More bullish news: Paypal will alllow crypto checkout

[Poker Player]

Up until now, Paypal allowed you to buy Bitcoin. Now it will allow you to spend it. The purists will be unhappy that it will do so through automatic conversion to Fiat but this is yet another step towards mass adoption.

"PayPal, which last year added the ability to buy, hold and sell cryptocurrency, is pushing it as a payment method across the 29 million or so online merchants connected to the fintech giant.

Announced Tuesday, PayPal’s Checkout will allow bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC) to be seamlessly converted into U.S. dollars or other fiat currencies when making purchases, the same as credit card or a debit card would work inside a PayPal wallet, said PayPal — meaning merchants will not actually be the recipients of cryptocurrencies.

Calling it “a new way for businesses to get paid,” the checkout service is all about driving mainstream adoption of cryptocurrencies, said Dan Schulman, president and CEO, PayPal.

“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies,” Schulman said in a statement.

Cryptocurrencies are going mainstream with banks and institutional investors taking an interest, but the utility of Bitcoin and other crypto tokens when it comes to buying goods has always been limited due to their volatility.

But PayPal, which made a huge splash when it officially entered the crypto space last October, wants to smooth those wrinkles out and get its wide network of merchants onboard.

Since introducing the crypto service, PayPal has increased weekly purchase limits two times from $10,000 to $15,000 and then $20,000."

Read more on: PayPal Pushes Crypto Further Mainstream With Checkout Service for 29M Merchants

[1715154907]

1715154907

[1715154907]

1715154907

[1715154907]

1715154907

[1715154907]

1715154907

[cryptomaniac_xxx]

So many good news in the past days and that makes Bitcoin to reach the price of $59k again.
Those big institutions already sees the true potential of Bitcoin, and Paypal did a great job adding not just bitcoin but also the top altcoins on their platform. I'm sure many financial companies around the world already planning to have this kind of option, the mass adopting has been started.

Not really sure if this is the good news that pushed the price to $59k again. Nevertheless, this is still welcoming and we can consider this very positive as Paypal is really big and crypto will be exposed to 29 million of their customers and maybe some of them will dig into crypto and invest. Yes, this could be consider as getting closer to mass adoption.

[philipma1957]

This is a nice thing.
I have a private PayPal account  565
a business PayPal account.       1428
my wife has a Paypal account.   528

So far I have purchased about 1200 in USD which is about 2500 in BTC

My goal is to buy the dip with these three accounts and hodl for a minimum of two years.

We got to 59k+ today so for me to buy the dip under 52k and I will buy some more.


To all this is a partial holding of my BTC I advise everyone allowed to own PayPal btc to buy some say 1 to 10% of their entire about of btc.

For people math challenged if you have .5btc in total  0.005 to 0.05 should be in your PayPal account.  leaving 0.450 to 0.495 in other wallets or exchanges.



Just because I advise you should do this does not mean I am in any way responsible for any and all loses you have with your coins.
Your coins choices are exactly that your choices.

As for me I have more than 1% of my BTC in the 3 PayPal accounts.

And under 10% of my BTC in the 3 PayPal accounts.

[DrBeer]

It must be understood that it was not PayPel that decided to trade on its own, but added an option according to the permissions of the regulatory authorities. But what is really positive is that cryptocurrencies are still receiving official approval as a financial instrument or an asset that can be exchanged.

[bryant.coleman]

This is very encouraging news, without any doubt. However, even last year PayPal had announced that they will make purchases with PayPal BTC available very soon. The next step should be allowing the users to withdraw PayPal BTC to their online or desktop wallets. A lot of people face difficulty in purchasing Bitcoin from exchanges, and in case this option is allowed, then it is going to benefit millions of users. However, I would advise the less tech savvy people to keep their Bitcoin in PayPal wallet.

[Johnyz]

So many good news in the past days and that makes Bitcoin to reach the price of $59k again.
Those big institutions already sees the true potential of Bitcoin, and Paypal did a great job adding not just bitcoin but also the top altcoins on their platform. I'm sure many financial companies around the world already planning to have this kind of option, the mass adopting has been started.

Good news will always bring the market up, we're not so sure if this is the reason for the current bounce back, but we're in a good position and Paypal is indeed a big thing. Though we are still far from the real support of the banks to cryptocurrency especially with Bitcoin, but we're slowly getting there and no need to rush, let's celebrate for every good news that we're going to hear, we are growing.

[crwth]

At least now, it's better to see that the big players are really serious. Allowing members to withdraw their crypto and do whatever they want will be better though. I'm not sure how that will apply to international transactions but they probably had sorted this out or something. Conversion to fiat is already great but withdrawing actual BTC would be better.

I hope it's applied to international PayPal regions as well. Lol.

[Mauser]

At least now, it's better to see that the big players are really serious. Allowing members to withdraw their crypto and do whatever they want will be better though. I'm not sure how that will apply to international transactions but they probably had sorted this out or something. Conversion to fiat is already great but withdrawing actual BTC would be better.

I hope it's applied to international PayPal regions as well. Lol.

Another great news from PayPal. They are one of the leading online payment services. Personally I have been using PayPal for years through Ebay, having now the chance to all transaction also in BTC on PayPal is good. It would be great if we could Ebay payments directly in BTC and then withdraw it as such. Since most trades are fairly small in BTC terms it wouldn't really make sense to trade them for cryptos. But a large company as PayPal can definitely do so with very low fees.

[crwth]

Since most trades are fairly small in BTC terms it wouldn't really make sense to trade them for cryptos. But a large company as PayPal can definitely do so with very low fees.

For sure, fees in their application would be really cheap or none because it's just inside their network but the moment when they do some withdrawals with BTC, then it would be another story. I think that's one of the reasons it's hard to completely stay away from the banking system right now because the fees are greater compared to BTC tx fees. Hopefully, Paypal would allow altcoins in the mix as well.

[wheelz1200]

Up until now, Paypal allowed you to buy Bitcoin. Now it will allow you to spend it. The purists will be unhappy that it will do so through automatic conversion to Fiat but this is yet another step towards mass adoption.

"PayPal, which last year added the ability to buy, hold and sell cryptocurrency, is pushing it as a payment method across the 29 million or so online merchants connected to the fintech giant.

Announced Tuesday, PayPal’s Checkout will allow bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC) to be seamlessly converted into U.S. dollars or other fiat currencies when making purchases, the same as credit card or a debit card would work inside a PayPal wallet, said PayPal — meaning merchants will not actually be the recipients of cryptocurrencies.

Calling it “a new way for businesses to get paid,” the checkout service is all about driving mainstream adoption of cryptocurrencies, said Dan Schulman, president and CEO, PayPal.

“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies,” Schulman said in a statement.

Cryptocurrencies are going mainstream with banks and institutional investors taking an interest, but the utility of Bitcoin and other crypto tokens when it comes to buying goods has always been limited due to their volatility.

But PayPal, which made a huge splash when it officially entered the crypto space last October, wants to smooth those wrinkles out and get its wide network of merchants onboard.

Since introducing the crypto service, PayPal has increased weekly purchase limits two times from $10,000 to $15,000 and then $20,000."

Read more on: PayPal Pushes Crypto Further Mainstream With Checkout Service for 29M Merchants

I find it comically hilarious how soon paypal has switched its tune.  What's next, Western union will allow us to go to their office and have them send crypto to another person for us for a fee.  PayPal isn't needed and its only a matter of time before they are phased out like blockbuster. 

[tomahawk9]

ah, so this is what caused the small spike in the price earlier today? news about this went live 4 hour-ish ago and it matches with that $1k green candle in the charts.

Up until now, Paypal allowed you to buy Bitcoin. Now it will allow you to spend it. The purists will be unhappy that it will do so through automatic conversion to Fiat but this is yet another step towards mass adoption

i mean, can u blame them? there will be no signs of cryptocurrency transactions between buyer and merchant, so yeah, i guess the cryptocurrency purists won't like this very that much
at least newcomers will get familiar with crypto price swings and the whole hodl thing...next thing you know they'll start buying/investing in the real thing (:

[meanwords]

A fantastic news for those who wants to spend cryptocurrencies without converting it to fiat first, well because paypal is doing the job for you  . Access to 29 million merchants using your cryptocurrency is a huge to adoption. Though It's not particularly new to me since a third-party wallet app here already does this in our country.

Anyway, I wish they allow withdrawal of Bitcoin or other cryptocurrency next.

[LoyceV]

I advise everyone allowed to own PayPal btc to buy some say 1 to 10% of their entire about of btc.

For people math challenged if you have .5btc in total  0.005 to 0.05 should be in your PayPal account.  leaving 0.450 to 0.495 in other wallets or exchanges.

I won't recommend to keep a certain percentage of your holdings on Paypal, just the amount you may need to spend in the near future.
Many exchanges have lost user funds in the past. I'm curious if Paypal would offer any guarantee if that happens to them. After all, they are a Luxembourg-based bank. Or maybe that's the reason they don't offer Bitcoin trading to users in Europe yet.

For Paypal, I prefer the additional guarantees coming from using a creditcard. But I see the benefits of being able to pay with Bitcoin on almost any other webshop that doesn't accept it in another way.

Allowing members to withdraw their crypto and do whatever they want will be better though.

I see a huge drawback: Bitcoin's limited on-chain capacity and high transaction fees would strongly limit this. In a way Paypal now allows users to use Bitcoin as a store of value, to expose themselves to Bitcoin's volatility (and a hedge against dollar inflation). I wouldn't be surprised if they'll soon allow Bitcoin transactions to other Paypal users without converting to dollars, while still remaining on their own platform. Some will say it's not Bitcoin, but considering the limited on-chain capacity it's one of the few options to increase adoption. And it doesn't stop you from buying real Bitcoin without using Paypal anyway.

[uelque]

A fantastic news for those who wants to spend cryptocurrencies without converting it to fiat first, well because paypal is doing the job for you  . Access to 29 million merchants using your cryptocurrency is a huge to adoption. Though It's not particularly new to me since a third-party wallet app here already does this in our country.

Anyway, I wish they allow withdrawal of Bitcoin or other cryptocurrency next.

As far as I understand OP post, in paypal you still need to convert Bitcoin and other crypto to Fiat first in order to make purchases and not directly using cryptocurrencies.

Announced Tuesday, PayPal’s Checkout will allow bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC) to be seamlessly converted into U.S. dollars or other fiat currencies when making purchases, the same as credit card or a debit card would work inside a PayPal wallet, said PayPal — meaning merchants will not actually be the recipients of cryptocurrencies.

And at the same time, I saw we're from the same country. And tbh, I haven't seen or ecountered an online merchant here that accepts crypto directly. We still need to convert it to PHP our local currency in order to do so.

Though I'm not an active Paypal user, I only uses it whenever I make an out of our country purchases of certain stuffs because card are very useful still, I still like this kind of news, allowing paypal users to  convert Bitcoin to Fiat and vice versa to make online purchases. But I still don't think it will give big adoption to bitcoin due to the fact that only those paypal users will get exposed to bitcoin and not those 29 million merchants. But still this is a great news.

Ain't sure if paypal allows receiving of Btc and other crypto from other crypto wallets and exchanges, I hope they do just like our third party app here. (Can't access OP link, can't read details).

[manul888]

I hope that Korean government will quickly move away from regulation-oriented policy and change to a market-oriented policy that allows various attempts like the United States.I am very envious of the situation in the United States.

[aoluain]

Up until now, Paypal allowed you to buy Bitcoin. Now it will allow you to spend it. The purists will be unhappy that it will do so through automatic conversion to Fiat but this is yet another step towards mass adoption.

"PayPal, which last year added the ability to buy, hold and sell cryptocurrency, is pushing it as a payment method across the 29 million or so online merchants connected to the fintech giant.

Announced Tuesday, PayPal’s Checkout will allow bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC) to be seamlessly converted into U.S. dollars or other fiat currencies when making purchases, the same as credit card or a debit card would work inside a PayPal wallet, said PayPal — meaning merchants will not actually be the recipients of cryptocurrencies.

Calling it “a new way for businesses to get paid,” the checkout service is all about driving mainstream adoption of cryptocurrencies, said Dan Schulman, president and CEO, PayPal.

“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies,” Schulman said in a statement.

Cryptocurrencies are going mainstream with banks and institutional investors taking an interest, but the utility of Bitcoin and other crypto tokens when it comes to buying goods has always been limited due to their volatility.

But PayPal, which made a huge splash when it officially entered the crypto space last October, wants to smooth those wrinkles out and get its wide network of merchants onboard.

Since introducing the crypto service, PayPal has increased weekly purchase limits two times from $10,000 to $15,000 and then $20,000."

Read more on: PayPal Pushes Crypto Further Mainstream With Checkout Service for 29M Merchants

I find it comically hilarious how soon paypal has switched its tune.  What's next, Western union will allow us to go to their office and have them send crypto to another person for us for a fee.  PayPal isn't needed and its only a matter of time before they are phased out like blockbuster.  

We know paypal is offering to be a "middleman" as such, one of the things Bitcoin was
designed to get rid of but not everyone wants the full custodial experience.
Even high wealth investors dont want the hassle of buying wallets, storing seeds
and sending and receiving coins, they use a custodial service. The younger
generation are using services like Revolut for its convenience, so paypal
sees the potential of Bitcoin and is moving to provide a convenient uptake for its users
who may otherwise not get involved with Bitcoin.

[Sithara007]

A fantastic news for those who wants to spend cryptocurrencies without converting it to fiat first, well because paypal is doing the job for you  . Access to 29 million merchants using your cryptocurrency is a huge to adoption. Though It's not particularly new to me since a third-party wallet app here already does this in our country.

Anyway, I wish they allow withdrawal of Bitcoin or other cryptocurrency next.

There is another advantage with PayPal converting the BTC to fiat, instead of the merchant. Since everything is done internally, they don't have to deal with sky high transaction fees and delays in getting confirmations. Obviously cryptocurrency purists are going to complain about it, but 99% of the users don't care. And regarding BTC withdrawals to other wallets, I believe they have already promised that would be implemented soon.

[bittick]

This gonna solve the problem that those merchants who aren't really into crypto facing which is difficulty of integrating crypto to their shop. as it seems that the convert rate and others are handled by paypal themselves it's gonna eliminate the difficulty of integrating it though it has disadvantage which is transparency maybe? but I'm hoping more and more merchant could finally accept crypto as it makes purchasing things convenient for me aswell.

[slapper]

Well, merchants still receive fiat, cash instead of bitcoin in their wallets. To me, that does not determine the good sign but we have to agree to disagree. At least PayPal is doing something for the cryptocurrency although their activities seem to increase benefits for themselves

This might be the first step toward full adoption of PayPal toward bitcoin and other cryptocurrencies. The progress may be just at the beginning but we can hope to see many advanced features and addons while PayPal tries to develop its ecosystem. And I am waiting for more cryptocurrency to be accepted on their platform

[Kong Hey Pakboy]

This gonna solve the problem that those merchants who aren't really into crypto facing which is difficulty of integrating crypto to their shop. as it seems that the convert rate and others are handled by paypal themselves it's gonna eliminate the difficulty of integrating it though it has disadvantage which is transparency maybe? but I'm hoping more and more merchant could finally accept crypto as it makes purchasing things convenient for me aswell.

I don't think that these merchants really have to worry about transparency because there would be some receipt of the transaction that is going to be recorded and how much is how much. We just have to be happy that Paypal is going to allow a crypto checkout and this kind of coexistence will bring more people in crypto whether we disagree or not.