PayPal created crypto checkout service!!

[BrewMaster]

I hope in the near future to use crypto as a payment will be as easy as fiat.

the paying with bitcoin part has always been very easy, for example the merchant shows you a QR which you scan by your phone and confirm the payment. that's all you have to do and it  doesn't get any easier than that.

the only problem has always been that not enough places accept bitcoin as payment and this news about paypal is not going to change that because they are still not accepting bitcoin but you can buy bitcoin in paypal then go to a place where it accepts paypal then sell your bitcoin to paypal for dollar then use the dollar to make the purchase (while paying a lot of fees to paypal).
there is nothing easy about this though.

[bobyhodob]

Cryptocurrency is increasingly known to many people this will have a positive impact on crypto in the future, many big investment companies are also in the crypto world but the paypal impact of crypto adoption is really big

[rdbase]

Yes PayPal crypto fiat gateway is the pathway to full crypto adoption bitpay have a similar feature on their platform but what made PayPal own unique is due to it market reputations and number of users,  at first PayPal made a crypto gateway attempt but was misquoted by those who does not have indept knowledge of how the technology works. I guess this is the reason for this market surge back to $59k and above.

This sounds like what most corporations are doing now.
Creating their own gateway for processing payments interally.
I believe this is what Tesla is doing with their own bitcoins they receive for payments of their vehicles.

So this is what paypal was doing all this time with not allowing the purchased bitcoin on their platform to be withdrawn off their site before.
They wanted it to circulate only within their own infrastructure.
Clever company as now they are riding on the coat tail's of the crypto buzz like most of all of wall street corporations are now with it looming on the all time high being breached within the next few weeks.

[Skieleton]

Customers who hold bitcoin, ether, bitcoin cash and litecoin in PayPal digital wallets will now be able to convert their holdings into fiat currencies at checkouts to make purchases, the company said.

The service, which PayPal revealed it was working on late last year, will be available at all of its 29 million merchants in the coming months, the company said.

“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet,” President and CEO Dan Schulman told Reuters ahead of a formal announcement.

https://www.reuters.com/article/us-crypto-currency-paypal-exclusive-idUSKBN2BM10N

As for me, it was predictable and more and more companies will allow cryptocurrencies due to the possibility of earning. Simple matter ... I would do the same to make Bitcoin a natural means of payment. Because, unfortunately, the official one will never be ...

[Geremia]

Paypal is now 100% crypto supporter.

Not really. They allow for buying bitcoin, but you can't withdraw it from your account. They're typical corporate, centralized, proprietary crap.

[wxa7115]

Step by step paypal just let people entering the new era of cryptocurrency. Paypal just build a condition where there's no people in the world asking for 'what is bitcoin?" anytime soon.
Now don't let your hand out of buy button, price reaction is real.

We have been talking about this for years, we knew that PayPal will eventually adopt bitcoin not because they had some change of heart, they will do it because if they didn't and they started to compete against bitcoin they will lose, so I can understand why they made this move, it is basically a self-preservation kind of strategy to try to avoid becoming irrelevant because of bitcoin.

However while I can understand the enthusiasm that people have over this news the fact that you cannot still withdraw any bitcoin or any other cryptocurrency that you can buy in PayPal is a huge drawback, huge enough that I still refuse to use anything that has to do with PayPal and cryptocurrencies.

[dkbit98]

This option is first available only for US customers and one part I don't like at all and that is the fact that settling of transactions will still be in fiat currencies, and that means that Paypal is still a black hole for Bitcoin and crypto.
I can't withdraw Bitcoin I have on my Paypal account to my own wallet and it will be converted to fiat currencies probably at higher Paypal rates.
While this may help with Bitcoin adoption, I think that it may be one of the the reasons why many people will not learn anything about real importance of Bitcoin and non-custodial wallets.

[livingfree]

I think it would be a better idea if it's not only convertible into fiat but also withdrawal from PayPal to another wallet. It's like giving a feature that's lack of the better ones.

They should make it also available that their users can withdraw bitcoin to another bitcoin wallet and so on.

[yhiaali3]

It is very good that the use of cryptocurrencies is as easy as using the dollar through a Paypal card, this will make it very easy to buy cryptocurrencies or convert them into dollars via Paypal.
Visa also aims to use cryptocurrencies through its card, the news was announced on Reuters two days ago, where users will be able to transfer their crypto assets in their balance on the Crypto.com site via Visa Crypto.com card.
The entry of the two largest money transfer companies in the world to cryptoworld  will have a great positive impact and will make the transfer of money around the world happen very easily.

[7788bitcoin]

Customers who hold bitcoin, ether, bitcoin cash and litecoin in PayPal digital wallets will now be able to convert their holdings into fiat currencies at checkouts to make purchases, the company said.

The service, which PayPal revealed it was working on late last year, will be available at all of its 29 million merchants in the coming months, the company said.

You can use your bitcoin while purchasing something and that is well and good but i would like to know when they are planning to allow their customers to withdraw the coins and that is the only feature majority of them are waiting. If PayPal could add that basic function of any service then i would accept them as a revolution as it could attract massive adoption if they allow withdrawal function.

[KryptoKings]

Customers who hold bitcoin, ether, bitcoin cash and litecoin in PayPal digital wallets will now be able to convert their holdings into fiat currencies at checkouts to make purchases, the company said.

The service, which PayPal revealed it was working on late last year, will be available at all of its 29 million merchants in the coming months, the company said.

“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet,” President and CEO Dan Schulman told Reuters ahead of a formal announcement.

https://www.reuters.com/article/us-crypto-currency-paypal-exclusive-idUSKBN2BM10N

Seems like good news have started to pour in in crypto space. I also read this news just few minutes back in my feed and I got into pleasant surprise.
My guess in soon PayPal will allow conversion aof btc/eth to fiat and vice versa also very soon.
If someone send you btc, no need to send it to exchange yo convert to fiat, just convert it on PayPal and get fiat into your bank account.

[MinoRaiola]

Now to the point: Checkout with Crypto is the game changer.
Unfortunately not in the EU yet, but the PayPal acceptance is an extreme stepping stone in my opinion. A transaction fee is not due, the hammernews in the news and for PayPal merchants there are no additional fees. In the terms of use, however, PayPal makes it clear that it also earns money from the sale of cryptocurrencies on its platform with "Checkout with Crypto". For users, the advantage lies not least in the security promises made by PayPal, including protection against fraud and the ability to return purchased goods. It's changing so many people now, it's a Senasation.

[FinneysTrueVision]

Too bad it is only a custodial service. I don't think you can even deposit bitcoin on PayPal yet.I don't really see the point of buying what is supposed to represent bitcoin only to spend it as USD. It is much simpler to just use your USD balance directly and avoid any exchange fees.

[CaVO32]

I think it would be a better idea if it's not only convertible into fiat but also withdrawal from PayPal to another wallet. It's like giving a feature that's lack of the better ones.

They should make it also available that their users can withdraw bitcoin to another bitcoin wallet and so on.

I hope they will soon add this feature as many users may like this one. But for now, we can see that they are evolving with their crypto services so I believe we will get there. Also, they are realizing that crypto users really don't use their platform because there are better trading platforms that they can use for the same service. However, this is a stepping stone for newcomers in crypto, at least an introductory phase for them to be well-versed in crypto transactions. Once they realized that what PayPal is offering is very different from what crypto-exchanges are offering, they will move to another platform.

[pixie85]

I was negative when I first heard about them because PayPal's reputation was never pristine and I thought this would be a way for them to get more customers and gain more popularity. When you couldn't withdraw it really looked bad for their clients.

Now I see they're going the right way and it could really mean they mean business and are trying to get more involved. Let's see what happens but for now it looks promising.

[vapourminer]

im wondering how they will handle payments done with btc for tax purposes. like do you get a 1099 or something? do you have to keep track of your cost basis and such yourself?

[TastyChillySauce00]

I hope in the near future to use crypto as a payment will be as easy as fiat.

It already is as easy as using fiat, there's this thing called crypto debit card that allows you make payment in so many websites and direct crypto payment gateway also available, even if you want to buy things from your local store you can simlpy buy gift card or just use physical crypto debit card.
Now that paypal also accept crypto for check out,could means bitcoin is already widely accepted enough to be used around the world regardless the country.

[Lorence.xD]

I was negative when I first heard about them because PayPal's reputation was never pristine and I thought this would be a way for them to get more customers and gain more popularity. When you couldn't withdraw it really looked bad for their clients.

Now I see they're going the right way and it could really mean they mean business and are trying to get more involved. Let's see what happens but for now it looks promising.

I think that it is the only direction that Paypal as a business should be going the moment that they started supporting bitcoin and other cryptocurrencies in their system, any hiccups or stagnation is going to be bad for them because most people in the cryptocurrency community is smart enough to see that they are still not ready yet but now that they added this, I think that they are going to be on the good side of the community.

[Ludmilla_rose1995]

I think this is good news and I support it. Because, with this step, many PayPal users will know what bitcoin and cryptocurrency are. and this will increase the adoption of bitcoin. but unfortunately, PayPal does not provide a bitcoin withdrawal feature from their service.

[RazerCrypto25]

The other day it was Visa and now, Paypal! This is big news for the whole crypto space! Honesty, I wouldn't use Paypal for crypto just because we all know PayPal already but for newbies, this is great news! Massive adoption incoming! On the other hand, do you guys this will also be possible for stocks like this? I mean using Paypal to buy stocks?