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

[CarnagexD]

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.

Or they could do something about it that is both revolutionary and exciting. We all know Paypal's founder Elon Musk is a visionary when it comes to bitcoin and cryotocurrency and has gone public to show his upoort on its technology, it wouldn't surprise me if they would make a universal transaction fee scheme that would help people save more with buying crypto and would altogether entice more investors to buy there instead of the sites we all know and loved. And if this happens you bet your buck that I'll be buying cryotocurrencies there moving forward.

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[worle1bm]

Most of big companies are entering into crypto market to keep up the pace with growing digitalization of monetary system and that is what PayPal is doing so.With more than 340 million active users on their network and 26 million merchants they want to use btc to boost their profit ratio with large volume by charging transaction fees.They transaction would be settle in fiat which means customer will be paid in local currency at the time of settlement against the value of coins at that time.At present they have added Bitcoin and ETH in their payment system.But we might take this as an extra step taken in growth of btc and cryptocurrency market to expand at large level.

[Twentyonepaylots]

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.

Except if they do something revolutionary which Elon Musk, it's creator is publicly known for. He actively shows support on the coin and cryptocurrency overall. And having his vast wealth, he can implement a systematic transaction fee that is based on fiat rather than bitcoin or cryptocurrency itself. It only wouldn't help PayPal reach more people, the amount of people that will use the site may also help win back the losses of implementing such a rule.

[AndySt]

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.

In general, it turns out a situation in which there is a departure from the principles of Satoshi Nakamoto and for the sake of which all this was started. PayPal will make transactions on its own without affecting the cryptocurrency blockchains at all, and bitcoin will only serve as a record in their internal database. The blockchain will be used only in cases when the client of the payment service will enter his amount there and when the client will withdraw the amount into his cryptocurrency wallet.

[bryant.coleman]

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.

Well... if this is the case, then I have a feeling that a lot of small-scale users may prefer using PayPal in their cryptocurrency dealings. Obviously those who value their privacy are never going to use it. But for those who already have a PayPal account and deals with very small amounts of crypto, PayPal looks OK. Anyway, in the end it comes to the user preference.

[Sithara007]

In this article it says PayPal will first launch its Bitcoin and other crypto trading service first in the U.S, over the coming weeks.

Wow!!! Things are really moving fast. Someone had posted that PayPal is looking forward to make crypto available to the US users sometime by mid-2021. But now it looks as if they will do that much earlier. And also, it is great that they are increasing the weekly limit for cryptocurrency purchases. I can foresee the cryptocurrency prices moving upwards by quite a bit in the near future.

Being a resident of India, I don't expect Indian PayPal users to be enabled with this option anytime soon. But overall, it is great news for adoption of Bitcoin. This is just the trigger that we were waiting for.

[CarnagexD]

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.

Well... if this is the case, then I have a feeling that a lot of small-scale users may prefer using PayPal in their cryptocurrency dealings. Obviously those who value their privacy are never going to use it. But for those who already have a PayPal account and deals with very small amounts of crypto, PayPal looks OK. Anyway, in the end it comes to the user preference.

I'll try it out myself. Honestly the NO Transaction Fee feature of Paypal kinda got me hooked in it. I don't really mind me sharing a bit of my identity as it also helps when hacking happens which if it happened to other digital trading platforms, would have me assumed that I already lost the money for good. So the trade-off is there.

[BuNga_cute]

Actually I am a little disappointed to know that Paypal accepts cryptocurrency not to adopt Cryptocurrency. But Paypal only wants to
get personal benefits by taking advantage of the popularity of cryptocurrency. Because Paypal only allows buying, selling and storing
cryptocurrency only on their platform. But at least Paypal makes other companies interested in accepting cryptocurrency, more and
more companies are accepting crypto. Increase the awareness of many people about cryptocurrency, and this is actually good for
cryptocurrency development.

[pankowri]

The best news indeed in this time to bull run Bitcoin price. Btw, PayPal already allowed only four crypto currency for buy-sell. Hopefully, it will increase very soon shortly. The advantage will be taken by us who were waiting for a long time to use it randomly and this is the beginning and more surprises are coming as I strongly believe.

[Searing]

The best news indeed in this time to bull run Bitcoin price. Btw, PayPal already allowed only four crypto currency for buy-sell. Hopefully, it will increase very soon shortly. The advantage will be taken by us who were waiting for a long time to use it randomly and this is the beginning and more surprises are coming as I strongly believe.

PayPal CEO says the people signed up for BTC and LTC and ETH and BCH on Paypal was two to three times as great as PayPal expected. Also quicker access for USA folks

it seems in the next month. You may be able to get BTC/Crypto with PayPal. Currently about 10% of United States folk are already using this new BTC/Crypto service

from Paypal.

]https://fortune.com/2020/11/02/paypal-cryptocurrency-bitcoin-venmo/[/url]

PayPal also raised their limit to buy BTC/Crypto from $10,000 a week to now $15,000 a week they said for 'eager' customers.

With being over $14,000 USD Bitcoin..things are indeed looking up!

Another link of enhancements to PayPal Services and Wallet in the coming months below.

https://techcrunch.com/2020/11/03/paypal-details-its-digital-wallet-plans-for-2021-including-crypto-honey-integration-and-more/

Busy, Busy, Busy it seems.

Brad

[redsun114]

Paypal is not a blockchain wallet, paypal is not in the crypto itself neither, paypal is just a website that you can use as a "ledger" and thats it, so there is no need for blockchain or anything else there. If person A has 1 bitcoin and Person B has none, when Person A sends his 1 bitcoin to Person B the money that should change is only digital on paypals website and nowhere else, it is not a transaction on blockchain.

So, the moment your money goes inside paypal, it is no longer bitcoin itself, it is a claim to a bitcoin which is what paypal is offering anyway, they never lied about this one. Once again, I implore everyone to just look at this as a start and look at it as a way to see what bitcoin can become in the future via paypal instead of trying to see what is lacking right now.

[fillippone]

Apparently PP has a broader plan for his venture in cryptocurrencies:

PayPal Looks to "Embrace" Central Bank Digital Currencies

According to company executives who spoke during PayPal's Q3 2020 earnings call on November 2nd, its interests in the space go deeper than first stated.

Along with support for cryptocurrencies, PayPal CEO Dan Schulman says the company will "embrace" central bank digital currencies (CBDCs):

Finally, I'd like to discuss our recent announcement to increase the utility of cryptocurrencies, as well as, embrace new forms of Central Bank digital currencies. We are entering a new era of financial services where our wallets and all the services around them are moving from physical to digital.

From fake BTC, to fake cryptocurrencies...

[AndySt]

Paypal is not a blockchain wallet, paypal is not in the crypto itself neither, paypal is just a website that you can use as a "ledger" and thats it, so there is no need for blockchain or anything else there. If person A has 1 bitcoin and Person B has none, when Person A sends his 1 bitcoin to Person B the money that should change is only digital on paypals website and nowhere else, it is not a transaction on blockchain.
So, the moment your money goes inside paypal, it is no longer bitcoin itself, it is a claim to a bitcoin which is what paypal is offering anyway, they never lied about this one. Once again, I implore everyone to just look at this as a start and look at it as a way to see what bitcoin can become in the future via paypal instead of trying to see what is lacking right now.

I also believe that in the near future, a company like PayPal has no reason to destroy its own infrastructure and massively switch to using the bitcoin blockchain or other alternative cryptocurrencies. On the one hand, the acceptance of cryptocurrencies by such a large payment service can increase the demand for bitcoin and altcoins, and also serves as a good sign for other doubting players in the payment market. On the other hand, this should not have any significant impact on the infrastructure and structure of the payment market.

[mohammed7777]

Paypal is not a blockchain wallet, paypal is not in the crypto itself neither, paypal is just a website that you can use as a "ledger" and thats it, so there is no need for blockchain or anything else there. If person A has 1 bitcoin and Person B has none, when Person A sends his 1 bitcoin to Person B the money that should change is only digital on paypals website and nowhere else, it is not a transaction on blockchain.
So, the moment your money goes inside paypal, it is no longer bitcoin itself, it is a claim to a bitcoin which is what paypal is offering anyway, they never lied about this one. Once again, I implore everyone to just look at this as a start and look at it as a way to see what bitcoin can become in the future via paypal instead of trying to see what is lacking right now.

I also believe that in the near future, a company like PayPal has no reason to destroy its own infrastructure and massively switch to using the bitcoin blockchain or other alternative cryptocurrencies. On the one hand, the acceptance of cryptocurrencies by such a large payment service can increase the demand for bitcoin and altcoins, and also serves as a good sign for other doubting players in the payment market. On the other hand, this should not have any significant impact on the infrastructure and structure of the payment market.

Yes absolutely wright sir PayPal allow to cryptocurrencies this is a very good think to PayPal company service,  because the now day almost more people use to crypto plat from our investment to crypto.

[Searing]

Paypal is not a blockchain wallet, paypal is not in the crypto itself neither, paypal is just a website that you can use as a "ledger" and thats it, so there is no need for blockchain or anything else there. If person A has 1 bitcoin and Person B has none, when Person A sends his 1 bitcoin to Person B the money that should change is only digital on paypals website and nowhere else, it is not a transaction on blockchain.

So, the moment your money goes inside paypal, it is no longer bitcoin itself, it is a claim to a bitcoin which is what paypal is offering anyway, they never lied about this one. Once again, I implore everyone to just look at this as a start and look at it as a way to see what bitcoin can become in the future via paypal instead of trying to see what is lacking right now.

I don't disagree...but for adoption's sake I see this as a good thing, I also expect as they did with the Viemo Wallet that they will allow in/out of crypto you control...but am unsure when this will happen.

My view is that they will leave the PayPal and Bitcoin/Crypto as they have stated...then move to get it in place internationally for commerce...at that point, with even KYC

(know your customer) in place even overseas with a bank account and credit card info to do the above PayPal Bitcoin/Crypto plan...it will become obvious..that there

will be a whole world of 'unbanked' people with cell phones and with crypto applications access for the cell phones and a Passport/ID to do KYC, (Know your customer)....

BUT ...will not have any kind of legit bank account or legit bank even in some countries and no access to the credit card or the like. Then, IMHO, Paypal will use either

their own Crypto/Debit card with KYC to get around this or say Coinbase's Debit card and some such. If the customer can get through that with KYC, etc. I believe

that would allow (with conditions..based likely on BTC/Debit card and your BTC/Crytpo balance on such) to 'eventually' offer checking and banking beyond just

the BTC/Crypto Debit card limited options..ie you are no longer 'unbanked' dud to the 'dubiousness' of your banking system and or nation-state disarray or corruption.

At that point, if what I say above pans out, I could then see PayPal go the full BTC/Crytpo exchange route and all the legal hoops, etc, like

www.coinbase.com

The number of overseas consumers....funnelled to 'legit' online marketplaces like eBay/Amazon/etc would be so massive...that even if the above is cumbersome...I can't

see that PayPal could walk away from such a potential.

Not sure I agree with the heavy-handed approach that may be above, but with national digital currencies in play that likely will act like traditional fiat and be locked

to the nation's currency...and BTC/Crytpo not locked in such a manner, again, it is just too tempting for PayPal not to at least try to pull off the above and give the world's

unbanked and for PayPal to offer traditonal banking..even if with BTC/Crytpo they may not even need such...these overseas consurmers that is, it is PayPal's long term

play, IMHO. (Then again, I say lots of stuff, most of which comes back to bite me in the ass,but hey, how I see Paypal Corporate Think, for ill or nil.

Brad

[aesma]

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.

Well... if this is the case, then I have a feeling that a lot of small-scale users may prefer using PayPal in their cryptocurrency dealings. Obviously those who value their privacy are never going to use it. But for those who already have a PayPal account and deals with very small amounts of crypto, PayPal looks OK. Anyway, in the end it comes to the user preference.

If they want to bet on crypto price going up then it's fine. It's just a bit strange to use paypal to do that, as it's not really a website made for that. Joining eToro, robinhood or similar app would make more sense, and they allow to buy BTC IOUs in the same way, as well as plenty of other cryptocurrencies.

The problem is the day their stash is significant, and they really want to own crypto, they have to sell everything on Paypal, get the fiat out, and buy crypto with that fiat.

[Sithara007]

I'll try it out myself. Honestly the NO Transaction Fee feature of Paypal kinda got me hooked in it. I don't really mind me sharing a bit of my identity as it also helps when hacking happens which if it happened to other digital trading platforms, would have me assumed that I already lost the money for good. So the trade-off is there.

There is a catch. Obviously there is no transaction fee when you purchase the coins. But they haven't enabled withdrawals or payments yet. In case you want to purchase Bitcoins for investment, then it is OK. But when they enable the withdrawals, the fee will be in line with the market rates and I don't expect any discount. On top of that, there may be additional restrictions and KYC requirements.

[jaysabi]

I'll try it out myself. Honestly the NO Transaction Fee feature of Paypal kinda got me hooked in it. I don't really mind me sharing a bit of my identity as it also helps when hacking happens which if it happened to other digital trading platforms, would have me assumed that I already lost the money for good. So the trade-off is there.

There is a catch. Obviously there is no transaction fee when you purchase the coins. But they haven't enabled withdrawals or payments yet. In case you want to purchase Bitcoins for investment, then it is OK. But when they enable the withdrawals, the fee will be in line with the market rates and I don't expect any discount. On top of that, there may be additional restrictions and KYC requirements.

This is a crucial detail, as the ability to buy and hold doesn't bring any utility to bitcoin. There are plenty of places you can already do that, it wasn't a large obstacle. The real benefit of tying Bitcoin functionality into PayPal is getting access to the commerce side of it; being able to buy bitcoin and then spend it at any merchant that accepts PayPal. That would be a big deal. This, not so much.

[Kopetunto]

I'll try it out myself. Honestly the NO Transaction Fee feature of Paypal kinda got me hooked in it. I don't really mind me sharing a bit of my identity as it also helps when hacking happens which if it happened to other digital trading platforms, would have me assumed that I already lost the money for good. So the trade-off is there.

There is a catch. Obviously there is no transaction fee when you purchase the coins. But they haven't enabled withdrawals or payments yet. In case you want to purchase Bitcoins for investment, then it is OK. But when they enable the withdrawals, the fee will be in line with the market rates and I don't expect any discount. On top of that, there may be additional restrictions and KYC requirements.

the possibility is only temporary, because paypal has just entered the adoption of crypto currency,
their system doesn't seem perfect, so withdrawals cannot be made either, remember paypal is not a genuine crypto wallet,
but paypal's potential to become the best crypto currency wallet is very big.

[Ridcan]

It was good news and a good guide.  However, on another topic, I read that bitcoins received via paypal cannot be withdrawn and deposited, only preserved virtually.  Maybe in the future, it opens to fully effective bitcoin exchanges.