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

[Sithara007]

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 .

As of now, indications are that Bitcoins will be available only to those PayPal users who are residing in the United States. So the question of legality in territories where cryptocurrency is not legal does not arise. Obviously they need to deal with it, if they want to make this option available to the global users. A few years back, when Overstock made Bitcoin available as a mode of payment, they also did the same. This option was limited for registered users from the United States.

[1714606647]

1714606647

[1714606647]

1714606647

[darewaller]

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.

A lot of people have been saying that they want Bitcoin to be accepted everywhere around and they want to be able to spend their coins and use it to buy whatever they need, and this is that opportunity, since PayPal is accepted everywhere, now once they are linked with Bitcoin that means that our dreams of being able to spend our cryptos wherever we want has been fulfilled.

The next thing is how they are going integrate Bitcoin to their platform; will it be in a way that’s going to make things easy and acceptable, because if not, a lot of people are still going to reject it.

[aesma]

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.

I think the exact opposite is true. BTC is seen by PayPal as a competitor, and supporting BTC is a way to take it into the fold. If in a few years fiat isn't en vogue anymore, and BTC is the new currency, then PayPal will have survived because it's involved in BTC.

[TopT3ns]

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.

A lot of people have been saying that they want Bitcoin to be accepted everywhere around and they want to be able to spend their coins and use it to buy whatever they need, and this is that opportunity, since PayPal is accepted everywhere, now once they are linked with Bitcoin that means that our dreams of being able to spend our cryptos wherever we want has been fulfilled.

The next thing is how they are going integrate Bitcoin to their platform; will it be in a way that’s going to make things easy and acceptable, because if not, a lot of people are still going to reject it.

PayPal can be the best bridge between buyers and sellers of bitcoin well and of course this role will have a good impact on the price of bitcoin and several other cryptocurrencies, yesterday was the initial information about the release of paypal opening bitcoin transactions, after which there will be an evaluation and preparation In the future, I am sure that they will develop more features that can facilitate cryptocurrency transactions on their platform.

[Karartma1]

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.

Exactly, it mostly works that way: remember the blockchain technology hype? Most companies started investing without having an idea of what could have they done with blockchain technology. To avoid investing in bitcoin that early they had to invest in something that could have been presented to their investors without scaring them.
The world changed so much since 2015! Eventually they realized that they could have been left behind and now they flock into bitcoin. Hilarious.

[error08]

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.

Exactly, it mostly works that way: remember the blockchain technology hype? Most companies started investing without having an idea of what could have they done with blockchain technology. To avoid investing in bitcoin that early they had to invest in something that could have been presented to their investors without scaring them.
The world changed so much since 2015! Eventually they realized that they could have been left behind and now they flock into bitcoin. Hilarious.

For a company, it should be about earnings, if the world transition moving toward cryptocurrency, they have to adopt it as well to ensure continuity of profit in the future, just like auto companies transition from internal combustion to the electric vehicle. At least PayPal will enable 300+ million users to spend cryptocurrency at its network of more than 26 million merchants, adoption enhances the utility of bitcoin as a medium of exchange.

[angrybirdy]

This is what the first transaction of buying bitcoin with PayPal looks like:



Circle CEO Jeremy Allaire hinted that the function is now available for a limited number of persons.

It looks like the local wallet that we are using, but since paypal is using by people around the world, this is a great news to the crypto community. This will make their users to easily buy and store bitcoin since there are some country who are having a hard time buying or they directly buy in the exchange before they can withdraw it in their own btc wallet.

[Wawa2013]

To be honest I wasn't surprised to know that Paypal has finally decided to accept cryptocurrency, because they are a large platform
that has been monitoring the development of cryptocurrency for a long time. By looking at the rapid development of crypto, like
Paypal realizes that they must accept cryptocurrency so that they are not left behind. Nowadays Paypal is increasingly giving many
people the convenience of being able to buy Bitcoin and store it. We can see that with Paypal accepting cryptocurrency the price of
Bitcoin has increased, even now it has reached $ 13,400.

[Searing]

If PayPal is smart they will follow the below path to get as many people outside the USA into this Bitcoin and PayPal plan as the possibly can, for the simple

reason of 'Adoption of BTC will help the folk that don't have banks!'

1) They get accounts from folks without 'legit' or any Banking throughout the world, no checking accounts and that kind of thing. They with the BTC

option in a place with 'high inflation' on their nation's $$$ and such...get an account of some type. Maybe thru coinbase and its debit card operation of

a real USA bank. They still have no real credit rating for credit card etc? But if PayPal is smart that won't matter.

PayPal should set this up so that the 1st step is that you have BTC bought thru PayPal and in your account. In that the security is in the Bitcoin itself..PayPal

could say with such and such amount of Bitcoin, you have such and such access to use on Amazon, or whatever. From there, again, if PayPal wants to

take over the world like Amazon, they would then 'offer' on your BTC purchase history and or amount of BTC kept on hand in maybe, offer you the next

tier up as to offer you checking and banking through paypal..with your passport and KYC etc...thus now they also are your bank.....then after that, if I

was them...it would morph into offering services with KYC as an exchange. So the 'great unbanked' in the world could use Bitcoin to prove their credit

bona fides to get such banking and maybe exchange services with KYC without the worry of local banking in dubious countries or having banking first

or having credit card etc..they could simply 'progress' upward thru a PayPal path to get all of the above. In that Bitcoin security is in the Bitcoin..not your

credit history (or lack thereof) this is a plan. The people using this PayPal option to go up the chain above (sorry rough but you get the idea) they know

that PayPal is 'likely' more legit than their countried 'dubious' banking system so they feel secure as well.

This has to be the plan, indeed it is the way Coinbase for example guided my upward process to give me too much money and credit to use on their

platform over time. I can't see how something can't be done like I said above, (probably better explained then I did) and PayPal through Bitcoin/Crypto

could just 'wrap' up a whole mess of new adoption into the world finance system 'directly' and increase BTC/Crypto adoption massively. Also from

PayPal's point of view..all them lovely fees going in/out and around. Anyway, above is rough idea...but this should be do'able IMHO if PayPal is 'farsighted' enough to go

down this path. Otherwise, why the heck did they take BTC/Crypto unless they got some or all of the above involved as a long term plan?

remember I'm clueless...but how it looks to me.

I also 'believe' that like Viemo the service PayPal has money in and now will become the PayPal BTC/Crypto wallet..it to started out not letting BTC/Crypto

in and out directly. I think that also will change. Of course, if PayPall really, really does (got a BTC woody on this) buy BitPay..well crap...all heck will break

loose!

Again, rough sketch above of how it might work without my knowing zip about adequate safeguards.

Brad

[Kupid002]

To be honest I wasn't surprised to know that Paypal has finally decided to accept cryptocurrency, because they are a large platform
that has been monitoring the development of cryptocurrency for a long time. By looking at the rapid development of crypto, like
Paypal realizes that they must accept cryptocurrency so that they are not left behind. Nowadays Paypal is increasingly giving many
people the convenience of being able to buy Bitcoin and store it. We can see that with Paypal accepting cryptocurrency the price of
Bitcoin has increased, even now it has reached $ 13,400.

And those buyers can possibly give them enough profit daily so why you should always think that Bitcoin is one of your rival if you know you can also adopt it and take advantage having it.that was the problem of the nokia back then because they thought they were on top always they never seized the opportunity to upgrade or adopt new technology that people will love . and this is what paypal did today .he did not oppose bitcoin as another payment option and they embraced and seized the possibility that it would help them a lot on their platform.

[carlisle1]

the thing is will be cryptonians really make good chunks on this?i mean is there really advantage in our part or just the news that making it better?

Like me i am PayPal user and also Crypto user/Holder.

i can transfer Fiat from my bank account to my PayPal account directly without taking from My crypto holdings.
I think this is much safer than using my Bitcoin to pay.

I think the exact opposite is true. BTC is seen by PayPal as a competitor, and supporting BTC is a way to take it into the fold. If in a few years fiat isn't en vogue anymore, and BTC is the new currency, then PayPal will have survived because it's involved in BTC.

Lol paypal is survival even without BTC on their back,remember that this is a stable payment method most american use and also more part of the world compared to Bitcoin that until now is trying to be known and use by the world.

[aesma]

the thing is will be cryptonians really make good chunks on this?i mean is there really advantage in our part or just the news that making it better?

Like me i am PayPal user and also Crypto user/Holder.

i can transfer Fiat from my bank account to my PayPal account directly without taking from My crypto holdings.
I think this is much safer than using my Bitcoin to pay.

I think the exact opposite is true. BTC is seen by PayPal as a competitor, and supporting BTC is a way to take it into the fold. If in a few years fiat isn't en vogue anymore, and BTC is the new currency, then PayPal will have survived because it's involved in BTC.

Lol paypal is survival even without BTC on their back,remember that this is a stable payment method most american use and also more part of the world compared to Bitcoin that until now is trying to be known and use by the world.

Paypal has high fees, and is mostly used on top of credit cards with high fees themselves. They're already being disrupted by other actors in the financial world. Crypto is another worry for them, not something they're embracing with glee. Only my opinion of course.

[cryptoboss2020]

its great way to earn good profit just speculation you cant own the crypto you buy crypto on paypal platform.
its like they sell air to the customers nobody cant proof they actually have crypto and proof that its not even needed.

[barbara44]

This is what the first transaction of buying bitcoin with PayPal looks like:



Circle CEO Jeremy Allaire hinted that the function is now available for a limited number of persons.

Thanks, that looks really cool and I don't know when it would be allowed for all the users but the news alone lifted the market so I am not sure how the market would react when they will be actually able to buy Bitcoins with their paypal balance.

This is for sure the biggest adoption of Bitcoins because PayPal make no mistake is the biggest payment processor right now and them allowing the purchase of Bitcoins means that we are now just one step away from the mass adoption we often talk about. I would also like to know if we can send Bitcoins from our wallet to others? I mean buying bitcoins is great but if we can transfer those coins to others that would be even great because that simply means Bitcoins based payments on PayPal.

[Vishnu.Reang]

This is what the first transaction of buying bitcoin with PayPal looks like:



Circle CEO Jeremy Allaire hinted that the function is now available for a limited number of persons.

Can someone please explain me the "transaction fee" part? From the screenshot, it looks as if PayPal didn't charged any transaction fee at all. Two hours back, I paid $9 to confirm one of my transactions. So ideally, this user should have paid a similar amount while purchasing $100 worth of crypto. But it is showing as zero fee. What's the logic behind this? Is PayPal paying the fee for its users?

[amishmanish]

This is what the first transaction of buying bitcoin with PayPal looks like:



Circle CEO Jeremy Allaire hinted that the function is now available for a limited number of persons.

Can someone please explain me the "transaction fee" part? From the screenshot, it looks as if PayPal didn't charged any transaction fee at all. Two hours back, I paid $9 to confirm one of my transactions. So ideally, this user should have paid a similar amount while purchasing $100 worth of crypto. But it is showing as zero fee. What's the logic behind this? Is PayPal paying the fee for its users?

It seems to be promotion thing applicable till December 31st, 2020. You can see it linked in the FAQ screenshot posted in OP. This is probably just to onboard new users. Paypal is a huge player in the internet payments scene and the bullish effect is already visible as BTC hovers around 14K after a long stint of sideways moves. Its hard to ever pinpoint a certain reason for bitcoin's movement but this seems to be the reason for the time being.

[AicecreaME]

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.

I agree. Paypal must stick to its decision to adapt bitcoin for good and not just for the time being it’s on booming season. They should stand their decision of having btc on their platform regardless of the bitcoin’s state. After all, bitcoin is known to have an unstable and varying value over time.

If this paypal feature regarding bitcoin shopping, buying, and selling are going to be permanent this would surely benefit the bitcoin community. There would be another platform to use bitcoin. It would be much more convenient especially if the process is going to be easier in the app.

I think they should also involve more features different to their competitors. They must have unique and distinct characteristic that could easily tell it’s them. In addition, it could put them to an advantage if ever they would offer what other apps doesn't have. It would be best if they’re the first choice of the consumers and not just an alternative for other applications.

[Kupid002]

This is what the first transaction of buying bitcoin with PayPal looks like:



Circle CEO Jeremy Allaire hinted that the function is now available for a limited number of persons.

Thanks, that looks really cool and I don't know when it would be allowed for all the users but the news alone lifted the market so I am not sure how the market would react when they will be actually able to buy Bitcoins with their paypal balance.

This is for sure the biggest adoption of Bitcoins because PayPal make no mistake is the biggest payment processor right now and them allowing the purchase of Bitcoins means that we are now just one step away from the mass adoption we often talk about. I would also like to know if we can send Bitcoins from our wallet to others? I mean buying bitcoins is great but if we can transfer those coins to others that would be even great because that simply means Bitcoins based payments on PayPal.

I guess you need to read this thread first before hoping that PayPal will give big impact to price of Bitcoin and increase the  adoption.

A look at PayPal’s TOS and What it Means for Users

They are not even holding crypto currency you are just buying them a fake amount of numbers and you can't transfer it to your main wallet .that coins is  only created to buy and  sell Bitcoin price in their platform.

[Xinarae*]

PayPal is very difficult to elucidate a part of the transaction fee. it's not known exactly what proportion PayPal will charge for the transaction. the opposite cryptocurrencies to be added to PayPal services after Bitcoin are Ethereum, Lightcoin and Bitcoin Cash. All are often stored directly in PayPal Digital Wallet. PayPal added that as a part of this service PayPal will provide educational materials to account holders to assist customers to understand the cryptocurrency ecosystem. PayPal will convert cryptocurrency into national currency for the utilization of virtual coins. companies that receive paid money will receive the proper amount of pounds or dollars rather than virtual coins the report said.

[aesma]

This is what the first transaction of buying bitcoin with PayPal looks like:



Circle CEO Jeremy Allaire hinted that the function is now available for a limited number of persons.

Can someone please explain me the "transaction fee" part? From the screenshot, it looks as if PayPal didn't charged any transaction fee at all. Two hours back, I paid $9 to confirm one of my transactions. So ideally, this user should have paid a similar amount while purchasing $100 worth of crypto. But it is showing as zero fee. What's the logic behind this? Is PayPal paying the fee for its users?

You paid 9$ to send BTC somewhere (or receive it), using the BTC blockchain.

When you buy BTC on Paypal you're not really buying BTC, you're buying an IOU (I owe you), an abstraction. Nothing happens on the blockchain, so there is no fee related to a blockchain transaction.

It's the same on an exchange, to be honest, the fees you pay when buying BTC on an exchange are trading fees to pay for the service, once again nothing happens on the blockchain. However on an exchange you can then transfer BTC to your wallet, and then, you pay another fee, which this time is a fee to confirm the transaction on the blockchain.