325 million new potential users

[DoubleEdgeEX]

Since I haven´t found that topic discussed, I decided to start this thread.

https://www.coindesk.com/paypal-venmo-to-roll-out-crypto-buying-and-selling

The rumour is backed up by another rumour (or is it?) : https://cointelegraph.com/news/paypal-is-hiring-crypto-engineers-amid-rumors-of-bitcoin-integration 

That could lead to mass adoptions earlier than expected and could have a effect on the price that we haven´t seen yet. Maybe that could accumulate the necessary force to break through Bitcoins sell barrier between 10 and 12K.

Your opinions on that news?

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[Slow death]

Since I haven´t found that topic discussed, I decided to start this thread.

https://www.coindesk.com/paypal-venmo-to-roll-out-crypto-buying-and-selling

The rumour is backed up by another rumour (or is it?) : https://cointelegraph.com/news/paypal-is-hiring-crypto-engineers-amid-rumors-of-bitcoin-integration 

That could lead to mass adoptions earlier than expected and could have a effect on the price that we haven´t seen yet. Maybe that could accumulate the necessary force to break through Bitcoins sell barrier between 10 and 12K.

Your opinions on that news?

if this is something confirmed in the future (paypal integrating bitcoin into your service) have a greater chance that the bitcoin price will increase, but talking about the present I doubt that only with this news it is possible to break the $10500 which is being a very big challenge and until the day that paypal integrates bitcoin into its services the price maybe will be over $11000.

I had to click on the link on the paypal website to see if it was true, this time the news sites related to bitcoin are to be congratulated because they didn't post rumors, they posted things from the credible source

[witcher_sense]

I liked that opinion coming from twitter



If PayPal to add cryptocurrencies, it will be another way to control your purchases, transactions, surveill on your habits, etc. It doesnt increase the level of adoption in places where people have no access to banks. It won't help them to buy bitcoin and transact at any time they want. Governments will have an ability to prevent your from using bitcoin through PayPal that discrediting the whole network by creating an illusion that bitcoin is censorable. As a result, 325 millions will have misconception of how to use bitcoin network properly. Adoption of illusions, misconceptions and underestimations, not adoption of cryptocurrencies.

[davis196]

I would be so happy to send BTC via PayPal and pay insane 5% PayPal transaction fees on top of the usual blockchain transaction fee,just because I love Paypal and want to give them free money!
I would be so happy to have a PayPal Bitcoin wallet and stay in constant fear that Paypal is going to block,limit,ban my account for any reason they could imagine.
I would be so happy to setup a Paypal business acocunt and start selling good and services accepting BTC payments,so my buyers could easily refund scam me,by using the Paypal dispute/chargeback system and their buyer protection policies.
Anyway,It would be SOOO nice that Paypal will adopt Bitcoin.

I'm just kidding.We don't need "ScamPal" in the cryptocurrency world.

[pooya87]

The rumour is backed up by another rumour (or is it?) : https://cointelegraph.com/news/paypal-is-hiring-crypto-engineers-amid-rumors-of-bitcoin-integration 

in my experience this (investigating the technology and hiring blockchain developers) usually leads to these companies creating their very own centralized altcoin like what Facebook have been trying to do.

but also in this particular case there is good chance that it is actually to integrate bitcoin buying option since these are basically online digital fiat wallet and would benefit a lot from fees they can earn when people buy bitcoin using their crappy services.

That could lead to mass adoptions earlier than expected and could have a effect on the price that we haven´t seen yet. Maybe that could accumulate the necessary force to break through Bitcoins sell barrier between 10 and 12K.

Your opinions on that news?

i don't think this causes any kind of mass adoption because mass adoption happens when people start using bitcoin as a currency to buy stuff which will only happen when they become more willing to spend it and the merchants to become more willing to accept it.

[stompix]

That could lead to mass adoptions earlier than expected and could have a effect on the price that we haven´t seen yet. Maybe that could accumulate the necessary force to break through Bitcoins sell barrier between 10 and 12K.

Let's assume all the PayPal users buy bitcoin and ...hurray we have mass adoption.
But for them to actually be "users" they would need to at least withdraw that currency to their wallet, otherwise, they would be holding just promises of payment from Payal. Now, there is a tiny problem with that happening, soon! 
For 300 million people to cash out their BTC it will take close to 3 years, and this only if nobody is using the blockchain for anything else.

Thinking of anything in the order of millions and adding things like soon, short time, in a little while is unrealistic.

The other aspect is that most of the people who are using PayPal have heard of bitcoin, those that wanted to buy have done it already, there is a very limited userbase that would buy BTC for the first time just because PayPal added this option.
Just look in this forum, a lot, and I mean a lot of people have a Paypal account and they are already getting their BTC from somewhere else, those will not be new clients.

One..let's say a good thing, that might come out of this is that maybe Paypal would take a bit of the tx burden from the chain if they would allow their users to send cryptos to each other and use their own system and not transactions on-chain. Of course, that would come with a lot, a lot of problems since it will mean they have total control over your coins but....it might be one of the advantages.

Anyhow 300 millions potential users, yeah potential, just like all US people are potential subscribers of the New Yorker!
300 000 new users that might be closer to reality.

[Botnake]

It would be a great news especially for countries who lack good exchanges as for sure with paypal, one can buy and sell their crypto at a standard price in the market. It's a big platform that has millions of users, it might not  lead to mass adoption as it's not expected everyone would transact bitcoin using the paypal platform but it would be a great help to meet that goal in the future.

With this big news, I believe soon enough there will be bigger news that will follow.

[MrMojoRising26]

It would be great, but until I see it then it isn't real! If I can have a friend venmo me BTC instead of fiat that would be sweet

[BlackHatCoiner]

Gaypal won't adopt bitcoin. What about their reputation? Aren't bitcoin and paypal 2 enemies? 

As @stompix justified why it won't work, I would like to ask. If it works, will we pay both TX fee and paypal fee? 

[stompix]

Aren't bitcoin and paypal 2 enemies?  

Actually, no, we're talking about two different things.
Paypal is a service, it can run on USD, bitcoin, gold, apples, pigs, or trading cards.
Bitcoin is a currency, it can be used by me, you, PayPal, BoA, Amazon, or the government of Niue.

If you consider Paypal an enemy, so could you said about coinbase, bitpay, or actually anything that provides a 3rd party service.

Anyhow, bitcoin needs no more enemies, it was supposed to kill a  lot of things and in reality, we might need exactly those services to collaborate in order to eventually reach that ever mentioned mass adoption.

[squatter]

Your opinions on that news?

I need to see it to believe it. PayPal has been trolling Bitcoin users for years.

I could certainly see them operating a service like Coinbase or Robinhood. Most of PayPal's users will probably ignore it, though. I'm sure they would charge exorbitant fees and track your Bitcoin usage too -- nothing to get excited about, really.

[jossiel]

I have heard of this lately and been discussed before where most people tells that they'll join because they can't beat bitcoin. And that seems to happen right now but until the announcement comes from PayPal, I like the idea of them adopting it.

They're a known payment processor and they have no choice but to adopt bitcoin. But for sure, the fees will be enormous and those people that don't know to transact bitcoin directly and still skeptic about it can use it through them.

[DoubleEdgeEX]

That could lead to mass adoptions earlier than expected and could have a effect on the price that we haven´t seen yet. Maybe that could accumulate the necessary force to break through Bitcoins sell barrier between 10 and 12K.

Let's assume all the PayPal users buy bitcoin and ...hurray we have mass adoption.
But for them to actually be "users" they would need to at least withdraw that currency to their wallet, otherwise, they would be holding just promises of payment from Payal. Now, there is a tiny problem with that happening, soon! 
For 300 million people to cash out their BTC it will take close to 3 years, and this only if nobody is using the blockchain for anything else.

Thinking of anything in the order of millions and adding things like soon, short time, in a little while is unrealistic.

The other aspect is that most of the people who are using PayPal have heard of bitcoin, those that wanted to buy have done it already, there is a very limited userbase that would buy BTC for the first time just because PayPal added this option.
Just look in this forum, a lot, and I mean a lot of people have a Paypal account and they are already getting their BTC from somewhere else, those will not be new clients.

One..let's say a good thing, that might come out of this is that maybe Paypal would take a bit of the tx burden from the chain if they would allow their users to send cryptos to each other and use their own system and not transactions on-chain. Of course, that would come with a lot, a lot of problems since it will mean they have total control over your coins but....it might be one of the advantages.

Anyhow 300 millions potential users, yeah potential, just like all US people are potential subscribers of the New Yorker!
300 000 new users that might be closer to reality.

Great points right here. I just posted it as a topic to talk about I also don´t think that anybody lives in the illusion that all 300+ million user will now send BTC around the world .

As for the withdrawal, there might be a soution with an intermediary or Paypal will use just "virtual coins", with no effect on the blockchain itself. It could be something like a derivative. It would just use the monicker Bitcoin but use it just as an underlying instead. At this point, it´s just assuming around on rumours, but it´s an interesting development.

One thing some of you might not like, but to achieve mass adoption BTC and co will need to cooperate with big incorporations. People tend to trust them, and even if not, they still use them and therefore have if more conventient that working out how a Github privacy wallet project works. Bitcoin was meant for the masses, it´s not for a tiny elite

[gentlemand]

I'll believe it when I see it. And I'm sure there is a much higher likelihood of them going down the eToro/ Revolut route of letting you buy 'Bitcoin' but never being able to deposit or withdraw it. You'll be buying price exposure or IOUs that they'll retain control over.

If I were Paypal raw Bitcoin is not an area I'd want to get involved in. The potential for scamminess and money laundering would make my head explode. And if I were already a Bitcoin user I'd want to see some evidence of their competence in handling it.

[Coin_trader]

We can't guarantee that those 325 million user of PayPal doesn't use crypto. Most people are using master card or visa card already there's a lot of way to buy crypto using that method. PayPal might help to spread bitcoin awareness but not that much compared on how publishing site hype this kind of news. We are already on 2020 and I believe that PayPal user are well aware about crypto investment so if they really want to buy crypto, they will just use there card to purchase some since a lot of exchange are now accepting fiat for purchasing crypto like Binance, Changelly, Shafeshift and many more.

[The Cryptovator]

If PayPal start using Bitcoin then there would be some positive and negative effect at the same time. The positive effect is people will be use bitcoin almost everywhere where PayPal accepted although their transaction fees would be high, but at least useable everywhere. But I believe negative effects would be more than positive effect. For example dispute, since it will be internal Marchant transaction PayPal to PayPal then obviously there will be dispute option according to their terms & conditions. So it's quite against of bitcoin native behaviour. 

If incase this news become true then likely PayPal will act like Bitpay or any other centralized online wallet. So there will be more issue about verification, block account and so on. I haven't use PayPal although I had created long time ago because I don't like too much harrassment. But I heard they limit account, ban account and make some other issue. Anyway if its happen then somehow it would push bitcoin price for quite sometimes by creating FOMO. Let's see what will happen actually.

[witcher_sense]

~
The positive effect is people will be use bitcoin almost everywhere where PayPal accepted
~

That's exactly the delusion I was talking about. There is a small distinction between Bitcoin and, let's name it, "PayPal-coin". The first is the real one invented by Satoshi Nakamoto and is being run on a blockchain, which is, as we all know, decentralized, neutral, open, censorship-resistant, borderless, immutable, disintermediated, etc. We are using it because it has all of properties mentioned above and we also didn't ask for permission to access it. The second is fake bitcoin, it just pretends to be real bitcoin, because it doesn't have qualities natural for bitcoin. PayPal-coin is centralized, biased, closed, censorship-friendly, jurisdiction-based, mutable, intermediated and so on. People, who are not familiar with real bitcoin, may get a misconception about what bitcoin is and why it is valuable. They will never use bitcoin through PayPal, they will use PayPal-coin or rather PayPal-coin will use and control them.

[20kevin20]

Bitcoin adoption will not be Bitcoin adoption anymore if this is what we want. I'm personally very good without PayPal or a bank that allows me to use crypto anywhere. It's just a bait that does no good to Bitcoin in the end.

Cheering for a centralized platform, service or corporation to add Bitcoin and make it widely used through their centralized thing is just wrong. You're cheering for the initial Bitcoin's death and the rise of a controlled currency.

It's way, way better to cheer for Bitcoin to be accepted directly at a lot of stores rather than having it accepted through PayPal. If one wants to accept it, there are already a lot of options that don't even put you under the risk of "having the value drop radically after the customer pays". But they don't, and we should let that happen naturally. You could get a VISA card with Bitcoin on it, right? There are n options around, and they are centralized enough.

[Saisher]

They are really that focus to take part in in the Cryptocurrency revolution after falling from their partnership with Facebook's Libra project they are now focus on expanding its own payments expertise, they should do it now the potential to succeed is higher, their number of users is huge enough to make an impact in the industry, I have many Paypal users friend who still cannot grasp the idea of Cryptocurrency, now they will.

[supine]

If this would really happen then we would see a massive price increase due to the potential new investors.
But we couldn't be so sure about it unless it is already happening and this could be what we need to see another ATH.