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

[Broly46]

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

[1714606249]

1714606249

[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.