More bullish news: Paypal will alllow crypto checkout

[Leviathan.007]

This one is another good news and these good fundamental news can have some effect on price. However, I'm not surprising to see them doing this. But, I'll not use bitcoin on paypal or any other centralized unit. Because they will usually ask for kyc and this can be against protecting our privacy and put my identify in danger. The whole point of bitcoin is to be border-less and no kyc otherwise we could use other payment system such paypal in the first place.

[cheezcarls]

I have a Paypal business account since 2009 and it’s my main payment gateway before I’m getting serious into Bitcoin. Although that this is a welcoming bullish news to all of us, especially merchants, I still choose not to put some BTCs and other cryptocurrencies there.

“Not your keys, not your coins”.

But this is great news for merchants who are looking to accept Bitcoin and other cryptocurrencies in their respective e-commerce stores or online shops.

[fenixosup]

I still have one main question. When paypal will allow crypto withdraws from their system?

[bryant.coleman]

I still have one main question. When paypal will allow crypto withdraws from their system?

Be patient. They are allowing additional features in a gradual manner. They will not roll out everything overnight, because they are a listed company and therefore they need to take care of the tax and legal implications. I am sure that the government authorities are not happy about all this and PayPal needs to deal with that as well. But to their credit, PayPal is standing up to the authorities (unlike the case with FaceBook, which cancelled their plans for Libracoin).

[doomloop]

This one is another good news and these good fundamental news can have some effect on price. However, I'm not surprising to see them doing this. But, I'll not use bitcoin on paypal or any other centralized unit. Because they will usually ask for kyc and this can be against protecting our privacy and put my identify in danger. The whole point of bitcoin is to be border-less and no kyc otherwise we could use other payment system such paypal in the first place.

That is something people do not really understand,  we should be focusing on our freedom and be able to use bitcoin however you want without caring about government trying to meddle with your moves but unfortunately that is getting harder.

Look at exchanges, they are asking for KYC and that is making it harder in nations as well, I do not even agree with governments getting taxes from crypto, why would they do that? I mean don't get me wrong if you sell something and get crypto for it, you should be taxed like you would do on a regular sale, however nothing extra for being crypto. Like if I own 100k bitcoins because I was here 10 years ago and bought at very cheap, that doesn't mean that I should be paying a huge sum of money for taxes just because I have al ot of bitcoins, that was an investment and as long as I make smart investment decisions that should not be punished with a tax.

[AndySt]

I still have one main question. When paypal will allow crypto withdraws from their system?

Be patient. They are allowing additional features in a gradual manner. They will not roll out everything overnight, because they are a listed company and therefore they need to take care of the tax and legal implications. I am sure that the government authorities are not happy about all this and PayPal needs to deal with that as well. But to their credit, PayPal is standing up to the authorities (unlike the case with FaceBook, which cancelled their plans for Libracoin).

I am not quite sure that the question is about the opposition to the authorities. Here we can rather say that PayPal has implemented support for some cryptocurrencies and the expectation of a reaction to its actions from the authorities. A completely different story with Facebook, here we are talking about the introduction of its own cryptocurrency by a huge corporation with huge capital, and here there really was some dissatisfaction on the part of the authorities multiplied by antitrust claims.

[TheGreatPython]

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.

Well, I am just hoping that they don’t end up ruining everything with high fees, even right now whenever the price of Bitcoin goes up the fees are high as well. I hope one day all these things will be fixed.

Moreover when you’re making use of PayPal for cryptocurrencies I don’t think you can be able to use it as you would do a normal cryptocurrency wallet, because it doesn’t allow you to send crypto straight to another address or receive to your address as a normal wallet would do, you can only Hodlwith it. But despite all that I still love that they are doing what they are doing, as it’s going to be creating more of an awareness for cryptocurrency.

[Psynthax]

This one is another good news and these good fundamental news can have some effect on price. However, I'm not surprising to see them doing this. But, I'll not use bitcoin on paypal or any other centralized unit. Because they will usually ask for kyc and this can be against protecting our privacy and put my identify in danger. The whole point of bitcoin is to be border-less and no kyc otherwise we could use other payment system such paypal in the first place.

paypal usually demands some kind of identification to verify because allowing people freely using that platform and that's true, centralized company like this usually demands KYC but most of crypto payment gateway don't even ask for one, they just converting the crypto you paid to the address into fiat, maybe you can stick with those instead of paypal that's usually kinda complicated, but this news regarding paypal acceptance of crypto could somehow boost crypto popularity.

[bryant.coleman]

I still have one main question. When paypal will allow crypto withdraws from their system?

Be patient. They are allowing additional features in a gradual manner. They will not roll out everything overnight, because they are a listed company and therefore they need to take care of the tax and legal implications. I am sure that the government authorities are not happy about all this and PayPal needs to deal with that as well. But to their credit, PayPal is standing up to the authorities (unlike the case with FaceBook, which cancelled their plans for Libracoin).

I am not quite sure that the question is about the opposition to the authorities. Here we can rather say that PayPal has implemented support for some cryptocurrencies and the expectation of a reaction to its actions from the authorities. A completely different story with Facebook, here we are talking about the introduction of its own cryptocurrency by a huge corporation with huge capital, and here there really was some dissatisfaction on the part of the authorities multiplied by antitrust claims.

I am not saying that PayPal is openly challenging the authorities. They will never do that. But the timing was significant. Cryptocurrency is facing increasing opposition from the lawmakers. Just recently two of the most authoritarian figures from the Socialist camp (Elizabeth Warren and Janet Yellen) had their public meltdown against Bitcoin. So each and every step taken by listed companies such as PayPal sends a strong message to these politicians. If the authorities were opposed to the plans by FaceBook, how can they be comfortable with the plans from PayPal?

[Bitstar_coin]

I have a Paypal business account since 2009 and it’s my main payment gateway before I’m getting serious into Bitcoin. Although that this is a welcoming bullish news to all of us, especially merchants, I still choose not to put some BTCs and other cryptocurrencies there.

“Not your keys, not your coins”.

But this is great news for merchants who are looking to accept Bitcoin and other cryptocurrencies in their respective e-commerce stores or online shops.

Not your keys not your money, do you say the same thing to your bank who hold your money long before btc came into existence!
Hope anyone can tell me how to have my private key of my bank account because I still own fiat and it is my major currency for day to day transaction,
If people can trust PayPal with fiat long before btc come into the picture am sure they won't have problem keeping their btc there.

[The Sceptical Chymist]

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.

Yeah, and PayPal is probably the most popular payment processor when it comes to individuals sending money to one another.  This news, while a little bit old right now, is still huge and very bullish.

But as I understand it from the above post and others that you're still not able to withdraw bitcoin from PayPal, right?  That's something that I hope PayPal changes in the future, because then they'd become basically what Circle was back in 2016, which was a very convenient and legitimate bitcoin vendor.  There's been nothing like Circle since they stopped buying and selling bitcoin IMO.

And yeah, I'm not sure how they're going to keep track of all the international money sending and whatnot, but I'm sure they'll have no problem dealing with details like that.  I'm just hoping they evolve into a bitcoin exchange of their own--it could be very profitable for them, but I bet it's a huge pain in the ass regulatory-wise.

[wxxyrqa]

I have a Paypal business account since 2009 and it’s my main payment gateway before I’m getting serious into Bitcoin. Although that this is a welcoming bullish news to all of us, especially merchants, I still choose not to put some BTCs and other cryptocurrencies there.

“Not your keys, not your coins”.

But this is great news for merchants who are looking to accept Bitcoin and other cryptocurrencies in their respective e-commerce stores or online shops.

Not your keys not your money, do you say the same thing to your bank who hold your money long before btc came into existence!
Hope anyone can tell me how to have my private key of my bank account because I still own fiat and it is my major currency for day to day transaction,
If people can trust PayPal with fiat long before btc come into the picture am sure they won't have problem keeping their btc there.

I believe that we will have to accept the fact that not all people who may be using bitcoin in the future will be able to have enough knowledge, understanding and capabilities to safely store their assets. It is for such people that resources will be in demand, like PayPal, where people will not only be able to save bitcoin, but also convert freely.

[oHnK]

Yeah, and PayPal is probably the most popular payment processor when it comes to individuals sending money to one another.  This news, while a little bit old right now, is still huge and very bullish.

But as I understand it from the above post and others that you're still not able to withdraw bitcoin from PayPal, right?  That's something that I hope PayPal changes in the future, because then they'd become basically what Circle was back in 2016, which was a very convenient and legitimate bitcoin vendor.  There's been nothing like Circle since they stopped buying and selling bitcoin IMO.

I've been reading this news for a long time, but what hasn't been resolved is that Paypal still doesn't provide a crypto withdrawal feature on their platform.  Indeed, it is not simple to add this comprehensive feature.  Because there will be many policies that must be considered not only for the platform but also for other external policies such as the government of one country to another.  I used to work as a legal at a company and it is very complicated to form new regulations in the company.  So, this may still be in the process of formulating an internal policy which must be approved either from management or from the owner.

[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.

Yeah, and PayPal is probably the most popular payment processor when it comes to individuals sending money to one another.  This news, while a little bit old right now, is still huge and very bullish.

I also believe that most people who are not that tech-savvy would go for PayPal processing instead of Bitcoin. The ease of payment is definitely out there.

But as I understand it from the above post and others that you're still not able to withdraw bitcoin from PayPal, right?  That's something that I hope PayPal changes in the future, because then they'd become basically what Circle was back in 2016, which was a very convenient and legitimate bitcoin vendor.  There's been nothing like Circle since they stopped buying and selling bitcoin IMO.

I do think that you still can't. My region isn't yet applicable for the cryptocurrency department in PayPal but I hope it would go everywhere. I'm not familiar with Circle though.

And yeah, I'm not sure how they're going to keep track of all the international money sending and whatnot, but I'm sure they'll have no problem dealing with details like that.  I'm just hoping they evolve into a bitcoin exchange of their own--it could be very profitable for them, but I bet it's a huge pain in the ass regulatory-wise.

There's always going to be the regulation stuff. No one can blame them either. Making sure that everything is legit. Some of the PayPal payments that I got are on hold too.

[jostorres]

I am not saying that PayPal is openly challenging the authorities. They will never do that. But the timing was significant. Cryptocurrency is facing increasing opposition from the lawmakers. Just recently two of the most authoritarian figures from the Socialist camp (Elizabeth Warren and Janet Yellen) had their public meltdown against Bitcoin. So each and every step taken by listed companies such as PayPal sends a strong message to these politicians. If the authorities were opposed to the plans by FaceBook, how can they be comfortable with the plans from PayPal?

Neither Janet Yellen nor Elizabeth Warren mean anything to cryptocurrency, nor the laws actually because they did wanted things before and failed to get it so that means as lawmakers they can't make laws. So people didn't care about them and their opinions and that is why Paypal was free to do whatever they want to do without any fear.

I would be afraid if it was Biden himself or someone more popular then Elizabeth Warren, but this is the same women who became president candidate and got one of the lowest votes even though she got so much attention, she was the main talking point for MANY media channels and she still dropped to fourth behind Biden, Bernie and Pete so I do not think that she really means anything. At the end of the day if we are talking about Paypal, they know what they are doing and they researched the possibilities very well before doing something like this.

[Fortify]

It still feels like this Bitcoin will be forever tied up in Paypal vaults and that might be their ultimate end game to wipe out Bitcoin as an online payment competitor. In a weird way, it is actually sad that Paypal are buying up vast amounts of Bitcoin because they want to keep in locked away behind their digital curtain. They can treat all the transactions internally and maybe even take additional processing fees for using this form of payment. I hope that people avoid buying Bitcoin through Paypal because they already have too much power when it comes to online transactions and it was kind of nice seeing lots of competitive cryptocurrency exchanges pop up to fill the space - even if a few did suffer unfortunate events.

[goldade]

There's been quite a lot of news concerning bitcoin and it's adoption by companies or prominent individuals and this is a super great news for the crypto community.
One of the most tangible challenges of bitcoin and crypto as large is the inability to spend them. This is because a lot of merchants afraid to accept it a a means of payment because of its volatility. This is a great move by PayPal. Now there about 27 million merchants which 27 millions different people or companies I can spend my bitcoin to purchase the services or products they offer. I am pretty sure that this will aid the adoption of bitcoin in the mainstream world

[posi]

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.

Countries where bitcoin is still a grey area might need further improvements regarding the stance of bitcoin. Of course the North American continent countries are using crypto more than their asian counterparts. We have Bitcoin ATMs in USA maximally, the only one that was set up in India was taken down by the police, but possibly it was a genuine money laundering case.

But with Paypal, these countries may have an boost on bitcoin trading bans.

I don't hear about India Bitcoin Atm been taking down and what I read last about India stance toward crypto is that they planning to ban Bitcoin. Is crypto still allow there?
PayPal is a centralized company and I don't see them integrated cryptocurrency in the countries where cryto is ban.

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.

It has both its good and bad effects. The pumping of bitcoin drove the price up but this became an inorganic growth. A support level might be much lower and hence a sudden drop can happen at anytime if there are no support levels already built. They get built with gradual price rise not sudden price rises over a few weeks.

Yes the market is deem to an inorganic growth but I was not talking about the growth of the price of the market. I was talking about some level of awareness he gave the market through his tweet.

But, I have read that some merchants in Korea accept Bitcoin as payment is this genuine information?

Me cant say, possibly this can be only in South Korea , but only their natives can confirm.

You are right but that what I read in the news long ago and if the story is not truth the South Korean won't have somehow stand behind XRP by accaccumulating the coin when the project has an issue with the US SEC.

[LUCKMCFLY]

It still feels like this Bitcoin will be forever tied up in Paypal vaults and that might be their ultimate end game to wipe out Bitcoin as an online payment competitor. In a weird way, it is actually sad that Paypal are buying up vast amounts of Bitcoin because they want to keep in locked away behind their digital curtain. They can treat all the transactions internally and maybe even take additional processing fees for using this form of payment. I hope that people avoid buying Bitcoin through Paypal because they already have too much power when it comes to online transactions and it was kind of nice seeing lots of competitive cryptocurrency exchanges pop up to fill the space - even if a few did suffer unfortunate events.

You're right, in fact when you see the Paypal graph:



Looking at the chart, it is clear that Paypal is beginning to recover, curiously, is it because of the massive purchases of Bitcoin? Will it then be his ace up his sleeve? The world goes around a lot, maybe they are thinking of getting more bitcoin as a Shelter of Value.

[AniviaBtc]

These kind of news are the one that makes bitcoin's price to pump for a specific period of time.

This is an example of adoption and a proof that bitcoin and other cryptocurrencies have really a value in the market and in our society.

Still hopefully more countries or big companies will see the value of cryptocurrencies so that we can evolve together and develop cryptos that will change our lives.