PayPal to open up network to cryptocurrencies

[DustyRah]

https://www.reuters.com/article/us-paypal-cryptocurrency/paypal-to-open-up-network-to-cryptocurrencies-idUSKBN2761L6?il=0
https://www.marketwatch.com/story/paypal-will-let-customers-buy-cryptocurrencies-and-use-them-for-online-payments-11603283352

PayPal is going to allow buying/selling and even holding crypto on their platform. They will also allow merchants to accept payments with crypto.

[LUCKMCFLY]

I understand that they will start in 2021, for now they are closing all the negotiations with Paxos since they got the license with BitLicense, it is an opportunity to be able to expand with Bitcoin, Litecoin, Ethereum, BCH. It's all a matter of waiting, so far it has been published in a reliable source known as Cointelegraph.

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

[DustyRah]

Its on Coindesk as well and there I read that the feature to buy/sell will be available in a few weeks (for some users its already there it seems). If PayPal helps merchants accept BTC, it will drive a large amount of ca$h into BTC from consumers who want privacy. We can expect more news next year about this to drive BTC and other crypto prices up.

https://www.coindesk.com/paypal-new-york-conditional-bitlicense-paxos-cryptocurrency

[DeathAngel]

It’s just the beginning, these are only baby steps on the route to mainstream adoption. Please don’t sell anything, this time next year the price is going to be out of this worldly high.

[exstasie]

https://www.reuters.com/article/us-paypal-cryptocurrency/paypal-to-open-up-network-to-cryptocurrencies-idUSKBN2761L6?il=0
https://www.marketwatch.com/story/paypal-will-let-customers-buy-cryptocurrencies-and-use-them-for-online-payments-11603283352

PayPal is going to allow buying/selling and even holding crypto on their platform. They will also allow merchants to accept payments with crypto.

Ah, so they actually followed through on those rumors. Robinhood and Coinbase, watch out!

Heck of a pump today. That's a $1,000 candle. I figured that $12K would act as more reliable resistance, then something like this happens. Fortunately didn't sell anything, but unfortunately I'm still sitting on a little cash too.

[DustyRah]

Did some digging around and found out that merchants won't even have to do much to accept payments with crypto, the button to pay with it will automatically show up on the websites similar to how Venmo and other buttons show up. The merchants will have an option to immediately sell the crypto after receiving it as a form of payment though so it may not really affect the price and in fact may support a reduction in price.

The next hoopla will be when Facebook gets its act together and actually makes Libra possible and that may actually hurt BTC though.

[thecodebear]

Did some digging around and found out that merchants won't even have to do much to accept payments with crypto, the button to pay with it will automatically show up on the websites similar to how Venmo and other buttons show up. The merchants will have an option to immediately sell the crypto after receiving it as a form of payment though so it may not really affect the price and in fact may support a reduction in price.

The next hoopla will be when Facebook gets its act together and actually makes Libra possible and that may actually hurt BTC though.

Ah so this is a big deal for a future where people actually spend Bitcoin. That's cool.
Just another sign post in the continuing onward march of Bitcoin's ascension.


If Libra finally ever does happen it won't hurt bitcoin, it isn't designed to compete with bitcoin, it's just another stable coin. If anything it will help bitcoin by legitimizing crypto payments even more.

[Wulan_maniez]

Paypal users are very much with 346 million active accounts, which is one of the largest global payment providers. So it is only natural that the news from PayPal makes the price of bitcoin surge drastically and unexpectedly, which now the price of bitcoin reaches almost $13000. It’s one achievement we all expect. But the price of bitcoin often undergoes sudden changes like this. But it’s time for bitcoin to move on. People can’t wait to welcome the bitcoin party.

[exstasie]

Did some digging around and found out that merchants won't even have to do much to accept payments with crypto, the button to pay with it will automatically show up on the websites similar to how Venmo and other buttons show up. The merchants will have an option to immediately sell the crypto after receiving it as a form of payment though so it may not really affect the price and in fact may support a reduction in price.

Essentially what Bitpay has been doing for a long time.

Paypal must be setting up relationships with several major exchanges or OTC brokers to handle the liquidity. Most of their merchants are probably going to want fiat, so one would expect the payment processing side to be a net negative for price.

Their brokering service may be a net positive for price though.

The next hoopla will be when Facebook gets its act together and actually makes Libra possible and that may actually hurt BTC though.

Libra is dead. Even if it isn't, I don't see it hurting BTC. It'll just trade against it.

[crwth]

Cryptocurrency would be open to more users and even the non-tech savvy people who has PayPal would be applicable now. It's going to be easier now to get a hold of it and it's just going to expose more and more people. That's what we want as a user of BTC, right? More adoptions!

Libra is dead. Even if it isn't, I don't see it hurting BTC. It'll just trade against it.

Like most of the coins, it's still BTC that is being used as the traded currency. Nothing will ever replace that for sure.

[adaseb]

I think too many people are making a big deal out of the fact that Paypal states that you cannot deposit/transfer/withdraw the cryptos in your account. Basically the entire "no your keys not your coins". Sure it is true however if you are smart enough to own a hardware wallet then you can buy your crypto in other ways.

For many old people who got tons of money and aren't too technical then Paypal would be perfect. They would just open their app, buy it on there and just keep it as an investment. Much easier than having to open a Coinbase account or go to a bitcoin ATM. So since they got such a huge audience this is pretty bullish event in my opinion. Just as big as the BTC futures annoucement a few years back.

[Upgrade00]

For many old people who got tons of money and aren't too technical then Paypal would be perfect. They would just open their app, buy it on there and just keep it as an investment. Much easier than having to open a Coinbase account or go to a bitcoin ATM. So since they got such a huge audience this is pretty bullish event in my opinion. Just as big as the BTC futures annoucement a few years back.

Using it as a means of purchase is a positive as they have a wide customer base and it connects merchants to consumers of their service. I would however not recommend anyone store their funds on a centralized platform, the risk of; 'not your keys, not your coins' applies in exchanges (CEX) and would also apply in PayPal. Anyone who stores a decentralized currency on a centralized platform undermines the purpose of holding it, and is subject to risk of their funds being seized or their details being sold.
Downloading a Bitcoin wallet for storing your funds is pretty easy, and if the private keys are generated on an air-gapped device it can hold much larger funds, without the need for a hardware wallet (although this is recommended).

This is definitely big news for overall adoption and promotion of Bitcoin and in the long run centralized platforms would contribute to making Bitcoin mainstream, this does not however have to come at the cost of orivace and financial freedom.

[shield132]

I understand that they will start in 2021, for now they are closing all the negotiations with Paxos since they got the license with BitLicense, it is an opportunity to be able to expand with Bitcoin, Litecoin, Ethereum, BCH. It's all a matter of waiting, so far it has been published in a reliable source known as Cointelegraph.

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

Pretty much true. On most of the news websites titles look like PayPal already implemented crypto with full features. Right now, as it seems we will only be able to buy virtual bitcoins, not a real ones i.e. we own bitcoin on paypal and it's price will change like a real one but we won't be able to deposit/withdraw bitcoin. Also, there was an article on cointelegraph about paypal crypto and taxes. Seems we will have to pay and get charged again.

Btw without doubt, paypal is a reason of this rise in price but was it the result of the fact that people didn't understand that paypal hasn't really implemented it right now and what it offers to us is just virtual bitcoin? Or people understood it and it still caused positive vibes?

[DoublerHunter]

^ There are a few big events right now and Paypal adopting crypto is apart of it which is a result of bitcoin price pumped in the market since yesterday in just an hour. Probably many investors jumped to crypto investment because the stock market was down recently. And now Paypal adding more impact to the bitcoin price. With a large number of Paypal users, for sure bitcoin will pump more until, at the end of this year, it is indeed good news to us. Do you think it is the right time to celebrate regarding the bull run?

[daarul50]

I think too many people are making a big deal out of the fact that Paypal states that you cannot deposit/transfer/withdraw the cryptos in your account. Basically the entire "no your keys not your coins". Sure it is true however if you are smart enough to own a hardware wallet then you can buy your crypto in other ways.

For many old people who got tons of money and aren't too technical then Paypal would be perfect. They would just open their app, buy it on there and just keep it as an investment. Much easier than having to open a Coinbase account or go to a bitcoin ATM. So since they got such a huge audience this is pretty bullish event in my opinion. Just as big as the BTC futures annoucement a few years back.

Correct. Now can we appreciate how paypal can be a big gate into cryptocurrency mainstream era?
Maybe it was not the most ideal way to use bitcoin as the main big principal in bitcoin is a decentralized and the fact that paypal makes bitcoin there looks totally centralized disappointed us as a decentralized fighter.
I still found a place to appreciate this big occassion.

[pilosopotasyo]

https://www.reuters.com/article/us-paypal-cryptocurrency/paypal-to-open-up-network-to-cryptocurrencies-idUSKBN2761L6?il=0
https://www.marketwatch.com/story/paypal-will-let-customers-buy-cryptocurrencies-and-use-them-for-online-payments-11603283352

PayPal is going to allow buying/selling and even holding crypto on their platform. They will also allow merchants to accept payments with crypto.

This proves the saying that if you can't beat them join them, Paypal is going to be one of the big company that will help Cryptocurrency adoption even those who are not using Cryptocurrency will have an idea how Cryptocurrency works, and even those who doubt about Cryptocurency will have a new perception of Cryptocurrency.

[Spaffin]

One way or another, this is still a very big step towards the legalization of Bitcoin and the possibility of using Bitcoin as a means of payment. Moreover, PayPal is a payment system that is used by half the world, and I consider this a positive phenomenon, which will provoke a very expected effect on the growth of the cryptocurrency rate. But nevertheless, I believe that not only PayPal's decisions are the result of the current growth, since today many other factors affect the prices of cryptocurrencies, including the search for deflationary assets.
In 2016, WebMoney also introduced the use of Bitcoin, on an equal basis with other national fiat currencies, but this fact coincided with the beginning of the bull run of that period. By the way, WebMoney is also a payment system that is used by a huge number of people.

[CODE200]

https://www.reuters.com/article/us-paypal-cryptocurrency/paypal-to-open-up-network-to-cryptocurrencies-idUSKBN2761L6?il=0
https://www.marketwatch.com/story/paypal-will-let-customers-buy-cryptocurrencies-and-use-them-for-online-payments-11603283352

PayPal is going to allow buying/selling and even holding crypto on their platform. They will also allow merchants to accept payments with crypto.

This proves the saying that if you can't beat them join them, Paypal is going to be one of the big company that will help Cryptocurrency adoption even those who are not using Cryptocurrency will have an idea how Cryptocurrency works, and even those who doubt about Cryptocurency will have a new perception of Cryptocurrency.

Things are not yet guaranteed.
The news regarding PayPal and its acceptance of cryptos, is indeed something to celebrate but we should keep in mind that possibilities will then be clarified once this 'plan' started. Once it started, the influence will determine either progress to the mass adaptation or negative image (if and only if there would be issues eventually). Cryptocurrencies are not yet accepted across majority of the countries for a reason, which is more likely concerned with doubts. And those doubts has basis, ofcourse. So once everything starts, changes may occur afterwards and that is something we should patiently wait nd hope that it will be in favor for this industry. For now, let us all enjoy the good news.

[kentrolla]

Well that's how BTC is getting popularity day by day, PayPal has millions of users on its network and this new service will definitely help BTC and other crypto currencies to gain more adoption as payment method. This is definitely a good news for crypto community because one of a biggest digital payment company across the world has stepped in crypto currency is a great sign for Happy days are coming back

[el kaka22]

I honestly think when you are as big as paypal there is no way that "not your keys not your coins" would apply, sure if they get hacked that could be a trouble and if the keys are taken from them and some other person takes the charge of the wallets that could end up very bad.

But, this is one of the biggest companies in the entire world so I am pretty sure they both have a great security, think of all the hacking that could hurt them without crypto as well, and that is why they would be ready and make it very very secure, when you worth tens of billions of dollars as a company you can hire the best people for that. Also on top of that they would have some cold storage as well, so only the hot wallets could be hacked and if a hacker withdraws everything or gets noticed, cold will be locked and until everything is fixed only the hot wallet will be gone.