PayPal to open up network to cryptocurrencies

[beerlover]

This is a brand new thing and I believe there is a huuuuge connection between paypal accepting crypto now and the increase in price as well, people trust paypal more than they should and that could cause them to use it a lot more than they normally would.

All these rich people who were afraid of going into bitcoin but didn't because they weren't sure about whats going to happen, might do that now due to paypal, buying millions of dollars worth of bitcoin from coinbase when you never did any bitcoin related work before could be a daunting experience whereas if you have millions of dollars and used paypal before and want to buy bitcoin you could now just do that on paypal. This is why I believe price of bitcoin is going up now, not because of anything else like hype or whatever.

[adaseb]

This is a brand new thing and I believe there is a huuuuge connection between paypal accepting crypto now and the increase in price as well, people trust paypal more than they should and that could cause them to use it a lot more than they normally would.

All these rich people who were afraid of going into bitcoin but didn't because they weren't sure about whats going to happen, might do that now due to paypal, buying millions of dollars worth of bitcoin from coinbase when you never did any bitcoin related work before could be a daunting experience whereas if you have millions of dollars and used paypal before and want to buy bitcoin you could now just do that on paypal. This is why I believe price of bitcoin is going up now, not because of anything else like hype or whatever.

I don't think any millionaires are going to aquire bitcoin by paypal. The fees are just way too high. If I recall the fees are like 2%, maybe even both ways. The fees might be waved temporarily but eventually they will start charging. So if someone wants to buy $1 million worth of bitcoin on paypal they will lose at least $40,000 in fees alone. No millionaire will do this.

Most retail might use Paypal to get small 4-5 figure sums of bitcoin but never 7 figures worth. You can use an OTC broker or even an exchange like Binanace which charges like 0.10% in fees. This is similar to bitcoin ATMs. The fees are like 10% but if you are buying $100 worth then $10 fee doesn't sound so bad. But nobody would go to bitcoin ATMs to exchange more than 4-5 figures worth of crypto due to the huge fees.

[onecall123]

I don't think any millionaires are going to aquire bitcoin by paypal. The fees are just way too high. If I recall the fees are like 2%, maybe even both ways. The fees might be waved temporarily but eventually they will start charging. So if someone wants to buy $1 million worth of bitcoin on paypal they will lose at least $40,000 in fees alone. No millionaire will do this.

Most retail might use Paypal to get small 4-5 figure sums of bitcoin but never 7 figures worth. You can use an OTC broker or even an exchange like Binanace which charges like 0.10% in fees. This is similar to bitcoin ATMs. The fees are like 10% but if you are buying $100 worth then $10 fee doesn't sound so bad. But nobody would go to bitcoin ATMs to exchange more than 4-5 figures worth of crypto due to the huge fees.

You call attention to beneficial things that went unreported and most people just believe that it's very good news for crypto investor. Smart investors might know that paypal are a bunch of crooks, they wouldn't let them touch their crypto. Right now the crypto on your account can not be transferred to other accounts and even transaction fees are also just ridiculous as you've described.

[exstasie]

I don't think any millionaires are going to aquire bitcoin by paypal. The fees are just way too high. If I recall the fees are like 2%, maybe even both ways. The fees might be waved temporarily but eventually they will start charging. So if someone wants to buy $1 million worth of bitcoin on paypal they will lose at least $40,000 in fees alone. No millionaire will do this.

At higher volumes the fees drop to 1.5% but still, there is obviously no excuse for using retail services or even spot exchanges at all if you're buying $1 million worth of BTC. This is Kraken's OTC desk for comparison:

No fees

We do not charge you any fees for this service and will always quote a competitive price near the spot rate, regardless of the size of the order.

This is definitely aimed at small retail investors, the same core market Coinbase and Square are vying for.

[smyslov]

This is going to be a long term effect this is just a confirmation that they are going to add Cryptocurrency to their platform but once the platform roll up and once there are Cryptocurrencies transactions on going and PayPal is adding more Cryptocurrencies expect the market to react to that situation, this is the best time to buy for future reaction of the market that this news will bring.

[STT]

huuuuge connection between paypal accepting crypto now and the increase in price as well, people trust paypal more than they should and that could cause them to use it a lot more than they normally would.

Reflected glory, paypal becoming involved adds some reputation and assurance to the crypto equation.   Of course Paypal wants this because it believes crypto represents some source of growth and revenue with a percentage cut for them in trading it.    Its so locked down in its usage that I'm not quite as optimistic but someone else mentioned how the no withdraw to BTC with paypal could be a security bonus for new entrants.    The rise on the news is speculative, if it counts as much as people hope we'll have to see.

[Reid]

This is going to be a long term effect this is just a confirmation that they are going to add Cryptocurrency to their platform but once the platform roll up and once there are Cryptocurrencies transactions on going and PayPal is adding more Cryptocurrencies expect the market to react to that situation, this is the best time to buy for future reaction of the market that this news will bring.

Ain't it already reacting to what is happening right now?
Been a week and I think we saw what a big company can do to hype something.

I am sure there is still something behind this and not just plain adding buy and sell of cryptocurrencies.
What could it be? We will find out soon.  
Also, I may try to buy some with my Paypal funds. Curiosity strikes.

[thuyvy2207]

I read an article recently, by launching crypto buying and selling features 350 million Paypal users just got access to crypto, that's really huge. Adoption is on the way as we have needed. More people will show their interest which make more buying possibility and we're already experienced it.

Yes, that's really huge. Paypal with a large user base will create momentum for the market in the near future. Most people who pay online have a Paypal account, they will be more interested in cryptocurrencies and and join this market.

[Yurkov]

I read an article recently, by launching crypto buying and selling features 350 million Paypal users just got access to crypto, that's really huge. Adoption is on the way as we have needed. More people will show their interest which make more buying possibility and we're already experienced it.

Yes, that's really huge. Paypal with a large user base will create momentum for the market in the near future. Most people who pay online have a Paypal account, they will be more interested in cryptocurrencies and and join this market.

The fact that PayPal accepts Bitcoin and several other cryptocurrencies is certainly very good to improve recognition on financial market. However, it does not introduce much (at least for the time being) to increase the liquidity. The reason is, that Bitcoin can only be bought and sold via PayPal, but cannot be withdrawn from there. Until this changes, PayPal will be for Bitcoin just a good advertisement.
But of course I really appreciate this cooperation and for sure, thanks to PayPal, there will be many more companies that would like to accept cryptocurrencies, so it's very good.

[darewaller]

I believe this increase in attention towards bitcoin could be the reason why bitcoin is increasing and at a new high right now, not because paypal added and suddenly paypal already made the price go up, that wasn't the case, the reason why bitcoin went up was because of paypal but not directly, it was people who thought this would make a big change that bought bitcoin because of the "news" that made it go up.

Remember bitcoin only goes up when there is a big buying spree and without that bitcoin can't go up, and paypal itself didn't bought any coins which means other people bought it due to the news and that's it. Which is why I believe all these increases will eventually lead to more and more news like this and more and more increases like this as well.

[BChydro]

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

PayPal is accepting cryptocurrencies but you cannot withdraw those coins as per the users who used them and the PayPal team has not answered to the queries whether they will be allowing them to withdraw in the future. When you purchase cryptocurrencies in their platform you can only hold them or sell them.

[Viscore]

Well, I hope people could have some insights about this event talking about PayPay collaboration to crypto as it was been discuss in HERE

yeah, the news was so interesting to see and many where happy because it boost the price to increase. But we can't just ignore how the owner of this company changes his mind and have a good approach to crypto as he was seeing bad against Bitcoin, could'nt find a reason to this. We don't know as well the seriousness of this as PayPal once decline crypto before.

[barbara44]

This is going to be a long term effect this is just a confirmation that they are going to add Cryptocurrency to their platform but once the platform roll up and once there are Cryptocurrencies transactions on going and PayPal is adding more Cryptocurrencies expect the market to react to that situation, this is the best time to buy for future reaction of the market that this news will bring.

I don't use Paypal personally but I am glad they made such a move because if anything it will at least bring a hike in the price of bitcoins as a lot of Paypal users who might not be aware of what are cryptocurrencies and how they work will now get into our market and the price should jump when new investors come and demand increases. Also there were guys who were worried if Bitcoins is just a bubble and if they should invest or not, with Paypal acceptance of Bitcoins they should be confident now and even more investors.

I hope this move from Paypal is followed by other dominant payment processors because really this is the big step towards mass adoption of Bitcoins we all often talk about.

[darewaller]

I read an article recently, by launching crypto buying and selling features 350 million Paypal users just got access to crypto, that's really huge. Adoption is on the way as we have needed. More people will show their interest which make more buying possibility and we're already experienced it.

I would be grateful if someone who uses the paypal can confirm what features have they allowed. Like can we withdraw the BTC we bought through paypal to our own address? Or are we only allowed to keep them in the balance on paypal and sell them for USD.

Paypal being the biggest platform for electronic payments must bring a large user base into bitcoins indirectly and when a new feature is launched by such platforms the users on the particular platform buy some coins in excitement.

I haven't been able to understand what all paypal is going to offer about BTC but from what I have heard and seen from people it seems like a great and positive move.

[beerlover]

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

PayPal is accepting cryptocurrencies but you cannot withdraw those coins as per the users who used them and the PayPal team has not answered to the queries whether they will be allowing them to withdraw in the future. When you purchase cryptocurrencies in their platform you can only hold them or sell them.

I didn't know about the withdrawal issue, I researched and paypal has a page that specifically states that you have to cash it to fiat in order to withdraw your money, you can't withdraw bitcoin directly. That is actually a big deal if you ask me, why would I want to cash out when I have bitcoin?

If my bitcoins are mine, I should be able to do whatever I want with it, including taking it to some place else, why force people to use fiat if they do not want to? At the end of the day this is still an addition, paypal wasn't involved at all and now it is involved, that alone itself is a big deal and I feel like we could totally see this as a positive sign, from zero to bad is still an improvement and I believe it will move bigger and better in the years to come as well.

[DustyRah]

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

PayPal is accepting cryptocurrencies but you cannot withdraw those coins as per the users who used them and the PayPal team has not answered to the queries whether they will be allowing them to withdraw in the future. When you purchase cryptocurrencies in their platform you can only hold them or sell them.

I didn't know about the withdrawal issue, I researched and paypal has a page that specifically states that you have to cash it to fiat in order to withdraw your money, you can't withdraw bitcoin directly. That is actually a big deal if you ask me, why would I want to cash out when I have bitcoin?

If my bitcoins are mine, I should be able to do whatever I want with it, including taking it to some place else, why force people to use fiat if they do not want to? At the end of the day this is still an addition, paypal wasn't involved at all and now it is involved, that alone itself is a big deal and I feel like we could totally see this as a positive sign, from zero to bad is still an improvement and I believe it will move bigger and better in the years to come as well.

Their intention is to support Bitcoin and other cryptos as means of payment for their merchants which they currently do not. The merchants don't want Bitcoin and prefer getting paid in fiat. Their intention is also to  allow their users to trade crypto on their platform (very bad idea IMHO since the clowns will lose their money left and right) or send/receive it as form of payment with other users.

They will never get into actual crypto ownership for their users because it will be a huge threat to themselves so they are trying to control the crypto space by allowing limited functionality which satisfies most non-technical users.

[justdimin]

Their intention is to support Bitcoin and other cryptos as means of payment for their merchants which they currently do not. The merchants don't want Bitcoin and prefer getting paid in fiat. Their intention is also to  allow their users to trade crypto on their platform (very bad idea IMHO since the clowns will lose their money left and right) or send/receive it as form of payment with other users.

They will never get into actual crypto ownership for their users because it will be a huge threat to themselves so they are trying to control the crypto space by allowing limited functionality which satisfies most non-technical users.

If they could just focus on the part where merchants could accept crypto, that would be enough all by itself because that is opening the whole world up to something a lot bigger for bitcoin. Think about it, if one day paypal comes out and says "anyone who wants to buy with bitcoin can do so and if shop owners do not want bitcoin, it will be automatically turn to fiat on their account" that is the only logical step we have left.

If that could be done, that means we are going to see something special, we are going to actually get millions upon millions of shops all around the world "accept" bitcoin as in we can spend it even if they want fiat which will result with something crazy, it would be unreal and it would be adoption in a massive scale that we can't even dream about right now.

[supine]

Great news for crypto enthusiast that are using Paypal now they could easily Buy crypto at Paypal.
But as a fellow crypto holder would you use it or would you still prefer trading sites to buy crypto?
Thanks to Paypal crypto would be easier to buy for those who would like to start earning in cryptocurrency.

[rodskee]

This is going to be a long term effect this is just a confirmation that they are going to add Cryptocurrency to their platform but once the platform roll up and once there are Cryptocurrencies transactions on going and PayPal is adding more Cryptocurrencies expect the market to react to that situation, this is the best time to buy for future reaction of the market that this news will bring.

Paypal users trusting their platform for many years now and opening their door for crypto will add investors and users to crypto world .
Imagine how many of those PayPal users will surely study about this market and they might found this as another mode of investment and not just like traditional payment method used in paypal.
so all in all this is one of the best thing we are waiting for years now.

[Finestream]

This is one of the big reasons why we should be bullish on bitcoin, and the recent surge of bitcoin could be a great start already.
We have one of the biggest news this year so far, the adoption that we are hoping are slowly coming with the help of big centralized payment system.

Good luck to us, continue to hold and hope that there will be more big news to come.