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

[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.

[1714605898]

1714605898

[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.