[2019-05-08] PayPal Skips Bitcoin While 'Clearly Working on Blockchain & Crypto'

[tyz]

PayPal Skips Bitcoin While ‘Clearly Working on Blockchain and Cryptocurrency’

Online financial services firm PayPal believes it is too early to pronounce Bitcoin as the future of payments. Nevertheless, the $128 billion financial services firm is pursuing blockchain and cryptocurrency projects, Yahoo Finance reports.

https://www.ccn.com/paypal-skips-bitcoin-while-clearly-working-on-blockchain-and-cryptocurrency

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[Harlot]

They are taking on the same route just like what other big companies are doing theydid the exact move from JP Morgan and Visa on being interested to cryptocurrencies while Bitcoin is left out if the picture. It seems like they are just too afraid to swallow their pride and admit their defeat on the other way around. Them being a payment processing company would likely have their own version of cryptocurrency that can be uses to replace their paypal funds the other thing I see is of course the implementarion of blockchain into their existing business model.

[joniboini]

Them being a payment processing company would likely have their own version of cryptocurrency that can be uses to replace their paypal funds the other thing I see is of course the implementarion of blockchain into their existing business model.

They don't need blockchain to do that, just make their own database. I believe they'll probably use a very centralized DPoS if they do make a blockchain tech for their purpose.

I can understand why they'd rather make their own coin instead of using Bitcoin. They can control it so if there's ever any error or hack they can roll it back. People won't care for things like that as long as they can use it.

[shamc]

They think their paypal coin will be worth more to the people than bitcoin. They should follow square and just add bitcoin as a means of payment instead

[Lucius]

There is nothing strange in this story, PP is like any other company focusing on how to achieve greater profit, not how to reduce it. By reading tweet posted in article it is clear why PP skips bitcoin. For example transaction of $100 000 with PP will cost in fee from $1500-$4000, but with bitcoin only $5-$50, depending on number of inputs / outputs, and the current number of transactions - but still 80 times cheaper.

If someone thinks that PP would give up such massive profits just because bitcoin is better in some aspects then fiat, then it is greatly mistaken.

[Slow death]

Online financial services firm PayPal believes it is too early to pronounce Bitcoin as the future of payments.

paypal follows the laws of several countries and they will avoid at all costs speak well about bitcoin because that would mean that indirectly paypal would be telling people to buy bitcoin. As long as countries do not legalize bitcoin, it will be very difficult for bitcoin to be recognized as a means of payments worldwide

[1Referee]

People still dreaming about PayPal to start integrating Bitcoin are delusional. PayPal uses fiat currencies, and potentially even other tokens within their centralized ecosystem. All the value that people move back and forth doesn't actually move back and forth, and the same will apply to Bitcoin would they ever integrate it.

People also praise Coinbase for allowing them to move Bitcoin instantly without a fee, but this is the same principle, there is no such a thing as Bitcoin transfers. Nothing moves here. You aren't using Bitcoin but Coinbase's interface.

We don't need PayPal or other financial institutions for integration. We can transfer any amount we want without asking for permission already, and with Lightning, PayPal has only its buyers protection left to compete with Bitcoin. It's only a matter of time before they lose. The train is moving moving forward without going back.... choo choo....

[CryptoBry]

PayPal Skips Bitcoin While ‘Clearly Working on Blockchain and Cryptocurrency’

Online financial services firm PayPal believes it is too early to pronounce Bitcoin as the future of payments. Nevertheless, the $128 billion financial services firm is pursuing blockchain and cryptocurrency projects, Yahoo Finance reports.

https://www.ccn.com/paypal-skips-bitcoin-while-clearly-working-on-blockchain-and-cryptocurrency

I am sure that PayPal does not want to work with Bitcoin because it is actually planning to have a cryptocurrency of its own which can be introduced at the right time and market conditions. There is no question with them on the value of the blockchain technology and soon they gonna harness its power and innovations to protect their own business share and interest. How will people like what they are cooking...that is something we have to leave to the market but I am sure that with its might and influence they will make sure that it's gonna be a huge success.

[webtricks]

PayPal Skips Bitcoin While ‘Clearly Working on Blockchain and Cryptocurrency’

Online financial services firm PayPal believes it is too early to pronounce Bitcoin as the future of payments. Nevertheless, the $128 billion financial services firm is pursuing blockchain and cryptocurrency projects, Yahoo Finance reports.

Nothing wrong with the statement of PayPal. Bitcoin is not the best and ultimate product of blockchain technology. Why should we stop right here? Bitcoin is first, why should we consider it as last?
There are many flaws in Bitcoin blockchain, it is certainly not the future of payments. I would rather see Paypal integrating the blockchain technology in their own remittance system, probably their own cryptocurrency allowing free transfer within Paypal ecosystem. The recipient user can convert it into fiat and withdraw to bank on Paypal. This could be a solution and will save the fees at the same time.   

[Naida_BR]

It is obvious that institutions don't like Bitcoin and the already existing cryptocurrencies. Paypal is another one to be counted as a centralized service/company that works on its own chain. Possibly they just want to fuel their operations or to provide one more service to their clients that might be interesting for them.

[davis196]

PayPal Skips Bitcoin While ‘Clearly Working on Blockchain and Cryptocurrency’

Online financial services firm PayPal believes it is too early to pronounce Bitcoin as the future of payments. Nevertheless, the $128 billion financial services firm is pursuing blockchain and cryptocurrency projects, Yahoo Finance reports.

https://www.ccn.com/paypal-skips-bitcoin-while-clearly-working-on-blockchain-and-cryptocurrency

Paypal working on blockchain and cryptocurrency projects?Yeah,right.This sounds like a joke to me.Imagine Paypal launching some "paypalcoin" with a 6% transaction fee and the ability for the consumers/senders to always file a dispute and ask for a refund.

[veleten]

no surprises there , Paypal would be foolish not to try to introduce something that they can control instead of adopting something they do not
it is business , nothing personal , their system allows payments to be reverted and refunded easily
with bitcoins it would be difficult if not impossible to do - hence Paypal , recognizing blockchain and the benefits that come with it , are trying to create some sh-coin of their own ripple style
and if they do not screw up , it could turn out  pretty big too