PayPal finally allowed BTC

[mediaBuzz]

So, here we go..

"The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly." -- Dan Schulman, CEO of Paypal

“The cult of bitcoin makes many claims — that it’s instant, free, scalable, efficient, secure, globally accepted and useful — it is none of those things,” -- Bill Harris, Ex-CEO of Paypal



"Paypal announced the launch of a new service enabling its customers to buy, hold and sell cryptocurrency directly from their PayPal account, and signaled its plans to significantly increase cryptocurrency's utility by making it available as a funding source for purchases at its 26 million merchants worldwide." -- SAN JOSE, Calif., Oct. 21, 2020

Honestly say, many people are being sceptical with this knowing how strictly PayPal freezes its users' accounts for little reason. I don't know if they will treat crypto accounts differently or not, but imagine getting your accounts frozen for 6 months before they decide to give them back to you or not.

Another thing is what will be the fees? $15 for a $1000 transaction?


And this little rise after 00:00 AM looks like was caused by the announcement.



So, what do you think about this?

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[mediaBuzz]

I will not worry because I don't do shady things in my account. I just used it on buy ng goods online especially when store is international like amazon and eBay. PayPal don't do random freeze to an account without a valid reason. You should not use PayPal of you know that your account activities will violate there TOS, If you are following there TOS then you don't need to worry about your account.

I use PayPal regularly for 5 years and never encounter any issue. So my answer is yes on trusting PayPal but with a limited amount not a huge chunk of my asset.

[concept2]

I live in a country where PayPal is not really necessary. Because of that reason, we do not often use PayPal unless we have some business with foreign clients, mostly US citizen. This news might affect the price of bitcoin since many US citizens are using bitcoin, including big companies.

What are the fees you talk about? It is a mining fee or is it a service fee? Do we have a bitcoin address in our PayPal account?

Freezing accounts appears a lot in my country. Dont know why. Maybe people do not provide enough identity and involve in shady activities.

[XCANA]

Why most of us insist on saying PayPal has some shading stuff behind; is there actions against some certain happenings. Have you read their TOS of this their buy and sell of Bitcoin service? please, kindly do to know what they are up-to. They have a very bogus TOS and i personally won't take that from PayPal, i rather buy from exchange than buy through PayPal service, period.

[NeuroticFish]

It's only for US citizens for now, and buying through PayPal was already allowed in US. So it's not such a big news, and the initial big news had triggered quite a rise already.
Maybe when this will be allowed worldwide, maybe then the market will have a bigger reaction, but I don't know...

I don't use PayPal much either. I guess it depends where people buy from. I needed it less than 5 times in the last 10 years.

[SFR10]

Another thing is what will be the fees? $15 for a $1000 transaction?

What are the fees you talk about? It is a mining fee or is it a service fee?

In the article, it says "no service fees" but have a feeling there will be a hidden fee of some sort ^{[apart from the obvious TX fees]}.

There are no service fees when buying or selling cryptocurrency through December 31, 2020, and there are no fees for holding cryptocurrency in a PayPal account.

So, what do you think about this?

IMHO, this is mostly beneficial to those freelancers ^{[on platforms not supporting crypto-currencies]} that are after a quick way to exchange their PayPal funds into crypto.
^{- I can't see their customers using this feature for a significant amount.}

[joniboini]

IMHO, this is mostly beneficial to those freelancers ^{[on platforms not supporting crypto-currencies]} that are after a quick way to exchange their PayPal funds into crypto.

Do they allow users to withdraw Bitcoin/crypto though? AFAIK there is nothing like that so far. You can buy, sell and store on Paypal directly but there's no option to withdraw or deposit so far. In other words, it is very much a closed system. If anything, might as well withdraw your Paypal funds and buy on exchanges.

[dothebeats]

Not really a big news as compared to the initial announcement. Everyone already anticipates that this will go live sooner so I guess the element of thrill and excitement is already gone. There's not much changes that happened in the market upon the announcement of this so I guess people just see this as a neat addition to the services in PayPal but not really a highly important one.

In the article, it says "no service fees" but have a feeling there will be a hidden fee of some sort ^{[apart from the obvious TX fees]}.

Kinda skeptic about this "no service fee" thing knowing how PayPal imposes some of the worst fee structure in money transferring services. Give it a month or two and fees will start racking up to those who wish to buy crypto with their PayPal account.

[mediaBuzz]

What are the fees you talk about?

Fiat-to-cryptocurrency and cryptocurrency-to-fiat exchange transactions. 2.3% for transactions below $100, 2% for transactions between $100 and $200, 1.8% for transactions between $200 and $1,000 and 1.5% for transactions above $1,000. There’s a minimum fee of $0.50 for transactions below $25. They will be waived until 2021.

[lifeOK]

This is wonderful news lol, it shows that Bitcoin has a lot of room to develop. For now they're offering the service only for US citizens, might be gradually expand it's service. Since paypal began offering crypto service many question came to our concern. There are a lot of people who think they now have bitcoin and charge high fees to get it.

[Axelseseclevz]

This a good news for crypto that another big company engage in crypto through accepting bitcoin and other altcoins. People who are Paypal lover at the same time Crypto lover will now easily send and receive bitcoin on their paypal account in just a few minutes.

[smyslov]

If anything, might as well withdraw your Paypal funds and buy on exchanges.

That is the best thing to do, withdraw your PayPal funds and buy coins on an exchange and hodl your coins to wallets where you hodl the key, you will only use PayPal if you trust their system or you do not want to be responsible for your coins, it's like authorizing PayPal to manage your coins.

[Zackgeno96]

It also comes as no surprise to me that PayPal is now arriving with accepting Bitcoins. That does not mean that it will all run smoothly. They will no doubt use programs to monitor transactions so that criminals can forget about money laundering at PayPal. Can also be a tactic by the government to gain more insight into these transactions of bitcoins in this way, and in this way to be able to trace them back to the actual owner / originator.
I would watch out and be very careful.

[Mugtaiya]

If anything, might as well withdraw your Paypal funds and buy on exchanges.

That is the best thing to do, withdraw your PayPal funds and buy coins on an exchange and hodl your coins to wallets where you hodl the key, you will only use PayPal if you trust their system or you do not want to be responsible for your coins, it's like authorizing PayPal to manage your coins.

Obviously.
You do not hold the keys for the crypto you buy from them.
They hold all the cards when it comes to any transactions you do on their platform of course.

[CODE200]

Not really a big news as compared to the initial announcement. Everyone already anticipates that this will go live sooner so I guess the element of thrill and excitement is already gone. There's not much changes that happened in the market upon the announcement of this so I guess people just see this as a neat addition to the services in PayPal but not really a highly important one.

In the article, it says "no service fees" but have a feeling there will be a hidden fee of some sort ^{[apart from the obvious TX fees]}.

Kinda skeptic about this "no service fee" thing knowing how PayPal imposes some of the worst fee structure in money transferring services. Give it a month or two and fees will start racking up to those who wish to buy crypto with their PayPal account.

Definitely a lie for having no service fee. They are a third party network, why will they do such thing for charity purposes? Ofcourse they will, but are hidden. Hidden probably from the changes in the market price of cryptos. That's how business works. Actually many people are having thoughts that PayPal only did such thing to generate profit which is ofcourse having a high chance or certainty. There are many third party networks in my country wherein it accepts cryptos to be converted to fiat and the other way around. Fees are high so I decided to engage on crypto exchanges.

[Casdinyard]

Why most of us insist on saying PayPal has some shading stuff behind; is there actions against some certain happenings. Have you read their TOS of this their buy and sell of Bitcoin service? please, kindly do to know what they are up-to. They have a very bogus TOS and i personally won't take that from PayPal, i rather buy from exchange than buy through PayPal service, period.

People are more likely frustrated for the market price of Bitcoin to again reach its ATH or to even surpass it. Maybe because for more than a year, the market price remained low and it is just this year wherein the market showed signs of recovery which probably lifted the hopes of many people and again catch their interest towards this technology. PayPal is a huge network and many people believe that this would be the first step towards mass adoption. But the bottomline is that, no matter how big its influence is, wide acceptance of this technology depends on the government's of each country.

[mardaed]

Not surprised anymore unlike their first announcement well I'm really glad that at last cryptocurrency was gladly accepted by the world slowly. After some years they managed to accept the Bitcoin.

[passwordnow]

Unlike others, it surprised me that they did it unexpectedly. The no fee that they are implementing is like an opening fee which is for everyone to try their new feature.
But I agree with dothebeats that sooner or later, once they are already stable some changes might come including the rise in fees.

[SaShiRaJaVu]

Do they allow users to withdraw Bitcoin/crypto though? AFAIK there is nothing like that so far. You can buy, sell and store on Paypal directly but there's no option to withdraw or deposit so far. In other words, it is very much a closed system. If anything, might as well withdraw your Paypal funds and buy on exchanges.

PayPal is not allowing you to withdraw bitcoin or send to other, all you can do is to buy and sell the coins in the platform which is really strange and there is no point in doing that as there are several other exchanges with much lesser charges to purchase the coin. I never used PayPal in over a decade and when the news came out i just logged in to see the changes and after seeing the options i found that i have better options to purchase bitcoin rather than going going to PayPal.

[ice098]

Do they allow users to withdraw Bitcoin/crypto though? AFAIK there is nothing like that so far. You can buy, sell and store on Paypal directly but there's no option to withdraw or deposit so far. In other words, it is very much a closed system. If anything, might as well withdraw your Paypal funds and buy on exchanges.

PayPal is not allowing you to withdraw bitcoin or send to other, all you can do is to buy and sell the coins in the platform which is really strange and there is no point in doing that as there are several other exchanges with much lesser charges to purchase the coin. I never used PayPal in over a decade and when the news came out i just logged in to see the changes and after seeing the options i found that i have better options to purchase bitcoin rather than going going to PayPal.

They launch a platform that allowed people to buy crypto, not to convert It that is what I know too, but if I will need to buy btc in the future? I rather buy in som exchanges like binance, I think I will let them improve their website first and add more pairs, I want binance since my assets are already there and the fees are not so high afaik.