PayPal to open up network to cryptocurrencies

[BrewMaster]

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

but they are not allowing the most important thing: to withdraw bitcoin from their website.
the way i understand the news is that you can buy bitcoin and you can store it on Paypal and you can sell it again there but you will not be able to cash it out which makes no sense!
it is like an exchange that only works with fiat.

[Simakura]

This is a big change for bit[Suspicious link removed]d job Paypal

[aioc]

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

but they are not allowing the most important thing: to withdraw bitcoin from their website.
the way i understand the news is that you can buy bitcoin and you can store it on Paypal and you can sell it again there but you will not be able to cash it out which makes no sense!
it is like an exchange that only works with fiat.

It's not yet implemented I log in in my Paypal account and I cannot see additional features or links about Cryptocurrency, they just been granted license and it's still a work in progress, there could be a lot of changes, once they launch, all Paypal users will be notified through emails, that's what they do when they are adding features and giving a big update.

[figmentofmyass]

It's not yet implemented I log in in my Paypal account and I cannot see additional feratures or links about Cryptocurrency, they just have been granted license and it's a work in progress

it's already live in the USA, at least for some folks. check out @philipma1957's thread, he's already bought some BTC with his account: https://bitcointalk.org/index.php?topic=5283723.0

this is what i see when i log in, so i guess it's being rolled out state by state or something:



apparently it's not coming to other countries until sometime in 2021.

[Saisher]

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.

There's so many similar threads like this here in speculations, altcoins, trading and Bitcoin sections, it's the biggest news so far this month and maybe this year, there's no news as big like this, this year we can possibly reach an all time high with over two months to go expect unexpected things to happen.

[exstasie]

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.

It's always funny when people bitch about stuff like this, like they expect the executives of giant dinosaur companies to immediately become cypherpunks or something.

This is obviously good for adoption, just in the sense of legitimacy. And it's possible Paypal adds BTC transfers in the future. That's what Etoro did. And it's definitely good for price. Paypal and Paxos need to source the BTC their customers buy from somewhere, even if their customers can't withdraw it.

[Fortify]

Once you see a giant like Paypal start to allow cryptocurrency selling/purchasing/trading, you know there is quite a seismic shift taking place. This is certainly going to have a positive effect on the value of bitcoin and will probably end up taking a large chunk of business away from all of the other exchanges. I know a lot of people who trust Paypal for day to day transactions, but would never dream of going through the application process at somewhere like Coinbase.

[Distinctin]

Once you see a giant like Paypal start to allow cryptocurrency selling/purchasing/trading, you know there is quite a seismic shift taking place. This is certainly going to have a positive effect on the value of bitcoin and will probably end up taking a large chunk of business away from all of the other exchanges. I know a lot of people who trust Paypal for day to day transactions, but would never dream of going through the application process at somewhere like Coinbase.

That something boosts the hypes in the future, not today. I know that other merchants and big companies will have their adoption into crypto but seems to in the level of trials and yet, undecided.

Anyway, it is the PayPlay that has prompted to take this, and what they did is making a way to help other companies to realize and see crypto potentials in today's generation and probably for the incoming. I see the success of this integration, PayPal will surely find its way to make it prolific.

[$crypto$]

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

But this is also good news in the future. If it is true that it happens with negotiations with their license then I think it's still under consideration so in 2021 there is still time whether accepting cryptocurrency will be a tremendous advantage because this can also be said to be an asset. valuable at this time then paypal announced it too.

Lots of info about this but I will take the good side where this will be a strong response to the existing commodities and the community will welcome it well.

[Fortify]

Definitely an interesting development and will give bitcoin a lot more long term credibility. I wonder if Paypal will eventually expand into other cryptocurrencies, like Bitcoin cash, Litecoin or Ethereum? I think that people will start flocking to bitcoin as an alternative development if a large international payment provider like Paypal starts protecting their wallet. People are tired of holding their money in bank accounts and bitcoin is essentially a form of virtual gold right now.

[DustyRah]

Definitely an interesting development and will give bitcoin a lot more long term credibility. I wonder if Paypal will eventually expand into other cryptocurrencies, like Bitcoin cash, Litecoin or Ethereum? I think that people will start flocking to bitcoin as an alternative development if a large international payment provider like Paypal starts protecting their wallet. People are tired of holding their money in bank accounts and bitcoin is essentially a form of virtual gold right now.

They do plan to include Bitcoin Cash, Etherium and Litecoin. I have a feeling they will  eventually come up with their own coin to milk it out. Merchants love Bitcoin payments because there is essentially no chargeback and the seller pays commissions to send it out instead of the merchant paying it. But PayPal will take their cut though.

[Fundamentals Of]

Definitely an interesting development and will give bitcoin a lot more long term credibility. I wonder if Paypal will eventually expand into other cryptocurrencies, like Bitcoin cash, Litecoin or Ethereum? I think that people will start flocking to bitcoin as an alternative development if a large international payment provider like Paypal starts protecting their wallet. People are tired of holding their money in bank accounts and bitcoin is essentially a form of virtual gold right now.

They do plan to include Bitcoin Cash, Etherium and Litecoin. I have a feeling they will  eventually come up with their own coin to milk it out. Merchants love Bitcoin payments because there is essentially no chargeback and the seller pays commissions to send it out instead of the merchant paying it. But PayPal will take their cut though.

In fact, their announcement also includes Bitcoin Cash, Litecoin, and Ethereum. But the opportunity for the users to buy stuff from Paypal's merchants will not happen until next year.

The bad news is that even if Paypal users are allowed to buy stuff using their cryptocurrencies in their Paypal wallets, the transactions are all going to be converted into fiat first so that the merchants will be receiving fiat instead of cryptocurrencies. This is not what Bitcoin and other cryptocurrencies probably want because this is hardly an adoption.

Bitcoin, Litecoin, Bitcoin Cash, and Ethereum are not going to be used as they are. They are just used as a sort of a reserve for Paypal's users.

[goaldigger]

Definitely an interesting development and will give bitcoin a lot more long term credibility. I wonder if Paypal will eventually expand into other cryptocurrencies, like Bitcoin cash, Litecoin or Ethereum? I think that people will start flocking to bitcoin as an alternative development if a large international payment provider like Paypal starts protecting their wallet. People are tired of holding their money in bank accounts and bitcoin is essentially a form of virtual gold right now.

They are taking steps slowly but surely and hopefully they will successfully launch this one next year and introduce more good options for us, hopefully not a shitcoin. Paypal announcement made a huge impact in the market, we finally reach the level of $13k but fell short today, hopefully more good companies will finally accept bitcoin as a legal digital currency, and for me they need to adopt now or else Paypal will dominate the market. 

[adaseb]

The bad news is that even if Paypal users are allowed to buy stuff using their cryptocurrencies in their Paypal wallets, the transactions are all going to be converted into fiat first so that the merchants will be receiving fiat instead of cryptocurrencies. This is not what Bitcoin and other cryptocurrencies probably want because this is hardly an adoption.

Merchants have always been converting crypto into fiat for as long as any type of bitcoin processors came out. Many sites use (used) Bitpay in the past and it lets you buy anything from the merchant, it automatically converts the US required into BTC and you send BTC and later it converts it into US for the merchant.

Merchants are usually in the business of selling goods, they aren't interested in speculation whether Bitcoin will go up next week, next month or next year. Plus it can also go down since the transaction took place and they will hardly make a profit selling their goods. Generally a private person might want to get paid in crypto and they might hold that for "fun or hobby" however its different for most businesses.

[robelneo]

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.

So far this is one of the biggest company that adopt Cryptocurrency, it's hard to ignore this news the condition and the health of the market largely depends on the good news that's coming in, we will have more coming in because one things leads to another, all the road leading to this news it's because many things happen positively in the past, we keep the positive news coming and it will snowball into something big.

[Harlot]

Definitely an interesting development and will give bitcoin a lot more long term credibility. I wonder if Paypal will eventually expand into other cryptocurrencies, like Bitcoin cash, Litecoin or Ethereum? I think that people will start flocking to bitcoin as an alternative development if a large international payment provider like Paypal starts protecting their wallet. People are tired of holding their money in bank accounts and bitcoin is essentially a form of virtual gold right now.

I would expect that before they start doing any kind of expansion towards adding more cryptocurrencies in their platform they would first monitor the conditions within the acceptance of Bitcoin, Eth, and Litecoin and and start on how they can expand on their. Also from the news provided you will see that they have integrated this system on their VENMO payment system which I think is a good start as it is a popular app payment method for the younger generation which I think will be a great fit for crypto payments.

[Yurkov]

Definitely an interesting development and will give bitcoin a lot more long term credibility. I wonder if Paypal will eventually expand into other cryptocurrencies, like Bitcoin cash, Litecoin or Ethereum? I think that people will start flocking to bitcoin as an alternative development if a large international payment provider like Paypal starts protecting their wallet. People are tired of holding their money in bank accounts and bitcoin is essentially a form of virtual gold right now.

I would expect that before they start doing any kind of expansion towards adding more cryptocurrencies in their platform they would first monitor the conditions within the acceptance of Bitcoin, Eth, and Litecoin and and start on how they can expand on their. Also from the news provided you will see that they have integrated this system on their VENMO payment system which I think is a good start as it is a popular app payment method for the younger generation which I think will be a great fit for crypto payments.

Each cryptocurrency expansion is another step to the mainstream.
With this integration, PayPal is sure to gain many customers interested in cryptocurrencies, as well as many PayPal customers will  interest in cryptocurrencies. It is a win-win situation for both parties.
However, I also think PayPal is testing the market with Bitcoin and is very serious about introducing its own cryptocurrency. I think we'll find out about it in a few months.

[Fundamentals Of]

The bad news is that even if Paypal users are allowed to buy stuff using their cryptocurrencies in their Paypal wallets, the transactions are all going to be converted into fiat first so that the merchants will be receiving fiat instead of cryptocurrencies. This is not what Bitcoin and other cryptocurrencies probably want because this is hardly an adoption.

Merchants have always been converting crypto into fiat for as long as any type of bitcoin processors came out. Many sites use (used) Bitpay in the past and it lets you buy anything from the merchant, it automatically converts the US required into BTC and you send BTC and later it converts it into US for the merchant.

Merchants are usually in the business of selling goods, they aren't interested in speculation whether Bitcoin will go up next week, next month or next year. Plus it can also go down since the transaction took place and they will hardly make a profit selling their goods. Generally a private person might want to get paid in crypto and they might hold that for "fun or hobby" however its different for most businesses.

Probably not all businesses are sharing the same lack of interest or indifference to Bitcoin. Of course it is somehow good enough that businesses are amenable to Bitpay-like arrangements but it is a much better scenario, if not the best, if the businesses themselves would accept Bitcoin as a form of money and that commercial transactions between them and their clients or customers are done through the blockchain.

[rodskee]

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.

Looks like this is the 3rd thread i visited with Paypal accepting Crypto topic but all are active as this is one of the greatest News we have this year aside from Halving of Bitcoin and the incoming Ethereum Version 2.0 release.

Definitely an interesting development and will give bitcoin a lot more long term credibility. I wonder if Paypal will eventually expand into other cryptocurrencies, like Bitcoin cash, Litecoin or Ethereum? I think that people will start flocking to bitcoin as an alternative development if a large international payment provider like Paypal starts protecting their wallet. People are tired of holding their money in bank accounts and bitcoin is essentially a form of virtual gold right now.

yeah for years of waiting at last the adoption happens and this pushes the market why Bitcoin reached $13,100+ value this week,the highest we have so far.

[plr]

Each cryptocurrency expansion is another step to the mainstream.
With this integration, PayPal is sure to gain many customers interested in cryptocurrencies, as well as many PayPal customers will  interest in cryptocurrencies. It is a win-win situation for both parties.
However, I also think PayPal is testing the market with Bitcoin and is very serious about introducing its own cryptocurrency. I think we'll find out about it in a few months.

This is the kind of news that I want to discuss to my friends because PayPal is mainstream company and not only mainstream but the biggest in the payment processor, it made things easy to promote Cryptocurrency because they have a ways to use it with PayPal introduction to their millions of merchants.