PayPal/Venmo are going to become bitcoin vendors?

[FanEagle]

So, they are going to do a full on bitcoin store? That doesn't really make sense at all. I mean if they were like an exchange, or they were just a wallet like they are right now, I would totally understand. Think about it, paypal is a place where you can send dollars to other people, and you can receive dollars from other people and you can store dollars in there, that is basically what a bitcoin wallet is, just change dollar to bitcoin and we are talking about a wallet right there.

So, I am not entirely sure what they are going to go with there, but I think if they allow people to buy bitcoin from paypal, that is going to change too many things, they should either build an exchange where people would buy and sell from each other or they should just stick to being a wallet.

[Febo]

Coinbase isn't an option, since they nuked my account years ago.

If Coinbase nuked your account so will Paypal. Paypal will be just another centralised exchange. When you will deposited tainted coins they will block your account.

[7788bitcoin]

I have a PayPal account already, but I went ahead and signed up for Venmo just in case this thing becomes a reality. 
Curious to hear the community's opinion about this.

I have accounts in both these platform but i am not using those for a long time and if they are planning to introduce bitcoin and be a bitcoin vendor i would try them out and if they can be competitive with the charges than the exchanges then it would be great, lets see how they are going to manage these things and what will be the transaction charges they are implementing.

[verita1]

Crypto is increasingly seen as an obvious way to bolster user numbers on fintech apps and create new revenue streams.

Of course, PayPal is realizing that if it can't beat Bitcoin it should join. I am sure that it will be a fact to keep growing its portfolio of clients who are increasingly investing in Bitcoin.

Remember PayPal's position on Bitcoin a while ago.

Former PayPal CEO calls Bitcoin A Scam.
https://www.investopedia.com/news/former-paypal-ceo-calls-bitcoin-scam/

[The Sceptical Chymist]

If Coinbase nuked your account so will Paypal. Paypal will be just another centralised exchange. When you will deposited tainted coins they will block your account.

No, I don't think that's going to happen.  My Coinbase account wasn't nuked because of tainted coins but because of a stupid mistake I made while trying to buy a small amount of bitcoin.  There was a bank account I had linked that I had closed but had forgotten to remove from my Coinbase account.  I accidentally selected that account when I tried to do the buy, and shortly thereafter I got the "we closed your account, sorry, bye" e-mail from Coinbase. 

I don't gamble or use the dark web, so I don't think there should be any issues as far as tainted coins go, but you never know.  I don't know if PayPal/Venmo is going to be looking as closely as Coinbase does with regard to where you're sending your coins to (or even where they're coming from).  That should be interesting to see in any case.

I remember when Circle was the huge hit when it comes to quick btc trades without having to go through all the hoops, though it's quite unfortunate that they have to stop that particular aspect of their service.

No kidding!!  I mourn the loss of Circle, because they made it so easy to buy and sell bitcoin at a low cost.  Ah well, I guess a service that good wasn't meant to last.

Venmo/PayPal might be that service again, although of course with a rather higher fee.

We'll see about that--and I'm hoping that's sooner rather than later.

[gentlemand]

No kidding!!  I mourn the loss of Circle, because they made it so easy to buy and sell bitcoin at a low cost.  Ah well, I guess a service that good wasn't meant to last.

The Circle service was great but they have proven themselves to be dunces.

They got rid of that before 2017 thus throwing away untold millions in fees. They bought Poloniex for 400 bleedin' million, did not too far off nothing to it and then sold it no doubt for peanuts to a bug eyed scammer. No idea what Kraken paid for their OTC operation but they let go of that just as that type of demand is about to go nuclear.

Let's hope their nice stablecoin does well at least.

As for Paypal, if they are doing buying and selling I can imagine the fees and exchange rate is not going to be pretty. They don't do you any favours with bog standard money.

[exstasie]

As for Paypal, if they are doing buying and selling I can imagine the fees and exchange rate is not going to be pretty. They don't do you any favours with bog standard money.

With Coinbase charging 1.49% and Cash App charging 1.75% on bank transactions, they can't get away with any higher than 2% surely. If they're smart, they'll bake the fee into the spread like Robinhood does. A lot of casual investors won't even notice the difference.

[fullhdpixel]

I don’t see why I should worrying about identity here, I already have a PayPal account and I have been making use of PayPal before I got to discover BTC and crypto, although after I discovered cryptocurrency I started making use of cryptocurrency regularly more than I do with PayPal.

So, I don’t see why I should be worried about identity as some people have said. And this is good, PayPal has a large user base, and that means more people will get to know about crypto. And it’s not just about knowing about crypto, some people who were not interested in making use of it before will now get interested when they open their PayPal account and see options to buy and sell Bitcoin.