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Author Topic: PayPal to allow cryptocurrency buying, selling and shopping on its network  (Read 1771 times)
fillippone
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October 21, 2020, 12:00:05 PM
Last edit: October 22, 2020, 09:43:53 AM by fillippone
Merited by tranthidung (2), stompix (1), Shasha80 (1)
 #1

Breaking news from REUTERS:

Quote
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

Quote

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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October 21, 2020, 12:36:37 PM
 #2

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.

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October 21, 2020, 01:16:23 PM
 #3

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.


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October 21, 2020, 01:25:09 PM
 #4

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.

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October 21, 2020, 01:31:05 PM
 #5

Quote
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:  Cheesy
https://www.paypal.com/us/webapps/mpp/paypal-fees
Between 2.3% and 1.55, not that bad.

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October 21, 2020, 01:43:18 PM
 #6

Quote
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 Wink

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October 21, 2020, 01:50:36 PM
 #7

Can't wait for Myspace to adopt Bitcoin  Tongue Tongue Tongue
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October 21, 2020, 01:54:44 PM
 #8

Quote
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:  Cheesy
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.





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October 21, 2020, 01:55:05 PM
Last edit: October 21, 2020, 02:31:25 PM by gentlemand
Merited by fillippone (2)
 #9

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.
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October 21, 2020, 02:32:20 PM
Last edit: October 21, 2020, 03:29:20 PM by fillippone
 #10

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.

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October 21, 2020, 02:38:23 PM
 #11

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.
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October 21, 2020, 02:47:27 PM
 #12

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


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October 21, 2020, 02:53:47 PM
Merited by fillippone (2)
 #13

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.
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October 21, 2020, 03:03:11 PM
 #14

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.

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October 21, 2020, 03:11:26 PM
 #15

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.
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October 21, 2020, 03:17:13 PM
Merited by fillippone (2)
 #16

I have $20





I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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October 21, 2020, 03:18:05 PM
 #17

I dont think that we will see news better in the near future
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October 21, 2020, 03:23:04 PM
Merited by fillippone (2)
 #18

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.
Quote
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.




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October 21, 2020, 03:30:51 PM
 #19

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.
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October 21, 2020, 03:32:57 PM
 #20

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.

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