Paypal is in cahoots with the government to seize your bitcoin

[Hasmizara]

If PayPal is in cahoots with the govt to confiscate the bitcoin many won't deposit their BTC in PayPal to take care of the safety of their bitcoin which can reduce their demand PayPal is an e-commerce company that supports money transfers, This method of online transfer is employed as an alternate to traditional money transaction methods like checks or money orders therein case the govt won't be ready to control anything here. PayPal won't allow anyone else to deposit within the case of Bitcoin. As far as i'm concerned the private banks of the country won't be ready to do anything to require timely decisions of the govt.

[1714684576]

1714684576

[wxa7115]

there is no doubt that there is some malicious intent behind PayPal's newest service but it is not in the way you think. as others pointed out you can not yet deposit any bitcoins in their platform.

the biggest reason why PayPal started this is because they don't want to become obsolete as people dump their services and move to bitcoin payments in a couple of years. so they have to make the move now to keep some of their users by then.
there is also obviously a lot of money to be made from the exchange of fiat to bitcoin that used to take place outside of PayPal for years from users who had PayPal dollar and wanted bitcoin.

This is exactly what I think as well, they are looking at the future of their industry and they see that they cannot compete against bitcoin so they are making a risky move now with the hope that it is going to pay out in the future, and this is because they do not want to become obsolete, they want their users to keep using their services by associating themselves with bitcoin.

But obviously this is not going to work, new generations are very aware of the existence of bitcoin already and even if they do not have a lot of it they like the idea behind it so while PayPal will be able to retain some of their customer base they will probably be unable to attract enough new customers in the future.

[gentlemand]

But you don't have any Bitcoin there to seize. You have Bitcoin credit. And anyone who thinks Paypal will magically loosen up their usual anality is a silly sausage. It'll be just the same as everything else.

The one trojan ish bit would be the buying they undertake which could add up to a vast stash that's readily tappable but you do have to go through the law and stuff to grab it.

[SaShiRaJaVu]

I cant fucking stand this neanderthal looking CEO talking about how they will take users BTC, but will process merchant transactions with fiat. And you cant move btc out of paypal once its in.

If you think that any service or exchange could confiscate your money then you are well aware that there is only one solution just avoid them. I am not doing any transaction with Paypal for a very long time and even though they incorporated bitcoin now i knew they would do that and so does many transaction companies to stay on par with the curve.

[Rengga Jati]

Actually, in their PayPal Cryptocurrency Terms and Conditions, it has been clearly stated about this. So you may not be panic and also accuse PayPal.
One of the T&C is about:

Available Features of Cryptocurrencies Hubs

As described in more detail below, here are some things you can do with the Cryptocurrencies Hub:

Buy Crypto Assets;
Hold Crypto Assets;
Sell Crypto Assets; and
View market information and educational content.
You currently are NOT able to send Crypto Assets to family or friends, use Crypto Assets to pay for goods or services, or withdraw Crypto Assets from your Cryptocurrencies Hub to an external cryptocurrency wallet. If you want to withdraw the value from your Cryptocurrencies Hub you will need to sell your Crypto Assets and withdraw the cash proceeds from their sale.

from this, it has been clear about the features that are available right now in PayPal. But, it is stated You currently are NOT able to, it means that someday, there may be new updated features, right? So, I think that it is only the way of how we should know and learn about how the platform work by reading their T&C at first before using.

[AjithBtc]

PayPal being a centralized platform, at any time they have the rights to rewrite the terms and conditions. The cryptocurrency network has reached such a tremendous growth and acceptance all because of its decentralized operation. If it was under any of the centralized network from the beginning it could've got destroyed. In one way PayPal's entry into the market is good, but sure there will be back effects on the same.

[TopT3ns]

Not your keys not your Bitcoin, so they're selling derivative instead of real Crypto what a disappointment in my opinion. I thought we could be seeing real mass adoption of Bitcoin as being used for micro transactions. Instead we get fake Bitcoins which who knows, if it actually exist or not.

if that happens then it is certain that it will only make the big name paypal will be damaged for trying to deceive a lot of people, hopefully paypal is not affected by the government which really only has the goal of stopping bitcoin.

[fishbonez11]

Paypal's entry to the crypto market is indeed a bad thing. Initially we all thought that it will be great in terms of mass adoption because we didn't know the plan. Now when Paypal has launched the crypto service and we have learned that we can't withdraw or transfer those bitcoin outside, it makes literally no sense and an absolute nonsense!

It is always better to stay out of such services especially when we have many alternatives freely available in the market!

I think PayPal have just started and still in the development of full adaptation. Though we see Paypal as merely IOUs, there is still good effect to the bitcoin community. Knowing the big market that is using Paypal, there is no denying that Bitcoin is getting a good publicity. For now, let's be hopeful that there will be more people will be coming in knowing that mainstream market is adapting Bitcoin.

[adzino]

Oh, so it's already the time to make scary conspiracy theories and create fears among users? Do you even know how PayPal crypto currency system works? First of all, you don't even get a bitcoin address to receive your coins. You can't even deposit your own coins from external wallet nor can you transfer coins from your PayPal. This is because, you don't actually "own" any of those bitcoins. All of those bitcoins are only held (probably. I don't think they provided any proof of holding those coins) by Paypal. Its more like you pay them to hold your coins and share your profit/loss.
If the government seizes the bitcoins, its going to be PayPal's bitcoin. Not yours.

[iTradeChips]

Wait, before we can speculate what is Paypal up to, please bear in mind that we consumers are still the one who will decide if the product is worth it or not. You can try the Paypal's supposed product with a minimum amount of Bitcoin that you can also lose - just like a casino gambler. Then use the product and see if you can be satisfied with how Paypal will be able to deliver. If in case you are not satisfied, then withdraw the BTC and don't use the product any longer.

[target]

Wait, before we can speculate what is Paypal up to, please bear in mind that we consumers are still the one who will decide if the product is worth it or not. You can try the Paypal's supposed product with a minimum amount of Bitcoin that you can also lose - just like a casino gambler. Then use the product and see if you can be satisfied with how Paypal will be able to deliver. If in case you are not satisfied, then withdraw the BTC and don't use the product any longer.

They were saying that PayPal users who bought BTC on PayPal can't withdraw their BTC.  For someone who wants to keep their BTC on a personal wallet, Paypal isn't the option for them. This is one disadvantage with Paypal.

There is never a difference but all is just an investment with PayPal, your money will grow as if you hold a BTC and the price goes up but then again it's wtihdrawing. It reminds us about "Not your key not your BTC."

[mrob82]

there is no doubt that there is some malicious intent behind PayPal's newest service but it is not in the way you think. as others pointed out you can not yet deposit any bitcoins in their platform.

the biggest reason why PayPal started this is because they don't want to become obsolete as people dump their services and move to bitcoin payments in a couple of years. so they have to make the move now to keep some of their users by then.
there is also obviously a lot of money to be made from the exchange of fiat to bitcoin that used to take place outside of PayPal for years from users who had PayPal dollar and wanted bitcoin.

Like you said, the biggest reason that paypal is getting involved with any type of crypto is because they don't want to seem obsolete and because they will do whatever they can to make money off of a transaction "fee" because thats their business model.  I just wander how much of this is geared around the ability to easily track transactions in general.  They started the infrastructure several years ago when they started the whole taxes online in the US based loosely on the "state" you live in.