PayPal to allow cryptocurrency buying, selling and shopping on its network

[fillippone]

Breaking news from REUTERS:

PayPal to allow cryptocurrency buying, selling and shopping on its network

Story link soon

https://twitter.com/annairrera/status/1318877596499824642?s=20


Story as appeared on Reuters:



Developing story:

PayPal to allow cryptocurrency buying, selling and shopping on its network

PayPal CEO on Linkedin:




According to Coindesk this is a consequence of the first ever  “conditional BitLicense” granted by the New York State Department of Financial Services (DFS).

PayPal Granted New York’s First ‘Conditional BitLicense’ to Offer Crypto Services

Canonical crypto regulator, the New York State Department of Financial Services (DFS) has granted the first “conditional BitLicense” to PayPal for a partnership with Paxos Trust Company enabling customers to buy and sell cryptocurrencies.

DFS said Wednesday it was making good on a promise last year from Superintendent of Financial Services Linda A. Lacewell to take a fresh look at its regulatory framework for virtual currencies, with a view to fostering innovation in New York State.

This would imply the launch of the service in the US only, for the moment.

Actually, accessing PayPal from the USA you get the following (thanks to @philipma1957)























Terms and Conditions:


Cryptocurrency on PayPal FAQ




(thanks @Last of the V8s)

Confirmed those aren't real Bitcoin to buy, sell and transfer à la Hype (Hype.it): those are shitty CFD à la Revolut.
Weel, it's a start, and their partnership with Coinbase can get some use (even if Coinbase the most anti-Bitcoin organisation. Make #DeleteCoinbase great again).



This is of course very Big.
PayPal doesn't want Square to take the lead on this space.
The race is on.


After almost 24 hours from the announcement we can draw the first conclusions on the subject:

• PP chose the minimum attrition with regulators. They wanted the product delivered as soon as possible, so they basically created a huge "walled garden" where PP users' bitcoin can exist. Those bitcoins will never touch anything that is fully KYC'd or could be possibly, even remotely connected to "frown upon" activities.
  
• PP provided users with their most desired product: a way to get exposure to BTC price. People want an easy, convenient way to convert their FIAT to BTC and back to speculate on. The other very interesting reason why you should have bitcoins interest a tiny fraction of Bitcoin users. This tiny minority (if you are reading this, you are a candidate to belong to this minority) is maybe the sharpest and more intelligent, but is irrelevant from a numerical, read business, point of view.
• The above statements won't preclude PP the possibility to further develop their product in the future, expanding the possibilities to real BTC trading. So they might already be hedging their positions with real bitcoins. This is something we could consider.
• In Italy we have banks that already offer real Bitcoin Trading perfectly integrated on their platforms. Hype is one of those, for example (read here: Italian Bank offers Bitcoin Wallet Integration in their Online Platform). So this means that every KYC/AML problem can be worked out, providing users with a solid and fully featured bitcoin trading experience. Of course the point is Hype has 1.3 millions users, compared with the 300+ of PP. This is the tiny difference making BTC pop 8%

So is all this news a disappointment? No, for sure not.
But the details are important and the rationale behind those moves are clearly an expression of the reasons why PP acted in the way they decided to.

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[Lorence.xD]

Paypal better have something unique to offer to get ahead of the game in my opinion. Does not matter whether you joined the cryptocurrency train, if you are just another platform that offer the same services, time will come for you eventually. I have my hopes on Paypal that they will do something because as OP said, the race is on. You need to use what you can to get ahead of the game.

[Febo]

Wonder who will this go. Paypall was a big Bitcoin hater all these years. Someone from USA should confirm if they can buy Bitcoin from their paypal account. For next year they are promising to also use all paypal merchants with Bitcoin.

[dothebeats]

I just hope that their sentiments remain as-is for the longest time. I don't want to see a huge company backing out of something promising ever again (like some merchants removing bitcoin as a payment option) only to get back in the scene after bitcoin has performed extremely well. Not a hater of Paypal nor a fan, but I do see that this is just their way to grab the attention of the market from Square which has bought a huge amount of bitcoins within the span of a few months.

They should stick with this decision this time.

[stompix]

U.S. account holders will be able to buy, sell and hold cryptocurrencies in their PayPal wallets over the coming weeks, the company said. It plans to expand to Venmo and some countries in the first half of 2021.

Are those real bitcoins or like in the case of revolut just a form of CFDs?
If those area real bitcoins and you can deposit and withdraw them from Paypal then this might be the much-awaited breakthrough, not a fan of Paypal and probably not going to use it for this but there are millions who will.

Oh, they haven't launched yet but they already have the fees for it: 
https://www.paypal.com/us/webapps/mpp/paypal-fees
Between 2.3% and 1.55, not that bad.

[cygan]

The coins initially supported will include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), the company said. The payments giant partnered with Paxos to deliver the service, and it obtained a conditional cryptocurrency license from the New York State Department of Financial Services, commonly known as the BitLicense.

https://cointelegraph.com/news/paypal-to-offer-crypto-payments-starting-in-2021

in my opinion a very important step to bring the cryptocurrencies into the mainstream even stronger👍
and it is also good for the course

[ilovealtcoins]

U.S. account holders will be able to buy, sell and hold cryptocurrencies in their PayPal wallets over the coming weeks, the company said. It plans to expand to Venmo and some countries in the first half of 2021.

Are those real bitcoins or like in the case of revolut just a form of CFDs?
If those area real bitcoins and you can deposit and withdraw them from Paypal then this might be the much-awaited breakthrough, not a fan of Paypal and probably not going to use it for this but there are millions who will.

Oh, they haven't launched yet but they already have the fees for it: 
https://www.paypal.com/us/webapps/mpp/paypal-fees
Between 2.3% and 1.55, not that bad.

They are actually making money efficiently at exorbitant costs. I'm not sure if they charge a fee with Bitcoin, but if they do, then no one will use their services. Bitcoin alone is an extremely good, reliable and cost-effective means of payment.
Paypal's move makes Bitcoin advertising to everyone for free. The more people who use Bitcoin, the higher the liquidity and value of bitcoin.

[gentlemand]

Still waiting to see whether you can actually deposit or withdraw the real deal. If not then all you're buying, selling and spending is a database entry. So far the only mentions are of their own wallets and operating inside them.

For most people that's probably going to be enough, yuk, and it also saves Paypal a whole world of ball ache.

But it's not going to do very much, or anything, to advance the scene as a whole. No on one buys something to buy something. Existing Bitcoin users aren't going to buy their BTC again for the honour of being locked inside Paypal.

[fillippone]

Still waiting to see whether you can actually deposit or withdraw the real deal. If not then all you're buying, selling and spending is a database entry. So far the only mentions are of their own wallets and operating inside them.

For most people that's probably going to be enough, yuk, and it also saves Paypal a whole world of ball ache.

From the first evidences provided on the US soil, I mean BitLicence and the screenshots in OP,  I guess we are talking about the real stuff. It would be a massive disappointment if we were talking about shitty CFD à la Revolut.

Of course, no absolute certainty.


EDIT:
Dismissed.
CFD à la Revolut, for now, at least:
https://www.paypal.com/us/smarthelp/article/cryptocurrency-on-paypal-faq-faq4398

Bad News.

[gentlemand]

From the first evidences provided on the US soil, I mean BitLicence and the screenshots in OP,  I guess we are talking about the real stuff. It would be a massive disappointment if we were talking about shitty CFD à la Revolut.

Of course, no absolute certainty.

We do indeed need more details. But they may only need the Bitlicence for storing the crypto to back the things they're offering, which is of course a healthy detail in itself.

[Slow death]

And here we go:



I imagine that many people must be in the telegram groups posting images of rockets going on the moon, they must be saying that the price will reach $500,000 next year and that this year reach $20,000 Is guaranteed because of this news because paypal has many customers and are potential buyers for bitcoin, and I also think that they must be thinking that with this news they are looking at bitcoin as a very good asset and that later banks will also enter the bitcoin world and many rich people will also be in the bitcoin world and the result Is the pump in price. sometimes it seems that this market is like a child that someone shows you some candy, she immediately jumps around all day

[gentlemand]

Confirmed by Mr V8 on the WO.




Nothing much to see here after all. If I remember rightly eToro did transition from CFDs to being able to deposit and withdraw so perhaps Paypal will do the same. I can't quite see it happening soon, or ever, though. This is Paypal we're talking about.

Maybe they'll partner up with Coinbase or the equivalent for that step.

[petyang12]

It's not a good start if they don't allow you to send bitcoin in and out of paypal. If they ever partner up with coinbase then it will be a good partnership and people can deposit and withdraw but we don't know if it will ever happen in the future.

[gentlemand]

It's not a good start if they don't allow you to send bitcoin in and out of paypal. If they ever partner up with coinbase then it will be a good partnership and people can deposit and withdraw but we don't know if it will ever happen in the future.

Since Coinbase already have a relationship with them it seems very possible. But since you can already sell on Coinbase and extract to Paypal in a few places then that's half the deal already done right there.

[philipma1957]

I have $20

[larus]

I dont think that we will see news better in the near future

[stompix]

Nothing much to see here after all. If I remember rightly eToro did transition from CFDs to being able to deposit and withdraw so perhaps Paypal will do the same. I can't quite see it happening soon, or ever, though. This is Paypal we're talking about.

Yeah, I was afraid it was going to be like this, it's Revolut style crypto.
But still, there is one thing that's going to count a bit, if people buy bitcoins, even if they are just numbers in Paypal's account they will have to buy some coins as Revolut claims it does to back those sums up, if people buy 10 million in paypalbitcoin and bitcoins goes up by x10 where will they get the money to pay up?

That's what their partnership with Paxos is all about I assume.

Technology: Paxos Crypto Brokerage provides crypto custody and trading for PayPal. Our APIs allow PayPal to offer crypto services seamlessly within the PayPal app with its simple and intuitive user experience.

Well, it could have been better but it's still pretty good news.

[gentlemand]

Yes. That's the biggest plus from all of this so far. As far as I know Revolut haven't said anything about their custodian or who they are. Paypal have from the off.

[naska21]

The rumor  is  in a weeks PayPal will allow customers to do shopping with crypto which is in my view is more important than just it selling - buying back and forth inside the platform. Through out Amazon  alone they will ensure such a  turnover of crypto that all market should burst at once, a long-awaited event for me because I'm a regular Amazon customer.

[metenjean]

Most waiting information around the world where paypal exactly wanna accept cryptocurrency, I think good moment for connected between PayPal and cryyptocurrency because give advantage for many people are using paypal and bitcoin or altcoin. Just waiting tomorrow this information will give bigger impact for bitcoin and altcoin raise again to higher price and take more advantage with this moment partner, maybe giving space for bitcoin one month later to raise up higher price above $15k.

[Broly46]

I can’t believe we are all ahead of them. Time to moon?

[philipma1957]

Wonder who will this go. Paypall was a big Bitcoin hater all these years. Someone from USA should confirm if they can buy Bitcoin from their paypal account. For next year they are promising to also use all paypal merchants with Bitcoin.

 I did that.  20 usd worth is in my account.

I am based in New Jersey, USA

[Febo]

I have $20

No you dont! They have your Bitcoin   It is just a tool for daytraders and speculators.

[CryptoYar]

This is good news for the whole crypto community. However, I have a few questions in mind.
1. Has PayPal demanded more verification than before? If I am not wrong, before this, There was no need for KYC.
2. Is there any buying/selling limit? to convert from $ to BTC.

I am asking this question because I cannot use it by myself. Because paypal's service is not available in my country.

[Febo]

This is good news for the whole crypto community. However, I have a few questions in mind.
1. Has PayPal demanded more verification than before? If I am not wrong, before this, There was no need for KYC.
2. Is there any buying/selling limit? to convert from $ to BTC.

I am asking this question because I cannot use it by myself. Because paypal's service is not available in my country.

There should be no change. You dont need any additional verification.  You can convert as much USD as you can deposit.   You simply cant withdraw BTC to your personal wallet or deposit bitcoin from your wallet to paypal. So no change.  I bet also with merchants they will first change your BTC into USD and charge you exchanging fee, but lets wait until next year to see it.  This is the same as ABRA have for a year or more. Just that they let you buy much more coins.

[goldade]

This is actually great for the crypto community. PayPal is a big company in the financial world and it adopting bitcoin is a big win for us.
When companies like this adopt bitcoin, they make many of their users see the numerous advantages and benefits of bitcoin and as a result, boost the adoption of bitcoin in the mainstream world.
I, however, believe it'll be better if bitcoin is not bought and sold on the platform but also used to buy goods and services from merchants. That way, the primary reason bitcoin was made will be achieved since it was made primarily as a currency.

[stompix]

There should be no change. You dont need any additional verification.  You can convert as much USD as you can deposit.   

Nope, there is a limit of how much you can buy:

Is there a maximum dollar amount for PayPal's Cryptocurrency service?
The maximum dollar amount for weekly Cryptocurrency purchases is $10,000. The maximum dollar amount for purchases over a 12-month period is $50,000.

I really wonder why they set up this limit, and also if it's counted on all trades, so buying and selling 10k worth of it five times you've reached the limit?
Also, they are very customer friendly:

Will PayPal provide me any documentation for tax reporting?
Yes. PayPal will allow users to view their prior activity, manage transaction disputes, and if required, generate tax forms for reporting earnings from the sale of Crypto.

Ps, I'm checking Paypal's Twitter, what a show, all shitcoins lovers angry of PayPal not supporting their coin, people arguing about how PayPal sucks, a few trolls with their usual bitcoin is a ponzi, a few rocket tweets, the also usual spam for shady services,  I'm wondering what's the better description for it Tower of Babel or Noah's Ark. 

[cabron]

They can't let the new technology pass and so paypal has to adopt Bitcoin, that's the way to go that they will still have some clients otherwise they'd lose the game. Even if you don't have the private key I think its still a good action for Paypal, this will make those paypal users finally see that BTC isn't a scam.

If it can be sent from paypal wallet to another, maybe the employees can now request their employers to pay in BTC?

[Shasha80]

In my opinion, PayPal to allow cryptocurrency buying and selling is only to get profit from transaction fees made by users.
Although for the time being until December 31, 2020 there is no service fee for buying, selling and holding cryptocurrency in
a PayPal account. But I believe it will cost you a fee next year, a pretty good strategy that PayPal is taking to make a profit
in the crypto world.

Because we cannot withdraw Bitcoin to our personal wallet and cannot deposit Bitcoin from our personal wallet either. So crypto
transactions can only be done within PayPal. After all, if we buy crypto on PayPal, we won't get a private key, means "not you keys,
not your coins".

[nokati]

HOLLY SHIT!

This is the news that I was waiting for it for a looooooooooooooooooooooong time like many other!

I wasnt a paypal fan but for sure I will use btc and paypal next time that I want to shop once its get available in my country.

ITS NOW A PAYMENT METHODE!

It would be great if you could also send btc to your paypal account to topup, but who knows.... they may add that to.

Biggest news is that every grandma now can buy bitcoin. Yes I know you dont get the privatekey, but let be honest as many people keep their btc on exchanges too, pretty dumb , but hey.... Its a start!

On next bullrun beer is on me 

[philipma1957]

I have $20

No you dont! They have your Bitcoin   It is just a tool for daytraders and speculators.

dude the wheels and gears of progress need grease too 20 dollars worth of grease at them.


you are tossing free sand into the wheels and gears.  cost you zip nada nothing. but for everyone that reads your post and agrees it simply helps to bring the wheels and gears to a stop.

Maybe you convince 10 people and they do the same and before you know it coin dump and crash out.


My only hope is most see you as the wrong way not the right way and they choose to toss 20 usd worth of grease into the wheels/gears.

not free sand to slow thing down.

[The Sceptical Chymist]

Actually, accessing PayPal from the USA you get the following (thanks to @philipma1957)

I just logged into my PayPal account and couldn't find images like that anywhere.  What I did find is this:



But I'd seen that before, and I'd certainly heard that PayPal was getting involved with crypto.  I even started a thread expressing my enthusiasm for it back in August.

Now I'm learning from this thread that you won't actually be able to buy or sell real bitcoin....?  If that's the case, fuck them.  If I wanted a bucket shop from which to speculate on bitcoin's price, I'd use Robinhood.  I should have realized it was too good to be true.

[cryptoboss2020]

so i dont own btc whats the point to hold on  paypal?  i guess its just little hedge for people who is looking easy ways to deal with btc profit.

[exstasie]

Can't wait for Myspace to adopt Bitcoin 

LOL.

We think of them as a dinosaur, but they were the wave of the future just a decade ago. And to be fair, they are massive compared to little companies like Square or Robinhood. Just offering these services is a huge advertisement legitimizing cryptocurrency in the eyes of a much wider audience. Interestingly, that includes Paypal's cross-border remittance customers.

Paypal has been trolling us on this since 2014. I had started to believe they'd never follow through.

[FinneysTrueVision]

This is good news for the whole crypto community. However, I have a few questions in mind.
1. Has PayPal demanded more verification than before? If I am not wrong, before this, There was no need for KYC.
2. Is there any buying/selling limit? to convert from $ to BTC.

I am asking this question because I cannot use it by myself. Because paypal's service is not available in my country.

You have to do KYC to buy Bitcoin. Without verification you are very limited with what is available. The only thing you can really do is send money from a credit or debit card.

[wheelz1200]

wow this is a stark contrast from their position before.  I guess they finally figured out they cant stop crypto so its either get on or get left behind.  I remeber all the paypal account closings because of peoples crypto dealings

[ololajulo]

I can’t believe we are all ahead of them. Time to moon?

It is not a rumour and people have started engaging the platform for such service, some even believe it is responsible for recent price pump, whenever I see bitcoin respond to every good news in the market I believe the times have changed and the sentiment is right. My challenge is how long can we see this before they stop it again, in 2016 we have series of this development which look like a form of investment for them also but they left in the bear market.

[Musekay]

If this will happen, then it is awesome. Like it is a huge step for paypal and cryptocurrency as well

[Swopon]

​​PayPal will initially support 4 cryptocurrencies through the new Crypto service: Bitcoin, Ethereum, Bitcoin Cash and Litecoin. The service will be available to PayPal accountholders in the U.S. in the coming weeks. The company plans to expand the features to Venmo and select international markets in the first half of 2021.

[Salauddin1994]

PayPal is entering the cryptocurrency market in the next few weeks users in the united states will initially be able to trade several digital currencies including bitcoin on the platform. Paypal will provide detailed information to account holders to understand blockchain technology digital currency ecosystem explain the risks and opportunities of investing in cryptocurrency paypal does not have to pay any charges for buying or selling cryptocurrencies on the platform this year. There is also no separate fee to keep it in wallet paypal has received the first beatles license from the new york state department in this regard.

[Karartma1]

This PayPal news is yet another attempt to leverage fractional reserve applied to Bitcoin. I will be eagerly waiting the day that all the people that will store bitcoin via PayPal will want to cash out when the price will skyrocket. That will be the day of PayPal collapse.
I leave them to that but I am sorry for new users that are about to be fooled if things remain like this.

[wozzek23]

Since PayPal is going to be accepting cryptocurrency then I think everything already worked out for us in this community. Every platform around the world, whether shopping or whatsoever, is accepting PayPal, and that includes Amazon, eBay, many of them as you can think of, and now PayPal itself will be letting buy and sell crypto with their platform, that means we have gotten what we were asking for all these years.

I am saying this because so many people has been saying they want Amazon to accept Bitcoin as payment, it’s not Amazon that we want, it’s PayPal, though that’s if they don’t charge ridiculous fees.

[acener]

I am still curious about it would this trigger other platform to accept Bitcoin or crypto as well?
But this is great news we could see a new wave of investors from their platform and could increase the Bitcoin price.

[fillippone]

After almost 24 hours from the announcement we can draw the first conclusions on the subject:

• PP chose the minimum attrition with regulators. They wanted the product delivered as soon as possible, so they basically created a huge "walled garden" where PP users' bitcoin can exist. Those bitcoins will never touch anything that is fully KYC'd or could be possibly, even remotely connected to "frown upon" activities.
  
• PP provided users with their most desired product: a way to get exposure to BTC price. People want an easy, convenient way to convert their FIAT to BTC and back to speculate on. The other very interesting reason why you should have bitcoins interest a tiny fraction of Bitcoin users. This tiny minority (if you are reading this, you are a candidate to belong to this minority) is maybe the sharpest and more intelligent, but is irrelevant from a numerical, read business, point of view.
• The above statements won't preclude PP the possibility to further develop their product in the future, expanding the possibilities to real BTC trading. So they might already be hedging their positions with real bitcoins. This is something we could consider.
• In Italy we have banks that already offer real Bitcoin Trading perfectly integrated on their platforms. Hype is one of those, for example (read here: Italian Bank offers Bitcoin Wallet Integration in their Online Platform). So this means that every KYC/AML problem can be worked out, providing users with a solid and fully featured bitcoin trading experience. Of course the point is Hype has 1.3 millions users, compared with the 300+ of PP. This is the tiny difference making BTC pop 8%

So is all this news a disappointment? No, for sure not.
But the details are important and the rationale behind those moves are clearly an expression of the reasons why PP acted in the way they decided to.


EDIT: Putting this message in OP

[Kong Hey Pakboy]

This is one of the biggest news this year about Bitcoin and cryptocurrencies. If PayPal has already allowed cryptocurrency to buy, sell, shop on its network, there is a chance that all banks would now enable the use of cryptocurrencies. It is why bitcoin's price surprisingly pumped and surpassed $12,000 within a day, so many people would now take a risk to hold and buy bitcoin.

[onecall123]

I am still curious about it would this trigger other platform to accept Bitcoin or crypto as well?
But this is great news we could see a new wave of investors from their platform and could increase the Bitcoin price.

Recent boost up is not about buying crypto at paypal, it's about society engaging with crypto and bitcoin in general rise up, PayPal may not be most ideal alternative for purchasing and holding as they freeze accounts eventually. Yet, it will bring loads of potential purchasers and massive adoption that is all we require.

[Inkdatar]

This is the news spreading that Paypal is joining the crypto industry to support buying and selling in their platform. This is the big news I have heard so far this year. PayPal launched crypto currencies services that allow people to adopt cryptocurrencies is a good decision. This will truly engage more users in cryptocurrency and I bet there are more surprises ahead in this industry.

[Febo]

So is all this news a disappointment? No, for sure not.

Of course is not a disappointment. But it is not anything huge. One thing is sure. It will help Bitcoin price to grow. But if paypal goes bankrupt then those stored bitcoins will not be given to those that will hold bitcoin on paypall, but will be evenly divided to all who papal will be in debt.

[Axelseseclevz]

This is another success for cryptocurrency. Cryptocurrency will become more useful and important in society because it is widely used by the people. It will attract more people to engage and accept bitcoin and other cryptocurrency. Hoping that government of every country will also accept cryptocurrency.

[Tahsin Kabir Kollol]

We all know that the future economy is becoming very dependent on cryptocurrency. Several altcoins, including Bitcoin, have already become hugely popular and cryptocurrency is slowly gaining popularity and its acceptance to the public. Its popularity is growing day by day despite the restrictions imposed by the governments of different countries and it is expected that it will change in the world monetary system in the near future. So it is only natural that a medium of transaction like PayPal would include cryptocurrency on their service.

[proTECH77]

This is another welcome development to cryptocurrency where you can purchase and see any in any shopping center with low fee in the transaction. Making use of PayPal account is very good for those who like to buy and sell with what ghey have consumed or the one they want to consum late PayPal transaction is fast and safe with your money.
PayPal account will make many investors to join crypto with this new welcome development. I think because of this new system of transaction cryptocurrency will collect altcoin, bitcoin, and Ethereum investors with this is development.

[aesma]

This PayPal news is yet another attempt to leverage fractional reserve applied to Bitcoin. I will be eagerly waiting the day that all the people that will store bitcoin via PayPal will want to cash out when the price will skyrocket. That will be the day of PayPal collapse.
I leave them to that but I am sorry for new users that are about to be fooled if things remain like this.

From my understanding there will not be any storing at all. Paypal will either buy BTC on the side, or have a deal with a crypto specialist (in fact it's the case, it's called Paxos Trust Company), and will simply provide a kind of BTC derivative. Your paypal account will say you have X.XX BTC, but you can't get the BTC. You can only sell back for fiat, and get the fiat. Or buy stuff sold in fiat, and Paypal will sell your "BTC" to send fiat to the merchant.

You can already do this with eToro or Robinhood (less the merchant part, of course).

[gentlemand]

Their next move will be as interesting as this one. Will they acquire a crypto company to partially integrate or will they go deeper themselves?

I'm wondering whether they find the numbers massively disappointing or not, but at least they didn't launch in the depths of the post 2017 doldrums. This isn't a dabble so let's see how committed they are.

[fillippone]

Their next move will be as interesting as this one. Will they acquire a crypto company to partially integrate or will they go deeper themselves?

I'm wondering whether they find the numbers massively disappointing or not, but at least they didn't launch in the depths of the post 2017 doldrums. This isn't a dabble so let's see how committed they are.

I see them deepening their business relationship with both Coinbase and Paxos, that are already their service providers for trading and custody.
If you pay attention to some subjects, like privacy, reading those above two names, you should feel a strange feeling.

Correlation is not explanation, but look two my old thread:
Coinbase the most anti-Bitcoin organisation. Make #DeleteCoinbase great again
[PAXOS+COINJOIN]Your privacy is a threat to exchange business?#deletepaxos

Of course we are talking about a fully KYC'd walled garden here, but certain practices are to be always condemned.

This is my gospel for privacy-related issues:
A Treatise on Bitcoin and Privacy

EDIT:
Apparently they are looking to buy other companies:
 PayPal in Talks to Buy Crypto Firms Including BitGo

PayPal Holdings Inc. is exploring acquisitions of cryptocurrency companies including Bitcoin custodian BitGo Inc., according to people familiar with the matter, a move that would expand its embrace of digital coins.

[The cure]

This is very good news for everyone, another step of success for the proliferation of bitcoin in many more places in the world. This is a fulfillment for those who have long wanted to use their crypto in shopping and buying things. Because of the pandemic that took place so they saw the potential and importance of crypto. Since it is led by USA which is a stable country so we hope that many more countries will follow this.

[Johnyz]

This is very good news for everyone, another step of success for the proliferation of bitcoin in many more places in the world. This is a fulfillment for those who have long wanted to use their crypto in shopping and buying things. Because of the pandemic that took place so they saw the potential and importance of crypto. Since it is led by USA which is a stable country so we hope that many more countries will follow this.

Many online shopping already allows cryptocurrency on their platform but since Paypal is a big company, this become a big news for everybody but I’m sure that this is not the first time to see such platform accepting bitcoin. Anyway, this is the reason why Bitcoin pumps in the past day, we’ve reached the $13k but I hope for bitcoin to stay longer on that price level, so we can end the year with an expensive bitcoin again.

[sana54210]

Paypal is a payment processor, so it makes sense for them to send and receive bitcoin between people, there is really no need to for them to not be involved with crypto. Plus they are incredibly huge which means if they could arrange an exchange that allows people to buy and sell from each other they would be offering this to a lot more people than any other exchange and they could honestly just acquire coinbase as a whole if they want to, they are that big.

So, we are talking about a decent move by them, both when you want to shop and use paypal to pay in bitcoin, and also when you want to buy or sell bitcoin, they are both great ideas. The good part for paypal is that they are not spending any money or taking any risk, they are just collecting their commissions.

[figmentofmyass]

So is all this news a disappointment? No, for sure not.

Of course is not a disappointment. But it is not anything huge.

it's kinda huge.

i dunno exactly how to categorize the revolut/robinhood/square chunk of the exchange space, but in one fell swoop, paypal is probably about to overtake them all.

and they are coming for bitpay too. with their army of merchants, they make bitpay look like peanuts. and there is talk of them acquiring bitgo, which would immediately make them a major player in terms of institutions, custody, etc. https://www.bloomberg.com/news/articles/2020-10-22/paypal-said-to-be-in-talks-to-buy-crypto-firms-including-bitgo

paypal is going really large with this.....

[Casdinyard]

I am still curious about it would this trigger other platform to accept Bitcoin or crypto as well?
But this is great news we could see a new wave of investors from their platform and could increase the Bitcoin price.

It is possible and is more likely to happen especially if it would be able to show to the masses, the advantages of this techmology. PayPal is already a huge network, thus it could provide huge influence to other platforms.
One more thing we should be concerned with, is the outcome of this actions towards futuristic matters to whether it would be showing dominance of advantages over disadvantages.
Which I think is not yet assured as long as this network has not started this "plan".

[raidarksword]

It has been a long time.coming for paypal to finally embrace crypto currency as one of the mode of payments in the platform. It is a good sign that the adoption is pretty much alive.and waiting for all moments to grab those opportunities like what paypal was not that fan of bitcoin before but now everything changes for the matter of global payment adoption. This news really made a good fortune towards the market and future of crypto itself.

[coolcoinz]

This PayPal news is yet another attempt to leverage fractional reserve applied to Bitcoin. I will be eagerly waiting the day that all the people that will store bitcoin via PayPal will want to cash out when the price will skyrocket. That will be the day of PayPal collapse.
I leave them to that but I am sorry for new users that are about to be fooled if things remain like this.

I've never trusted PayPal and thought their business model will not survive with the fees they're charging. They somehow became popular and rode on that popularity for a time, but the fees and time it took for them to register money on the account was really bad compared to Bitcoin that allows you to exchange instantly instead of waiting for your money to appear on your centralized paypal account and then be moved to your bank.
They were trying to undermine Bitcoin's position first by attacking it and then trying to push Libra. Now they're opening payments, but it really looks like they're trying to accumulate coins this way. You won't know what they're doing with your coins as long as they're sole holders of your keys.

[servsec]

Paypal limited accounts from many users and stole their money. Now I can imagine once users start to deposit crypto there.
https://www.google.com/search?q=paypal+stole+my+money+site:www.reddit.com&client=firefox-b-d&sa=X&ved=2ahUKEwjc4J643s3sAhVBH7kGHRaFByUQrQIoBHoECAUQBQ
https://www.google.com/search?q=paypal+stole+my+money+site:www.paypal-community.com&client=firefox-b-d&sa=X&ved=2ahUKEwjc4J643s3sAhVBH7kGHRaFByUQrQIoBHoECB8QBQ&biw=1366&bih=635

Yes, I was a victim as well. They limited my account without any justification and after 1 year they finally moved it to their account, with the description: PayPal's damages caused by Acceptable Use Policy violation, which they not told me where I did such damage.

https://www.google.com/search?client=firefox-b-d&q=PayPal%27s+damages+caused+by+Acceptable+Use+Policy+violation

[servsec]

Here is the video https://www.youtube.com/watch?v=mCMaQ9Pz_2c

[Genemind]

I think the best thing to do for now especially for those who are doubting about Paypal is just to wait for reviews and testimonies of those who will buy or sell Bitcoin through it. It's a great adoption and it will surely bring a huge impact on the whole cryptocurrency world. Paypal is still a huge network but I hope that more platforms and International online merchants would accept crypto as well.

[iamsheikhadil]

This is one of the best news that we the crypto community has got in the recent years.

I never thought a US company would do it, because the current Trump administration is very much anti-crypto. Trump himself tweeted against Bitcoin!

This is awesome, I have always loved using PayPal as payment option for many years because of the good-will and now with added cryptocurrency to it, it will be nice experience!

[Fortify]

This is a big deal for bitcoin and actually puts it on a similar footing to real fiat currency like the US dollar. I can see bitcoin increasing in price quite substantially with this change, because it will be a lot easier for the average person to access bitcoin. When they see that it is possible to easily hold it with a giant company like Paypal, lots of people will be drawn in - especially when they see it's past history and the potential return on investment. What with central banks talking about negative interest rates as well, more people are going to start parking their money elsewhere.

[DoublerHunter]

I think the best thing to do for now especially for those who are doubting about Paypal is just to wait for reviews and testimonies of those who will buy or sell Bitcoin through it. It's a great adoption and it will surely bring a huge impact on the whole cryptocurrency world. Paypal is still a huge network but I hope that more platforms and International online merchants would accept crypto as well.

^ There's nothing interesting because as I know if you will buy bitcoin using Paypal you cannot withdraw your crypto. Because as they say, you cannot transfer this into other accounts. You can use your cryptocurrency in buying and selling only that means they are a sort of an exchange where you can trade bitcoin to fiat. But if you will purchase bitcoin for holding purpose and transfer to your cold wallet, it is impossible. Nevertheless, if you are not concerned with your privacy, you can choose Paypal.

[cryptoboss2020]

this gives more proof to bitcoin as the speculative asset.
you cant trade this really you cant send it or store in your wallet paypal have control over your btc perhaps they have some insurance also to protect your crypto??

[exstasie]

This PayPal news is yet another attempt to leverage fractional reserve applied to Bitcoin. I will be eagerly waiting the day that all the people that will store bitcoin via PayPal will want to cash out when the price will skyrocket. That will be the day of PayPal collapse.

I'm not convinced this is about fractional reserve, especially since there is no sign Paypal is yet interested in entering the business of crypto lending. I think they've just been watching Square and Robinhood swallow up all their potential market share and they're sick of waiting around. With their scale, they could generate much larger revenues in a market making and brokering operation than both of those companies combined. Not to mention they are already basically set up to do exactly what Bitpay does. They just needed a company like Paxos to provide liquidity and custody.

[MCobian]

It's disappointing to know that Paypal only allows crypto buying, selling and holding on its platform. We cannot withdraw crypto to
personal wallets or spend crypto to buy goods directly at merchants on the Paypal network. And also like a centralized platform that
doesn't allow users to have private keys. So it is very visible that what Paypal is doing is not wanting to adopt cryptocurrency, but
wanting to get profit from cryptocurrency. After knowing this, I was not interested in buying cryptocurrency on Paypal.

[bL4nkcode]

Actually, nothing really amazing with paypal adopting bitcoin, its just attention-grabbing imo against their competitor square. They should at least enable withdrawals and/or enable to pay at checkout pages.

And one will matter, their fees, coz afaik paypal has too high charging fees even the conversion from usd to other currencies, so expect it, nonetheless, welcome to crypto.

[psycodad]

<snip>

And one will matter, their fees, coz afaik paypal has too high charging fees even the conversion from usd to other currencies, so expect it, nonetheless, welcome to crypto.

^This!

Send 1BTC (say from 1-3 UTXOs): ~1-5 USD fee
Send 15k USD via Paypal: ~550 USD fee

I once received a payment from a customer of around 15k USD via PP, immediately had to spend it at our suppliers shop to buy the items for the customer. Total fees for both transactions was ~1100 USD (though ~half of it was paid by the supplier). If Bitcoin had the fees Paypal has, I would start mining it by tomorrow and be highly profitable at 20c/kWh.

But it's worth mentioning that for that minimal difference in fees, PP "confirms" a tad faster.

[AniviaBtc]

Paypal better have something unique to offer to get ahead of the game in my opinion. Does not matter whether you joined the cryptocurrency train, if you are just another platform that offer the same services, time will come for you eventually. I have my hopes on Paypal that they will do something because as OP said, the race is on. You need to use what you can to get ahead of the game.

At least, they already adopted bitcoin in their platform which is uncommon to most of the popular online payments system in the world. But innovation should be their priority and uniqueness so that they can become more advance compared to other platforms. Because for me, engaging in a cryptocurrency is not new because we all know that adoption of bitcoin is really growing nowadays, although it is slow, at least there is a movement and improvement. We just need to wait for more updates regarding Paypal approaching and engaging into a cryptocurrency industry.

[exstasie]

They should at least enable withdrawals and/or enable to pay at checkout pages.

E-commerce and merchant support is coming "early next year." https://thenextweb.com/hardfork/2020/10/21/paypal-bitcoin-cryptocurrency-tokens-merchant-fiat-settled-dollar-reuters/

Everything is being rolled out in phases. It's even possible (although probably unlikely) Paypal adds the ability to deposit, transfer, and withdraw coins in the future, like eToro did. When eToro first launched BTC support, they had similar restrictions.

And one will matter, their fees, coz afaik paypal has too high charging fees even the conversion from usd to other currencies, so expect it, nonetheless, welcome to crypto.

For now there are no fees, at least until 2021.

I also compared their planned fees to what Coinbase charges. Granted, I haven't analyzed the buy/sell spreads at either site, but assuming they are equal then Paypal definitely has Coinbase beat on small purchases (< $150). Between $150-$999 Coinbase looks slightly cheaper, and at $1,000+ they are about equal.

https://techcrunch.com/2020/10/21/paypal-to-let-you-buy-and-sell-cryptocurrencies-in-the-us/
https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees

[Vishnu.Reang]

<snip>

And one will matter, their fees, coz afaik paypal has too high charging fees even the conversion from usd to other currencies, so expect it, nonetheless, welcome to crypto.

^This!

Send 1BTC (say from 1-3 UTXOs): ~1-5 USD fee
Send 15k USD via Paypal: ~550 USD fee

I once received a payment from a customer of around 15k USD via PP, immediately had to spend it at our suppliers shop to buy the items for the customer. Total fees for both transactions was ~1100 USD (though ~half of it was paid by the supplier). If Bitcoin had the fees Paypal has, I would start mining it by tomorrow and be highly profitable at 20c/kWh.

But it's worth mentioning that for that minimal difference in fees, PP "confirms" a tad faster.

The problem is not many of us are fortunate enough to have 1 BTC in our wallets. Less than 1% of the users may have that much. So most of the time, we will be transferring somewhere between $10 and $100. Paying $5 in transaction fee means dishing out 5% to 50% of the total volume as fee. And also, last time I had to wait 4 hours to get a confirmation on my transaction. PayPal is more than a "tad" faster.

[bL4nkcode]

E-commerce and merchant support is coming "early next year." https://thenextweb.com/hardfork/2020/10/21/paypal-bitcoin-cryptocurrency-tokens-merchant-fiat-settled-dollar-reuters/

Everything is being rolled out in phases. It's even possible (although probably unlikely) Paypal adds the ability to deposit, transfer, and withdraw coins in the future, like eToro did. When eToro first launched BTC support, they had similar restrictions.

Good thing, but as of now, let's put them aside as I don't know if their existing/future users will use paypal as a hodl material (as an exchange) since having bitcoin with them with such limited action is rather pointless imo I'd rather use an actual exchange to do the trading.

[Cling18]

The only problem that I encounter with Paypal is that it holds my funds for days just like what happens to my co-workers. However, it's a good thing that Bitcoin is being adopted by a well-known platform which also proves more of its legitimacy. It only proves that Bitcoin could still be adopted no matter what the market situation is.

[bryant.coleman]

The only problem that I encounter with Paypal is that it holds my funds for days just like what happens to my co-workers. However, it's a good thing that Bitcoin is being adopted by a well-known platform which also proves more of its legitimacy. It only proves that Bitcoin could still be adopted no matter what the market situation is.

Probably by now, PayPal has realized that Bitcoin is not its competitor. Rather than being used as a mode of payment, more and more people are using it as a speculative investment asset. And this is the reason why PayPal has allowed Bitcoin in its platform. For Bitcoin, this adoption by PayPal is definitely beneficial. It gives us access to hundreds of millions of new users.

[exstasie]

E-commerce and merchant support is coming "early next year." https://thenextweb.com/hardfork/2020/10/21/paypal-bitcoin-cryptocurrency-tokens-merchant-fiat-settled-dollar-reuters/

Everything is being rolled out in phases. It's even possible (although probably unlikely) Paypal adds the ability to deposit, transfer, and withdraw coins in the future, like eToro did. When eToro first launched BTC support, they had similar restrictions.

Good thing, but as of now, let's put them aside as I don't know if their existing/future users will use paypal as a hodl material (as an exchange) since having bitcoin with them with such limited action is rather pointless imo I'd rather use an actual exchange to do the trading.

Same here.

To me, the interesting part of all this isn't what features Paypal has or doesn't have. What's interesting is to ponder what effect such a massive company could have on overall adoption. They are not only legitimizing cryptocurrency for millions of people who didn't take it seriously before, but they are bringing it to their fingertips. This will likely have a significant effect on price.

And ultimately, I believe a good chunk of those people who are introduced to Bitcoin through Paypal will become real users, and not just paper investors through Paypal.

[aesma]

E-commerce and merchant support is coming "early next year." https://thenextweb.com/hardfork/2020/10/21/paypal-bitcoin-cryptocurrency-tokens-merchant-fiat-settled-dollar-reuters/

Everything is being rolled out in phases. It's even possible (although probably unlikely) Paypal adds the ability to deposit, transfer, and withdraw coins in the future, like eToro did. When eToro first launched BTC support, they had similar restrictions.

Good thing, but as of now, let's put them aside as I don't know if their existing/future users will use paypal as a hodl material (as an exchange) since having bitcoin with them with such limited action is rather pointless imo I'd rather use an actual exchange to do the trading.

Same here.

To me, the interesting part of all this isn't what features Paypal has or doesn't have. What's interesting is to ponder what effect such a massive company could have on overall adoption. They are not only legitimizing cryptocurrency for millions of people who didn't take it seriously before, but they are bringing it to their fingertips. This will likely have a significant effect on price.

And ultimately, I believe a good chunk of those people who are introduced to Bitcoin through Paypal will become real users, and not just paper investors through Paypal.

I don't know. I'm not a bitcoin evangelizer but at one point in 2017 when the price was going up and up and up I talked about it around me, and a couple of family members got interested. Clearly they were interested in the speculative value, not what BTC really was. One even started to buy all kinds of altcoins even though I only talked about BTC. In the end he sold everything with a profit and never came back, and the other family member sold at a loss and is probably "vaccinated" against crypto.

To me if you don't have a real wallet (even an online one) with a BTC address and do a few transactions on the chain, you're really not getting closer to crypto, it's like buying a Tesla stock, it doesn't get me any closer to driving a Tesla car ! And that's one thing that is en vogue right now, buying all kinds of speculative assets because central banks are printing fiat.

[AbeLinkTheTrader]

Paypal better have something unique to offer to get ahead of the game in my opinion. Does not matter whether you joined the cryptocurrency train, if you are just another platform that offer the same services, time will come for you eventually. I have my hopes on Paypal that they will do something because as OP said, the race is on. You need to use what you can to get ahead of the game.

i heard all they are going to do is hold it on paxos exchange.... so if paxos gets hacked( probably a big target considering itll be paypals(mainstreams) btc holding spot) paypal takes no responsiblilty for your losses...... i think this isnt going to last long once news gets out, unless they change things and maybe take some liability.

[Searing]

Paypal better have something unique to offer to get ahead of the game in my opinion. Does not matter whether you joined the cryptocurrency train, if you are just another platform that offer the same services, time will come for you eventually. I have my hopes on Paypal that they will do something because as OP said, the race is on. You need to use what you can to get ahead of the game.

i heard all they are going to do is hold it on paxos exchange.... so if paxos gets hacked( probably a big target considering itll be paypals(mainstreams) btc holding spot) paypal takes no responsiblilty for your losses...... i think this isnt going to last long once news gets out, unless they change things and maybe take some liability.

if that is the case then paypal will have no choice but to fold the crypto aspect of their paypal plan

I'd guess though that PayPal would make sure they have a 'seperate cold wallet" with some kind of dual control and such..or they are idiots...I mean the normal

user is NOT supposed to keeo their BTC/Crypto on an exchange..thus either it is seperate and maintained by an exchange but really the cold wallet is under

PayPal's control...or as they say..not your keys..not your bitcoin/crypto...I can't see them (1) giving up that kinda control and (2) being that damn stupid to do so.

If such happens like you say and PayPal was to 'hedge' on covering such..well that could put BTC/Crypto for adoption 'back' 5 years indeed if PayPal was that slimy.

[bryant.coleman]

i heard all they are going to do is hold it on paxos exchange.... so if paxos gets hacked( probably a big target considering itll be paypals(mainstreams) btc holding spot) paypal takes no responsiblilty for your losses...... i think this isnt going to last long once news gets out, unless they change things and maybe take some liability.

Do you have any proof for this? I don't think that they will be stupid enough to store their coins in some shitty exchange, after all the exchange robberies and hacks we had in the past. But I know one thing for sure. For PayPal, insuring the cryptocurrency deposits is not going to be a big thing. They have billions of $$$ in cash reserves and even if all of their coins get hacked, they can easily reimburse their users (unlike the cryptocurrency exchanges).

[CODE200]

Paypal better have something unique to offer to get ahead of the game in my opinion. Does not matter whether you joined the cryptocurrency train, if you are just another platform that offer the same services, time will come for you eventually. I have my hopes on Paypal that they will do something because as OP said, the race is on. You need to use what you can to get ahead of the game.

They have the popularity and influence. That is enough for them to stick with this industry. More people would be exposed to this technology because of PayPal which is a network on mainstream. Other big exchangers will surely have advantages over paypal when it comes to fees and convenience but since they offer more "assurance" and popularity, there will be people who will engage to them than other platforms for this technology. Further developments are another side of the story.

i heard all they are going to do is hold it on paxos exchange.... so if paxos gets hacked( probably a big target considering itll be paypals(mainstreams) btc holding spot) paypal takes no responsiblilty for your losses...... i think this isnt going to last long once news gets out, unless they change things and maybe take some liability.

Do you have any proof for this? I don't think that they will be stupid enough to store their coins in some shitty exchange, after all the exchange robberies and hacks we had in the past. But I know one thing for sure. For PayPal, insuring the cryptocurrency deposits is not going to be a big thing. They have billions of $$$ in cash reserves and even if all of their coins get hacked, they can easily reimburse their users (unlike the cryptocurrency exchanges).

They are a huge network already and indeed, they won't just allow such thing to happen that may ruin their reputation. They would more likely secure that aspect.

[Assface16678]

Paypal better have something unique to offer to get ahead of the game in my opinion. Does not matter whether you joined the cryptocurrency train, if you are just another platform that offer the same services, time will come for you eventually. I have my hopes on Paypal that they will do something because as OP said, the race is on. You need to use what you can to get ahead of the game.

They have the popularity and influence. That is enough for them to stick with this industry. More people would be exposed to this technology because of PayPal which is a network on mainstream. Other big exchangers will surely have advantages over paypal when it comes to fees and convenience but since they offer more "assurance" and popularity, there will be people who will engage to them than other platforms for this technology. Further developments are another side of the story.

This is quite correct but what if other big networks do the same thing? I am referring to other networks which also has popularity and are also in mainstream. There are also tendencies for them to do so, once they notice how beneficial this technology is, more likely they would also go with the adaptation in order to also generate profit from it. There are also chances that big companies are eyeing for crypto adoption because 'one' already did. But in our side, if there will be more companies to do so, more people would be able to use Bitcoin and other cryptos to daily services which I think is promising.

[davinchi]

It is obviously a great deal that some company like paypal which is huge and all around the world getting involved but let's not forget that people do not really combine the two together at the same time, not the big majority at least.

The difference is, crypto people are crypto people and they do not really care about anything else, they do not really want fiat to succeed or they want to have more fiat maybe but the end result is always the same; to use crypto to make themselves a better life via crypto. Other people like fiat and they do not want crypto, regular shop around the corner, almost all of them work with fiat and maybe very very insignificant number of them accept crypto. It is great that you could combine these people together but do they really care about getting together?

[tbterryboy]

Lol now they will have to agree that cryptocurrency (digital money) is inevitable, they don't want to be left behind. I knew they would eventually get into cryptocurrency, it is just with time. A lot of people have waited for a day like this ,and imagine how easy this has made things for us.

I am happy to see how we have gotten with this, and I hope to see more. Now, once this feature is released, we can easily convert our cryptocurrencies (BTC, LTC, ETH) on PayPal and then use it to buy from any platform. I hope that the fees don't kill off everything lol. Because, they will definitely be charging fees when you will be converting from one currency to another, unless there will be a difference with them.

[slapper]

At least we can accept the situation. KYC is an important issue for many of us who want to become fully anonymous. However, there are people who willing to give up their privacy in order to buy happiness, convenience, etc. We can't judge them for doing that. The minority like us will choose a different way to hold and secure our bitcoin and other digital assets

My personal thought: This is a remarkable move for bitcoin and the crypto community. A large number of people are currently using PayPal as their main payment method and this will unquestionably spread the impact of bitcoin over the system. Despite being unable to withdraw crypto, investors (for now) can easily purchase and hold bitcoin in their wallets without chasing any advance trading platform.

[exstasie]

And ultimately, I believe a good chunk of those people who are introduced to Bitcoin through Paypal will become real users, and not just paper investors through Paypal.

I don't know. I'm not a bitcoin evangelizer but at one point in 2017 when the price was going up and up and up I talked about it around me, and a couple of family members got interested. Clearly they were interested in the speculative value, not what BTC really was. One even started to buy all kinds of altcoins even though I only talked about BTC. In the end he sold everything with a profit and never came back, and the other family member sold at a loss and is probably "vaccinated" against crypto.

Sure, the speculative nature of Bitcoin is what drew in lots of users, including myself. If not for the 2013 bubble, I would not be here, nor would I have ever heard of Bitcoin.

And sure, lots of the "get rich quick" types will get washed out of the market after the bubble pops. Plenty of them, like myself, will stick around too.

To me if you don't have a real wallet (even an online one) with a BTC address and do a few transactions on the chain, you're really not getting closer to crypto, it's like buying a Tesla stock, it doesn't get me any closer to driving a Tesla car ! And that's one thing that is en vogue right now, buying all kinds of speculative assets because central banks are printing fiat.

Everything is not so black and white. If people are gravitating towards Bitcoin because of runaway fiat printing, some of them will ultimately see the value of Bitcoin and become users in the long run. You really don't give people enough credit.

Not everyone who invests in BTC through Paypal will become a real Bitcoin user, but that's not the point.

[ReiMomo]

~snip~
Not everyone who invests in BTC through Paypal will become a real Bitcoin user, but that's not the point.

What is the point of being a bitcoin user if you in yourself did not even protect your coin?

Paypal has the full power of everything because you can't use your bitcoin to send of exchange. Only purchase on any merchants supported by the paypal. But when it comes, your key, your bitcoin. That's will not happen on the paypal.

What's the point of selling or buying bitcoin in paypal and hold this for a long time if you cant even transfer your coin into your cold wallet.

[Twinkledoe]

At least we can accept the situation. KYC is an important issue for many of us who want to become fully anonymous. However, there are people who willing to give up their privacy in order to buy happiness, convenience, etc. We can't judge them for doing that. The minority like us will choose a different way to hold and secure our bitcoin and other digital assets

My personal thought: This is a remarkable move for bitcoin and the crypto community. A large number of people are currently using PayPal as their main payment method and this will unquestionably spread the impact of bitcoin over the system. Despite being unable to withdraw crypto, investors (for now) can easily purchase and hold bitcoin in their wallets without chasing any advance trading platform.

I have nothing against with PayPal asking for KYC as it is really part of their business. Now, if you are a PayPal user, it is your choice whether to use crypto or not. I'm a PayPal user but don't see the need to use crypto in that platform for the time being. Maybe if I'm out of fiat and I have crypto, I will use it. But no one is forcing you to use your crypto here, they just open doors for crypto, which may give them additional market for those who are willing to use their crypto in this platform. And with this move, I believe adoption from some of their users will happen.

[Searing]

At least we can accept the situation. KYC is an important issue for many of us who want to become fully anonymous. However, there are people who willing to give up their privacy in order to buy happiness, convenience, etc. We can't judge them for doing that. The minority like us will choose a different way to hold and secure our bitcoin and other digital assets

My personal thought: This is a remarkable move for bitcoin and the crypto community. A large number of people are currently using PayPal as their main payment method and this will unquestionably spread the impact of bitcoin over the system. Despite being unable to withdraw crypto, investors (for now) can easily purchase and hold bitcoin in their wallets without chasing any advance trading platform.

I have nothing against with PayPal asking for KYC as it is really part of their business. Now, if you are a PayPal user, it is your choice whether to use crypto or not. I'm a PayPal user but don't see the need to use crypto in that platform for the time being. Maybe if I'm out of fiat and I have crypto, I will use it. But no one is forcing you to use your crypto here, they just open doors for crypto, which may give them additional market for those who are willing to use their crypto in this platform. And with this move, I believe adoption from some of their users will happen.

When..PayPal opens up 'world wide' that is when, IMHO, the full BTC effect will happen. In that if you wanted to use PayPal for a purchase say from

www.ebay.com and you are in a nation w/o credit cards and other banking options..I'd assume you could just use BTC via PayPal.

As to the buyer of an eBay

product..you know in say a third world nation you can trust eBay...so to speak...on the other hand...if you are eBay lack of a bank does not matter and also true of PayPal

with the Bitcoin and PayPal option. The security is in the BTC transaction, all else is simply pass through to the vendor. Again, if eBay is not a good example, use your own

own.
 
So it will be less than huge for otherwise limited folk to use in the 1st world nations BUT A GAME CHANGERER, IMHO, for the developing nations.  

It is very smart of PayPal to make this offer even it is ine

the limited fashion it has. Mainly, for those now with the option to use PayPal via the Bitcoin process that don't have banking or other legit fair/honest banking

or other services in their country. Indeed, once one or two BTC processes have gone through via PayPal using Bitcoin from these groups, PayPal could then have other

means of 'verifying' them as legit/honest  users of PayPal and indeed PayPal through steps to verify with BTC/crypto could then 'provide' banking services on the cusp of

their BTC/Crypto xfers and using that as a verification. Small steps for someone to go from BTC only..to limited banking to full banking to eventual exchange all w/o

traditonal banking as such for the start of this process.

Or indeed PayPal could be all services to someone overseas in developing countries. 1st the PayPal BTC use and verify..then use such funding to add banking

to PayPal as they see a need for such with adoption and demand and lastly go full exchange like coinbase with KYC. I repeat myself, but you get the drift of

possibilites for PayPal to both open up its own adoption world-wide as well as for BTC/Crypto in one fell swoop! Also, KYC could be implimented as the

processs goes along...all the way to full crypto exchange/banking levels. All starting from just simple sales with overseas BTC payments to PayPal.

As, to the USA, probably not a big deal. But say as someone trying to get products from the USA from a country with high inflation $$$ and more than a bit

of corruption etc...this could be a lifesaver and a really big deal. Again, the above is rough idea wise..but how I'd try to play the long term gains on BTC/Crypto

if i was PayPal.

Brad

[Google+]

Lol now they will have to agree that cryptocurrency (digital money) is inevitable, they don't want to be left behind. I knew they would eventually get into cryptocurrency, it is just with time. A lot of people have waited for a day like this ,and imagine how easy this has made things for us.

I am happy to see how we have gotten with this, and I hope to see more. Now, once this feature is released, we can easily convert our cryptocurrencies (BTC, LTC, ETH) on PayPal and then use it to buy from any platform. I hope that the fees don't kill off everything lol. Because, they will definitely be charging fees when you will be converting from one currency to another, unless there will be a difference with them.

I think there is no other choice but to develop for the better including developing its business into the realm of cryptocurrency which ultimately becomes a very important bridge for purchasing cryptocurrency, because if it's not like that it will make people no longer interested in PayPal and lose its users, whereas if it's like this then more and more will use paypal and I am sure when it was first released that paypal opened the purchase of cryptocurrency using its platform, making the paypal usage chart increase so that from this development it could also provide benefits for both platforms from paypal and cryptocurrency.

[exstasie]

~snip~
Not everyone who invests in BTC through Paypal will become a real Bitcoin user, but that's not the point.

What is the point of being a bitcoin user if you in yourself did not even protect your coin?

Speculative investment, obviously.

Get over it, some people don't want to deal with Bitcoin wallets, worrying about malware or accidentally sending coins into the abyss, etc. They can use Paypal. I'm over it.

It's a lot more interesting to speculate about the effect this could have on Bitcoin's perceived legitimacy, exposure to the masses, adoption, price, etc. than to preach to the choir about "not your keys, not your coins." That point has been made in this thread a dozen times already, and it's not like Paypal users investing in crypto are going to read it anyway.

[bitcoin31]

It's a good news for us who uses cryptocurrency, there is a lot of user of paypal and once they see the payment method of crypto maybe they will use also this and become investors that can help to the community to grow more and to the price too. Paypal is big company and it is a win win situation between bitcoin and paypal because it is a big impact to them also and to us of adding cryptocurrency to the paypal.

[Vishnu.Reang]

It's a good news for us who uses cryptocurrency, there is a lot of user of paypal and once they see the payment method of crypto maybe they will use also this and become investors that can help to the community to grow more and to the price too. Paypal is big company and it is a win win situation between bitcoin and paypal because it is a big impact to them also and to us of adding cryptocurrency to the paypal.

PayPal probably allowed Bitcoin in its platform because they consider it to be an investment asset. If they considered it as a mode of payment, then they could have never allowed it in their platform. After all, even giant-sized corporations are wary about their competitors. Anyway, now the glass ceiling has been broken and I expect other corporations to follow suit.

[DabsPoorVersion]

It's a good news for us who uses cryptocurrency, there is a lot of user of paypal and once they see the payment method of crypto maybe they will use also this and become investors that can help to the community to grow more and to the price too. Paypal is big company and it is a win win situation between bitcoin and paypal because it is a big impact to them also and to us of adding cryptocurrency to the paypal.

PayPal probably allowed Bitcoin in its platform because they consider it to be an investment asset. If they considered it as a mode of payment, then they could have never allowed it in their platform. After all, even giant-sized corporations are wary about their competitors. Anyway, now the glass ceiling has been broken and I expect other corporations to follow suit.

That might be one of the reason but who knows,

Since paypal is also being used as wallet to store money, that's why they have seen this as an opportunity to accept bitcoin and allow their users to buy, store and send bitcoin in their platform. This will probably give a good impact in the crypto community as it is being used nationwide.

[shoreno]

It's a good news for us who uses cryptocurrency, there is a lot of user of paypal and once they see the payment method of crypto maybe they will use also this and become investors that can help to the community to grow more and to the price too. Paypal is big company and it is a win win situation between bitcoin and paypal because it is a big impact to them also and to us of adding cryptocurrency to the paypal.

PayPal probably allowed Bitcoin in its platform because they consider it to be an investment asset. If they considered it as a mode of payment, then they could have never allowed it in their platform. After all, even giant-sized corporations are wary about their competitors. Anyway, now the glass ceiling has been broken and I expect other corporations to follow suit.

That might be one of the reason but who knows,

Since paypal is also being used as wallet to store money, that's why they have seen this as an opportunity to accept bitcoin and allow their users to buy, store and send bitcoin in their platform. This will probably give a good impact in the crypto community as it is being used nationwide.

paypal and btc are online but btc have a restriction to some countries . im not aware on  paypal if they have same rules like that but i think no ? because paypal was centralized .

 thats good if paypal is a real nationwide payment processor because those that btc are banned on thier country can use paypal instead to mask the use of btc but is that possible ? i hope that paypal wont change rules after the collab to crypto .

[jaberwock]

These are huuuuuge companies we are talking about, obviously paypal would see that bitcoin would be a good addition and add it, I do not think that it would cause them too much trouble neither, sure there are few more lawyers in their company now, a dozen maybe less more workers like design or support or coding and so forth, and maybe like 100k a month more expense all because of this, maybe a million?

Doesn't even matter if it is few million dollars, you know why? Because Paypal just like any other company looks at things as profit (should at least) and that is the bottom deal. If adding crypto makes them more profit than not, they will add bitcoin, if it doesn't add any profit they won't. Hell banks do illegal stuff like money laundering and pay a billion dollars penalty just because their profit from that money laundering is bigger.

[exstasie]

These are huuuuuge companies we are talking about, obviously paypal would see that bitcoin would be a good addition and add it, I do not think that it would cause them too much trouble neither, sure there are few more lawyers in their company now, a dozen maybe less more workers like design or support or coding and so forth, and maybe like 100k a month more expense all because of this, maybe a million?

Doesn't even matter if it is few million dollars, you know why? Because Paypal just like any other company looks at things as profit (should at least) and that is the bottom deal. If adding crypto makes them more profit than not, they will add bitcoin, if it doesn't add any profit they won't. Hell banks do illegal stuff like money laundering and pay a billion dollars penalty just because their profit from that money laundering is bigger.

According to a report from Morgan Stanley, adding Bitcoin support won't mean shit for Paypal's bottom line:

It is "unclear" if PayPal's earnings will benefit from that shift. The researchers said bitcoin, bitcoin cash, litecoin and ether funding is "likely immaterial to earnings."

"Assuming PayPal is able to scale its crypto trading activity to Square's current level, it would only add [0.3%] of growth to PayPal's ~$21.3 billion" revenue base for 2020, they wrote.

https://www.coindesk.com/morgan-stanley-paypal-crypto-mass-adoption

How correct they are about that, I'm not sure. The compliance costs are probably not insignificant, and I have to think they are paying a hefty chunk to Paxos for handling everything under the hood. It's becoming a very competitive space too, and they are late to the game, so they can't charge particularly high fees from the get-go.

I'm wondering if Paypal's board finally realized they had to do something to keep Paypal and Venmo relevant in the face of Square and Cash App's impressive growth. Maybe this is less about earnings and more about......not being left behind.

[Sithara007]

paypal and btc are online but btc have a restriction to some countries . im not aware on  paypal if they have same rules like that but i think no ? because paypal was centralized .

 thats good if paypal is a real nationwide payment processor because those that btc are banned on thier country can use paypal instead to mask the use of btc but is that possible ? i hope that paypal wont change rules after the collab to crypto .

As of now, indications are that Bitcoins will be available only to those PayPal users who are residing in the United States. So the question of legality in territories where cryptocurrency is not legal does not arise. Obviously they need to deal with it, if they want to make this option available to the global users. A few years back, when Overstock made Bitcoin available as a mode of payment, they also did the same. This option was limited for registered users from the United States.

[darewaller]

It's a good news for us who uses cryptocurrency, there is a lot of user of paypal and once they see the payment method of crypto maybe they will use also this and become investors that can help to the community to grow more and to the price too. Paypal is big company and it is a win win situation between bitcoin and paypal because it is a big impact to them also and to us of adding cryptocurrency to the paypal.

A lot of people have been saying that they want Bitcoin to be accepted everywhere around and they want to be able to spend their coins and use it to buy whatever they need, and this is that opportunity, since PayPal is accepted everywhere, now once they are linked with Bitcoin that means that our dreams of being able to spend our cryptos wherever we want has been fulfilled.

The next thing is how they are going integrate Bitcoin to their platform; will it be in a way that’s going to make things easy and acceptable, because if not, a lot of people are still going to reject it.

[aesma]

It's a good news for us who uses cryptocurrency, there is a lot of user of paypal and once they see the payment method of crypto maybe they will use also this and become investors that can help to the community to grow more and to the price too. Paypal is big company and it is a win win situation between bitcoin and paypal because it is a big impact to them also and to us of adding cryptocurrency to the paypal.

PayPal probably allowed Bitcoin in its platform because they consider it to be an investment asset. If they considered it as a mode of payment, then they could have never allowed it in their platform. After all, even giant-sized corporations are wary about their competitors. Anyway, now the glass ceiling has been broken and I expect other corporations to follow suit.

I think the exact opposite is true. BTC is seen by PayPal as a competitor, and supporting BTC is a way to take it into the fold. If in a few years fiat isn't en vogue anymore, and BTC is the new currency, then PayPal will have survived because it's involved in BTC.

[TopT3ns]

It's a good news for us who uses cryptocurrency, there is a lot of user of paypal and once they see the payment method of crypto maybe they will use also this and become investors that can help to the community to grow more and to the price too. Paypal is big company and it is a win win situation between bitcoin and paypal because it is a big impact to them also and to us of adding cryptocurrency to the paypal.

A lot of people have been saying that they want Bitcoin to be accepted everywhere around and they want to be able to spend their coins and use it to buy whatever they need, and this is that opportunity, since PayPal is accepted everywhere, now once they are linked with Bitcoin that means that our dreams of being able to spend our cryptos wherever we want has been fulfilled.

The next thing is how they are going integrate Bitcoin to their platform; will it be in a way that’s going to make things easy and acceptable, because if not, a lot of people are still going to reject it.

PayPal can be the best bridge between buyers and sellers of bitcoin well and of course this role will have a good impact on the price of bitcoin and several other cryptocurrencies, yesterday was the initial information about the release of paypal opening bitcoin transactions, after which there will be an evaluation and preparation In the future, I am sure that they will develop more features that can facilitate cryptocurrency transactions on their platform.

[Karartma1]

I'm wondering if Paypal's board finally realized they had to do something to keep Paypal and Venmo relevant in the face of Square and Cash App's impressive growth. Maybe this is less about earnings and more about......not being left behind.

Exactly, it mostly works that way: remember the blockchain technology hype? Most companies started investing without having an idea of what could have they done with blockchain technology. To avoid investing in bitcoin that early they had to invest in something that could have been presented to their investors without scaring them.
The world changed so much since 2015! Eventually they realized that they could have been left behind and now they flock into bitcoin. Hilarious.

[error08]

I'm wondering if Paypal's board finally realized they had to do something to keep Paypal and Venmo relevant in the face of Square and Cash App's impressive growth. Maybe this is less about earnings and more about......not being left behind.

Exactly, it mostly works that way: remember the blockchain technology hype? Most companies started investing without having an idea of what could have they done with blockchain technology. To avoid investing in bitcoin that early they had to invest in something that could have been presented to their investors without scaring them.
The world changed so much since 2015! Eventually they realized that they could have been left behind and now they flock into bitcoin. Hilarious.

For a company, it should be about earnings, if the world transition moving toward cryptocurrency, they have to adopt it as well to ensure continuity of profit in the future, just like auto companies transition from internal combustion to the electric vehicle. At least PayPal will enable 300+ million users to spend cryptocurrency at its network of more than 26 million merchants, adoption enhances the utility of bitcoin as a medium of exchange.

[angrybirdy]

This is what the first transaction of buying bitcoin with PayPal looks like:



Circle CEO Jeremy Allaire hinted that the function is now available for a limited number of persons.

It looks like the local wallet that we are using, but since paypal is using by people around the world, this is a great news to the crypto community. This will make their users to easily buy and store bitcoin since there are some country who are having a hard time buying or they directly buy in the exchange before they can withdraw it in their own btc wallet.

[Wawa2013]

To be honest I wasn't surprised to know that Paypal has finally decided to accept cryptocurrency, because they are a large platform
that has been monitoring the development of cryptocurrency for a long time. By looking at the rapid development of crypto, like
Paypal realizes that they must accept cryptocurrency so that they are not left behind. Nowadays Paypal is increasingly giving many
people the convenience of being able to buy Bitcoin and store it. We can see that with Paypal accepting cryptocurrency the price of
Bitcoin has increased, even now it has reached $ 13,400.

[Searing]

If PayPal is smart they will follow the below path to get as many people outside the USA into this Bitcoin and PayPal plan as the possibly can, for the simple

reason of 'Adoption of BTC will help the folk that don't have banks!'

1) They get accounts from folks without 'legit' or any Banking throughout the world, no checking accounts and that kind of thing. They with the BTC

option in a place with 'high inflation' on their nation's $$$ and such...get an account of some type. Maybe thru coinbase and its debit card operation of

a real USA bank. They still have no real credit rating for credit card etc? But if PayPal is smart that won't matter.

PayPal should set this up so that the 1st step is that you have BTC bought thru PayPal and in your account. In that the security is in the Bitcoin itself..PayPal

could say with such and such amount of Bitcoin, you have such and such access to use on Amazon, or whatever. From there, again, if PayPal wants to

take over the world like Amazon, they would then 'offer' on your BTC purchase history and or amount of BTC kept on hand in maybe, offer you the next

tier up as to offer you checking and banking through paypal..with your passport and KYC etc...thus now they also are your bank.....then after that, if I

was them...it would morph into offering services with KYC as an exchange. So the 'great unbanked' in the world could use Bitcoin to prove their credit

bona fides to get such banking and maybe exchange services with KYC without the worry of local banking in dubious countries or having banking first

or having credit card etc..they could simply 'progress' upward thru a PayPal path to get all of the above. In that Bitcoin security is in the Bitcoin..not your

credit history (or lack thereof) this is a plan. The people using this PayPal option to go up the chain above (sorry rough but you get the idea) they know

that PayPal is 'likely' more legit than their countried 'dubious' banking system so they feel secure as well.

This has to be the plan, indeed it is the way Coinbase for example guided my upward process to give me too much money and credit to use on their

platform over time. I can't see how something can't be done like I said above, (probably better explained then I did) and PayPal through Bitcoin/Crypto

could just 'wrap' up a whole mess of new adoption into the world finance system 'directly' and increase BTC/Crypto adoption massively. Also from

PayPal's point of view..all them lovely fees going in/out and around. Anyway, above is rough idea...but this should be do'able IMHO if PayPal is 'farsighted' enough to go

down this path. Otherwise, why the heck did they take BTC/Crypto unless they got some or all of the above involved as a long term plan?

remember I'm clueless...but how it looks to me.

I also 'believe' that like Viemo the service PayPal has money in and now will become the PayPal BTC/Crypto wallet..it to started out not letting BTC/Crypto

in and out directly. I think that also will change. Of course, if PayPall really, really does (got a BTC woody on this) buy BitPay..well crap...all heck will break

loose!

Again, rough sketch above of how it might work without my knowing zip about adequate safeguards.

Brad

[Kupid002]

To be honest I wasn't surprised to know that Paypal has finally decided to accept cryptocurrency, because they are a large platform
that has been monitoring the development of cryptocurrency for a long time. By looking at the rapid development of crypto, like
Paypal realizes that they must accept cryptocurrency so that they are not left behind. Nowadays Paypal is increasingly giving many
people the convenience of being able to buy Bitcoin and store it. We can see that with Paypal accepting cryptocurrency the price of
Bitcoin has increased, even now it has reached $ 13,400.

And those buyers can possibly give them enough profit daily so why you should always think that Bitcoin is one of your rival if you know you can also adopt it and take advantage having it.that was the problem of the nokia back then because they thought they were on top always they never seized the opportunity to upgrade or adopt new technology that people will love . and this is what paypal did today .he did not oppose bitcoin as another payment option and they embraced and seized the possibility that it would help them a lot on their platform.

[carlisle1]

the thing is will be cryptonians really make good chunks on this?i mean is there really advantage in our part or just the news that making it better?

Like me i am PayPal user and also Crypto user/Holder.

i can transfer Fiat from my bank account to my PayPal account directly without taking from My crypto holdings.
I think this is much safer than using my Bitcoin to pay.

I think the exact opposite is true. BTC is seen by PayPal as a competitor, and supporting BTC is a way to take it into the fold. If in a few years fiat isn't en vogue anymore, and BTC is the new currency, then PayPal will have survived because it's involved in BTC.

Lol paypal is survival even without BTC on their back,remember that this is a stable payment method most american use and also more part of the world compared to Bitcoin that until now is trying to be known and use by the world.

[aesma]

the thing is will be cryptonians really make good chunks on this?i mean is there really advantage in our part or just the news that making it better?

Like me i am PayPal user and also Crypto user/Holder.

i can transfer Fiat from my bank account to my PayPal account directly without taking from My crypto holdings.
I think this is much safer than using my Bitcoin to pay.

I think the exact opposite is true. BTC is seen by PayPal as a competitor, and supporting BTC is a way to take it into the fold. If in a few years fiat isn't en vogue anymore, and BTC is the new currency, then PayPal will have survived because it's involved in BTC.

Lol paypal is survival even without BTC on their back,remember that this is a stable payment method most american use and also more part of the world compared to Bitcoin that until now is trying to be known and use by the world.

Paypal has high fees, and is mostly used on top of credit cards with high fees themselves. They're already being disrupted by other actors in the financial world. Crypto is another worry for them, not something they're embracing with glee. Only my opinion of course.

[cryptoboss2020]

its great way to earn good profit just speculation you cant own the crypto you buy crypto on paypal platform.
its like they sell air to the customers nobody cant proof they actually have crypto and proof that its not even needed.

[barbara44]

This is what the first transaction of buying bitcoin with PayPal looks like:



Circle CEO Jeremy Allaire hinted that the function is now available for a limited number of persons.

Thanks, that looks really cool and I don't know when it would be allowed for all the users but the news alone lifted the market so I am not sure how the market would react when they will be actually able to buy Bitcoins with their paypal balance.

This is for sure the biggest adoption of Bitcoins because PayPal make no mistake is the biggest payment processor right now and them allowing the purchase of Bitcoins means that we are now just one step away from the mass adoption we often talk about. I would also like to know if we can send Bitcoins from our wallet to others? I mean buying bitcoins is great but if we can transfer those coins to others that would be even great because that simply means Bitcoins based payments on PayPal.

[Vishnu.Reang]

This is what the first transaction of buying bitcoin with PayPal looks like:



Circle CEO Jeremy Allaire hinted that the function is now available for a limited number of persons.

Can someone please explain me the "transaction fee" part? From the screenshot, it looks as if PayPal didn't charged any transaction fee at all. Two hours back, I paid $9 to confirm one of my transactions. So ideally, this user should have paid a similar amount while purchasing $100 worth of crypto. But it is showing as zero fee. What's the logic behind this? Is PayPal paying the fee for its users?

[amishmanish]

This is what the first transaction of buying bitcoin with PayPal looks like:



Circle CEO Jeremy Allaire hinted that the function is now available for a limited number of persons.

Can someone please explain me the "transaction fee" part? From the screenshot, it looks as if PayPal didn't charged any transaction fee at all. Two hours back, I paid $9 to confirm one of my transactions. So ideally, this user should have paid a similar amount while purchasing $100 worth of crypto. But it is showing as zero fee. What's the logic behind this? Is PayPal paying the fee for its users?

It seems to be promotion thing applicable till December 31st, 2020. You can see it linked in the FAQ screenshot posted in OP. This is probably just to onboard new users. Paypal is a huge player in the internet payments scene and the bullish effect is already visible as BTC hovers around 14K after a long stint of sideways moves. Its hard to ever pinpoint a certain reason for bitcoin's movement but this seems to be the reason for the time being.

[AicecreaME]

I just hope that their sentiments remain as-is for the longest time. I don't want to see a huge company backing out of something promising ever again (like some merchants removing bitcoin as a payment option) only to get back in the scene after bitcoin has performed extremely well. Not a hater of Paypal nor a fan, but I do see that this is just their way to grab the attention of the market from Square which has bought a huge amount of bitcoins within the span of a few months.

They should stick with this decision this time.

I agree. Paypal must stick to its decision to adapt bitcoin for good and not just for the time being it’s on booming season. They should stand their decision of having btc on their platform regardless of the bitcoin’s state. After all, bitcoin is known to have an unstable and varying value over time.

If this paypal feature regarding bitcoin shopping, buying, and selling are going to be permanent this would surely benefit the bitcoin community. There would be another platform to use bitcoin. It would be much more convenient especially if the process is going to be easier in the app.

I think they should also involve more features different to their competitors. They must have unique and distinct characteristic that could easily tell it’s them. In addition, it could put them to an advantage if ever they would offer what other apps doesn't have. It would be best if they’re the first choice of the consumers and not just an alternative for other applications.

[Kupid002]

This is what the first transaction of buying bitcoin with PayPal looks like:



Circle CEO Jeremy Allaire hinted that the function is now available for a limited number of persons.

Thanks, that looks really cool and I don't know when it would be allowed for all the users but the news alone lifted the market so I am not sure how the market would react when they will be actually able to buy Bitcoins with their paypal balance.

This is for sure the biggest adoption of Bitcoins because PayPal make no mistake is the biggest payment processor right now and them allowing the purchase of Bitcoins means that we are now just one step away from the mass adoption we often talk about. I would also like to know if we can send Bitcoins from our wallet to others? I mean buying bitcoins is great but if we can transfer those coins to others that would be even great because that simply means Bitcoins based payments on PayPal.

I guess you need to read this thread first before hoping that PayPal will give big impact to price of Bitcoin and increase the  adoption.

A look at PayPal’s TOS and What it Means for Users

They are not even holding crypto currency you are just buying them a fake amount of numbers and you can't transfer it to your main wallet .that coins is  only created to buy and  sell Bitcoin price in their platform.

[Xinarae*]

PayPal is very difficult to elucidate a part of the transaction fee. it's not known exactly what proportion PayPal will charge for the transaction. the opposite cryptocurrencies to be added to PayPal services after Bitcoin are Ethereum, Lightcoin and Bitcoin Cash. All are often stored directly in PayPal Digital Wallet. PayPal added that as a part of this service PayPal will provide educational materials to account holders to assist customers to understand the cryptocurrency ecosystem. PayPal will convert cryptocurrency into national currency for the utilization of virtual coins. companies that receive paid money will receive the proper amount of pounds or dollars rather than virtual coins the report said.

[aesma]

This is what the first transaction of buying bitcoin with PayPal looks like:



Circle CEO Jeremy Allaire hinted that the function is now available for a limited number of persons.

Can someone please explain me the "transaction fee" part? From the screenshot, it looks as if PayPal didn't charged any transaction fee at all. Two hours back, I paid $9 to confirm one of my transactions. So ideally, this user should have paid a similar amount while purchasing $100 worth of crypto. But it is showing as zero fee. What's the logic behind this? Is PayPal paying the fee for its users?

You paid 9$ to send BTC somewhere (or receive it), using the BTC blockchain.

When you buy BTC on Paypal you're not really buying BTC, you're buying an IOU (I owe you), an abstraction. Nothing happens on the blockchain, so there is no fee related to a blockchain transaction.

It's the same on an exchange, to be honest, the fees you pay when buying BTC on an exchange are trading fees to pay for the service, once again nothing happens on the blockchain. However on an exchange you can then transfer BTC to your wallet, and then, you pay another fee, which this time is a fee to confirm the transaction on the blockchain.

[CarnagexD]

PayPal is very difficult to elucidate a part of the transaction fee. it's not known exactly what proportion PayPal will charge for the transaction. the opposite cryptocurrencies to be added to PayPal services after Bitcoin are Ethereum, Lightcoin and Bitcoin Cash. All are often stored directly in PayPal Digital Wallet. PayPal added that as a part of this service PayPal will provide educational materials to account holders to assist customers to understand the cryptocurrency ecosystem. PayPal will convert cryptocurrency into national currency for the utilization of virtual coins. companies that receive paid money will receive the proper amount of pounds or dollars rather than virtual coins the report said.

Or they could do something about it that is both revolutionary and exciting. We all know Paypal's founder Elon Musk is a visionary when it comes to bitcoin and cryotocurrency and has gone public to show his upoort on its technology, it wouldn't surprise me if they would make a universal transaction fee scheme that would help people save more with buying crypto and would altogether entice more investors to buy there instead of the sites we all know and loved. And if this happens you bet your buck that I'll be buying cryotocurrencies there moving forward.

[worle1bm]

Most of big companies are entering into crypto market to keep up the pace with growing digitalization of monetary system and that is what PayPal is doing so.With more than 340 million active users on their network and 26 million merchants they want to use btc to boost their profit ratio with large volume by charging transaction fees.They transaction would be settle in fiat which means customer will be paid in local currency at the time of settlement against the value of coins at that time.At present they have added Bitcoin and ETH in their payment system.But we might take this as an extra step taken in growth of btc and cryptocurrency market to expand at large level.

[Twentyonepaylots]

PayPal is very difficult to elucidate a part of the transaction fee. it's not known exactly what proportion PayPal will charge for the transaction. the opposite cryptocurrencies to be added to PayPal services after Bitcoin are Ethereum, Lightcoin and Bitcoin Cash. All are often stored directly in PayPal Digital Wallet. PayPal added that as a part of this service PayPal will provide educational materials to account holders to assist customers to understand the cryptocurrency ecosystem. PayPal will convert cryptocurrency into national currency for the utilization of virtual coins. companies that receive paid money will receive the proper amount of pounds or dollars rather than virtual coins the report said.

Except if they do something revolutionary which Elon Musk, it's creator is publicly known for. He actively shows support on the coin and cryptocurrency overall. And having his vast wealth, he can implement a systematic transaction fee that is based on fiat rather than bitcoin or cryptocurrency itself. It only wouldn't help PayPal reach more people, the amount of people that will use the site may also help win back the losses of implementing such a rule.

[AndySt]

PayPal is very difficult to elucidate a part of the transaction fee. it's not known exactly what proportion PayPal will charge for the transaction. the opposite cryptocurrencies to be added to PayPal services after Bitcoin are Ethereum, Lightcoin and Bitcoin Cash. All are often stored directly in PayPal Digital Wallet. PayPal added that as a part of this service PayPal will provide educational materials to account holders to assist customers to understand the cryptocurrency ecosystem. PayPal will convert cryptocurrency into national currency for the utilization of virtual coins. companies that receive paid money will receive the proper amount of pounds or dollars rather than virtual coins the report said.

In general, it turns out a situation in which there is a departure from the principles of Satoshi Nakamoto and for the sake of which all this was started. PayPal will make transactions on its own without affecting the cryptocurrency blockchains at all, and bitcoin will only serve as a record in their internal database. The blockchain will be used only in cases when the client of the payment service will enter his amount there and when the client will withdraw the amount into his cryptocurrency wallet.

[bryant.coleman]

You paid 9$ to send BTC somewhere (or receive it), using the BTC blockchain.

When you buy BTC on Paypal you're not really buying BTC, you're buying an IOU (I owe you), an abstraction. Nothing happens on the blockchain, so there is no fee related to a blockchain transaction.

It's the same on an exchange, to be honest, the fees you pay when buying BTC on an exchange are trading fees to pay for the service, once again nothing happens on the blockchain. However on an exchange you can then transfer BTC to your wallet, and then, you pay another fee, which this time is a fee to confirm the transaction on the blockchain.

Well... if this is the case, then I have a feeling that a lot of small-scale users may prefer using PayPal in their cryptocurrency dealings. Obviously those who value their privacy are never going to use it. But for those who already have a PayPal account and deals with very small amounts of crypto, PayPal looks OK. Anyway, in the end it comes to the user preference.

[Sithara007]

In this article it says PayPal will first launch its Bitcoin and other crypto trading service first in the U.S, over the coming weeks.

Wow!!! Things are really moving fast. Someone had posted that PayPal is looking forward to make crypto available to the US users sometime by mid-2021. But now it looks as if they will do that much earlier. And also, it is great that they are increasing the weekly limit for cryptocurrency purchases. I can foresee the cryptocurrency prices moving upwards by quite a bit in the near future.

Being a resident of India, I don't expect Indian PayPal users to be enabled with this option anytime soon. But overall, it is great news for adoption of Bitcoin. This is just the trigger that we were waiting for.

[CarnagexD]

You paid 9$ to send BTC somewhere (or receive it), using the BTC blockchain.

When you buy BTC on Paypal you're not really buying BTC, you're buying an IOU (I owe you), an abstraction. Nothing happens on the blockchain, so there is no fee related to a blockchain transaction.

It's the same on an exchange, to be honest, the fees you pay when buying BTC on an exchange are trading fees to pay for the service, once again nothing happens on the blockchain. However on an exchange you can then transfer BTC to your wallet, and then, you pay another fee, which this time is a fee to confirm the transaction on the blockchain.

Well... if this is the case, then I have a feeling that a lot of small-scale users may prefer using PayPal in their cryptocurrency dealings. Obviously those who value their privacy are never going to use it. But for those who already have a PayPal account and deals with very small amounts of crypto, PayPal looks OK. Anyway, in the end it comes to the user preference.

I'll try it out myself. Honestly the NO Transaction Fee feature of Paypal kinda got me hooked in it. I don't really mind me sharing a bit of my identity as it also helps when hacking happens which if it happened to other digital trading platforms, would have me assumed that I already lost the money for good. So the trade-off is there.

[BuNga_cute]

Actually I am a little disappointed to know that Paypal accepts cryptocurrency not to adopt Cryptocurrency. But Paypal only wants to
get personal benefits by taking advantage of the popularity of cryptocurrency. Because Paypal only allows buying, selling and storing
cryptocurrency only on their platform. But at least Paypal makes other companies interested in accepting cryptocurrency, more and
more companies are accepting crypto. Increase the awareness of many people about cryptocurrency, and this is actually good for
cryptocurrency development.

[pankowri]

The best news indeed in this time to bull run Bitcoin price. Btw, PayPal already allowed only four crypto currency for buy-sell. Hopefully, it will increase very soon shortly. The advantage will be taken by us who were waiting for a long time to use it randomly and this is the beginning and more surprises are coming as I strongly believe.

[Searing]

The best news indeed in this time to bull run Bitcoin price. Btw, PayPal already allowed only four crypto currency for buy-sell. Hopefully, it will increase very soon shortly. The advantage will be taken by us who were waiting for a long time to use it randomly and this is the beginning and more surprises are coming as I strongly believe.

PayPal CEO says the people signed up for BTC and LTC and ETH and BCH on Paypal was two to three times as great as PayPal expected. Also quicker access for USA folks

it seems in the next month. You may be able to get BTC/Crypto with PayPal. Currently about 10% of United States folk are already using this new BTC/Crypto service

from Paypal.

]https://fortune.com/2020/11/02/paypal-cryptocurrency-bitcoin-venmo/[/url]

PayPal also raised their limit to buy BTC/Crypto from $10,000 a week to now $15,000 a week they said for 'eager' customers.

With being over $14,000 USD Bitcoin..things are indeed looking up!

Another link of enhancements to PayPal Services and Wallet in the coming months below.

https://techcrunch.com/2020/11/03/paypal-details-its-digital-wallet-plans-for-2021-including-crypto-honey-integration-and-more/

Busy, Busy, Busy it seems.

Brad

[redsun114]

Paypal is not a blockchain wallet, paypal is not in the crypto itself neither, paypal is just a website that you can use as a "ledger" and thats it, so there is no need for blockchain or anything else there. If person A has 1 bitcoin and Person B has none, when Person A sends his 1 bitcoin to Person B the money that should change is only digital on paypals website and nowhere else, it is not a transaction on blockchain.

So, the moment your money goes inside paypal, it is no longer bitcoin itself, it is a claim to a bitcoin which is what paypal is offering anyway, they never lied about this one. Once again, I implore everyone to just look at this as a start and look at it as a way to see what bitcoin can become in the future via paypal instead of trying to see what is lacking right now.

[fillippone]

Apparently PP has a broader plan for his venture in cryptocurrencies:

PayPal Looks to "Embrace" Central Bank Digital Currencies

According to company executives who spoke during PayPal's Q3 2020 earnings call on November 2nd, its interests in the space go deeper than first stated.

Along with support for cryptocurrencies, PayPal CEO Dan Schulman says the company will "embrace" central bank digital currencies (CBDCs):

Finally, I'd like to discuss our recent announcement to increase the utility of cryptocurrencies, as well as, embrace new forms of Central Bank digital currencies. We are entering a new era of financial services where our wallets and all the services around them are moving from physical to digital.

From fake BTC, to fake cryptocurrencies...

[AndySt]

Paypal is not a blockchain wallet, paypal is not in the crypto itself neither, paypal is just a website that you can use as a "ledger" and thats it, so there is no need for blockchain or anything else there. If person A has 1 bitcoin and Person B has none, when Person A sends his 1 bitcoin to Person B the money that should change is only digital on paypals website and nowhere else, it is not a transaction on blockchain.
So, the moment your money goes inside paypal, it is no longer bitcoin itself, it is a claim to a bitcoin which is what paypal is offering anyway, they never lied about this one. Once again, I implore everyone to just look at this as a start and look at it as a way to see what bitcoin can become in the future via paypal instead of trying to see what is lacking right now.

I also believe that in the near future, a company like PayPal has no reason to destroy its own infrastructure and massively switch to using the bitcoin blockchain or other alternative cryptocurrencies. On the one hand, the acceptance of cryptocurrencies by such a large payment service can increase the demand for bitcoin and altcoins, and also serves as a good sign for other doubting players in the payment market. On the other hand, this should not have any significant impact on the infrastructure and structure of the payment market.

[mohammed7777]

Paypal is not a blockchain wallet, paypal is not in the crypto itself neither, paypal is just a website that you can use as a "ledger" and thats it, so there is no need for blockchain or anything else there. If person A has 1 bitcoin and Person B has none, when Person A sends his 1 bitcoin to Person B the money that should change is only digital on paypals website and nowhere else, it is not a transaction on blockchain.
So, the moment your money goes inside paypal, it is no longer bitcoin itself, it is a claim to a bitcoin which is what paypal is offering anyway, they never lied about this one. Once again, I implore everyone to just look at this as a start and look at it as a way to see what bitcoin can become in the future via paypal instead of trying to see what is lacking right now.

I also believe that in the near future, a company like PayPal has no reason to destroy its own infrastructure and massively switch to using the bitcoin blockchain or other alternative cryptocurrencies. On the one hand, the acceptance of cryptocurrencies by such a large payment service can increase the demand for bitcoin and altcoins, and also serves as a good sign for other doubting players in the payment market. On the other hand, this should not have any significant impact on the infrastructure and structure of the payment market.

Yes absolutely wright sir PayPal allow to cryptocurrencies this is a very good think to PayPal company service,  because the now day almost more people use to crypto plat from our investment to crypto.

[Searing]

Paypal is not a blockchain wallet, paypal is not in the crypto itself neither, paypal is just a website that you can use as a "ledger" and thats it, so there is no need for blockchain or anything else there. If person A has 1 bitcoin and Person B has none, when Person A sends his 1 bitcoin to Person B the money that should change is only digital on paypals website and nowhere else, it is not a transaction on blockchain.

So, the moment your money goes inside paypal, it is no longer bitcoin itself, it is a claim to a bitcoin which is what paypal is offering anyway, they never lied about this one. Once again, I implore everyone to just look at this as a start and look at it as a way to see what bitcoin can become in the future via paypal instead of trying to see what is lacking right now.

I don't disagree...but for adoption's sake I see this as a good thing, I also expect as they did with the Viemo Wallet that they will allow in/out of crypto you control...but am unsure when this will happen.

My view is that they will leave the PayPal and Bitcoin/Crypto as they have stated...then move to get it in place internationally for commerce...at that point, with even KYC

(know your customer) in place even overseas with a bank account and credit card info to do the above PayPal Bitcoin/Crypto plan...it will become obvious..that there

will be a whole world of 'unbanked' people with cell phones and with crypto applications access for the cell phones and a Passport/ID to do KYC, (Know your customer)....

BUT ...will not have any kind of legit bank account or legit bank even in some countries and no access to the credit card or the like. Then, IMHO, Paypal will use either

their own Crypto/Debit card with KYC to get around this or say Coinbase's Debit card and some such. If the customer can get through that with KYC, etc. I believe

that would allow (with conditions..based likely on BTC/Debit card and your BTC/Crytpo balance on such) to 'eventually' offer checking and banking beyond just

the BTC/Crypto Debit card limited options..ie you are no longer 'unbanked' dud to the 'dubiousness' of your banking system and or nation-state disarray or corruption.

At that point, if what I say above pans out, I could then see PayPal go the full BTC/Crytpo exchange route and all the legal hoops, etc, like

www.coinbase.com

The number of overseas consumers....funnelled to 'legit' online marketplaces like eBay/Amazon/etc would be so massive...that even if the above is cumbersome...I can't

see that PayPal could walk away from such a potential.

Not sure I agree with the heavy-handed approach that may be above, but with national digital currencies in play that likely will act like traditional fiat and be locked

to the nation's currency...and BTC/Crytpo not locked in such a manner, again, it is just too tempting for PayPal not to at least try to pull off the above and give the world's

unbanked and for PayPal to offer traditonal banking..even if with BTC/Crytpo they may not even need such...these overseas consurmers that is, it is PayPal's long term

play, IMHO. (Then again, I say lots of stuff, most of which comes back to bite me in the ass,but hey, how I see Paypal Corporate Think, for ill or nil.

Brad

[aesma]

You paid 9$ to send BTC somewhere (or receive it), using the BTC blockchain.

When you buy BTC on Paypal you're not really buying BTC, you're buying an IOU (I owe you), an abstraction. Nothing happens on the blockchain, so there is no fee related to a blockchain transaction.

It's the same on an exchange, to be honest, the fees you pay when buying BTC on an exchange are trading fees to pay for the service, once again nothing happens on the blockchain. However on an exchange you can then transfer BTC to your wallet, and then, you pay another fee, which this time is a fee to confirm the transaction on the blockchain.

Well... if this is the case, then I have a feeling that a lot of small-scale users may prefer using PayPal in their cryptocurrency dealings. Obviously those who value their privacy are never going to use it. But for those who already have a PayPal account and deals with very small amounts of crypto, PayPal looks OK. Anyway, in the end it comes to the user preference.

If they want to bet on crypto price going up then it's fine. It's just a bit strange to use paypal to do that, as it's not really a website made for that. Joining eToro, robinhood or similar app would make more sense, and they allow to buy BTC IOUs in the same way, as well as plenty of other cryptocurrencies.

The problem is the day their stash is significant, and they really want to own crypto, they have to sell everything on Paypal, get the fiat out, and buy crypto with that fiat.

[Sithara007]

I'll try it out myself. Honestly the NO Transaction Fee feature of Paypal kinda got me hooked in it. I don't really mind me sharing a bit of my identity as it also helps when hacking happens which if it happened to other digital trading platforms, would have me assumed that I already lost the money for good. So the trade-off is there.

There is a catch. Obviously there is no transaction fee when you purchase the coins. But they haven't enabled withdrawals or payments yet. In case you want to purchase Bitcoins for investment, then it is OK. But when they enable the withdrawals, the fee will be in line with the market rates and I don't expect any discount. On top of that, there may be additional restrictions and KYC requirements.

[jaysabi]

I'll try it out myself. Honestly the NO Transaction Fee feature of Paypal kinda got me hooked in it. I don't really mind me sharing a bit of my identity as it also helps when hacking happens which if it happened to other digital trading platforms, would have me assumed that I already lost the money for good. So the trade-off is there.

There is a catch. Obviously there is no transaction fee when you purchase the coins. But they haven't enabled withdrawals or payments yet. In case you want to purchase Bitcoins for investment, then it is OK. But when they enable the withdrawals, the fee will be in line with the market rates and I don't expect any discount. On top of that, there may be additional restrictions and KYC requirements.

This is a crucial detail, as the ability to buy and hold doesn't bring any utility to bitcoin. There are plenty of places you can already do that, it wasn't a large obstacle. The real benefit of tying Bitcoin functionality into PayPal is getting access to the commerce side of it; being able to buy bitcoin and then spend it at any merchant that accepts PayPal. That would be a big deal. This, not so much.

[Kopetunto]

I'll try it out myself. Honestly the NO Transaction Fee feature of Paypal kinda got me hooked in it. I don't really mind me sharing a bit of my identity as it also helps when hacking happens which if it happened to other digital trading platforms, would have me assumed that I already lost the money for good. So the trade-off is there.

There is a catch. Obviously there is no transaction fee when you purchase the coins. But they haven't enabled withdrawals or payments yet. In case you want to purchase Bitcoins for investment, then it is OK. But when they enable the withdrawals, the fee will be in line with the market rates and I don't expect any discount. On top of that, there may be additional restrictions and KYC requirements.

the possibility is only temporary, because paypal has just entered the adoption of crypto currency,
their system doesn't seem perfect, so withdrawals cannot be made either, remember paypal is not a genuine crypto wallet,
but paypal's potential to become the best crypto currency wallet is very big.

[Ridcan]

It was good news and a good guide.  However, on another topic, I read that bitcoins received via paypal cannot be withdrawn and deposited, only preserved virtually.  Maybe in the future, it opens to fully effective bitcoin exchanges.

[iv4n]

It was good news and a good guide.  However, on another topic, I read that bitcoins received via paypal cannot be withdrawn and deposited, only preserved virtually.  Maybe in the future, it opens to fully effective bitcoin exchanges.

I saw the same, it's not going to be simple and easy, PayPal is creating their own virtual banking system! I say who fucks them, I don't use PayPal and I don't plan to use it, if you ask me they are late for this party! They should make some breakthrough years ago, I really don't know why they waited so long, and why this system?
Anyway we will see more about this, they just started with their plans about crypto. I will not use them, but someone from here will try it, and they will give us their honest reviews, I don't expect anything special from them, but let's wait and see what will they do!

[Vishnu.Reang]

This is a crucial detail, as the ability to buy and hold doesn't bring any utility to bitcoin. There are plenty of places you can already do that, it wasn't a large obstacle. The real benefit of tying Bitcoin functionality into PayPal is getting access to the commerce side of it; being able to buy bitcoin and then spend it at any merchant that accepts PayPal. That would be a big deal. This, not so much.

They are still in testing phase and that is the reason why they haven't enabled withdrawals or payments. The news is that they will offer full fledged services from mid-2021 and then you will be able to transact your coins. I expect the withdrawal and transaction fee to be roughly in line with what we have with various cryptocurrency exchanges. Right now, it is just buying and holding.

[ice18]

It was good news and a good guide.  However, on another topic, I read that bitcoins received via paypal cannot be withdrawn and deposited, only preserved virtually.  Maybe in the future, it opens to fully effective bitcoin exchanges.

So its not available yet worldwide as I cannot see in my Paypal account any crypto wallet, Paypal still really new in crypto and Im sure they have plans regarding buy and sell on its platform and withdrawal maybe they are still in test process with this crypto services but once this was implemented in most supported countries offering to its huge userbase of almost 300m active users then this will really big adoption from Paypal users to become bitcoin holders in the nearest future.

[DashingAgent]

When there are not real bitcoins then do not think that bitcoin is going to anywhere or it will increase the bitcoin marketcaps since these are the fake bitcoins or other currencies generated out of thin air. Not a good news or anything else except the hype itself

Breaking news from REUTERS:

PayPal to allow cryptocurrency buying, selling and shopping on its network

Story link soon

https://twitter.com/annairrera/status/1318877596499824642?s=20


Story as appeared on Reuters:



Developing story:

PayPal to allow cryptocurrency buying, selling and shopping on its network

PayPal CEO on Linkedin:




According to Coindesk this is a consequence of the first ever  “conditional BitLicense” granted by the New York State Department of Financial Services (DFS).

PayPal Granted New York’s First ‘Conditional BitLicense’ to Offer Crypto Services

Canonical crypto regulator, the New York State Department of Financial Services (DFS) has granted the first “conditional BitLicense” to PayPal for a partnership with Paxos Trust Company enabling customers to buy and sell cryptocurrencies.

DFS said Wednesday it was making good on a promise last year from Superintendent of Financial Services Linda A. Lacewell to take a fresh look at its regulatory framework for virtual currencies, with a view to fostering innovation in New York State.

This would imply the launch of the service in the US only, for the moment.

Actually, accessing PayPal from the USA you get the following (thanks to @philipma1957)























Terms and Conditions:


Cryptocurrency on PayPal FAQ




(thanks @Last of the V8s)

Confirmed those aren't real Bitcoin to buy, sell and transfer à la Hype (Hype.it): those are shitty CFD à la Revolut.
Weel, it's a start, and their partnership with Coinbase can get some use (even if Coinbase the most anti-Bitcoin organisation. Make #DeleteCoinbase great again).



This is of course very Big.
PayPal doesn't want Square to take the lead on this space.
The race is on.


After almost 24 hours from the announcement we can draw the first conclusions on the subject:

• PP chose the minimum attrition with regulators. They wanted the product delivered as soon as possible, so they basically created a huge "walled garden" where PP users' bitcoin can exist. Those bitcoins will never touch anything that is fully KYC'd or could be possibly, even remotely connected to "frown upon" activities.
  
• PP provided users with their most desired product: a way to get exposure to BTC price. People want an easy, convenient way to convert their FIAT to BTC and back to speculate on. The other very interesting reason why you should have bitcoins interest a tiny fraction of Bitcoin users. This tiny minority (if you are reading this, you are a candidate to belong to this minority) is maybe the sharpest and more intelligent, but is irrelevant from a numerical, read business, point of view.
• The above statements won't preclude PP the possibility to further develop their product in the future, expanding the possibilities to real BTC trading. So they might already be hedging their positions with real bitcoins. This is something we could consider.
• In Italy we have banks that already offer real Bitcoin Trading perfectly integrated on their platforms. Hype is one of those, for example (read here: Italian Bank offers Bitcoin Wallet Integration in their Online Platform). So this means that every KYC/AML problem can be worked out, providing users with a solid and fully featured bitcoin trading experience. Of course the point is Hype has 1.3 millions users, compared with the 300+ of PP. This is the tiny difference making BTC pop 8%

So is all this news a disappointment? No, for sure not.
But the details are important and the rationale behind those moves are clearly an expression of the reasons why PP acted in the way they decided to.

[laredo7mm]

We are expecting something unique from the platform. There are already some companies that offer this same service so if Paypal wants to be in the highly competitive sector of cryptocurrency then they should find something unique for their users that will add more value to their platform. That won't be a very big deal for a platform like Paypal that already has millions of users.

[SirLancelot]

Withdrawal fee is not something paypal has to decide, it is something blockchain and we decide and we can't expect them to eat up all the fee's neither, if one day they allow withdrawals, that would mean it has to come with a cost because there is a cost of sending/receiving bitcoin to begin with, hence why there will obviously be a reason to charge us for it in order to pay for it as well.

However, the no fee on purchasing or investing is something very cool, most places have trading fee or even other stuff like purchasing fee and so forth which paypal doesn't have. We do not know if they will continue this way or if they will eventually start charging for it but for now they have none and that makes them one of the best places to just invest, but that is all they provide for now.

[aesma]

When there are not real bitcoins then do not think that bitcoin is going to anywhere or it will increase the bitcoin marketcaps since these are the fake bitcoins or other currencies generated out of thin air. Not a good news or anything else except the hype itself

You don't hodl BTC, but PayPal is buying BTC, so that should have some impact on the price.

However, the no fee on purchasing or investing is something very cool, most places have trading fee or even other stuff like purchasing fee and so forth which paypal doesn't have. We do not know if they will continue this way or if they will eventually start charging for it but for now they have none and that makes them one of the best places to just invest, but that is all they provide for now.

Has someone tried to compare the real time price Paypal is offering for BTC with that of an exchange ? It's very possible the trading fee is hidden in the price.

[bryant.coleman]

Has someone tried to compare the real time price Paypal is offering for BTC with that of an exchange ? It's very possible the trading fee is hidden in the price.

I don't think that they will do that, when they advertise that they are not going to charge any fee for purchasing cryptocurrency. These small amounts don't matter for PayPal, as they have a multi-billion capitalization. They can afford to splurge a few hundred million USD in promotional campaigns, unlike the cryptocurrency exchanges. And that's why I am saying that the entry of PayPal changes the status quo in the cryptocurrency market.

[Xxmodded]

The rumor  is  in a weeks PayPal will allow customers to do shopping with crypto which is in my view is more important than just it selling - buying back and forth inside the platform. Through out Amazon  alone they will ensure such a  turnover of crypto that all market should burst at once, a long-awaited event for me because I'm a regular Amazon customer.

This officially news from PayPal can purchase bitcoin through PayPal and costumer not worried when their country block for bitcoin investing could buy with using PayPal. Best solution if your country still not available for using bitcoin as investment asset or trading because with PayPal you can buy bitcoin and some altcoin now. With PayPal being an indirect intermediary if you want to invest in bitcoin, but it is still not allowed in their respective countries. I think there are still countries like India that don't allow investing in bitcoin but they do allow using PayPal. This can actually be used if you want to invest in the world of cryptocurrency even though not through the direct market but through PayPal

[rodskee]

Has someone tried to compare the real time price Paypal is offering for BTC with that of an exchange ? It's very possible the trading fee is hidden in the price.

I don't think that they will do that, when they advertise that they are not going to charge any fee for purchasing cryptocurrency.

But the main concern here is the Real time price and the value to Bitcoin or those other coins accepted for payment.

These small amounts don't matter for PayPal, as they have a multi-billion capitalization. They can afford to splurge a few hundred million USD in promotional campaigns, unlike the cryptocurrency exchanges. And that's why I am saying that the entry of PayPal changes the status quo in the cryptocurrency market.

I don't think that is true,as paypal known for their Money strict policy so even small amount will always matter as this currencies are very volatile and may change value in a short period of time.

That's good idea PayPal they launch a good idea surely makes people happy because they can buy and pay bills trough PayPal. Many people are lazy to bring a cash or wallet and now they can use paypal for paying I love their idea so much.

Lol why people must be happy when we can also do this using fiat with fixed value not like crypto that can change easily in value.

[justdimin]

It was good news and a good guide.  However, on another topic, I read that bitcoins received via paypal cannot be withdrawn and deposited, only preserved virtually.  Maybe in the future, it opens to fully effective bitcoin exchanges.

Actually that might be because storing and withdrawing BTC can be a little confusing for people who are new and most of the paypal users won't have the right knowledge of how to use and handle private keys so maybe it is better to just let them store BTC in their wallet like they store dollars and other currencies. I also heard that we can spend BTC like if a merchant accept BTC we can pay them via BTC itself, not 100% sure of that news though because the article was a little confusing.

I believe the overall impact is good and more merchants will now accept bitcoins hopefully since it is being backed by paypal which is no doubt one of the largest online payment processor.

[aesma]

Has someone tried to compare the real time price Paypal is offering for BTC with that of an exchange ? It's very possible the trading fee is hidden in the price.

I don't think that they will do that, when they advertise that they are not going to charge any fee for purchasing cryptocurrency. These small amounts don't matter for PayPal, as they have a multi-billion capitalization. They can afford to splurge a few hundred million USD in promotional campaigns, unlike the cryptocurrency exchanges. And that's why I am saying that the entry of PayPal changes the status quo in the cryptocurrency market.

I've been using Paypal for two decades. They're in it for the money. It used to be that they charged 3% when selling something on eBay, and you couldn't ask the buyer to pay these fees (or even share them). Really annoying when your margin is small already.

The fees don't need to be high, exchanges usually offer trading fees that are less than 1%, it's very easy to hide a fee of 0,25% for example in the price. If I compare the price between various exchanges : https://cryptoradar.co/buy-bitcoin a more than 0,25% difference is common.

[redsun114]

There are already some companies that offer this same service so if Paypal wants to be in the highly competitive sector of cryptocurrency then they should find something unique for their users that will add more value to their platform. That won't be a very big deal for a platform like Paypal that already has millions of users.

Actually them adding bitcoins is a huge success already and I don't know which platforms also allow bitcoins which are similar to paypal so maybe you want to name them? Anyways a great news and some amazing adoption for the bitcoin users and some even say the recent bull run was aided to some extent by this move.

That's good idea PayPal they launch a good idea surely makes people happy because they can buy and pay bills trough PayPal. Many people are lazy to bring a cash or wallet and now they can use paypal for paying I love their idea so much.

Mate, we are not discussing about Paypal in general as I know its a great platform but we are here to discuss about their recent move of adding bitcoins to their platform and allowing users to buy and sell bitcoins through paypal.

[drlukacs]

Although Paypal is a reputable payment channel and does not charge transaction costs, the price is quite different from Cexs.  it will fall between 1-> 2.5% and the buyer or seller will incur that difference.
Besides, they can collect our transaction information easily and provide it to government agencies.  So when we have to pay taxes, we lose more.
I think the black markets will still be the best place to trade because the spreads are low there and we are not afraid of information leaks.

[Vishnu.Reang]

I've been using Paypal for two decades. They're in it for the money. It used to be that they charged 3% when selling something on eBay, and you couldn't ask the buyer to pay these fees (or even share them). Really annoying when your margin is small already.

The fees don't need to be high, exchanges usually offer trading fees that are less than 1%, it's very easy to hide a fee of 0,25% for example in the price. If I compare the price between various exchanges : https://cryptoradar.co/buy-bitcoin a more than 0,25% difference is common.

Obviously when they have the monopoly, they will be able to charge higher fees. But unlike the case with fiat currency payments, attaining a monopoly with Bitcoin payments will be very hard. Since Bitcoin is a decentralized asset with a very high level of liquidity, PayPal will never achieve any sort of monopoly in that sector, although they may try really hard to attain it.

[mixerbtc]

We're still waiting for the day when these mainstream payment processors will provide you with the actual coins, not just virtual coverage. Remember, with services like PayPal and Revolut, you don't own your coins!

[bittick]

This is what the first transaction of buying bitcoin with PayPal looks like:



Circle CEO Jeremy Allaire hinted that the function is now available for a limited number of persons.

Looks kinda neat tbh but is it paypal that provides the btc as an exchange or just become middleman here?
I think if paypal really trying to make profit off crypto might aswell start their own exchange and gain profit from the margins but it might be complicated for a major corporation like them.
Still glad that now paypal account could be more of use than just buying things off amazon.

[Oneandpure]

This is what the first transaction of buying bitcoin with PayPal looks like:



Circle CEO Jeremy Allaire hinted that the function is now available for a limited number of persons.

Looks kinda neat tbh but is it paypal that provides the btc as an exchange or just become middleman here?
I think if paypal really trying to make profit off crypto might aswell start their own exchange and gain profit from the margins but it might be complicated for a major corporation like them.
Still glad that now paypal account could be more of use than just buying things off amazon.

Good looking now you can hold and save bitcoin not only on bitcoin wallet exchange like Binance or Huobi but now you available hold and then save your bitcoin assets in PayPal. For the future will give easy way how to be investor in bitcoin after PayPal allowing purchase bitcoin trough PayPal, but just have little disadvantage from PayPal how at the future your security more safety because when have some thing wrong we always need to upload our identity, by the way how next time if PayPal permanently limited and have bitcoin in their wallet, need waiting for six month to get back bitcoin assets or not, I think have be decision for investor hold and save bitcoin in PayPal account.

[Rexler]

Yeah, I heard the news, its really good that  PayPal now accepts bitcoin, so glad we can finally buy and sell our crypto on the PayPal platform , although it's not the actual bitcoin it's a virtual one,I guess this is what made bitcoin to start pumping, because with more adoption thre will be high demand for it in the market, and we all know the laws of demand and supply, but I fear they are some cons to this adoption like PayPal is a centralized platform and I do see some people tell stories about their experience using it, most of them complained of getting banned for no good reason, without been able to even collect money from their PayPal wallet,does it mean it's PayPal is not a safe heaven? .

[aesma]

This is what the first transaction of buying bitcoin with PayPal looks like:



Circle CEO Jeremy Allaire hinted that the function is now available for a limited number of persons.

Looks kinda neat tbh but is it paypal that provides the btc as an exchange or just become middleman here?
I think if paypal really trying to make profit off crypto might aswell start their own exchange and gain profit from the margins but it might be complicated for a major corporation like them.
Still glad that now paypal account could be more of use than just buying things off amazon.

Paypal is the middleman. They pay Paxos to do the actual Bitcoin buying/selling. I guess they don't want to become an exchange, they want to use BTC as another payment currency.

[fillippone]

<…>

Good looking now you can hold and save bitcoin not only on bitcoin wallet exchange like Binance or Huobi but now you available hold and then save your bitcoin assets in PayPal.

What is this nonsense? holding and saving bitcoins on exchange wallet is a terrible idea. Your bitcoin should stay in exchange wallet for the least possible amount of time.

Also your optimism about “bitcoin” on PayPal Wallet might be a little bit premature, as we are talking about Bitcoin CFD à la Revolut, for the moment.

[AndySt]

Yeah, I heard the news, its really good that  PayPal now accepts bitcoin, so glad we can finally buy and sell our crypto on the PayPal platform , although it's not the actual bitcoin it's a virtual one,I guess this is what made bitcoin to start pumping, because with more adoption thre will be high demand for it in the market, and we all know the laws of demand and supply, but I fear they are some cons to this adoption like PayPal is a centralized platform and I do see some people tell stories about their experience using it, most of them complained of getting banned for no good reason, without been able to even collect money from their PayPal wallet,does it mean it's PayPal is not a safe heaven? .

In this case, each side has its own ideas about security. PayPal's view of security may not coincide with your view, as well as your opinion about good reasons The news is certainly good for the exchange rate, but it turns out to be a little funny situation when bitcoin, which was created for, among other things, to fight against such centralized payment systems, becomes one of the cogs in the mechanism. By the way, it is also funny that PayPal also did not seem to be burning with tender feelings for bitcoin, but the insidious reality forced them to change their beliefs. About safe haven. PayPal is a huge organization with a lot of customers and responsibilities to government regulators, and sudden doubts about your funds can lead to unpleasant consequences for your wallet. But the final decision is still always yours

[bryant.coleman]

Paypal is the middleman. They pay Paxos to do the actual Bitcoin buying/selling. I guess they don't want to become an exchange, they want to use BTC as another payment currency.

Well.. I read somewhere that PayPal is looking forward to acquire a number of cryptocurrency firms. BitGo acquisition is almost complete. Now they may be looking forward to acquire some of the exchanges and marketplaces. PayPal is having huge amounts of reserve funds and they can just create a shopping list and get whatever they want. Once they complete these acquisitions, they no longer need to be dependent on Paxos.

[abdulodoi]

<…>

Good looking now you can hold and save bitcoin not only on bitcoin wallet exchange like Binance or Huobi but now you available hold and then save your bitcoin assets in PayPal.

What is this nonsense? holding and saving bitcoins on exchange wallet is a terrible idea. Your bitcoin should stay in exchange wallet for the least possible amount of time.

Also your optimism about “bitcoin” on PayPal Wallet might be a little bit premature, as we are talking about Bitcoin CFD à la Revolut, for the moment.

Exactly my thought! Firstly, we do not know for sure how safe or cost effective paypal is, we all know how ridiculous their transaction fees can be and also how accounts get restricted just like that. Imagine you having some bitcoin there and then poof it's gone. Let's hope that we get the best out of their new service.

Also the idea of saving bitcoin in exchange wallet is just outward naive as we all know it's not a good idea to keep your fund in an exchange wallet. Maybe there's a language barrier here and he/she is not typing his thoughts out well enough. Whatever it may be, i hope that's not the logic he/she follows

[metenjean]

<…>

Good looking now you can hold and save bitcoin not only on bitcoin wallet exchange like Binance or Huobi but now you available hold and then save your bitcoin assets in PayPal.

What is this nonsense? holding and saving bitcoins on exchange wallet is a terrible idea. Your bitcoin should stay in exchange wallet for the least possible amount of time.

Also your optimism about “bitcoin” on PayPal Wallet might be a little bit premature, as we are talking about Bitcoin CFD à la Revolut, for the moment.

Exactly my thought! Firstly, we do not know for sure how safe or cost effective paypal is, we all know how ridiculous their transaction fees can be and also how accounts get restricted just like that. Imagine you having some bitcoin there and then poof it's gone. Let's hope that we get the best out of their new service.

Also the idea of saving bitcoin in exchange wallet is just outward naive as we all know it's not a good idea to keep your fund in an exchange wallet. Maybe there's a language barrier here and he/she is not typing his thoughts out well enough. Whatever it may be, i hope that's not the logic he/she follows

I still not trying with purchase bitcoin by PayPal and exactly we have pay payment fee when buying and selling bitcoin trough Paypal, I think is effective when paypal accept bitcoin and member can buy and sell bitcoin by using paypal account, but does any one think will give effective buy paypal with bitcoin and buy with local exchange in your country. When you purchase bitcoin with local exchange you don't need to pay fee and price based on market and how much money do you have, I think when you buy bitcoin trough paypal you have pay several percent fees or you transaction because I ever use paypal and sent money to the other take fees more than $7.

[fillippone]

PayPal is ending the beta to a restricted number of US users and is opening its service to the broad US customer base:

PayPal says it's opening up crypto services to all eligible U.S. users

PayPal said Thursday that it is opening up its nascent cryptocurrency services to all eligible U.S. users.

"We are pleased to announce that all eligible PayPal accountholders in the U.S. can now buy, hold and sell cryptocurrency directly with PayPal," the firm said in a statement.

On their statement they also stated that they raised the maximum purchase amount from 10k/week to 20k/week.

I want to be bullish on this news.
And even if this money is going to fellow into “fake BTC”, I hope this is a first step, either for the users or for PayPal, into the real BTC field.

[fillippone]

There is an interesting fact that surfaced via a Twitter thread:
Even if PayPal users buy BTC CFD, PayPal is obliged to back those purchases with real Bitcoins, without possibility to apply fractional reserve, as commanded by NY BitLicense.

Full thread:

The big deal about PayPal offering cryptocurrencies like $BTC, $ETH, $LTC and $BCH is that they have to back every single coin at the same amount and currency as they sell it to customers (even when you can't withdraw em). Why is that? Let me explain: 1/3

https://twitter.com/djangobits/status/1326831384598638592?s=21

2/3 Paypal and their custodian Paxos are operating under a NY Bitlicense. That's a regulatory framework necessary to operate in the state of New York.
See this press release:

https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202010211

It says that Paxos is PayPal's custodian operating under Bitlicense.

https://twitter.com/djangobits/status/1326831389589852160?s=21

3/3 The Bitlicense regulatory framework has very clear requirements when it comes to custody of customer assets. It is published here:

https://govt.westlaw.com/nycrr/Document/I85908c7d253711e598dbff5462aa3db3?viewType=FullText&originationContext=documenttoc&transitionType=CategoryPageItem&contextData=(sc.Default)&bhcp=1

It says under 200.9:

https://twitter.com/djangobits/status/1326831398687305736?s=21

[aesma]

I didn't know that about the bitlicense, that's good. Now there needs to be some similar license elsewhere like Europe so that Paypal can offer the same security for crypto buyers there.

[bryant.coleman]

I didn't know that about the bitlicense, that's good. Now there needs to be some similar license elsewhere like Europe so that Paypal can offer the same security for crypto buyers there.

Bitlicense was deemed as anti-Bitcoin by most of the users. There may be some clauses present in it that are beneficial for the Bitcoin users, but overall it made trading of Bitcoins very complicated. Anyway, it is good that PayPal is forced to purchase cryptocurrency at one-to-one ratio. Since the users can't withdraw their coins as of now, this means only one thing - the prices are going to go up in the near future.

[jaysabi]

This is a crucial detail, as the ability to buy and hold doesn't bring any utility to bitcoin. There are plenty of places you can already do that, it wasn't a large obstacle. The real benefit of tying Bitcoin functionality into PayPal is getting access to the commerce side of it; being able to buy bitcoin and then spend it at any merchant that accepts PayPal. That would be a big deal. This, not so much.

They are still in testing phase and that is the reason why they haven't enabled withdrawals or payments. The news is that they will offer full fledged services from mid-2021 and then you will be able to transact your coins. I expect the withdrawal and transaction fee to be roughly in line with what we have with various cryptocurrency exchanges. Right now, it is just buying and holding.

Assuming they will eventually enable transferring bitcoin in and out and using coins for commerce transactions at anyplace that accepts PayPal currently, that will be a big deal.  I'm not sold on PayPal allowing buying Bitcoin alone being a game changer.  It's nice to have the option, but there are plenty of places to buy bitcoin already.

[Vishnu.Reang]

Assuming they will eventually enable transferring bitcoin in and out and using coins for commerce transactions at anyplace that accepts PayPal currently, that will be a big deal.  I'm not sold on PayPal allowing buying Bitcoin alone being a game changer.  It's nice to have the option, but there are plenty of places to buy bitcoin already.

Yes. There are plenty of places to buy Bitcoins. You can purchase from exchanges such as Binance/Huobi, peer-to-peer platforms such as Localbitcoins/Bisq or even from Bitcoin ATMs. But while these options may sound familiar for us, for the vast majority of the people out there, these options are complicated. They don't trust unregulated exchanges such as Binance. However, they would be ready to put their trust in PayPal, which is regulated and operating for more than two decades.

[Kavelj22]

Assuming they will eventually enable transferring bitcoin in and out and using coins for commerce transactions at anyplace that accepts PayPal currently, that will be a big deal.  I'm not sold on PayPal allowing buying Bitcoin alone being a game changer.  It's nice to have the option, but there are plenty of places to buy bitcoin already.

Yes. There are plenty of places to buy Bitcoins. You can purchase from exchanges such as Binance/Huobi, peer-to-peer platforms such as Localbitcoins/Bisq or even from Bitcoin ATMs. But while these options may sound familiar for us, for the vast majority of the people out there, these options are complicated. They don't trust unregulated exchanges such as Binance. However, they would be ready to put their trust in PayPal, which is regulated and operating for more than two decades.

You mean that people will trust the use paiements in crypto because they trust paypal as a monitor?  Maybe you 're right, just like campanies use bitpay and coinpaiements to manage their paiements in crypto. However, this wouldn't help that much because the lack of transparency within blockchain. Personally, i don't recommend you guys to use any kind of services requiring KYC.

[jaysabi]

Assuming they will eventually enable transferring bitcoin in and out and using coins for commerce transactions at anyplace that accepts PayPal currently, that will be a big deal.  I'm not sold on PayPal allowing buying Bitcoin alone being a game changer.  It's nice to have the option, but there are plenty of places to buy bitcoin already.

Yes. There are plenty of places to buy Bitcoins. You can purchase from exchanges such as Binance/Huobi, peer-to-peer platforms such as Localbitcoins/Bisq or even from Bitcoin ATMs. But while these options may sound familiar for us, for the vast majority of the people out there, these options are complicated. They don't trust unregulated exchanges such as Binance. However, they would be ready to put their trust in PayPal, which is regulated and operating for more than two decades.

Fair point. I didn't take into account that PayPal's stature as a large and trusted financial institution presents a new trusted place to buy bitcoin.  With Square and Coinbase already offering sales points though, there is still a lot of availability of large trusted financial institutions.

[celot]

I actually find it strange if someone buys bitcoin via PayPal, why not buy it directly in the market instead of buying PayPal you have to pay a transaction fee, it could take 3 $ to $ 4 when buying bitcoin or altcoin, even though there is no fee at all in the market and the process also faster. Maybe some just want to try whether you can really buy bitcoin directly on PayPal or not? I think it's better to buy on the market directly than via PayPal because we often get a PayPal account with problems, either a permanent limit or a temporary limit, and we must upload documents.

[mnporter2001]

Wonder who will this go. Paypall was a big Bitcoin hater all these years. Someone from USA should confirm if they can buy Bitcoin from their paypal account. For next year they are promising to also use all paypal merchants with Bitcoin.

But this is not the real Bitcoin on the Crypto market. it is Paypal's Bitcoin, you can only buy their Bitcoin but cannot move anywhere, and only use that Bitcoin to pay on their Paypal system. So in my opinion this is not a good news for Bitcoin, it is just a great marketing game of Paypal

[blockman]

I actually find it strange if someone buys bitcoin via PayPal, why not buy it directly in the market instead of buying PayPal you have to pay a transaction fee, it could take 3 $ to $ 4 when buying bitcoin or altcoin, even though there is no fee at all in the market and the process also faster. Maybe some just want to try whether you can really buy bitcoin directly on PayPal or not? I think it's better to buy on the market directly than via PayPal because we often get a PayPal account with problems, either a permanent limit or a temporary limit, and we must upload documents.

PayPal just showed stats that they have 85% of Binance's volume upon their launch. That's a no joke stats and that was somehow expected due to its popularity. (https://cryptobriefing.com/paypal-reaches-85-binance-us-volume-first-month/)
Now, why is it that it's really hype when they've announced it and to answer your question. There are still a lot of people who own PayPal account and have a balance on it yet they don't trust any actual crypto exchange for transfers. With the added feature PayPal made, they've helped them purchase crypto easier.

[The Sceptical Chymist]

With the added feature PayPal made, they've helped them purchase crypto easier.

Except that PayPal customers haven't actually purchased any real bitcoin that they have control of.  PayPal has custody of all the bitcoin you buy through them, so I really don't see the point of them doing this.  It's not as though people are crying out for an easy way to buy bitcoin simply in order to spend it on things they couldn't buy with PayPal.

I would never use this service unless I was able to deposit and withdraw bitcoin.  Somehow I suspect that the US government would not allow that due to money laundering concerns.  I'm pretty sure that's why Circle no longer provides that service and why Robinhood is offering basically the same thing as PayPal is.

Not your keys, not your coins.

[fillippone]

So, just to recap, PayPal numbers don’t look so bad after only one week from launch.


PayPal Now Handles $20 Million a Day in Bitcoin Trading Volumes

According to Paxo’s trading desk, itBit, some $4 million was exchanging hands daily before PayPal began offering bitcoin services on October 21st.

Now, around $25 million is traded a day, suggesting demand has increased by $20 million in the past three weeks.

We had a suspect when they raised and doubled the weekly maximum to 20,000 USD.
Of course I also expect the average PayPal user to be in the “weak hand” herd. So as they are now buying like there is tomorrow in a FOMO, the day Bitcoin will show a big red candle, they will be the first to sell.

With the added feature PayPal made, they've helped them purchase crypto easier.

Except that PayPal customers haven't actually purchased any real bitcoin that they have control of.
<...>
Not your keys, not your coins.

I do agree with both of you actually.
PayPal will be hugely important for the adoption, even if they provide their customers only shitty CFD’s.
One important aspect is btw that PayPal, as per Bitlicence, will effectively back those CFD’s with real bitcoins. So this  is why the effect has been felt on trading desks and markets.

Also, I can’t really see a no coiner that hasn’t bought a single satoshi until today passing from zero to self custody, while I see them evolving from nocoiner, to CFDer to Bitcoiner...slowly but steadily.

[blockman]

With the added feature PayPal made, they've helped them purchase crypto easier.

Except that PayPal customers haven't actually purchased any real bitcoin that they have control of.
<...>
Not your keys, not your coins.

I do agree with both of you actually.
PayPal will be hugely important for the adoption, even if they provide their customers only shitty CFD’s.
One important aspect is btw that PayPal, as per Bitlicence, will effectively back those CFD’s with real bitcoins. So this  is why the effect has been felt on trading desks and markets.

Also, I can’t really see a no coiner that hasn’t bought a single satoshi until today passing from zero to self custody, while I see them evolving from nocoiner, to CFDer to Bitcoiner...slowly but steadily.

The impact by them did huge on its very first week. I may not use the feature as others as well but for their customers that don't want to test the waters using other exchange, find it more secure through PayPal. I agree that the term will come with that bold part of evolution for their customers. As it will open the idea that someday they'll find out new knowledge about crypto due to their curiosity that there are other better ways of purchasing crypto through other means.

[exstasie]

Except that PayPal customers haven't actually purchased any real bitcoin that they have control of.  PayPal has custody of all the bitcoin you buy through them, so I really don't see the point of them doing this.  It's not as though people are crying out for an easy way to buy bitcoin simply in order to spend it on things they couldn't buy with PayPal.

Like any other exchange or broker service, the point is to collect fees. They are taking 1.5-2.3% off every buy and sell their customers make. That's a pretty penny.

What they aren't doing is exposing themselves to big money laundering risks. By not allowing crypto transfers, they can save a bundle on compliance and blockchain analysis services.

If they can make it work and generate decent growth without allowing crypto transfers, that's a win/win for their shareholders.

[AndySt]

Except that PayPal customers haven't actually purchased any real bitcoin that they have control of.  PayPal has custody of all the bitcoin you buy through them, so I really don't see the point of them doing this.  It's not as though people are crying out for an easy way to buy bitcoin simply in order to spend it on things they couldn't buy with PayPal.

Like any other exchange or broker service, the point is to collect fees. They are taking 1.5-2.3% off every buy and sell their customers make. That's a pretty penny.
What they aren't doing is exposing themselves to big money laundering risks. By not allowing crypto transfers, they can save a bundle on compliance and blockchain analysis services.
If they can make it work and generate decent growth without allowing crypto transfers, that's a win/win for their shareholders.

Also, do not forget that PayPal allowing the acceptance of cryptocurrencies, in addition to the fairly stated statement about the commissions of the service itself, increases the amount of funds raised. The benefits are mutual, because PayPal's actions led to an increase in the exchange rate price and capitalization of bitcoin, and PayPal itself began to conduct operations with the asset with increased liquidity. Although, of course, in the end, the absolute majority of transactions are made through the internal infrastructure of PayPal.

[aesma]

I actually find it strange if someone buys bitcoin via PayPal, why not buy it directly in the market instead of buying PayPal you have to pay a transaction fee, it could take 3 $ to $ 4 when buying bitcoin or altcoin, even though there is no fee at all in the market and the process also faster. Maybe some just want to try whether you can really buy bitcoin directly on PayPal or not? I think it's better to buy on the market directly than via PayPal because we often get a PayPal account with problems, either a permanent limit or a temporary limit, and we must upload documents.

PayPal just showed stats that they have 85% of Binance's volume upon their launch. That's a no joke stats and that was somehow expected due to its popularity. (https://cryptobriefing.com/paypal-reaches-85-binance-us-volume-first-month/)
Now, why is it that it's really hype when they've announced it and to answer your question. There are still a lot of people who own PayPal account and have a balance on it yet they don't trust any actual crypto exchange for transfers. With the added feature PayPal made, they've helped them purchase crypto easier.

OK so I had read about Paxos but I didn't realize they had an exchange/trading desk, called itBit. It makes total sense though because they need a source to buy bitcoins, and also a way to sell them quickly, as people on paypal buy and sell.

Anybody here has registered on itBit to see how it looks, in particular the fees ?

[proTECH77]

This will be a welcome development to all bitcoin and cryptocurrency users, who think  they cannot have any new strategy that will attract more investors to join the forum to invest and make a good income. If PayPal is to allow cryptocurrency to buy, sell and shopping anywhere in the country many people will not care about the fee involved in the transaction as long their transaction is successful. Many bitcoin users will no longer find it difficult to make use of PayPal to purchase their goods with fast transaction that will will not too cause them a big fee at the end of the transaction.

[Sapphire915]

I had read so much about this news  several days ago, and I really find it so interesting. PayPal had just come up with this great idea of Cryptocurrency trading as newly added features in their platform. And because of their popularity, I am quite sure that this new crypto features will attract more users and the adoptions will be more bolder and larger across the globe. I just hope it will be more constantly convenient to all investors all throughout their transactions. Wishing for all the best in this new crypto currency adoption on PayPal's platform and cant wait to hear more news like these to any well-known platform in the future.

[blockman]

OK so I had read about Paxos but I didn't realize they had an exchange/trading desk, called itBit. It makes total sense though because they need a source to buy bitcoins, and also a way to sell them quickly, as people on paypal buy and sell.

Anybody here has registered on itBit to see how it looks, in particular the fees ?

I haven't used it but for the design of it, you can search for how it looks like. This review has some graphics on it.
(https://www.cryptowisser.com/exchange/itbit/)
It also includes the details that you are looking for but you can also go direct to their website for the details.
(https://www.paxos.com/itbit/)

[aesma]

Thanks ! so 0,35% taker and 0,32% maker in the first 900K tranche, not very competitive for small time traders, that's what I expected.

[Nhor1011]

Happy to hear PayPal is currently supporting cryptographic forms of money, Bitcoin may now turn out to be more popular than previously, however, I actually don't trust in PayPal services.
They're horrendous to utilize, they previously restricted my accounts and I lose loads of cash.

I would prefer not to use PayPal as a wallet account instead will use blockchain technology at least they won't steal my money.
I've doubt they'll charge an extra fee on every altcoin you purchase. Anyways I stopped using PayPal I want to be safer.

What if Paypal will go to the next level which is putting up their own crypto exchange? Are you going to use it even for a try? Many people still using Paypal at this moment and as one of the biggest company I think Paypal can attract people to use their platform as crypto storage and if they can give lower transaction fees than in any crypto exchange.

[Searing]

Happy to hear PayPal is currently supporting cryptographic forms of money, Bitcoin may now turn out to be more popular than previously, however, I actually don't trust in PayPal services.
They're horrendous to utilize, they previously restricted my accounts and I lose loads of cash.

I would prefer not to use PayPal as a wallet account instead will use blockchain technology at least they won't steal my money.
I've doubt they'll charge an extra fee on every altcoin you purchase. Anyways I stopped using PayPal I want to be safer.

What if Paypal will go to the next level which is putting up their own crypto exchange? Are you going to use it even for a try? Many people still using Paypal at this moment and as one of the biggest company I think Paypal can attract people to use their platform as crypto storage and if they can give lower transaction fees than in any crypto exchange.

I posted before that IMHO, PayPal is going to go 1) this first step HODL it 2) then allow exchange on Viermo wallet again... 3) then using a Paypal or say a Coinbase

debit card with a KYC for those with a passport from 'unbanked' or dubious parts of the world...bingo bango...Paypal brings them into the fold...because with

the security in the bitcoin and not just credit cards or banking accounts than 4) PayPal can offer with KYC and BTC/crypto debit cards above..offer checking and

savings and banking to the world's' unbanked' then 5) they will go full crypto exchange as you state at that point.

The BIG money is a way with a cell phone and living in a crummy corrupt country with no real legit banking etc...to leapfrog around this using bitcoin (the

the best method by itself) but in addition to traditional credit cards/checking/savings etc...

6) PayPal going 'full bank' and offering loans

I'm not hot on a lot of the above as banks or PayPal move into these areas using BTC/crypto as a security backstop for the above banking.

but it will happen if not by PayPal then some other banking method using blockchain BTC/crypto.

probably above is imperfectly explained and some will be dubious banking (or loans) but that is the trend IMHO from Paypals point of view for doing this.

Brad

[disconnectme]

PayPal can't just ignore and afford to lose those transaction fee, just look at the growth of Square, the growth has been superb and I believe this is what makes Paypal to look into Crypto seriously, if Paypal can do 80% of Binance.us in weeks, then they are set to seriously compete for market share. All these is very good for crypto in general if we look at how we started

[fillippone]

As we thought, these are just the first step for PayPal to broaden their service:

PayPal to allow cryptocurrencies to be a funding source for any transaction happening on all 28 million of our merchants

https://twitter.com/cryptounfolded/status/1330930745452457984?s=20


No big deal here: they are only allowing their clients to move their BTC CFD to other paypal users (finally matching Revolut' CFD's!)

[adzino]

Genuinely I will never purchase bitcoin from PayPal, They're most exceedingly terrible at communicating.

I wouldn't say they are "exceedingly" terrible. I have seen far worse aftersales/customer support. At least you can expect a reply from them at the end of the day instead of them ghosting you like most of the other customer support.

A little mistake can permanently block your account and you can lose your money.

I have heard about peoples account getting frozen. That is due to security reason. Happened to me once. Provided with them some information and got back may account in like 2 business days. I doubt you will lose your legitimately obtained money.

I appreciate that PayPal permitted their customers to purchase bitcoin it will exceptionally effect on bitcoin market yet I have some doubt and can not have faith in PayPal services.
In case you do not have a place in the US your account will be exceptionally unsafe. I will still stick on blockchain wallets and guide my other companions as well.

I highly doubt a big company like PayPal is going to screw up. Even if they do, I am more than positive they will compensate their users.
What do you mean by account being unsafe if you don't have a "place in US"?

[cryptoboss2020]

Now the question is how we know paypal actually has any cryptocurrency?
Or it doesnt even matter as you dont own cryptocurrency there and you cant receive and you Can't transfer out!

[bryant.coleman]

PayPal can't just ignore and afford to lose those transaction fee, just look at the growth of Square, the growth has been superb and I believe this is what makes Paypal to look into Crypto seriously, if Paypal can do 80% of Binance.us in weeks, then they are set to seriously compete for market share. All these is very good for crypto in general if we look at how we started

PayPal is having somewhere between 300 million and 400 million active registered users. This sheer number is driving the demand for now. Even if 1% of this number decides to invest $20 or $50 in Bitcoin, the resultant volume is huge. But for now, let's not compare PayPal with Binance. They are not offering any exchange service for now. The PayPal platform can be used only for the purchase and storage of Bitcoins.

[pilosopotasyo]

PayPal is having somewhere between 300 million and 400 million active registered users. This sheer number is driving the demand for now. Even if 1% of this number decides to invest $20 or $50 in Bitcoin, the resultant volume is huge. But for now, let's not compare PayPal with Binance. They are not offering any exchange service for now. The PayPal platform can be used only for the purchase and storage of Bitcoins.

I'm not using their platform to HODL my coins, it's a good introduction to Cryptocurrency, but once their members become educated on how Cryptocurrency works and adopt the not your key not your coin philosophy, which I believe they will, those members will not use their platform anymore and implemented what they've learned and that is to get a wallet which they control the key.

[Searing]

Is there a link that PayPal has someplace or someone on how to see how much BTC/Crypto coinbase is buying a day and compare such to the amount of BTC/crypto that is mined by the 4 cryptocurrencies

that PayPal supports? That being ETH/BTC/LTC/BCH?

I am curious to see if PayPal folks buying in on the platform, both institutional and individuals are still at least in some FOMO on this and between PayPal and say Grayscale Trust investments

combined are still buying more BTC at the very least, than is being mined per day in the world. In other words, a place or site I can track such to see just what FOMO...of the 2 is happening?

I have had some calls from newbie friends that have said they finally bought some paypal BTC due to the hype and the price dumping...not a lot..$100 here and there but hey...around 4 people and some

of that was significant lawn mowing summer money..which is real $$$ to a 14 year old.

Anyway, sources for above ould be appreciated to track the ebb and flow of paypal jumping into the BTC/crypto kiddie pool please! Some sites that track this kinda thing would be helpful to post here...

google is not cutting it.

Brad

[cryptoboss2020]

i dont think paypal really buy any crypto.

and why would they need it ? they can just sell the their own virtual so called btc and other crypto.
how you proof? you cant recevie or transfer out the coins so how do we know they really have any crypto at all ?

[aesma]

Well if they don't buy BTC, then when the price goes way up, they have a massive problem when people want to cash out. Some shady sites do this then exit scam, but I wouldn't expect Paypal to act like one of these.

[coin-investor]

It means Paypal will also put up their trading exchange if they allow cryptocurrency buying and selling? Maybe they just accept bitcoin and other currency to store on their platform like a crypto wallet. Because if Paypal allow buy and sell of crypto then they will add additional features on their platform for cryptocurrency.

I believe that they are in testing stage and will likely change some of the features, honestly I don't like the way they handle integrating Cryptocurrency in their platform, they should have an option to deposit and withdraw those Cryptocurrencies in their dashboard, it's to centralized, centralized exchange is better than their feature, in the long run I don't think they can keep up.

[raidarksword]

Paypal's adoption on bitcoin is one of the reasons why bitcoin is doing good right now and it's inevitable  we are looking forward to see ATH of bitcoin's price before end of the year. These adoption paved great uses of online payment system that users have now an alternative way to use bitcoin on buying online items and this testament will be forever be used in on paypal future transactions. This is just an early stage, so hoping more updates to come and more integration between crypto currencies in the platform.

[bryant.coleman]

Paypal's adoption on bitcoin is one of the reasons why bitcoin is doing good right now and it's inevitable  we are looking forward to see ATH of bitcoin's price before end of the year. These adoption paved great uses of online payment system that users have now an alternative way to use bitcoin on buying online items and this testament will be forever be used in on paypal future transactions. This is just an early stage, so hoping more updates to come and more integration between crypto currencies in the platform.

There is no doubt that the adoption by PayPal is responsible for the current bull run. For almost a year (mid-2019 to mid-2020), the Bitcoin price was stagnant at around $10,000 per coin. But immediately after the news of PayPal adoption came out, the prices started moving upwards. There may be some other minor triggers, but IMO PayPal is responsible for more than 90% of the current rally.

[fillippone]

<...>
There is no doubt that the adoption by PayPal is responsible for the current bull run. For almost a year (mid-2019 to mid-2020), the Bitcoin price was stagnant at around $10,000 per coin. But immediately after the news of PayPal adoption came out, the prices started moving upwards. There may be some other minor triggers, but IMO PayPal is responsible for more than 90% of the current rally.

Trying to give a quantitative background to this statement, we can look at volumes at itBit, whose trading desk PayPal is using to back client’s orders.



We are seeing a noticeable increase of activity since the announcement, not a spike, but a regime shift. For sure there are PayPal customers buying and selling bitcoins with a double counting on volumes, but I think, given the high fees and bid/offer spread, traders and scalpers are a tiny fractions of those volumes.
I think the vast majority are holders, maybe weak hands, but hodlers.

[sapnu]

Paypal's adoption on bitcoin is one of the reasons why bitcoin is doing good right now and it's inevitable  we are looking forward to see ATH of bitcoin's price before end of the year. These adoption paved great uses of online payment system that users have now an alternative way to use bitcoin on buying online items and this testament will be forever be used in on paypal future transactions. This is just an early stage, so hoping more updates to come and more integration between crypto currencies in the platform.

There is no doubt that the adoption by PayPal is responsible for the current bull run. For almost a year (mid-2019 to mid-2020), the Bitcoin price was stagnant at around $10,000 per coin. But immediately after the news of PayPal adoption came out, the prices started moving upwards. There may be some other minor triggers, but IMO PayPal is responsible for more than 90% of the current rally.

We can see the growth of the market after the adoption of Paypal, so we can see that it has a great effect on the market when one company adopts cryptocurrency, and since Paypal is being used as an online paying service and can be used all around the world, there are lots of people who knew what bitcoin is. This really helps to spread the good use of bitcoin and to prove to them that it is not a scam. As of now, Visa is also trying to adopt bitcoin, another big company will adopt it, let us see what will happen after that.

[BigBoy89]

Paypal's adoption of crypto is good for the whole community. The current bull run is one of the few good stuff in 2020.

But I would never ever trust PayPal to buy *and keep* any coins there. I had problems with eBay/PP and frozen account year ago and from that point, I don't trust them.

[Sithara007]

We can see the growth of the market after the adoption of Paypal, so we can see that it has a great effect on the market when one company adopts cryptocurrency, and since Paypal is being used as an online paying service and can be used all around the world, there are lots of people who knew what bitcoin is. This really helps to spread the good use of bitcoin and to prove to them that it is not a scam. As of now, Visa is also trying to adopt bitcoin, another big company will adopt it, let us see what will happen after that.

PayPal has proved that the glass ceiling can be broken and Bitcoin can be integrated with mainstream payment processors. And this will encourage other mainstream businesses such as Visa to venture in to the cryptocurrency sector. But 2021 is going to be every crucial, because the actual outcome of the PayPal adoption will be known only by then. Once it is confirmed as a success, more and more companies will venture in to cryptocurrency.

[mersal]

Paypal's adoption of crypto is good for the whole community. The current bull run is one of the few good stuff in 2020.

But I would never ever trust PayPal to buy *and keep* any coins there. I had problems with eBay/PP and frozen account year ago and from that point, I don't trust them.

FYI, you can't withdraw your cryptocurrency from your paypal account, you can either sell or buy it but you should keep it in their wallet only. So don't go to PayPal if you are actually wanted go keep your coins in your wallet, existing exchanges are better place to buy, once you bought simply move it to your wallet.

[AndySt]

PayPal has proved that the glass ceiling can be broken and Bitcoin can be integrated with mainstream payment processors. And this will encourage other mainstream businesses such as Visa to venture in to the cryptocurrency sector. But 2021 is going to be every crucial, because the actual outcome of the PayPal adoption will be known only by then. Once it is confirmed as a success, more and more companies will venture in to cryptocurrency.

If integration into the main payment systems is expressed in the form of bitcoin transactions through the internal PayPal system, then I am not sure that this is exactly breaking the glass ceiling. I agree that the use of such a huge payment system as PayPal played a very big role in the growth of the exchange rate and, accordingly, the capitalization of bitcoin, but the bitcoin transaction system itself seems to be left out and I think this may happen in the case of other payment systems. I'm afraid that no matter what happens, major payment systems will digest bitcoin and then put it on the back burner, thereby almost destroying the competitor.

[Sithara007]

PayPal has proved that the glass ceiling can be broken and Bitcoin can be integrated with mainstream payment processors. And this will encourage other mainstream businesses such as Visa to venture in to the cryptocurrency sector. But 2021 is going to be every crucial, because the actual outcome of the PayPal adoption will be known only by then. Once it is confirmed as a success, more and more companies will venture in to cryptocurrency.

If integration into the main payment systems is expressed in the form of bitcoin transactions through the internal PayPal system, then I am not sure that this is exactly breaking the glass ceiling. I agree that the use of such a huge payment system as PayPal played a very big role in the growth of the exchange rate and, accordingly, the capitalization of bitcoin, but the bitcoin transaction system itself seems to be left out and I think this may happen in the case of other payment systems. I'm afraid that no matter what happens, major payment systems will digest bitcoin and then put it on the back burner, thereby almost destroying the competitor.

Right now, I would say that internal transactions through the PayPal platform is better than direct payments with Bitcoin, as it doesn't involve huge transaction fee and lengthy delays (of up to 1 hour). It is just like other third party payment processors such as BiyPay. For those who want to make direct transactions with Bitcoin, they can still do that with their online BTC wallet.

[Twinkledoe]

Paypal's adoption of crypto is good for the whole community. The current bull run is one of the few good stuff in 2020.

But I would never ever trust PayPal to buy *and keep* any coins there. I had problems with eBay/PP and frozen account year ago and from that point, I don't trust them.

FYI, you can't withdraw your cryptocurrency from your paypal account, you can either sell or buy it but you should keep it in their wallet only. So don't go to PayPal if you are actually wanted go keep your coins in your wallet, existing exchanges are better place to buy, once you bought simply move it to your wallet.

Yes, the way PayPal does crypto dealings is quite different. I hope those newbie users from their platform will not be disappointed on how they are introduced with crypto, and think that it is how crypto dealings is done. But it is a good introduction for them, and they may later on realize that crypto transaction outside PayPal is way better. So bottomline, it is already a good introduction for them.

[Vishnu.Reang]

Yes, the way PayPal does crypto dealings is quite different. I hope those newbie users from their platform will not be disappointed on how they are introduced with crypto, and think that it is how crypto dealings is done. But it is a good introduction for them, and they may later on realize that crypto transaction outside PayPal is way better. So bottomline, it is already a good introduction for them.

It's true. Few of the experienced users are using PayPal for dealing with their cryptocurrency. But for those people who have faced difficulty in purchasing and holding cryptocurrency on their own, PayPal provides a good alternative. When the use cryptocurrency through the PayPal platform, they don't need to worry about the legality or security, as PayPal is responsible for these aspects.

[Spaffin]

Yes, the way PayPal does crypto dealings is quite different. I hope those newbie users from their platform will not be disappointed on how they are introduced with crypto, and think that it is how crypto dealings is done. But it is a good introduction for them, and they may later on realize that crypto transaction outside PayPal is way better. So bottomline, it is already a good introduction for them.

It's true. Few of the experienced users are using PayPal for dealing with their cryptocurrency. But for those people who have faced difficulty in purchasing and holding cryptocurrency on their own, PayPal provides a good alternative. When the use cryptocurrency through the PayPal platform, they don't need to worry about the legality or security, as PayPal is responsible for these aspects.

In any case, the PayPal service is very interesting, but I am more interested in the possibility of purchasing various goods on sites using cryptocurrency through paypal. Of course, I can only do this on foreign sites, but not in my country. PayPal only provides national currencies and I don't understand why such restrictions.

[fillippone]

The good momentum for PayPal  is still strong:




They have beaten the record levels touched in November.
Just remember this service by PayPal is only at the beginning: you are basically hodling a Bitcoin CFD, you cannot even send this to other PayPal user.
Just wondering what will happen when they will become a fully fledged gateway.

[Prince Malik]

Paypal's adoption of crypto is good for the whole community. The current bull run is one of the few good stuff in 2020.

But I would never ever trust PayPal to buy *and keep* any coins there. I had problems with eBay/PP and frozen account year ago and from that point, I don't trust them.

FYI, you can't withdraw your cryptocurrency from your paypal account, you can either sell or buy it but you should keep it in their wallet only. So don't go to PayPal if you are actually wanted go keep your coins in your wallet, existing exchanges are better place to buy, once you bought simply move it to your wallet.

Yes, the way PayPal does crypto dealings is quite different. I hope those newbie users from their platform will not be disappointed on how they are introduced with crypto, and think that it is how crypto dealings is done. But it is a good introduction for them, and they may later on realize that crypto transaction outside PayPal is way better. So bottomline, it is already a good introduction for them.

This is a very important point because many people that didnt use crypto will try it through paypal and i really wish that they will understund that the crypto services given by paypal is not what crypto really is...wish that paypal also will make some explanations about crypto fore those who will try it through thrir platform

[Sithara007]

In any case, the PayPal service is very interesting, but I am more interested in the possibility of purchasing various goods on sites using cryptocurrency through paypal. Of course, I can only do this on foreign sites, but not in my country. PayPal only provides national currencies and I don't understand why such restrictions.

As far as I know, you may be able to do this by mid-2021, when PayPal will launch their full service with cryptocurrency. But there is a catch though. From what I heard, this feature will be available only for the users from the United States. In case you are residing outside the US, then I guess you need to wait for some more time, to purchase anything with PayPal Bitcoins.

[verita1]

According to the PayPal faq on its website, it indicates what is the first objective when offering its services with cryptocurrencies.

In this first stage, PayPal seeks to teach its users to buy, sell and hold cryptocurrencies in its app. So that then they are ready to the second stage and buy items in their network of merchants with cryptocurrencies.

https://www.paypal.com/us/smarthelp/article/cryptocurrency-on-paypal-faq-faq4398?app=searchAutoComplete

[fillippone]

It is obvious that PayPal took a very gradual and prudent approach in enabling clients doing stuff with their cripto. For the moment they are even more restrictive than Revolut, that allows the transfer of cryptos in the platform (off-chain).

I am sure they will proceed down the road, even this will imply a more effective KYC on their clients.

[fillippone]

Quite unexpected news on the PayPal Front:

Crypto firm BitGo touts record assets as PayPal deal falls through

In October, rumours swirled that PayPal was poised to acquire BitGo, one of the country's oldest cryptocurrency firms. That deal will not happen, according to multiple sources, and BitGo is now charting a new path.

For sure PayPal business has been increasing lately:



this surge in trading volumes might have turned PayPal Execs elsewhere.

[bakasabo]

Quite unexpected news on the PayPal Front:

Crypto firm BitGo touts record assets as PayPal deal falls through

In October, rumours swirled that PayPal was poised to acquire BitGo, one of the country's oldest cryptocurrency firms. That deal will not happen, according to multiple sources, and BitGo is now charting a new path.

Been using BitGo for few years and was disappointed with service they provide. Been a PayPal user for ages and had issues with them (not crypto related). The news are the second *ding-dong* for me and I would consider moving funds from BitGo in a nearest future.

Sorry for a newbie question, but where is the magic button to buy crypto on PayPal? I have a button "add currency", but I can add only fiat.

[Vishnu.Reang]

Sorry for a newbie question, but where is the magic button to buy crypto on PayPal? I have a button "add currency", but I can add only fiat.

That option is available only to select users in the United States. If you are not an US citizen, then probably you need to wait for a few months (or even years). And even for the US users, the functionalities are limited right now. They are only allowed to buy and sell cryptocurrency. They can't withdraw their coins to a non-PayPal wallet, or make payments using PayPal BTC.

[exstasie]

Quite unexpected news on the PayPal Front:

Crypto firm BitGo touts record assets as PayPal deal falls through

Was it really unexpected? I recall Bitgo was the only name mentioned in the October report, but Paypal was reportedly looking at other potential acquisitions at that time, and they still are.

They probably low balled them, given Bitgo's lack of profitability.

Sorry for a newbie question, but where is the magic button to buy crypto on PayPal? I have a button "add currency", but I can add only fiat.

That option is available only to select users in the United States. If you are not an US citizen, then probably you need to wait for a few months (or even years).

They plan to roll out crypto services to "select global markets" the first half of next year:

At this time, buying and selling Crypto with PayPal is available in the U.S. (excluding Hawaii) and U.S. territories, and all trades must be executed in USD. We plan to expand this service to select global markets in the first half of 2021.

https://www.paypal.com/us/smarthelp/article/cryptocurrency-on-paypal-faq-faq4398?app=searchAutoComplete

Whether your country makes the cut, who knows? Some specifics would be good.

[aioc]

That option is available only to select users in the United States. If you are not an US citizen, then probably you need to wait for a few months (or even years). And even for the US users, the functionalities are limited right now. They are only allowed to buy and sell cryptocurrency. They can't withdraw their coins to a non-PayPal wallet, or make payments using PayPal BTC.

I'm sure they will add other territories as well PayPal will make a lot of money from adding more countries and more people that will engage in buying and selling Cryptocurrency in their platform, I don;t like how they implement trading in their platform it's very much centralize, people like to buy and withdraw the coins they bought so they can HODL and they want total control, something PayPal is not giving tot heir users.

[Sithara007]

I'm sure they will add other territories as well PayPal will make a lot of money from adding more countries and more people that will engage in buying and selling Cryptocurrency in their platform, I don;t like how they implement trading in their platform it's very much centralize, people like to buy and withdraw the coins they bought so they can HODL and they want total control, something PayPal is not giving tot heir users.

They went for the US first, because it is their primary market and accounts for the vast majority of the transaction volumes. Also, the legal aspects of Bitcoin is very clear in the US, unlike the case with several of the other countries. Hopefully when they end their testing phase in the US by mid-2021, the services may be extended to more territories (depending on whether BTC is fully legal in these countries or not).

[ranman09]

It is great seeing bigger companies now looking at bitcoin and considering it. It seems it became an exchange where people can easily exchange bitcoin and exchange it back. If I read it right, it looks like it will only transact to those merchants that it has checked. Nevertheless, this is great news for bitcoin.

[cyriljundos]

i read that news also that paypal users in the US.
here is the link: paypal.com/us/smarthelp/article/cryptocurrency-on-paypal-faq-faq4398?app=searchAutoComplete
 if the paypal would possibly engage in crypto currencies they will attrack more people to engage in crypto currencies that they can simply invest, hold and sell it to gain profit.

[fillippone]

PayPal shared a few hints on their future strategy in the digital currency services:

PayPal CEO says the payments giant wants to be 'the digital wallet for global CBDCs'

• CEO Dan Schulman reiterated PayPal’s intentions to take a deeper dive into crypto on today’s investors call.
• That includes positioning PayPal’s wallets as “the digital wallet for global CBDCs.”
• Schulman’s comments also pointed towards possible forays into tokenization and smart contract use.
• Schulman also said that PayPal’s crypto service will soon expand to the U.K.

Well, I don’t like CBDC very much, neither I like who proactively propose themselves to help government hurt their citizen trough those bas instruments.  But in the end it’s a our survival, so who am I to blame them?

[SmokerFace]

Happy to hear PayPal is currently supporting cryptographic forms of money, Bitcoin may now turn out to be more popular than previously, however, I actually don't trust in PayPal services.
They're horrendous to utilize, they previously restricted my accounts and I lose loads of cash.

I would prefer not to use PayPal as a wallet account instead will use blockchain technology at least they won't steal my money.
I've doubt they'll charge an extra fee on every altcoin you purchase. Anyways I stopped using PayPal I want to be safer.

[Sithara007]

Not surprised to hear PayPal's statement supporting the CBDCs. They don't have any other option, I am afraid. If they refuse to accept the CBDCs, then they will be closed down in a matter of days. And nowadays we are getting more information on how the governments plan to use the idea of CBDC. Just as I expected, it is the digital version of fiat currency, where the central banks can print money without any limit. There is no difference between CBDC and fiat cash, apart from the format in which it is being stored. No one in their right mind will go for these hyperinflationary shitcoins. I would rather prefer DOGE rather than the CBDC.

[VanDeinsberg12]

It is great seeing bigger companies now looking at bitcoin and considering it. It seems it became an exchange where people can easily exchange bitcoin and exchange it back. If I read it right, it looks like it will only transact to those merchants that it has checked. Nevertheless, this is great news for bitcoin.

It's always like that, make something seems profitable for these corporates, they will throw themselves at it immediately. Same thing like cryptocurrencies more specifically bitcoin. Like for example, PayPal, banning their users who did crypto buying through their platform before bitcoin becomes this recognized, now they see it could generate them tremendous amount of profit they starting to worship it.

[Bitcoinsummoner]

It is great seeing bigger companies now looking at bitcoin and considering it. It seems it became an exchange where people can easily exchange bitcoin and exchange it back. If I read it right, it looks like it will only transact to those merchants that it has checked. Nevertheless, this is great news for bitcoin.

It's always like that, make something seems profitable for these corporates, they will throw themselves at it immediately. Same thing like cryptocurrencies more specifically bitcoin. Like for example, PayPal, banning their users who did crypto buying through their platform before bitcoin becomes this recognized, now they see it could generate them tremendous amount of profit they starting to worship it.

You are right. Paypal was against of cryptocurrency and now they are trying to allow crypto-currency on their gateway and I think soon they will be able to overcome all restrictions and allow it. And I hope boundary of crypto will be enlarged day by day. It is time of crypto and it will remain ongoing.

[Vishnu.Reang]

You are right. Paypal was against of cryptocurrency and now they are trying to allow crypto-currency on their gateway and I think soon they will be able to overcome all restrictions and allow it. And I hope boundary of crypto will be enlarged day by day. It is time of crypto and it will remain ongoing.

PayPal was against cryptocurrency, because earlier it was being considered as a mode of payment. Therefore Bitcoin and the other cryptocurrencies were considered as competitors by PayPal and other payment processors such as Visa. But nowadays due to the high transaction fee very few people are using BTC to make payments. It is mostly being used as an investment asset. Under such circumstances, it doesn't offer any competition to the core business of PayPal. This is probably the reason why they are more receptive to cryptocurrency nowadays.

[Xinarae*]

As technology advances bitcoin is becoming more and brighter. within the meantime, PayPal has entered the cryptocurrency market. this suggests that PayPal users are going to be ready to buy and sell Bitcoin and other cryptocurrencies. thanks to the advantages provided by PayPal, various products are often purchased from sellers through Bitcoin. this may double the demand for crypto. With the adoption of PayPal Crypto, Ethereum, Ripple and Litcoin are now being traded on various exchange platforms within the international market, including some more online virtual currencies.

[Bitcoinsummoner]

But nowadays due to the high transaction fee very few people are using BTC to make payments. It is mostly being used as an investment asset. Under such circumstances, it doesn't offer any competition to the core business of PayPal. This is probably the reason why they are more receptive to cryptocurrency nowadays.

I do not think that people are using bitcoin as an investment only or maximum people are using bitcoin as an investment. Hence maximum people are using it as payment processor. I am mainly user of a bitcoin for taking and sending payment as the fees is lower than any other method eg: paypal, credit card or any other way.

[fillippone]

But nowadays due to the high transaction fee very few people are using BTC to make payments. It is mostly being used as an investment asset. Under such circumstances, it doesn't offer any competition to the core business of PayPal. This is probably the reason why they are more receptive to cryptocurrency nowadays.

I do not think that people are using bitcoin as an investment only or maximum people are using bitcoin as an investment. Hence maximum people are using it as payment processor. I am mainly user of a bitcoin for taking and sending payment as the fees is lower than any other method eg: paypal, credit card or any other way.

I disagree: bitcoin is a bad transactional money. A good MoE has a low volatility, so that prices can be considered stable. Store of Value can coexist with high volatility, if there is a strong positive trend. Medium of exchange can’t.

[Sithara007]

But nowadays due to the high transaction fee very few people are using BTC to make payments. It is mostly being used as an investment asset. Under such circumstances, it doesn't offer any competition to the core business of PayPal. This is probably the reason why they are more receptive to cryptocurrency nowadays.

I do not think that people are using bitcoin as an investment only or maximum people are using bitcoin as an investment. Hence maximum people are using it as payment processor. I am mainly user of a bitcoin for taking and sending payment as the fees is lower than any other method eg: paypal, credit card or any other way.

I disagree: bitcoin is a bad transactional money. A good MoE has a low volatility, so that prices can be considered stable. Store of Value can coexist with high volatility, if there is a strong positive trend. Medium of exchange can’t.

Have to agree with fillippone here. If you are an investor then you are not much bothered about the volatility. Because the long term trends are positive. But that is not the case when you accept or pay with Bitcoin. The volatility in exchange rates and the delay in getting confirmations can negatively impact your business. There is no readymade solution in place now. The miners are not going to increase the block size, so we are stuck with high fees for the near future.

[fillippone]

As I said in an earlier post, PayPal has a long term business plan on cryptos, with subsequent steps in the direction of an all-round service for crypto holders.

Today a rumour surfaced on the next one:

PayPal to Buy Crypto Custody Firm Curv: Sources

PayPal is said to be in the process of buying Curv, a technology firm that powers the secure storage of cryptocurrency, according to three sources familiar with the situation.

Israeli news outlet Calcalist reported Tuesday that Curv was being sold for between $200 million and $300 million, without naming the buyer.

“PayPal is buying Curv for $500 million,” a source from within the digital asset custody space told CoinDesk on Monday. “From where I’m hearing it, I’m pretty sure it’s true.”

PayPal cannot risk CURV to grow too much. Better kill a competitor in the cradle.

[bryant.coleman]

The trends for long term is positive till now. But who knows it will keep this positive trends for long term or will there be negative trends for long term investment. And at the time of investment price of it may make loss in this few days.

It is debatable. Bitcoin first came in to existence in 2009. Ever since then, long term investment was never a loss making exercise. If you were holding Bitcoin for more than three years, then at no point between 2009 and 2021 you will be in a loss. Now I can't make any guarantee about the future, but I am hopeful that what has happened during the last 12 years will repeat for another decade or so.

[fillippone]

The trends for long term is positive till now. But who knows it will keep this positive trends for long term or will there be negative trends for long term investment. And at the time of investment price of it may make loss in this few days.

It is debatable. Bitcoin first came in to existence in 2009. Ever since then, long term investment was never a loss making exercise. If you were holding Bitcoin for more than three years, then at no point between 2009 and 2021 you will be in a loss. Now I can't make any guarantee about the future, but I am hopeful that what has happened during the last 12 years will repeat for another decade or so.

There is a model that suggests this is something more than hope:

Stock-to-Flow Model: Modeling Bitcoin's Value with Scarcity

This model has been working since before the first halving, I can't see it breaking before a couple of halvings.

[fillippone]

So, it finally happened: PayPal allows his user to spend their cryptocurrencies allowing them to move the coins outside their wallets.

Exclusive: PayPal launches crypto checkout service


[

LONDON (Reuters) - PayPal Holdings Inc will announce later on Tuesday that it has started allowing U.S. consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally, a move that could significantly boost use of digital assets in everyday commerce.

In the linked article, more details.

Well, this development does not get us unprepared: we saw it coming since day one. That you'd have been an insane effort putting all the machines up and running allowing the subscribers only hold their coins. Of course, PayPal wants to sell many services, and probably I suspect, they also see some fees from this.
So they used their KYC/AML proficiency to build a "walled garden" for their clients to play in: the client is happy because do not get scammed, and the bank herself is happy because probably they are going answer the regulators only about what happens inside the garden.

[Sithara007]

I am surprised that this news didn't resulted in a larger spike in exchange rates. There was a small rally, but that amounted to only around 3%. I thought with such a ground breaking news, the exchange rate could at least rally some 10% to 20%. Perhaps the Bitcoin puritans are still not happy with the fact that PayPal is converting Bitcoin to fiat currency before the payment. For me, that doesn't matter much. Someone needs to do the conversion. If PayPal is not doing it, then the merchants will be forced to spend their time and effort to convert their BTC revenues.

[iamsheikhadil]

I am surprised that this news didn't resulted in a larger spike in exchange rates. There was a small rally, but that amounted to only around 3%. I thought with such a ground breaking news, the exchange rate could at least rally some 10% to 20%. Perhaps the Bitcoin puritans are still not happy with the fact that PayPal is converting Bitcoin to fiat currency before the payment. For me, that doesn't matter much. Someone needs to do the conversion. If PayPal is not doing it, then the merchants will be forced to spend their time and effort to convert their BTC revenues.

I think a 10 to 20% exchange fee would just make crypto users go away from PayPal and use their native exchanges to convert their crypto to fiat instead of paying such a fee just because of the good-will and global acceptance of PayPal. They can always then use their fiat with PayPal normally. A 3% fee is also really high, given the transfer charges of crypto nowadays. It's a good news from PayPal, they don't want to miss out and they have now probably set monopoly in the global range to be the first one to accept/exchange crypto for payments to everywhere it's accepted

[fillippone]

A couple of Updates on PayPal:


The first is an update on how the Crypto adoption plan is unfolding for Paypal. They have beaten every anticipated volumes:

PayPal CEO: Demand for Cryptocurrency Much Higher Than Expected

PayPal CEO Dan Schulman reveals that demand for the company's crypto services has exceeded its expectations 'multiple-fold.'

In brief

• PayPal CEO Dan Schulman revealed that user demand for cryptocurrencies on the platform is even higher than anticipated.
• Schulman noted that the coronavirus pandemic has greatly accelerated the digitalization of payments across the globe.

The second update is the fact PayPal also serves as another on-ramp for Coinbase users.

Coinbase now lets US users pay for cryptocurrency through a PayPal account

Starting today, PayPal users in the US can link their accounts to Coinbase to make it easier to buy digital currencies like Bitcoin, Ethereum and Litecoin. Previously, funding those purchases often meant using a debit card or a more time-consuming method like a wire transfer. With today's update, Coinbase says you can fund your purchases "instantly." It also means there's one less platform with your debit and bank account information.

I think this partnership is beneficial for both firms: COinbase can make the funding of their accounts even simpler, quicker and maybe cheaper, while PayPal can try to intercept some little percentage of these users, maybe the less sophisticated ones, with their newly launched services.

Good news!

[fillippone]

As we had anticipated since the start of this thread, finally PayPal is scaling up the Bitcoin strategy:


PayPal to Let Users Send Bitcoin Off PayPal

Speaking at Consensus on Wednesday afternoon, PayPal's head of blockchain and crypto, Jose Fernandez da Ponte said the company will be adding support for third-party wallettransfers—meaning that PayPal and Venmo users will be able to send Bitcoin not only to others on those platforms, but to services like Coinbase and to outside crypto wallets as well.

Da Ponte added an interesting remark:

“We want to make it as open as possible," said Fernandez da Ponte, "and we want to give choice to our consumers."

This is what we asked for.

For them, it could be a potential source of headaches, but it's not or fault, but regulators.

[Sithara007]

^^^ This has been one of the major complaints from the PayPal users. I had posted a few times in the past that PayPal has already stated that they will make more features available on their Bitcoin platform in the coming months, but many of the users here refused to believe that. Anyway, this move will be hopefully welcomed by a majority of the users. However, as fillippone mentioned, now the regulators can target PayPal claiming that they are aiding in money laundering. On top of that if some of the coins that were purchased using PayPal ends up in dark markets, then the authorities can blame PayPal. They need to be careful with this step.

[fillippone]

PayPal is revising operative limits for his clients. I guess this is a good sign:

Increased Purchase Limits for Crypto on PayPal
They write:

As part of our efforts to meet the ever-changing needs of our customers, we are pleased to announce that we have recently raised the purchase limits of cryptocurrency for eligible PayPal customers in the U.S. to $100,000 per week with no annual purchase limit. These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.

Raising limits means taking additional risks for the service provider. I guess that PaYPal balanced their revenues with other compliance/fiscal/operational risks this choice involved.
 
We had other signs anyway that activity was starting to heat up at PP:

PayPal’s liquidity provider itBit trading volumes hit record high - $300m on May 19th.

An image is worth a thousands words.

[maisao1991]

This is really a new step for BTC, paypal is a pretty big and famous bank. now even they accept BTC as payment i think good news like this soon BTC will become more popular and known by more people.

[worldofcoins]

Well, I will never purchase bitcoin from PayPal, it's exceedingly terrible at communicating.
A little mistake can permanently block your account and you can lose your money.
I appreciate that PayPal permitted their customers to purchase bitcoin it will exceptionally effect on bitcoin market yet I have some doubts and can not have faith in PayPal services.
In case you do not have a place in the US your account will be exceptionally unsafe.

[The Sceptical Chymist]

Well, I will never purchase bitcoin from PayPal, it's exceedingly terrible at communicating.
A little mistake can permanently block your account and you can lose your money.

Actually, I've found that PayPal is much less likely to nuke you than, say, Coinbase.  I'm not sure what you mean by "mistake" either.

Glad you bumped this thread, because I haven't seen it in a while and it made me check out PayPal's news feed.  It looks like there's some sort of cashback-to-crypto feature on Venmo, which they announced in August.  I don't use Venmo, but I think a lot of members here do, because I've seen it mentioned a lot on the currency exchange section.  This is a snippet of their news article:

With seamless auto-purchasing, once customers receive their cash back into their Venmo balance each month, those funds are used to automatically purchase their selected crypto with no action required. Once complete, customers can choose to hold or sell the crypto within the Venmo app at any time. 

I don't know about anyone else, but that sounds pretty cool to me--as long as you can actually take possession of the crypto you buy, which seems to be the case.

[fillippone]

Well, apparently Paypal wasn't able to maintain his momentum.
Even if the market moved recently, a situation where it's easier for an exchange to grow their volumes, apparently itBit was quite lagging behind:



In addition to that, I noticed the most successful trading pair was EHT/BTC.




Being this pair a crypto/crypto it's difficult to see PayPal's exchange as a crypto gateway for fiat investors, as PP would like to sell us.
Of course, if the main trading pair is ETH/BTC this means the majority of itBit users are already Inside the crypto-market, while in reality, PP would like to expand the userbase.

[uneps]

It said PayPal Holdings Inc joined the cryptocurrency market, enabling customers to buy, sell, and store bitcoin and other virtual currencies using the online wallet of the US digital payments company.
PayPal customers will also be able to use cryptocurrency to shop at 26 million merchants in their network from early 202.

[Obito]

It said PayPal Holdings Inc joined the cryptocurrency market, enabling customers to buy, sell, and store bitcoin and other virtual currencies using the online wallet of the US digital payments company.
PayPal customers will also be able to use cryptocurrency to shop at 26 million merchants in their network from early 202.

This post literally has no sense at all, what the hell are you talking about, you somewhat copy the OP of this thread and made some revisions.

Well, apparently Paypal wasn't able to maintain his momentum.
Even if the market moved recently, a situation where it's easier for an exchange to grow their volumes, apparently itBit was quite lagging behind:

Well, it was fun while it lasted, what was the spike between May and June and what caused them? If I remember, it's not the pump in the market since it happened in March.

[Sithara007]

Volumes in the United States seems to have fallen after the initial excitement (will fall further due to the China-Evergrande issue). But at the same time, PayPal is now making cryptocurrency available in a number of additional countries such as the United Kingdom. So this will result in an overall increase. Anyway, I expect a big jump in volumes only when the exchange rates go up. Many of those who purchased BTC using PayPal are new users, and they may be doing panic selling at this point.

It said PayPal Holdings Inc joined the cryptocurrency market, enabling customers to buy, sell, and store bitcoin and other virtual currencies using the online wallet of the US digital payments company.
PayPal customers will also be able to use cryptocurrency to shop at 26 million merchants in their network from early 202.

This post literally has no sense at all, what the hell are you talking about, you somewhat copy the OP of this thread and made some revisions.

Typical spammer. Copy paste post intended just to increase the post count.

[fillippone]

Huge news in the Paypal ecosystem:

PayPal Lets Users Transfer Bitcoin and Ethereum to External Wallets

"Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges," the financial giant said in a statement.

This means that you aren't buying centralised, CFD-like tokens, but actual bitcoins (or shitcoins) that can be self-stored.

[Zlantann]

Paypal is one of the few firms that believe in the future of Bitcoin and I have so much respect for its CEO Dan Schulman. This firm is a great Bitcoin supporter that it doesn’t charge for transactions in Bitcoin . This feature that can aid the transfer of Bitcoin to non-custodial wallets has been expected by Paypal users since the firm launched its cryptocurrency services in 2020. This feature would no doubt increase the client of Paypal and promote the use of its Bitcoin service this is because this feature makes privacy and freedom easy to access.

[fillippone]

you can’t say the same about PayPal in general, because this company was not always loyal to bitcoin, and even more so did not always believe in its future .

Also, PayPal as a company is a merchant.
Like every other exchange on Earth, they don't need Bitcoin to be successful to profit out of it: they are buying and selling Bitcoins for you. As long as you keep trading with them, they are profiting from riskless fees.

[raidarksword]

Paypal is one of the biggest payment system in the world and having the adoption of bitcoin is a big achievement of bitcoin in past few years now. It means adoption is just the beginning for bitcoin's continues success in the crypto space. Even bearish market we have right now, the future of bitcoin is still exceptional.

[m2017]

Paypal is one of the few firms that believe in the future of Bitcoin and I have so much respect for its CEO Dan Schulman. This firm is a great Bitcoin supporter that it doesn’t charge for transactions in Bitcoin . This feature that can aid the transfer of Bitcoin to non-custodial wallets has been expected by Paypal users since the firm launched its cryptocurrency services in 2020. This feature would no doubt increase the client of Paypal and promote the use of its Bitcoin service this is because this feature makes privacy and freedom easy to access.

Like any commercial company, Paypal associates itself with Bitcoin for one reason only - it's profit. Otherwise, they wouldn't even come close to bitcoin. I wouldn't blindly believe words like "Paypal is one of the few firms that believe in the future of Bitcoin" as any company's belief in something immediately stops as soon as it stops making a profit. Nothing personal, mate, it's business. Idealism is a good thing, but sometimes it would not hurt to take a sober look at situations.

[Semar Mesem]

PayPal certainly sees great potential when it comes to accepting bitcoin and cryptocurrencies, especially at this time the volume of PayPal transactions continues to decline because many users choose cryptocurrencies for transactions, and the thing to watch out for from PayPal is verification which is still difficult for those who don't have a credit card.

[fillippone]

Of course I can’t see how this move would benefit anyone but PayPal.
I don’t see it as a big change in the possibility of having more people in the on-ramp given by PayPal.

The only change, actually I think is a big one, is on the corporate side of this.
PayPal allowing users to transact real digital tokens means their procedures on KYC/AML, accounting, regulatory are mature enough to allow them (PayPal) to deal with those topics with a relatively low risk.
This is yet another example of institutional adoption of Bitcoin.

[doomloop]

PayPal certainly sees great potential when it comes to accepting bitcoin and cryptocurrencies, especially at this time the volume of PayPal transactions continues to decline because many users choose cryptocurrencies for transactions, and the thing to watch out for from PayPal is verification which is still difficult for those who don't have a credit card.

They are aware that cryptos are starting to get popular so they will collaborate with it to get a piece of this popularity. What a smart move there by paypal. They will do everything just to keep their dying company alive. The reason why many people can go crypto over paypal is because it wasn't strict and less hassle to use.

For verifying paypal. This was difficult on the past where the only way to get a credit card is by applying it the traditional way but nowadays anyone can get a credit card online and there is no need to wait for a long time or fill up many forms but still its too late to use paypal since we already have cryptos that works much better.

[oHnK]

PayPal allowing users to transact real digital tokens means their procedures on KYC/AML, accounting, regulatory are mature enough to allow them (PayPal) to deal with those topics with a relatively low risk.
This is yet another example of institutional adoption of Bitcoin.

Their business is one of a sunset industry if they can't improve their business strategy, why I say its sunset industry because there are many e-wallet or payment gateway which provide an easiness for their users. Crypto is a new invention in financial industry which give us freedom for our trancations without any country limitation or anything else, as long as user enter the market, wherever we are, wa can get the access. This is one of my view, the main reason why they have to upgrade. Although their new strategy can't give much effect for the market at least their company keep exist with new transformation.

[Wong Gendheng]

A good step to increase the number of users is to receive cryptocurrencies, moreover Paypal is a strong payment platform and has a lot of relationships with banks around the world, they see the rapid development of users Leaving Paypal.