PayPal finally allowed BTC

[adzino]

Was expecting people to be more excited like they were when paypal first announced it. I guess they understood how centralized everything is when they will be using paypal for storing bitcoin. I haven't got the time to check how bitcoin is being stored and used in paypal. As far as i heard, you won't be able to send any crypto to external wallet addresses. You can only send bitcoin to another paypal user. Kinda sounds really shitty, but makes more sense about "no fee" service. People will be forced to buy from paypal and there is where all the "premium" fees they will be taking.

[oktana]

I don't understand. Does it cost different fees to send different amount of bitcoin? Cause the fee it'll cost to send $5 btc should clock the same as for $1000. So where's the $15 coming from?

[Krislaw]

PayPal won't cease to surprise me. The service fee is ridiculous and I'm sure they won't allow withdrawal. Which in this case doesn't include blockchain in it's service. They are only after fees and make profit from user.
They will seize funds at any slight mistake without listening to any appeal.
For the news to be great. They need to allow more features.

[Harkorede]

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.

I'd say there are still in process of a full adoption, but to me it still doesn't any sense too, If all users can do is just to buy, hold and sell. And moreover, it is said to be opened to US users only. Even in my country PayPal can only be used to make purchase and send in a one way manner.

[snarlpill]

Personally, as tempting as this PayPal/Bitcoin integration may sound at times, I'm going to avoid it like the plague. PayPal just has such an atrocious track record of suspending accounts and freezing funds & transactions at their own whim, and many times for seemingly no reason.

[mangsitin]

it is good progress, but I do not like transactions using paypal for several reasons:
1. high transaction fees.  As many exchange sites charge high fees on PayPal transactions.
2. If the platform does not accept IDR, currency conversion fees apply.  PayPal fees are 3.5% above exchange rate.  For all other currencies, the fee is 4% above the exchange rate.

[meanwords]

"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

If you can't beat them, join them. That's pretty much what happened in Paypal since Bitcoin is just going out of control now.

Although this isn't really the best way to store Bitcoin, this just pave a way for those who have average knowledge about computers to invest in something that they aren't aware of. This really is a good year for Bitcoin.

[Shasha80]

This is positive news for Americans citizen looking to buy Bitcoin on a popular and trusted platform. This is a good promotion to introduce
Bitcoin to more people, as we know Paypal users are very much. And there are still many who don't know about Bitcoin, so accepting
Bitcoin is good progress by Paypal. Although for now Bitcoin transactions can only be in the Paypal network, but it is possible that Paypal
will allow to deposit or withdraw Bitcoin in the future.

[imstillthebest]

it is good progress, but I do not like transactions using paypal for several reasons:
1. high transaction fees.  As many exchange sites charge high fees on PayPal transactions.
2. If the platform does not accept IDR, currency conversion fees apply.  PayPal fees are 3.5% above exchange rate.  For all other currencies, the fee is 4% above the exchange rate.

thanks for that comparison of paypsl fees vs to exchanges fee . for the people that are familiar on how crypto exchanges work and thier corresponding fee , fees are going to be thier main drawback for using a paypal for crypto but for the rest users , fees arent going to be thier main concern . paypal was a giant company so expect that fees are also going to be not really friendly but thats the sacrifice for making these things possible . if only theres more shops that will accept crypto payments we dont need to use paypal to shop anymore .

[crwth]

It did cause the rise, and I think this is just the start of the continuous rising of BTC. There are a lot of followups that came from this announcement and I see companies planning to make BTC as their capital reserve. I think that's just one of the things that could make or break your company but deciding if it's for the better, it is. I'm quite biased with BTC, but I think this will continue.

On the standpoint of PayPal, it's going to be hard to totally monitor all the transactions that will be in BTC because there are possible money laundering that could happen on their system so they are on the lookout for suspicious Transactions as well.

[bryant.coleman]

it is good progress, but I do not like transactions using paypal for several reasons:
1. high transaction fees.  As many exchange sites charge high fees on PayPal transactions.
2. If the platform does not accept IDR, currency conversion fees apply.  PayPal fees are 3.5% above exchange rate.  For all other currencies, the fee is 4% above the exchange rate.

Users doesn't need to pay any transaction fee, and that is a big positive with Bitcoins in PayPal platform. But obviously, the merchants needs to pay the fee, just like any other payment option in PayPal (I guess it is around 1.8% to 2%, depending on the geography). And secondly, their services are limited to American users right now. Once they expand their operations to global users, you may be able to directly pay with IDR.

[JvaesonJu]

It makes total sense to me. We had a good, long warning from when they told us the first time. Good thing the world has been accepting Bitcoin ever since.

[skpanchal]

Cryptocurrencies have remained a niche payment method, partly down to the rapid change in prices they can experience compared with traditional state-backed currencies. That has made them popular among some types of investors.
PayPal said it was aiming to increase consumer understanding and adoption of cryptocurrency .

[Ridcan]

Yeah.  If, as you said, 6 months freezes the account for whatever reason, it is unacceptable where price changes are constant.  Now nobody can predict what will happen.  we will watch and see all together.

[milani]

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.

Yes, you are quite right. Personally I do not use PayPal, in my country there is no such an opportunity. But even in case it was, I would not use PayPal for buying or especially holding crypto currency. Their policy is too strict, and today they accept it, and the next day they rapidly may change and your assets may be blocked on the indefinite period. Of course there is everywhere such a risk, but I would rather use different exchanges or other wallets, being more confident and use my assets with better terms.

[malikg18]

It is a Growth of Crypto that Famous companies are coming towards crypto and using it ,It will increase amount of investments and quantity of investors.

[Dorodha]

The good news for Bitcoin is that PayPal has finally allowed BTC to increase the demand for BTC and will be able to transact very quickly through PayPal wherever you are in the world. Sending money from any country in the world is slow but takes a long time to send remittance to banking channel but bitcoin takes about one second to send money from PayPal Zoom service. PayPal allows every bitcoin user to deposit money through PayPal wherever they want the demand for crypto will increase.

[sanida]

With this kind of news on the air, we can reach up to $20,000 per BTC just before the end of this year, or maybe it will lead to even more high price because PayPal is not just some small companies in regards to online payment, It is one of the trusted online payment out there. in fact, for me, it is the top one. The other companies will follow them if they see PayPal is taking the lead.

[Sterbens]

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.

yes, exactly, so I also feel less interested in using paypal. because, first I really have no urgent special interest, and secondly without paypal I think it will still be fine. but in the future if I do have a business and need to use paypal, I will definitely use it. but not for now. As for crypto transactions, I still use the available alternatives, because until now it is still running smoothly and there are no obstacles whatsoever.

[wiss19]

PayPal finally accepting Bitcoin is good news, but there is a question I have been asking for long, and since this PayPal cryptocurrency doesn’t work in my country yet I keep asking whether people can as well send the cryptocurrency they buy to other people no matter the wallets they are making use of; let’s say sending Bitcoin from your PayPal wallet after purchase to a BitPay wallet, is that going to work?

Or is it just buying and selling and holding till you’re ready to sell again? I pin my hopes on more of these happening in the future, really good.