Paypal is doing it

[Chris Barth]

Splendid! This is the greatest news I've heard today. Considering that bitcoin is a competitor to Paypal, I never thought they'll do this. If actually, this happens, it's gonna be massive because according to what I saw online, "In the second quarter of 2020, there were 346 million active PayPal accounts" 346 million? Damn!

[AmoreJaz]

Relax, it's just a big PayPal nothing burger.

"Currently, you can only hold the cryptocurrencies that you buy on PayPal in your account. Additionally, the Cryptocurrency in your account cannot be transferred to other accounts on or off PayPal."

Basically, crypto just entries in a central PayPal database, that's it. Although, I can't deny it's a big step towards mass adoption and everything.

i believe there will be more developments on the way. and regarding the statement - "Additionally, the Cryptocurrency in your account cannot be transferred to other accounts on or off PayPal" , i think what they mean by this is that the receiving end will not receive the crypto you are sending but the corresponding amount in fiat (in terms of their fiat currency). so you are still talking about the price of the item or services in US$ or whatever it is in fiat currency. it will be their internal exchange to convert your crypto to  equivalent fiat. so the crypto you are paying will be received by PayPal and they are the ones sending your payment in terms of US$ or any other fiat currency. the other end will not see your crypto.

Splendid! This is the greatest news I've heard today. Considering that bitcoin is a competitor to Paypal, I never thought they'll do this. If actually, this happens, it's gonna be massive because according to what I saw online, "In the second quarter of 2020, there were 346 million active PayPal accounts" 346 million? Damn!

the good thing out of this - they will push thru mainstream adoption. that number will have significant impact in crypto market.

[jubalix]

So as I understand it, Paypal will not allow you to withdraw or send BTC to your Paypal account.

You can only buy or sell BTC at their rate.

I can understand why they are doing this, it avoids a lot of complications and customer support issues as well as compliance, eg where did that 10BTC come from that is now cashed out?

It a good first step for a mainstream payment gateway.

In the future, they will allow BTC withdrawals for sophisticated users or some such under other terms.

The downside is your in a Paypal Fishbowl and at their mercy, also there is no way to tell if PayPal BTC is fully backed<<<< Orgs have a long reputation of fractional reserve.

[Stedsm]

--snip--

Yeah right, they're doing it like that. Like they're allowing you to transact the "contracts" of BTC but not the BTC itself, that too into their platform. But seriously, we've been waiting for this since long time and when PayPal did this, it doesn't matter to me a lot whether they allow us to withdraw BTC or not atm because they transact in fiat since their beginning and so, I believe they won't stop doing that for some more time. Though, this step by PayPal has finally done the job by kicking up BTC above $12900.

The only thing that matters now is, at what price will they allow us to buy BTC? I mean will it be same as the exchanges, or will PayPal once again be criticized to "sell" BTC at their expensive rates just like they charge us fees?

[hatshepsut93]

Remember how people were asking "will there be Bitcoin banks"? This is pretty close to it, you will own a digital "Bitcoin banknote" in PayPal's system, with no way to redeem it for actual Bitcoin. And this sounds bad to any experienced bitcoiner, but maybe it will have some positive effects, like bringing more people to crypto who were otherwise scared to try it before. To me the most disappointing part is that they choose to add bcash to the list of their coins, it will only cause confusion since newcomers will see two "bitcoins".

[CarnagexD]

Splendid! This is the greatest news I've heard today. Considering that bitcoin is a competitor to Paypal, I never thought they'll do this. If actually, this happens, it's gonna be massive because according to what I saw online, "In the second quarter of 2020, there were 346 million active PayPal accounts" 346 million? Damn!

You also should consider the fact that it's founder, Elon Musk shows great interest and has publicly mentioned the fact that he is supportive of cryptocurrencies, particularly bitcoin. This will cash in more money to him considering how big t.fees are right now. Or he can do a game-breaking move that would entice all people to buy cryptos on Paypal like lowering the transaction fees at a certain purchase point.

[BuNga_cute]

I was quite surprised when I read the article in the opening post, because to my knowledge PayPal is anti-bitcoin.
And now PayPal is facilitating its users to buy or sell Bitcoin on their platform. This is a good move to start for another
payment gate, because as a large number of businesses that accept payments via PayPal. So with PayPal starting to
accept cryptocurrency, it will make mass adoption of Bitcoin even faster.

[verita1]

Today has been a good day for Bitcoin, the market is creating a great demand also it is a trend in the searches for coins in Coingecko. On the news of Paypal accepting Bitcoin, I think it occurred that the price of Bitcoin will increase more than it has been doing for a few days.
This new conquest of Bitcoin makes me think that when using Paypal the payment of commissions could be high and that the purchase and sale price of Bitcoin would be very different. The positive in all this that Bitcoin will be available to Paypal users in 2021.

[Oilacris]

--snip--

Yeah right, they're doing it like that. Like they're allowing you to transact the "contracts" of BTC but not the BTC itself, that too into their platform. But seriously, we've been waiting for this since long time and when PayPal did this, it doesn't matter to me a lot whether they allow us to withdraw BTC or not atm because they transact in fiat since their beginning and so, I believe they won't stop doing that for some more time. Though, this step by PayPal has finally done the job by kicking up BTC above $12900.

The only thing that matters now is, at what price will they allow us to buy BTC? I mean will it be same as the exchanges, or will PayPal once again be criticized to "sell" BTC at their expensive rates just like they charge us fees?

No one can tell until everything would be put up into the table.Lots of questions had been asked but lets see on how this collaboration will work between crypto and paypal itself.

I cant really just believe that this is the main reason on why bitcoin did soar up that high at this moment and do even able to hit up 13k price
in preev.com.

Majority hadnt anticipated for this thing to happen and its good if we do sell out now for those who do trade earlier.This is the sweetest spot to make out some moves.

[Adhar]

wow, such a great news for crypto lovers.i think crypto get more popularity from this news & as a result more peoples comes to crypto for investing their money . this is very good side & i am thinking about price of bitcoin will pump day by day. good luck.

[Rengga Jati]

Finally, after guessing the rumor, it is officially confirmed.
Well, after letting us buy crypto with PayPal on certain websites or platforms, now, we can buy it directly using it more easily in wider platforms and also merchants. It is very good news when many more payment methods are available to trade cryptocurrencies. although it is still limited in certain coins such as BTC, ETH, BCH, and LTC, it can be said as a good beginning

[Inkdatar]

This is great adoption that PayPal has entered the cryptocurrency market. I just read this good news in social media announcing to their users that they could able to buy and sell bitcoin and other virtual currencies using PayPal account. Since PayPal has million of users globally, crypto will have a good movement it's price in the market.

[DougM]

I was wondering what caused the jump especially with the wall of sell orders around $12,000 to prevent a but this news appeared to have punched right through that. Currently over 13K 
Anyway I am not a big fan of large jumps because the quicker the climb the quicker the fall in the past...slow and steady (upward) is my preference, but I don't count 

Bitcoin blasts through $13K following PayPal’s entrance into crypto
https://cointelegraph.com/news/bitcoin-blasts-through-13k-following-paypal-s-entrance-into-crypto

...
BTC is up 10% over the past 24 hours, while ETH is up 8%,  BCH is up 9%, and LTC is up more than 15% today.

While Ethereum has rallied alongside Bitcoin, ETH has failed to maintain its strength relative to Bitcoin since rallying into the low-mid $400s amid the decentralized finance boom in August. Ether is currently testing resistance at $400.

In response to the news from PayPal, Alex Mashinsky, CEO of crypto lending platform Celsius, said:

“This is definitely a bullish sign for Bitcoin and other cryptocurrencies. Crypto is all about trust, and PayPal has a very high level of trust with its users [...] If the UI/UX of the service is done right, we will see millions of new users join each month.”

[LogitechMouse]

I'm saying few days ago that I don't hear any news that will make the price of Bitcoin goes up so I expected that it will stay between $11,000-$12,000 for quite some time.
Now the catalyst has been done and many are rumors regarding this already. Now its confirmed that they will support it.

This will be a good news for us and with the huge number of PayPal users worldwide, for sure that there will be some that will be curious about crypto or there will be some that will be using it.
Congrats to us holders .

[Lorence.xD]

the fear the centralized payment systems is starting to become palpable at this point. they can feel how their days are numbered and are going to become obsolete soon as they are replaced by the decentralized currency that doesn't need them anymore.
sooner or later bitcoin is going to be used for all the payment that services like Paypal are being used today with a much higher security and less fraud.

so obviously they want to extend their lifeline a little more by adapting to the new change. it starts  by letting their users buy bitcoin, then they start letting their users deposit and store bitcoin in their account and finally they become obsolete

Centralized payment systems will live longer than what you/we expect sadly. The roots of the system is so deep in each nations that complete eradication of the system may result into a catastrophic financial ruin that is billion or even trillion in proportion. I can get by with the idea that they are integrating bitcoin in their system but there seems to be another problem that they need to address, make their registration easier yet secure, I think that they should strive balance between tight security and ease of access.

[holahola2021]

the news printed in severae  major newspapers, the price of BTC instantly skyrocketed to $ 12,700. Not only bitcoin, but some of the top altcoins have also skyrocketed

[philipma1957]

Paypal officially announced that they are going to let their users to buy, sell and shop cryptocurrencies on their platform starting in 2021adding services such as this will become a domino effect that might trigger banks to do the same. I can feel it already, next year will be another blast for crypto!

source : https://cointelegraph.com/news/paypal-to-offer-crypto-payments-starting-in-2021

Confirmed!

I already purchased btc today on paypal.

[Sadlife]

Finally after the long wait and rumours spreading about Bitcoin being added as one of payment processors has finally come true. The only question now, why the long process. One of my theory about it, is Bitcoin has a big demand right now by the Institutional and retail investors we can see from news that many companies such as micro strategy and square had jump in.

[Assface16678]

After new confirmed, BTC is pumping so hard. Now, BTC is almost 12800$/BTC. How do you think about this price increase? Is it uptrend?

Probably it is. Since PayPal is a huge network, it could also be influencial to other networks and also people to trust cryptocurrencies. This may then build a rapport with this thing called trust but that does not guarantee things. There's still no assurance that mass adaptation would occur but let's just hope that next year will be something positive for this market.

the news printed in severae  major newspapers, the price of BTC instantly skyrocketed to $ 12,700. Not only bitcoin, but some of the top altcoins have also skyrocketed

As what I have read from the article, the implementation would be next year but it did already make an impact because that is quite something unexpected. PayPal is widely being used across countries while Bitcoin still is working with the adaptation.

[error08]

After new confirmed, BTC is pumping so hard. Now, BTC is almost 12800$/BTC. How do you think about this price increase? Is it uptrend?

Probably it is. Since PayPal is a huge network, it could also be influencial to other networks and also people to trust cryptocurrencies. This may then build a rapport with this thing called trust but that does not guarantee things. There's still no assurance that mass adaptation would occur but let's just hope that next year will be something positive for this market.

the news printed in severae  major newspapers, the price of BTC instantly skyrocketed to $ 12,700. Not only bitcoin, but some of the top altcoins have also skyrocketed

As what I have read from the article, the implementation would be next year but it did already make an impact because that is quite something unexpected. PayPal is widely being used across countries while Bitcoin still is working with the adaptation.

Quite an instant effect on the bitcoin market after the announcement from PayPal that they will offer cryptocurrency support to customers.
Since PayPal has a big market around the world which could boost the adoption of cryptocurrencies among customers and online merchants, hence daily trader and institutional investors take advantage by pushing the price to gain profits. Now, bitcoin price corrected after reaching $13,100 back to $12,800 as expected when the RSI rise above 70% indicates overbought asset.