ㅤ

[crwth]

I guess what makes it so popular now because a giant is now adapting the cryptocurrency method. I think what people need to know is what they are risking using their platform. The general users should be aware of what a private key should be and how important it is to have your own wallet instead of a custodial. I hope people who are going into the crypto space from PayPal would read this as well.

I like the idea of "enjoy." Once this goes even more mainstream, it will even reach higher highs. You will never know.

[pixie85]

In 2018, ex-CEO Bill Harris called Bitcoin is the greatest scam in history, and now PayPal is going to support it. What has changed?

Maybe that's one of the reasons why he's a former CEO?  

The current CEO is also a piece of work.

In January 2019 he wasn't a Bitcoin supporter.
https://in.news.yahoo.com/paypal-ceo-shades-bitcoin-not-154012219.html
"CEO Dan Schulman expressed skepticism about mass merchant adoption of bitcoin, noting that there are very few retailers that currently accept crypto."

He was also a "blockchain not bitcoin" guy  
"Schulman: Crypto Is Not Really a Currency
Schulman is leery of hopping on the bitcoin bandwagon because he believes crypto's main role is to showcase blockchain technology."

Below is an article from November 2019 where he suddenly changed his mind.
"CEO of payment processor PayPal Dan Schulman revealed during an interview on PayPal’s departure from Libra that the only cryptocurrency he owns is Bitcoin."
https://cointelegraph.com/news/paypal-ceo-hodls-bitcoin-and-only-bitcoin

There's also this:
"According to recent comments from PayPal’s co-founder, Luke Nosek, the payment company was reportedly initially looking to create its own digital currency long ago"
https://toshitimes.com/paypal-co-founder-admits-original-mission-of-paypal-was-creating-a-global-currency-much-like-cryptocurrency/


I think that after Libra's failure they just gave up and went with the next best thing.

[michellee]

It is an awful idea to use PayPal to store our bitcoins because they sometimes randomly suspend users' accounts without any warning and notification. PayPal is a custodial wallet that we don't have any financial freedom with our assets or bitcoins because they don't let us keep our private keys, so they are full control over our funds.

Yeah, maybe people who already use crypto will not use Paypal to store our bitcoin because that will not be comfortable. They will prefer to send the bitcoin in their Paypal into their private wallet to take control of their bitcoin. That will better to do that than to let Paypal handle storing the bitcoin in the user account.

But I think Paypal will do something related to the new update on their website, so we can hope that Paypal will know that people who use crypto needs more privacy to store their coins in their account.

But if we think that we don't want to use Paypal, we don't have to use it, and we can use the existing wallet or other markets to buy bitcoin. It is a new thing for us which Paypal finally integrated their system to the blockchain technology, and I am sure there will be more updates from Paypal. At least, the Paypal news can spread the cryptocurrency among their members, and making the crypto grow more and become globally.

[Assface16678]

Paypal doesn't allow the user to send or receive cryptos, only they allows them to buy or sell cryptos, am I correct?

Use of any centralized service always comes with risk and they clearly stated that you will not be provided with private keys so it just making the people to go towards centralized crypto adoption.

They are more likely to be a third party of this technology just like with fiat currencies. Yes, they are aiming for centralization. Personally I don't have plans buying Bitcoin from PayPal I just like the idea that it may influence and contribute to mass adoption of cryptocurrencies in the future, centralization is another story.

By including Bitcoin, Paypal is expanding its services and its purpose is for the user to have more payment options for their customer list. For us it would be convenient to use it in some cases. It is not the best tool we want because we are used to decentralization, and managing our keys. For a person new to crypto, it may be of interest to buy Bitcoin in Paypal for its ease.

We may call PayPal as a network in mainstream, with that being given, it is more likely to introduce cryptos or Bitcoin perhaps to the masses in this case. But for those who are exposed to this industry, they would probably stick with the old method of purchasing Bitcoin and other cryptos.

[dansus021]

It is an awful idea to use PayPal to store our bitcoins because they sometimes randomly suspend users' accounts without any warning and notification. PayPal is a custodial wallet that we don't have any financial freedom with our assets or bitcoins because they don't let us keep our private keys, so they are full control over our funds.

Yeah, maybe people who already use crypto will not use Paypal to store our bitcoin because that will not be comfortable. They will prefer to send the bitcoin in their Paypal into their private wallet to take control of their bitcoin. That will better to do that than to let Paypal handle storing the bitcoin in the user account.

But I think Paypal will do something related to the new update on their website, so we can hope that Paypal will know that people who use crypto needs more privacy to store their coins in their account.

But if we think that we don't want to use Paypal, we don't have to use it, and we can use the existing wallet or other markets to buy bitcoin. It is a new thing for us which Paypal finally integrated their system to the blockchain technology, and I am sure there will be more updates from Paypal. At least, the Paypal news can spread the cryptocurrency among their members, and making the crypto grow more and become globally.

Yes indeed total agree with this for fund it still safe if we store in cold wallet using hardware like trezor or something and yes paypal till know suspend user with no clear reason, but the good things is that will atract people join crypto industry and a lot marketplace using paypal as payment thats make us do alot of thing now 

[Anonylz]

Paypal is payment processing company with a blameless record. I get used to use it as a gateway between my fiat money and merchants that supply me with goods.  If  I trusted PayPal to process my  fiat  why it shouldn't be trusted to do the same with my crypto? No one’s gonna hold it there for long/middle term period.  Only short deposit that   caters for the operational costs of buying goods. A bit of a non-sequitur but the rumor is PayPal is gonna issue its  own cryptocurrency.

Exactly, despite all the negativity relating to PayPal, many people still trusting in their service, i myself prefer using PayPal than direct from my bank account because of their money back guarantee policy, this is just the honest truth, no institution or organization is without some flaws, even btc is not without some flaws, PayPal and banks have provided service to people for generations, people have always trust them and may still continue to do so, it is all about given it a try, especially to those people who are not familiar with crypto, through papal it will be much easier for them.
this is just the beginning who knows what other features they may decide to introduce as they progress.

[Fundamentals Of]

If anybody wants Bitcoin, I mean really wants to own Bitcoin, then there is no point making the purchase through paypal. There is nothing to gain if they do that. It will just become a burden in the future. I believe there are a lot of other options available when buying Bitcoin. P2P purchases are the best way. If there's none found, they better do it in exchanges. At least they will be allowed to take their Bitcoin away immediately after having it and then keep it somewhere safe where they own the private keys.

It seems paypal itself does not truly understand Bitcoin at all.

^ For people who don't care about privacy, Paypal is the best option for purchasing bitcoin since it is very easy to use and has a wide variety of industries that accept Paypal as a payment processor. I don't see any problem with using Paypal to purchase bitcoin and it is good if we have different ways of purchasing bitcoin in an easy way. However, this will bring good benefits to the bitcoin that gain massive adoption. Nevertheless, let see how the result will going on upon the recent announcement of paypal that accepts bitcoin, let us do hope it will have a positive result.

No, paypal is never the best option for purchasing Bitcoin even to people who really don't care about privacy. Privacy is another topic. The main problem with paypal offering an opportunity for their users to purchase and sell Bitcoin is that they are not allowed to send it within and outside paypal.

How can you consider that as the best option? The best option to purchase Bitcoin is that which allows you to send it anywhere you want, to keep it outside your paypal wallet, and to have private keys to it.

[shoreno]

Yes indeed total agree with this for fund it still safe if we store in cold wallet using hardware like trezor or something and yes paypal till know suspend user with no clear reason, but the good things is that will atract people join crypto industry and a lot marketplace using paypal as payment thats make us do alot of thing now  

there must be a reason on why they block accounts . i dont use paypal but my friends are and thier accounts are working normally  . they dont experience to get blocked , those who got block can be lying and commit a violation against the paypal rules . my friends just saw the update and they try converting some btc . this is great because my friends are not really into btc before , the update really attract people to join btc  . paypal do also have a wider support in shopping , this makes me also attracted to join paypal but i wont store my balance on them for a long time .

[naska21]

Paypal is payment processing company with a blameless record. I get used to use it as a gateway between my fiat money and merchants that supply me with goods.  If  I trusted PayPal to process my  fiat  why it shouldn't be trusted to do the same with my crypto? No one’s gonna hold it there for long/middle term period.  Only short deposit that   caters for the operational costs of buying goods. A bit of a non-sequitur but the rumor is PayPal is gonna issue its  own cryptocurrency.

Exactly, despite all the negativity relating to PayPal, many people still trusting in their service, i myself prefer using PayPal than direct from my bank account because of their money back guarantee policy,

That is really a good point,  another pros  is that you don't need to to enter sensitive card details on the merchants sides as provided when paying directly by card. You trust PayPal once and after that forgot about all threats implicated in direct online payments.  I'm using this for 10 years without any glitch and from this moment , when their service includes cryptocurrency will use it even  more. It's better to firmly trust one service than smudge it among thousands others.  

[BuNga_cute]

The first time I heard that Paypal accepts cryptocurrency I was very surprised, because Paypal has been anti-crypto
since its beginnings and now has suddenly changed. It turned out that my suspicion was proven, Paypal accepted
cryptocurrency only to make profit. So there is no desire Paypal to support mass adoption of Bitcoin. Therefore we all
don't want to buy Bitcoin on Paypal, because it will only benefit Paypal.

[pawanjain]

We all know how scammers used to scam the people by doing cryptocurrency transactions and then reverting the amount back to their wallets.
Paypal didn't do anything about it earlier and now since paypal has accepted crypto payments this will give scammers a bigger opportunity to scam the people.
It would be wise if we don't use paypal for crypto transactions at least until it becomes fully stable and a well established platform.
The major thing to consider would be "owning the private keys" as we won't be able to do that on paypal.
So holding the cryptocurrencies on paypal itself would be a bad idea unless you are buying/selling crypto and then transferring it to a wallet where you can own the keys.

[hulla]

First of all, we need to understand that when crypto go global alot centralized group will step in, i think we have to welcome some centralization bodies if we want cryptocurrenies to be mainstream and this issue have been discussed several times which I believe it shouldn't be an issue now. Besides, we understand how Paypal operated and the license they were given by New York consumers was clearly said to be conditional Bitlicense. However, Paypal is planning to operate as crypto payment instruments to bridge the gap of people not using crypto as fiat.

1. Not your key not your coin

This is understandable but the same thing happens in using crypto exchange site (like Binance mind PayPal have been in existence than all crypto exchange) which I believe PayPal will be secure that the centralized exchange we have now.

[starseeker]

Paypal's adoption of btc shows how easy it is to see through the privacy veil of bitcoin. More power to privacy coins like XMR!

[Alucard1]

Paypal's adoption of btc shows how easy it is to see through the privacy veil of bitcoin. More power to privacy coins like XMR!

When we are going to start doing bitcoin jobs like bitcoin trading, exchanging through PayPal is not a good idea because it surely will be having a high transaction fee and it is better to use any other exchanging site that is recommended by the professionals. I know what PayPal is a user friendly but it is not friendly for those who are just beginning to do trading because majority of the beginner has a small investment and doesn't have enough funds to afford a large amount of transaction fee.

[Asuspawer09]

Users are available to buy, sell, and hold bitcoin on the platform which is, in my opinion, a good thing for some of the users but that just means that it is a centralized thing again.

That's makes it kinda odd because it was just another custodial wallet, but still, for some people, a custodial wallet could be reliable even though there might be some issues. Still, Paypal getting into cryptocurrency is a big leap, just imagine how many people are using Paypal and cryptocurrency is gonna be available in the platform.

It is gonna affect the market price of cryptocurrency that is available in the platform adding a potential million of users or investors.

[EncuentraCerca]

Well is regulation & insurance of funds vs No regulation & anonymity

I don't think what paypal does means centralization, is just regulation, and who cares about the private key if you can prove the property and the funds are insured.

I'm a holder, i don't use btc to pay anything, just waiting, as i do with some other assets. Any investment can fail, and not meet expectations. But only in the case of btc I have to be worrying about hackers and companies without credibility. If you have shares deposited in a bank and bankruptcy, there are national funds that cover important amounts. But if this happens to you in the crypto world, you have lost your money

So I am really happy for the news of paypal, and I hope that more companies with their credibility continue to join the crypto world, where the current biggest problem is lack of credibility and insecurity

[DougM]

I think David Birth did a good job guessing at what PayPal real intent with this recent bitcoin announcement. He makes some very good points IMHO. Basically he makes the case that right now bitcoin is being used largely for speculative investment purposes and not as the e-cash system it was intended to be and that using PayPal to leverage bitcoin as e-cash system just doesn't make sense given all of the caveats.  In summary he thinks the move is more a marketing play and for positioning for the potential future were entities like PayPal are facilitating trading of digital bearer instruments.  What do you all think?

PayPal’s Bitcoin Strategy Is Not About Bitcoin by David G.W. Birch

A payment system for people who like to spend bitcoins (ie, no-one) and value the uncensorability (ie, no-one using PayPal

https://www.forbes.com/sites/davidbirch/2020/10/25/paypals-bitcoin-strategy-is-not-about-bitcoin/

Think about it. If you think that the value of a bitcoin is going to the moon (and will be worth $1 million each within five years, as this former Goldman Sachs GS -0.2% hedge fund person has just predicted) then why would you waste even a tiny fraction of a bitcoin buying a pizza or a Pez dispenser? No, the people who will use their PayPal wallets to exchange bank dollars for a claim on PayPal’s bitcoins are simply investing.
...
Here in Forbes Billy Bambrough called this a “nasty catch”, noting that PayPal wouldn't let users transfer their cryptocurrency into or out of their PayPal wallets, nor would the users have control of the private keys that allow holders to move their digital assets. Note, therefore, that neither the consumer nor the merchant ever has any actual bitcoins in their possession. If consumers choose to pay a merchant using claims on bitcoins from their wallet, then PayPal gives the merchant dollars anyway.
...
First of all, PayPal’s move is to be admired purely in marketing terms. The announcement boosted their stock price and garnered gazillions of column inches, links and commentary such as this.
...
Secondly, the technologies of cryptocurrency (shared ledgers, cryptographic proofs and so on) are going to be the foundations of a longer term shift to the trading of digital bearer instruments that are exchanged without clearing or settlement networks so building up institutional expertise is valuable.
...
Thirdly, and much more importantly though, I suspect that PayPal are making two much more strategic and long-term plays around the wallet and its contents. ...Turning PayPal from being a repository of balances to fund payments into a financial hub managing a number of different assets for a broad range of consumers must be attractive to them.
...
I don't think PayPal's experiment with Bitcoin is really much about Bitcoin at all. I think this is a measured and intelligent step towards the transactional environments of the future where private digital assets compete with public digital fiat across a payments landscape that is utterly different to that of today.

[bryant.coleman]

Well is regulation & insurance of funds vs No regulation & anonymity

I don't think what paypal does means centralization, is just regulation, and who cares about the private key if you can prove the property and the funds are insured.

I'm a holder, i don't use btc to pay anything, just waiting, as i do with some other assets. Any investment can fail, and not meet expectations. But only in the case of btc I have to be worrying about hackers and companies without credibility. If you have shares deposited in a bank and bankruptcy, there are national funds that cover important amounts. But if this happens to you in the crypto world, you have lost your money

So I am really happy for the news of paypal, and I hope that more companies with their credibility continue to join the crypto world, where the current biggest problem is lack of credibility and insecurity

Well.. this is one of the best responses I could find in this thread. There has been a lot of criticism directed towards PayPal, and I have to say that much of it is unwarranted. I have been at the receiving end of account freezing by PayPal many years back. After that I never used PayPal. But that said, I can't ignore the fact that hundreds of millions of users around the world are using PayPal right now. Making cryptocurrency available to all these people is a big boost to the adoption. I would still keep my coins in my paper wallet and doesn't plan to reopen an account with PayPal. But there may be a lot of people, who will find the acceptance of BTC by PayPal very useful.

[Anonylz]

Well is regulation & insurance of funds vs No regulation & anonymity

I don't think what paypal does means centralization, is just regulation, and who cares about the private key if you can prove the property and the funds are insured.

I'm a holder, i don't use btc to pay anything, just waiting, as i do with some other assets. Any investment can fail, and not meet expectations. But only in the case of btc I have to be worrying about hackers and companies without credibility. If you have shares deposited in a bank and bankruptcy, there are national funds that cover important amounts. But if this happens to you in the crypto world, you have lost your money

So I am really happy for the news of paypal, and I hope that more companies with their credibility continue to join the crypto world, where the current biggest problem is lack of credibility and insecurity

very well said, looking from an average or should i say less knowledge about crypto perspective, what paypal is offering is not entirely wrong, it is a matter of given a platform for the less knowledgeable people to have an opportunity to be in crypto, like  i said in one of my previous post, till now many crypto traders and non-traders prefer to leave their crypto assets in exchange which in my opinion is more or less same as having your crypto with paypal only with slight difference,
again if we want giant companies and corporations to be in crypto then definitely there will be some form of regulations that will be introduce along the line, crypto is too vulnerable, it won't hurt to see some little form of regulations here and there,  besides, this is still a question of choice.

[AakZaki]

Been using PayPal for so many years but I usually leave few dollars on my account as I don't feel the need to leave big amount. I am using it for convenience purposes when you need to pay a merchant online. And yes, you do need to undergo KYC as you are connecting your credit/debit card to your account. There's no way you can avoid that step. And with the inclusion of bitcoin in their platform, for me, it will drive adoption no matter what. So it depends on the crypto user if he is not amenable with KYC requirement. There are other options how to get crypto.

Paypal that I have is also only used to pay for some services that have to use paypal and I only leave a small amount of paypal balance. KYC that is implemented by paypal is common, but when bitcoin enters, of course there will be new crypto users who start using paypal but do not agree with KYC. this is only an option, there are still many places to buy bitcoin, paypal is only an alternative.