious opportunity to enter a booming industry. EBay ditched them, and now they refuse to make up for that.

This is exactly what's holding back similar financial services. They keep waiting till at some point they realize that they are too late to join the party. First mover advantage matters, and they put it to waste........

Lanatsa
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May 24, 2018, 08:16:17 PM
 #7

If Paypal supports bitcoin now, bitcoin will become a better currency.
Wrong.

If PayPal supports Bitcoin, PayPal will become a better and more popular service.

Bitcoin doesn't need PayPal. Coinbase can function as payment gateway without any problems, and can do exactly the same as PayPal is doing, especially if they become a bank themselves at some point.

If Coinbase is being granted a banking license, PayPal can just suck it up and see how they have wasted a precious opportunity to enter a booming industry. EBay ditched them, and now they refuse to make up for that.

This is exactly what's holding back similar financial services. They keep waiting till at some point they realize that they are too late to join the party. First mover advantage matters, and they put it to waste........
Financial services would be commonly hesitates to make first move because they wont able to know on what would happen into their company if they would able to implement such acceptance of bitcoin into their service.
If paypal would accept bitcoin then how they would profit? This is the first thing comes thru my mind.

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May 24, 2018, 09:55:58 PM
 #8

So, they are basically saying that BTC has to do all the work on its own and once it's already taken over the world PP will embrace it. That's not how it works. If you do that you'll be one of the last to do it. In other words, you'll get left behind. I don't really care, it's your company, but it already is a better currency, you're just too ignorant to notice.

Interesting. In other words, bitcoin has the obligation to be a 'better currency' in order to be accepted by the company. To begin with, bitcoin is not even considered as a currency to other countries since it does not follow the requisites to be a currency. Some countries treat cryptocurrencies in general as an alternative way of earning income. Not to mention, few countries even consider it as an asset than a currency.

There is no standard definition of what 'bitcoin' truly is as it depends on the country that you are dwelling. You are right that once countries start to accept its legality and status, bitcoin would be considered as something that will be inviolable and indispensable and companies like paypal or other relevant companies will have no choice but to adapt and follow it. The only question that matters is- WHEN?

If Paypal supports bitcoin now, bitcoin will become a better currency.
Wrong.

If PayPal supports Bitcoin, PayPal will become a better and more popular service.

Bitcoin doesn't need PayPal. Coinbase can function as payment gateway without any problems, and can do exactly the same as PayPal is doing, especially if they become a bank themselves at some point.

If Coinbase is being granted a banking license, PayPal can just suck it up and see how they have wasted a precious opportunity to enter a booming industry. EBay ditched them, and now they refuse to make up for that.

This is exactly what's holding back similar financial services. They keep waiting till at some point they realize that they are too late to join the party. First mover advantage matters, and they put it to waste........

I think the benefit goes both ways since it can be considered as mutual. If bitcoin has been accepted into the platform of PayPal, then its potential throughout in terms of being accepted is endless. Other large trading platforms may follow this step and accept bitcoin as an alternative payment for their products/services.On the other hand, more people would start to utilize PayPal- which ultimately increases their customers and users using their website as a trading platform.
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May 25, 2018, 01:37:43 AM
 #9

PayPal might be considering to become a big crypto gateway like Coinbase, because as long as fiat exists, there will be a need for those, so it's not like Bitcoin is going to kick companies like PayPal out of business even if it will be adopted by the majority of population. I don't think that they are actually waiting for it to become a better currency though, they are not supporting it because its main use case right now is trading and not purchases, so integrating it would provide very little benefit to PayPal.

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May 25, 2018, 02:32:00 AM
 #10

PayPal might be considering to become a big crypto gateway like Coinbase, because as long as fiat exists, there will be a need for those, so it's not like Bitcoin is going to kick companies like PayPal out of business even if it will be adopted by the majority of population. I don't think that they are actually waiting for it to become a better currency though, they are not supporting it because its main use case right now is trading and not purchases, so integrating it would provide very little benefit to PayPal.

I think one of the reasons too is that bitcoin is treated more as an asset now and not as a currency which would most likely benefit paypal if there would be more transactions going through them but for now, exchanges are the one benefiting more from the cryptocurrencies since it is traded more. One of the reasons why most of the merchants refuse to adopt cryptocurrencies as their payment system at the moment is because of the volatility and if they use other services to convert it to fiat then they have to pay as well so it will just reduce their income so it is just right that if they really wanted to adopt it for the long term then they need it to be stable first.


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