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

[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.

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[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.