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

[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.

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[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.