PayPal created crypto checkout service!!

[mezzaluna]

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

Its already cool they announced that they are creating a way to integrate Cryptocurrencies within PayPal but now that they have implemented it, people will now learn or be interested in learning about Cryptocurrencies because most people wants to know what they are using and not just use it for being hassle-free. PayPal should at least launch an informative subject regarding Cryptocurrencies so people would have knowledge regarding it.

[Wexnident]

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?

Strictly speaking, I don't think it'd be possible. Crypto was possible since, in the first place, crypto is a type of currency. Stocks, on the other hand, is a part of the company, no matter how small. It'd be quite odd if they ever did something like that. Not to mention that Paypal's crypto payments is basically them holding the funds of literally everyone, meaning only numbers are shown on the user's accounts, and they hold the real assets, which makes it easier for them to do the conversion (so as to avoid fees probably?)

[michellee]

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?

We hope so. This year can be the time for the massive adoption incoming to cryptocurrency. Many big companies announce they are integrating into the crypto or investing in bitcoin, which will convince people to follow their step. We hope they can learn more about bitcoin before they invest in bitcoin because if they do not learn, they will panic if they see the bitcoin price is too volatile. That will be the next regulation from Paypal if they will allow their members to buy stocks, but I am not sure about that.

[Fundamentals Of]

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?

Any income coming from cryptocurrency payments are settled in fiat. PayPal users may choose to pay their purchases using cryptocurrencies but the merchants tied up with PayPal will not be receiving payments in cryptocurrencies. They will get funds in fiat. So I guess they will still fill out 1099 forms for tax purposes. But everything will be fiat-denominated. In this case, the US dollar.

[galestorm]

Since the start of the pandemic many people are leaning towards digital payments (contactless transactions) it's the perfect time for cryptocurrencies to step into the spotlight. This year has been great to crypto, Elon Musk with bitcoin, the value increase, and now paypal. Paypal is the perfect way for newbies to get to know the three leading coins in the market which is bitcoin, litecoin, and ethereum. Moreover, it will be more easy for people to use these three coins in transactions, since paypal is the digital wallet that is usually required to do online payments.

[Vishnu.Reang]

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?

Any income coming from cryptocurrency payments are settled in fiat. PayPal users may choose to pay their purchases using cryptocurrencies but the merchants tied up with PayPal will not be receiving payments in cryptocurrencies. They will get funds in fiat. So I guess they will still fill out 1099 forms for tax purposes. But everything will be fiat-denominated. In this case, the US dollar.

The user will be selling his PayPal BTC to PayPal USD, so there may be a need to mention this in the tax returns. And the IRS has made it mandatory to report all the cryptocurrency transactions (irrespective of their size) in the tax return. So if you have hundreds of smaller payments, then it may turn out to be a huge hassle when you file your returns. But there is a chance that by the end of the financial year PayPal may provide you a summary of all such transactions, and you may use the data directly to file the return.

[Fundamentals Of]

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?

Any income coming from cryptocurrency payments are settled in fiat. PayPal users may choose to pay their purchases using cryptocurrencies but the merchants tied up with PayPal will not be receiving payments in cryptocurrencies. They will get funds in fiat. So I guess they will still fill out 1099 forms for tax purposes. But everything will be fiat-denominated. In this case, the US dollar.

The user will be selling his PayPal BTC to PayPal USD, so there may be a need to mention this in the tax returns. And the IRS has made it mandatory to report all the cryptocurrency transactions (irrespective of their size) in the tax return. So if you have hundreds of smaller payments, then it may turn out to be a huge hassle when you file your returns. But there is a chance that by the end of the financial year PayPal may provide you a summary of all such transactions, and you may use the data directly to file the return.

A huge hassle for sure. There are records of course but if you are a regular user of PayPal, by the end of the year you will definitely have a long list of transactions which you need to go over. For sure you need to get back from the time when you purchased your Bitcoin until those moments when you made the purchases. The price of Bitcoin, after all, varies per purchase.

[Kelvinid]

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?

We hope so. This year can be the time for the massive adoption incoming to cryptocurrency. Many big companies announce they are integrating into the crypto or investing in bitcoin, which will convince people to follow their step. We hope they can learn more about bitcoin before they invest in bitcoin because if they do not learn, they will panic if they see the bitcoin price is too volatile. That will be the next regulation from Paypal if they will allow their members to buy stocks, but I am not sure about that.

And I have no doubts that this pandemic contributed a lot to crypto development and adoption. There are huge changes it happens to crypto during this time and when the cashless payment system widely accepted.

For what PayPal had to do now and their plan towards Bitcoin is a big influence for other platforms to do the same. Bitcoin could stay many years and these business owners will clearly be seeing the potentiality of it. And this serves as a big opportunity for all PayPal users to know more about Bitcoin and appreciate its role in today's economic situation.

[(o)(o)ilikeboobs(o)(o)]

Paypal is embarking on cryptocurrencies to avoid losing their brand value as most big businesses have jumped into this market. Providing electronic money payment services will help the crypto market expand and retain value and liquidity in the long run. I'm thinking about the long-term uptrend of this bull run in the crypto market.

[conected]

Since the start of the pandemic many people are leaning towards digital payments (contactless transactions) it's the perfect time for cryptocurrencies to step into the spotlight. This year has been great to crypto, Elon Musk with bitcoin, the value increase, and now paypal. Paypal is the perfect way for newbies to get to know the three leading coins in the market which is bitcoin, litecoin, and ethereum. Moreover, it will be more easy for people to use these three coins in transactions, since paypal is the digital wallet that is usually required to do online payments.

- Pandemic times are truly a financial door opening to the crypto world for people all over the world as it serves as an income earning solution in times of crisis, many famous people have created the springboard for it, typically Tesla, Elon Musk, most recently PayPal and Visa have official announcements about the services. These contributions are great but are corporations that are regulated and taxed by the government, Bitcoin users should also avoid using these services, the concept of crypto taxation is still vague and quite high

[jjdub7]

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

Yes, this is pretty good news and I think it will have a positive impact on the market and a positive response from consumers. I am personally pleased with this fact. I just hope there are no fees for these transactions or at least they will be affordable.

[Cvetik56]

Impressive! More companies are working with crypto these days. That gives me hope.

[oHnK]

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?

Any income coming from cryptocurrency payments are settled in fiat. PayPal users may choose to pay their purchases using cryptocurrencies but the merchants tied up with PayPal will not be receiving payments in cryptocurrencies. They will get funds in fiat. So I guess they will still fill out 1099 forms for tax purposes. But everything will be fiat-denominated. In this case, the US dollar.

The US government will not easily release all transactions in Crypto without any taxes, and this is the most effective way that Paypal uses to accommodate all the needs of its customers.  Consumers are facilitated by the existence of crypto and users still have to obey taxes, namely by facilitating Paypal in its conversion policy to fiat.  It's very easy for everything I think other big companies will soon imitate.  This could be a big example of implementing crypto transactions in the world ..

[DarkDays]

The news recently are very encouraging. BNY Mellon, VISA, Paypal, etc. There must be an upcoming surge in the price of Bitcoin related to all these very bullish news. Well, it has already started right now. The price is already reacting, surging past $58,000 very quickly. $60,000 within the day is very possible.

I agree. I already posted about VISA and Paypal checkout service for crypto and it is great to see that it catches momentum. Perhaps, there's something in line for BTC and crypto in general that we don't yet know about...

Either way, getting this news out there can only be +ve for the crypto holders and enthusiasts alike.

[michellee]

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?

We hope so. This year can be the time for the massive adoption incoming to cryptocurrency. Many big companies announce they are integrating into the crypto or investing in bitcoin, which will convince people to follow their step. We hope they can learn more about bitcoin before they invest in bitcoin because if they do not learn, they will panic if they see the bitcoin price is too volatile. That will be the next regulation from Paypal if they will allow their members to buy stocks, but I am not sure about that.

And I have no doubts that this pandemic contributed a lot to crypto development and adoption. There are huge changes it happens to crypto during this time and when the cashless payment system widely accepted.

For what PayPal had to do now and their plan towards Bitcoin is a big influence for other platforms to do the same. Bitcoin could stay many years and these business owners will clearly be seeing the potentiality of it. And this serves as a big opportunity for all PayPal users to know more about Bitcoin and appreciate its role in today's economic situation.

Maybe that is why the big company has an interest in bitcoin and they see bitcoin can be their investment to their safe haven for their money. The pandemic gives bitcoin a chance to be adopted by the company and people because when they can not make money from offline work, they can still make money online, and bitcoin is one of the many ways to make money.

Paypal, Visa, Tesla, Mastercard is a sample of the big company that integrated their payment with bitcoin, making people see bitcoin become more popular this year. It can help the adoption still work and invite the other big company and people to buy bitcoin.

[milani]

So is it like a bitcoin payment gateway? Will the customers covers the network fees, plus paypal fees?
Or it’s only available for paypal users who already converted their fiat to bitcoin on their paypal app before?
Also, paypal is legally accepted in countries where cryptocurrecy was banned as a medium of transactions, how it will works?

Edited:
“Customers who hold bitcoin, ether, bitcoin cash and litecoin in PayPal digital wallets will now be able to convert their holdings into fiat currencies...”

Yes, news are cool at first glance before you starting the analysis of this situation. There are more questions than answers as usual. When the PayPal announced their acceptance of Bitcoin everyone really was pleasantly surprised till first users learning the question deeper. Let's wait and will see. The nuance with countries where crypto is forbidden but PayPal works really is unclear. Something tells me  that news sounds brighter than the reality will be.

[pawanjain]

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

29 million merchants is a lot. With this move, Paypal is opening up the door to online purchases through cryptocurrencies.
This can be huge depending on the number of crypto users Paypal has and that number is bound to increase through this move.
May be this can even start another bull run. <3

[LUCKMCFLY]

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

29 million merchants is a lot. With this move, Paypal is opening up the door to online purchases through cryptocurrencies.
This can be huge depending on the number of crypto users Paypal has and that number is bound to increase through this move.
May be this can even start another bull run. <3

With the current restrictions that US citizens have, seeing that Paypal gives them this option is one of the best solutions for them, therefore, the price must go up, it is not surprising that today, tomorrow or this week we see a new ATH in Bitcoin. Much has been speculated that one of the greats is taking the reins in Crypto, Paypal, Elon Musk with the powerful Tweets of him causing Doge to rise again, with all this activity it is likely to see new ATHs with great magnitude.

The market capitalization has gone up a lot to almost $ 1.9Trillion, these are really big numbers, which is good to see this kind of thing happen in the market.

The market cap of all cryptocurrencies surpassed $1.9 trillion on March 31, according to data from major crypto monitoring resources like CoinGecko and CoinMarketCap. The total market cap reached as high as $1.99 trillion earlier on the day, hitting a new all-time record.

Source: https://cointelegraph.com/news/total-crypto-market-capitalization-posts-new-all-time-high-above-1-9t

[Pom_bensin]

sometimes this news can bring positive news for a coin, I think now with the big name paypal with this news can be used as one of the best options to increase crypto, because since the popularity of crypto paypal has always been made as one of the options that have always been rumored with crypto

[sayaya17]

This news is a good move and I very much welcome PayPal news that allows new users to buy crypto from them.
So more and more crypto users are finally being able to push crypto to another level higher in mass adoption.
It is that PayPal is correct in its statement because crypto is an asset that cannot be underestimated.