[2020-10-21] Breaking: PayPal Goes Bitcoin, Ethereum And More

[blacky90]

Today, online payments giant PayPal said will allow its customers to buy, sell and hold bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH) and litecoin (LTC) using the US digital payments company’s online wallets over the coming weeks.

The company plans to expand to Venmo and some countries in the first half of 2021.

PayPal customers will also be able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021.

"The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly," said Dan Schulman, President and CEO of PayPal.

https://cryptonews.com/news/breaking-paypal-goes-bitcoin-8064.htm

[notblox1]

Starting from 2021...why the delay? Maybe they are preparing some special Paypal coin?
It is bullish news for crypto and we can see that Bitcoin price is reacting very nice and going for 13k, but let's wait and see how is that going to look really.
If they are going to control our crypto and lock them like they often do with fiat, then I would not be very happy.

[nelson4lov]

Starting from 2021...why the delay? Maybe they are preparing some special Paypal coin?

Haha. I'm not sure. But I think the delay has to do with integrating crypto to PayPal's platform and ecosystem. For a change this big, it would take a lot more than just a few lines of codes. Also, PayPal has to deal with some regulatory hurdles since some of the US users would want to use their crypto services.

PayPal would still need to censor all crypto transactions that would be done on their platform so it would pretty much be the same as making fiat transactions on their platform. Either way, I'm still sticking with the status-quo. PayPal is only moving crypto now because people are moving to crypto payments instead of patronizing them.

[Quidat]

Starting from 2021...why the delay? Maybe they are preparing some special Paypal coin?

Haha. I'm not sure. But I think the delay has to do with integrating crypto to PayPal's platform and ecosystem. For a change this big, it would take a lot more than just a few lines of codes. Also, PayPal has to deal with some regulatory hurdles since some of the US users would want to use their crypto services.

PayPal would still need to censor all crypto transactions that would be done on their platform so it would pretty much be the same as making fiat transactions on their platform. Either way, I'm still sticking with the status-quo. PayPal is only moving crypto now because people are moving to crypto payments instead of patronizing them.

You are right because adding something like this big doesnt only talk about technical changes but also with regulatory matters too which cant really be done in a short span
of time or in short it does need sufficient time for them on completely having that integration.I wont really be surprised about that Paypal coin which is really very plausible to
happen yet they would really be potentially earning up more if thats the case will happen.I have also the same input that they had just accepted or adopted crypto just
because they are really riding with the new trend.Why would hardly oppose if they can choose to go along with it? Pretty clever eh?

[notblox1]

Haha. I'm not sure. But I think the delay has to do with integrating crypto to PayPal's platform and ecosystem. For a change this big, it would take a lot more than just a few lines of codes. Also, PayPal has to deal with some regulatory hurdles since some of the US users would want to use their crypto services.

PayPal would still need to censor all crypto transactions that would be done on their platform so it would pretty much be the same as making fiat transactions on their platform. Either way, I'm still sticking with the status-quo. PayPal is only moving crypto now because people are moving to crypto payments instead of patronizing them.

They are using Venmo app for this, and if you look closely at the bottom of their page you will see who owns them
I am sure they have everything ready, but Paypal coin was just my speculation.
Look all currently supported coins on Venmo website.

Venmo is a service of PayPal, Inc., a licensed provider of money transfer services (NMLS ID: 910457). All money transmission is provided by PayPal, Inc. pursuant to PayPal, Inc.’s licenses. © 2020 PayPal, Inc.

https://venmo.com/

[sunsilk]

It will be now easier for those users that are scared of purchasing bitcoin because they can now buy with the use of their PayPal accounts. And this would mean a lot for bitcoin, skeptics who are doubting about bitcoin's legitimacy will have to think again.

Why would PayPal be accepting this cryptocurrency in the first place if those doubts of them are correct? that's where they will start to realize that before it takes off and skyrockets, they have to ride it before they miss it.

[nelson4lov]

(...)

They are using Venmo app for this, and if you look closely at the bottom of their page you will see who owns them
I am sure they have everything ready, but Paypal coin was just my speculation.
Look all currently supported coins on Venmo website.

Venmo is a service of PayPal, Inc., a licensed provider of money transfer services (NMLS ID: 910457). All money transmission is provided by PayPal, Inc. pursuant to PayPal, Inc.’s licenses. © 2020 PayPal, Inc.

https://venmo.com/

Thanks for the heads up. Took a few minutes to checkout the service Venmo is offering. good stuff but it seems to be tailored more for people who use traditional payment services and just want to get a "taste" of how crypto and digital payments works. About PayPal coin, if there would be anything of such nature, I'm sure it would be to reward and incentivize users for using their platform.

Transactions on PayPal’s platform will be settled using traditional fiat currency, so merchants won’t need to transfer digital coins into dollars following a transaction.

Either way, it's a good news for the crypto community as PayPal users would soon start embracing crypto as their de facto solution for online payments.

[ABCbits]

Starting from 2021...why the delay? Maybe they are preparing some special Paypal coin?

Since you only can send cryptocurrency to another paypal user, so we might as well as call it PBTC (Paypal Bitcoin)

[figmentofmyass]

Since you only can send cryptocurrency to another paypal user, so we might as well as call it PBTC (Paypal Bitcoin)

i suppose it's still a step up from platforms like revolut and robinhood crypto, where you can't even transfer value at all. those sites feel like old school bucket shops!

Starting from 2021...why the delay?

according to reuters:

U.S. account holders will be able to buy, sell and hold cryptocurrencies in their PayPal wallets over the coming weeks

...then they are expanding to other countries, venmo, etc in the first half of 2021. i'm not sure when payment processing services will be rolled out.

given that they have 20-30 million merchants and ~350 million users, i'd say this is a rather huge endeavor, even if paxos can manage to source all the liquidity for them. paypal is a huge company, and venmo is nothing to sneeze at either.

[bbc.reporter]

Everyone might be thinking that @notblox1's paypalcoin reply was a joke, however, it is really not. Paypal is similar to a one way sidechain. Every bitcoin you deposit to Paypal becomes a paypalcoin.

[condoras]

Some facts for this move, which IMO is good.
1. PayPal will not share any private key of any crypto asset, thus nobody will really own their crypto.
2. We will not be able to send it to another PP account or to an external address. Thus any crypto asset will be bound to our PP account only for purchases, at least for start.
3. Paxos Trust Company will be the one who will help PP regarding US citizens and regulations.
4. Venmo users will be able to use PP’s crypto service but only if they “sign up for a personal PayPal Cash or Cash Plus account.”
5. No service fees for either buying or selling crypto, and there are no fees for holding crypto assets either.

As for PPcoin, it's an assuption since they didn't say anything regarding the creation of their own crypto.

[bbc.reporter]

@condoras. Are you telling everyone it is good because you like to trust Paypal in holding your coins for you?

Also, paypalcoin is not an assumption. Every bitcoin in there is only a representation that you hold bitcoin, however, it is controlled by Paypal.

[bryant.coleman]

@condoras. Are you telling everyone it is good because you like to trust Paypal in holding your coins for you?

Also, paypalcoin is not an assumption. Every bitcoin in there is only a representation that you hold bitcoin, however, it is controlled by Paypal.

Obviously if they are not allowing the users to export or view the private key, then it becomes something like Tether. Rather than owning Bitcoin, you will be owning a token that is issued by PayPal. And PayPal claims that this token is backed up by Bitcoin. But it is too early to reach any conclusion. Right now they are going through the testing phase and the full implementation will be completed only by mid 2021. I hope that they will allow the users to view the private key and to keep backup of it.

[bbc.reporter]

@bryant.coleman. It is not similar to Tether. Tether allows you to hold your own coins in your own wallet with the private keys also in your control. Your coins in Paypal are 100% under their control.

[blurryeyed]

Paypal....LULZ

I don't even trust them with cash, let alone BTC.

[bbc.reporter]

@ETFbitcoin. I know, however, Tether allows you some control to withdraw your USDT from an exchange and you can trade them on another exchange that accepts them. In Paypal, your bitcoins are not bitcoins anymore. They control it and would do something to them as they want.

[Harlot]

Paypal....LULZ

I don't even trust them with cash, let alone BTC.

Yeah I know there is a bad history with Paypal and Bitcoin for a long time now including Bitcoin purchases made through Paypal and how they actually don't entertain anyone asking for a refund but I think we need give them a second chance as from what it looks like they might have a change of heart especially when you think about them adding these cryptocurrencies on their Venmo service which is one of the popular payment methods right now for the younger generations. Yes there will be issues here and then but I think the pros will weigh out the cons here when we are talking about another step towards mass adoption.

[Karartma1]

Whatever you may think of PayPal, embracing bitcoin means banks and other relevant financial institutions need to adopt it as fast as possible. This is a race to deploy bitcoin on top of their current offer, can't you all see it? We don't even imagine the amount of OTC trades happening in the background (I am witnessing them for work but can't disclose anything obviously). This is an avalanche that can't be stopped and it won't stop: PayPal is only the first of its own, other will surely follow.

[bbc.reporter]

I reckon that the many celebrators of Paypal's acceptance of bitcoin might not be completely informed that their bitcoins in Paypal are issued entries on a centralized ledger controlled by a company.

What is better? Tether or bitcoins in your Paypal account?