Again...I think PayPal is crazy like a Fox!
I will buy from PayPal if for no other reason than to 1) spur adoption 2) get some 'dust' in an easy manner!
I also have a hard time believing that PayPal does not have a long term plan that involves most of the following
1) bring the worlds 'un-banked' into a way for them to get products worldwide with the security in the Bitcoin and rather than a credit card or
checking acount, etc. In other words, you say allow a person without above to Buy BTC/Crypto on the PayPal site, which is not setup to
be used and hot held. You offer a debit card backed by their BTC/Crypto...or you accept something like coinbase's debit card. Both reguire
Know Your Customer (KYC) and a passport say held up to your face and verify. This is step 1.
2) Once the person has a PayPal say issued BTC/Crypto backed credit card and has done the KYC to PayPal's satisfaction...and reaches that
level of verify...you can offer more services ..like a bank actual checking/savings of fiat and perhaps your BTC (not a big fan of this but thinking
in evil corporation mode)..this is step 2
3) Step 3 actually allow more control via Viemo wallet or whatever of your BTC/Crypto with the usual allowances for taxes etc, etc. Supposedly.
Now PayPal has morphed the 1st 2 senarios above into a legit KYC exchange.
If you add to the above, that say paypal 'as some have stated with viemo wallet in the past' allow crypto hod/control/etc say that PayPal was
to buy BitPay..well all heck would break loose IMHO.
This would be a 'corporate' way to bring the unbanked of the world from sketchy countries with say high inflation and dubious banking to eventually
with BTC/Crypto 'prove' their bona fides with virtual currency. They say that 'all' value from societies that have started banking has started from
the 'proof' of ownership of 'land' and thus you can borrow against land to get a milk cow and pay back etc, etc.
This would be a way to 'prove' you are reliable and use Bitcoin as a 'virtual land' to use to establish your bona fides, irregardless of the legal status
of your ownership of say land or anything else in a country without such 'legal' means to prove such. Indeed millions of people for maybe even
a couple of generations have sat on land, in poverty, without any proof who ones such and just can't get out of this rut.
With, most folks overseas in such dire straits, most can now afford a cell phone, thus all the above is possible outside whatever corrupt system
they are under. It is impossible with BTC/Crypto not to be able to send BTC/Crypto in Havanna, Cuba as an example no matter what the Trump
Adminstration in the USA says.
Anyway, despite what people think about 'banking' above and PayPal above (I'm dubious as well) this is the likely pathway that PayPal will take to
make the 'pie' bigger and get them more customers with little and I mean very little risk...in that the security is in the BTC/Crypto on hand to start
the above banking or pathway above, PayPal will want to aspire to...and be a force in banking the unbanked along with the inevitable expansion of
BTC/Crypto as a result as well
.
Not sure, hopefully, even if such banking 'was' available eventually to the above folks in the above circumstances they would also, even if they
did aspire to and get banking..see with btc/crypto by that time they have more options than to just realy on banking and traditional finance alone
Anyway, would be my long term plan if I ran PayPal....the coming year is gonna be 'damn' interesting IMHO. I do wonder if they 'will' actually chuck
out the bucks for BitPay however..that would be a huge jump start to PayPal's plans if my guesses above are correct.
Brad
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