More bullish news: Paypal will alllow crypto checkout

[adzino]

This is was an old news. I mean, paypal announced it when they started to allow people to buy, sell and hold bitcoins on their platform. Their users were supposed to be able to checkout with bitcoin, that is pay merchants with bitcoin. But in fact, they aren't checking out with bitcoin. What they are doing is selling their bitcoin and then using fiat/paypal balance to pay the merchant. So only users that hold bitcoin on paypal will be able to use that options. Paypal won't process any external bitcoin payments.

[so98nn]

From this article I am only getting an idea that Elon Musk is just trying to hold more and more bitcoins rather than getting paid in the fiat. Same thing was published by him that if you buy Tesla with bitcoin then those will be considered as bitcoin itself and won't be dumped for the fiat. Now the same thing with PayPal! This only indicates that Elon is on the vision that he wanna hold more and more bitcoin. If so, then he may just influence more people around the world or may be his rich friends to invest into it and pump the prices later on so that he would be able to grab more profits. That's the bigger plot here dude.

[TastyChillySauce00]

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.

Regardless all the obstacle, being recognized worldwide like this is already such an amazing feat indeed. If only the authorities not being too stiff on something like for example technology things would be a lot more better. I mean, we know each country have their own problem that's possibly unique to themselves but they should realize that they could take advantage of crypto and find momentum to boost their economy.

[el kaka22]

It still doesn't allow you to withdraw bitcoin as far as I know. The only new thing here is the fact that they will allow people to spend bitcoin while shop owners will receive dollars, which has existed for few years now and that is why not a big deal if you ask me. Of course it is not going to be nothing, it is a great deal and I think people will be happy about it, but that doesn't change the fact that we are talking about not a big deal.

Think about it this way, if this didn't existed, nothing big would have happened, and just because it exists we are not at zero anymore, it is not a huge help, the price is not increasing because of it, but that doesn't change the fact that it is not zero help neither. So, I would say I would rather have it than not have it, but I would not be super excited and happy jumping up and down because of it neither.

[ivankoh]

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

Well, this is the good news, perhaps their consideration of the four potential coin option will become the payment method they accept.  This is not the same as Tesla accepting bitcoins in order to subsidize and raise more extensive bitcoin funds.  Anyway, Paypal is also the giant in payments.  The fact that they value and carefully consider the "unit" of the coin they accept will also create a huge buzz.  Maybe the above coins should also be my target!

[TheUltraElite]

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.

Not just you many others are too.

Hoping to see similar stance from Paypal for the other locations too not just US. After all the number of bitcoin users in US is far more but the population of the world still using bitcoin but unable to openly trade it is in the third world.

Also this is a nice upward push coming after the Paypal news that came earlier this year. No wonder the market is bullish. Look like the Elon Musk induced craze has started to take effect. Soon we might see merchants accepting bitcoin allowing many users to buy stuff using it and thus liquidating the bitcoin market even more.

[iamsheikhadil]

This is was an old news. I mean, paypal announced it when they started to allow people to buy, sell and hold bitcoins on their platform. Their users were supposed to be able to checkout with bitcoin, that is pay merchants with bitcoin. But in fact, they aren't checking out with bitcoin. What they are doing is selling their bitcoin and then using fiat/paypal balance to pay the merchant. So only users that hold bitcoin on paypal will be able to use that options. Paypal won't process any external bitcoin payments.

It's technically the same though, even though users may not pay directly through Bitcoin as the crypto is getting converted into fiat as payment, it's still as if paying directly with crypto because somewhere in the flow of cash, the crypto will get eventually converted into fiat as crypto is nowhere near to fiat in terms of acceptance as a legal tender. PayPal might even give the seller crypto as money, but the seller will eventually convert it into crypto himself anyways.

[electronicash]

This is was an old news. I mean, paypal announced it when they started to allow people to buy, sell and hold bitcoins on their platform. Their users were supposed to be able to checkout with bitcoin, that is pay merchants with bitcoin. But in fact, they aren't checking out with bitcoin. What they are doing is selling their bitcoin and then using fiat/paypal balance to pay the merchant. So only users that hold bitcoin on paypal will be able to use that options. Paypal won't process any external bitcoin payments.

It's technically the same though, even though users may not pay directly through Bitcoin as the crypto is getting converted into fiat as payment, it's still as if paying directly with crypto because somewhere in the flow of cash, the crypto will get eventually converted into fiat as crypto is nowhere near to fiat in terms of acceptance as a legal tender. PayPal might even give the seller crypto as money, but the seller will eventually convert it into crypto himself anyways.

it's not the same thing because paypal can just close your account whenever they want. what really matters here is checking out with BTC, withdrawal the BTC out of their platform. 

you as a user can use btc to purchase but it's not really BTC that you are paying it's still the fiat/USD. if you don't own it on your wallet then the coins isn'tyours.

[fortebettor]

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

I agree it is just a shell and a cover. Paypal charges so terribly expensive. On bitcoin the commissions will probably be sick as well. This is just marketing and creating an effect. Companies like paypal don't care about dominating BTC

[Trinx01]

There is always good news that we can see day by day and that is really what the community wants, it seems like every week there is always a good news for us and a lot of companies and countries are now seeing the potential of bitcoin as an asset. It makes bitcoin go up to the point that it turns back again up to $59k.

[Myleschetty]

I know Paypal providing/allowing crypto checkout through the merchants will help/surge the price of the cryptocurrency market but this still does not change the fact that Paypal doesn't provide sound crypto services because they do not allow the withdraw of crypto on their platform.

[bryant.coleman]

I know Paypal providing/allowing crypto checkout through the merchants will help/surge the price of the cryptocurrency market but this still does not change the fact that Paypal doesn't provide sound crypto services because they do not allow the withdraw of crypto on their platform.

Situation will not change overnight and you need to have patience. When they rolled out their cryptocurrency services, PayPal had made it clear that full services will be available for the users only by mid-2021. They are making new features available in a gradual manner. Earlier the checkout option was not available, and now they have enabled that. I guess within the next few months, they will also make the withdrawals available for BTC.

[EclaireWithLove]

This news was circulating for a while already and I'm not that shocked that it did. What I'm thinking was what if online merchant services also offer stocks like this on their app? I mean accept it as payment as well? Will it be possible? Not sure but maybe in the future.

[mu_enrico]

Sadly, PayPal is a crappy payment gateway for Indonesian businesses as the exchange rate fees and merchant fees in total taxing my business soo hard. I'd rather take instant coins (like TRX or XRP) to the exchange and withdraw from there, but it's fuckin illegal

What's best is something like Bitpay/coinspayments, but with less fees, and a wider network. Imagine shopping from a Binance account...

[posi]

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.

Not just you many others are too.

Hoping to see similar stance from Paypal for the other locations too not just US. After all the number of bitcoin users in US is far more but the population of the world still using bitcoin but unable to openly trade it is in the third world.

According to what I read when the PayPal company first integrated Cryptocurrency, they are plan to expand the crypto features to every location/country where PayPal operates which their government has no legal ban on crypto but the initial implementation will start from the US wheres major crypto users.

Also this is a nice upward push coming after the Paypal news that came earlier this year. No wonder the market is bullish. Look like the Elon Musk induced craze has started to take effect. Soon we might see merchants accepting bitcoin allowing many users to buy stuff using it and thus liquidating the bitcoin market even more.

Although I don't like Elon manipulation tweet but I respect the wonderful job he does in making Bitcoin more popular within the people that have a negative impression about Bitcoin before.
But, I have read that some merchants in Korea accept Bitcoin as payment is this genuine information?

[Reid]

A lot of big news incoming from these big companies.
But it still scares me if they really have the numbers in Bitcoin. 
Nevertheless, good news for those countries being restricted by an exchange. They now have the purchasing power that will scatter the Bitcoin around leaving the institutional investors to doubt about manipulating the Bitcoin market.

I would still recommend if you are the one keeping it instead of a third party.

[SiNeReiNZzz]

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

Yes, that was always what I considered negative.
And as you can see, I'm not alone in this.
PayPal will have understood that very quickly.
In fact, I definitely did not consider their planned and practiced approach as promising for the future...

Nevertheless... Wait until it is available in my country!

[paxmao]

I bet no one is going to be considering that PayPal has just used a dominant position in the payment space to jump into crypto trading? I guess that it will only be when 90% of crypto payments are done through PayPal and then it will be too late to stop it.

[Imran232]

This is just a beginning for bitcoin. More news on the way like tesla have done. That day will be the bullish day when amazon accept bitcoin for payment. That bitcoin bitcoin will break off all time price record. And creat a history for crypto world. Wait wait wait when that day will come. Or am i dreaming much. But one day will be hope soo. What do you guys think. But thanks to paypal for being with us. And hopefully paypal listed some more coin so that we can buy it easily with paypal. Truely we have to admit paypal is our love buddy. Love you paypal for give a push to bitcoin.

[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

I agree it is just a shell and a cover. Paypal charges so terribly expensive. On bitcoin the commissions will probably be sick as well. This is just marketing and creating an effect. Companies like paypal don't care about dominating BTC

I do not know that they implement such an expensive fee. IN my country, PayPal only for international business while the domestic transaction is based on other apps or services. And I can guarantee that the fee is extremely low. Paypal is an old service and they must have a large number of the customer so in reference to the fee, charging too high can make a real conflict between it and its customers

Even if it is their marketing strategy, you can't deny that they are doing quite well for both themselves and cryptocurrency. In the future, where bitcoin is in mass adoption, PayPal will never be left behind. Accepting bitcoin is a good move for them, from any perspective