Paypal allows crypto payment for all 29mil merchants

[janggernaut]

This is the reason of bitcoin pump right now, if anyone still curious.

https://cryptobriefing.com/paypal-allow-crypto-payments-29-million-merchants/

PayPal customers can now use the cryptocurrency in their PayPal account to pay for goods and services online. The payments giant will automatically convert the users’ cryptocurrency into fiat before settling the transaction, so this will not change anything for merchants.

The supported cryptocurrencies on PayPal so far are Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

But it's currently only supported 4 coins, hopefully they will allow other coin as well in the future.

[thecodebear]

Sad that Bitcoin Cash was still sorta considered a major coin when Paypal initially made the decision of what coins to include. Gives legitimacy to a fraud coin.


Welp, the major criticism from crypto-haters that you can't buy anything with Bitcoin just died a quick death.

Will be interesting how this affects the market long term. While it means you can widely use Bitcoin around the world, it doesn't change the fact that it is smarter to hold your Bitcoin than spend it in most circumstances. Also since Paypal just converts the crypto to fiat and sends fiat to the merchant, what this really does is add sell pressure to the market - very different than if people were accepting Bitcoin and a widespread bitcoin-to-bitcoin exchange was happening. Still, this is a slap in the face to every critic who says Bitcoin isn't a currency, since it will now be widely spendable, even if it is indirectly.

[NeuroticFish]

Don't forget that PayPal still works with IOUs they call Bitcoin, not with actual Bitcoin: you cannot deposit nor withdraw, nothing happens on the blockchain...
And the same goes for the other coins too.

[wheelz1200]

Don't forget that PayPal still works with IOUs they call Bitcoin, not with actual Bitcoin: you cannot deposit nor withdraw, nothing happens on the blockchain...
And the same goes for the other coins too.

Fully agree its compete crud.  There honestly is no need for PayPal to middle man for the consumer to use bitcoin.  They can just use crypto payments directly.  PayPal is using bitcoin as a flashy way to prop themselves up.  It will work for a short time but crypto doesn't need PayPal, PayPal needs crypto.

[Wilhelm]

Sad that Bitcoin Cash was still sorta considered a major coin when Paypal initially made the decision of what coins to include. Gives legitimacy to a fraud coin.


Welp, the major criticism from crypto-haters that you can't buy anything with Bitcoin just died a quick death.

Will be interesting how this affects the market long term. While it means you can widely use Bitcoin around the world, it doesn't change the fact that it is smarter to hold your Bitcoin than spend it in most circumstances. Also since Paypal just converts the crypto to fiat and sends fiat to the merchant, what this really does is add sell pressure to the market - very different than if people were accepting Bitcoin and a widespread bitcoin-to-bitcoin exchange was happening. Still, this is a slap in the face to every critic who says Bitcoin isn't a currency, since it will now be widely spendable, even if it is indirectly.

You do know that BCH is actually the original Bitcoin right?
BCH might be a shitty coin but it isn’t a shitcoin....

[Fortify]

That's definitely a big step forward in the adoption of Bitcoin and actually gives much more purpose to buying cryptocurrency through Paypal. I guess the funds are still essentially trapped within the Paypal ecosystem and they'll surely be taking a cut in return, but for current holders it will be growing the user base even further. Ultimately the final step remaining for Paypal is to allow greater transparency and actual wallet transactions outside of their network, although that may take a long time because it'll require a lot more legal issues for them to solve.

[Lanatsa]

This is the reason of bitcoin pump right now, if anyone still curious.
~

But it's currently only supported 4 coins, hopefully they will allow other coin as well in the future.

Thanks for the share up and this might really be the reason behind on why we do have some slight increase in price and we might really be touching or breaking $60k soon.

Paypal is starting up to make some integration.Good thing that they do consider other crypto as well but to know that they do make out conversion to fiat then its just understandable.

Hopefully we would see another companies that will really be recognizing Bitcoin or crypto as a whole into their platform or services.

[hatshepsut93]

Welp, the major criticism from crypto-haters that you can't buy anything with Bitcoin just died a quick death.

Depends on how you look on it. This isn't the real Bitcoin you will be paying with, but PayPal's internal "Bitcoin", that you can't deposit or withdraw, only buy and sell on their platform. If this is the road towards mass adoption, then Bitcoin kinda failed, because it will be no different from fiat payment systems.

The news that we actually need to hear is "29mil merchants adopt Lightning Network payments".

[OgNasty]

They don’t let you keep the payment in BTC (or fake BTC on their platform)? Seems like they want you to have to convert the usd back to BTC using their system which will give them additional fees. I guess this is the safe way for new merchants to accept BTC and it will increase their fee revenue for those who want to put it back into BTC, so I understand the decision. Would be cool if there was an option to keep it in BTC though and save on the extra fees with the added conversion step.

[Hippocrypto]

This is the reason of bitcoin pump right now, if anyone still curious.

https://cryptobriefing.com/paypal-allow-crypto-payments-29-million-merchants/

PayPal customers can now use the cryptocurrency in their PayPal account to pay for goods and services online. The payments giant will automatically convert the users’ cryptocurrency into fiat before settling the transaction, so this will not change anything for merchants.

The supported cryptocurrencies on PayPal so far are Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

But it's currently only supported 4 coins, hopefully they will allow other coin as well in the future.

This is really having higher potential that many promising coins will be added. We might not notice that this will attract several popular asset to be added to their list as soon as possible. Because those four that's currently starting to boom, will influence other investors to be part of paypal as well.

[jossiel]

Don't forget that PayPal still works with IOUs they call Bitcoin, not with actual Bitcoin: you cannot deposit nor withdraw, nothing happens on the blockchain...
And the same goes for the other coins too.

I agree, and that's still likely that when someone pays bitcoin for goods or services through PayPal, they seem to show it like that you're actually paying bitcoin on it.

But on the back end, you'll never know that they're still paying it with USD. Still a news like this can really move the market and increase the people's confidence which adds massive adoption.

[Rengga Jati]

But it's currently only supported 4 coins, hopefully they will allow other coin as well in the future.

Hasn't this news been around since a few months ago? Is there a renewal in its use?
They do accept cryptocurrency. In fact, they trade crypto, although currently, it is still limited.
However, it is true what is said by, that we do not have access rights to the crypto. There is a limit where it cannot be withdrawn, so it must be exchanged for fiat first.
This is the complete list of Terms & Conditions related to cryptocurrency on PayPal
https://www.paypal.com/us/webapps/mpp/ua/cryptocurrencies-tnc

[noorman0]

Hasn't this news been around since a few months ago? Is there a renewal in its use?

Offer a few months ago> users can buy or exchange bitcoin with fiat supported on paypal
Offer now> users can use their bitcoin paypal to pay for items between paypal merchant partners.

[Jawhead999]

They don’t let you keep the payment in BTC (or fake BTC on their platform)? Seems like they want you to have to convert the usd back to BTC using their system which will give them additional fees. I guess this is the safe way for new merchants to accept BTC and it will increase their fee revenue for those who want to put it back into BTC, so I understand the decision.

But it not sound bad at all.

It's a win-win situation from both Paypal and Bitcoin holders, Paypal can earn more profit from additional fees converted BTC to fiat and Bitcoin price will be bullish since it going to be accepted in mass adoption. But this mean, Bitcoin still can't be a legal tender.

Would be cool if there was an option to keep it in BTC though and save on the extra fees with the added conversion step.

I think it's possible, as long as Bitcoin is legal and fully supported in that's countries. So, it doesn't need a middleman/profit company... just through Peer to Peer.

[philipma1957]

I have some. I only buy from them. I am using them for small scale buy the dip and hodl.

I plan to use them for that.

[pooya87]

This is the reason of bitcoin pump right now, if anyone still curious.

If you think 3% rise is a "pump" then you are in for a heart attack when the price goes up 15% in the same time frame

In any case for the past couple of weeks we have had positive news nonstop and the adoption is clearly growing while the volume is also huge on exchanges that shows people are buying a ton of bitcoin. The real question is that why is price not going up and is still stuck below $60k?

[Sithara007]

Paypal had announced last year that they will provide full functionality to Bitcoin users by mid-2021. Now they have enabled payments with Bitcoin, but the option to withdraw your coins to non-PayPal wallets is not yet available. I guess they will add that as well, in the next few months. It would be great to have an option for direct payment with BTC as well, but I guess most of the merchants would not favor it.

[poodle63]

I wonder why the impact could be so big that it pumps the whole bitcoin market (although not so big) where such thing already exist like coinpayments etc. I know it's paypal we're talking about and so many people are using it in daily basis but never expect this news alone could have significant impact. Though it also helps me paying goods online but right now almost any online merchant accepts crypto payments already but still a good news nonetheless.

[Kong Hey Pakboy]

Paypal had announced last year that they will provide full functionality to Bitcoin users by mid-2021. Now they have enabled payments with Bitcoin, but the option to withdraw your coins to non-PayPal wallets is not yet available. I guess they will add that as well, in the next few months. It would be great to have an option for direct payment with BTC as well, but I guess most of the merchants would not favor it.

That is the only way for Paypal, to move forward. I mean if a business doesn't hop early on a trend or do not integrate with the trend, their competitors will do so and they will get left behind. If they were to add that non-Paypal wallets option, I am pretty sure that they are going to explode into popularity among the crypto community.

[slapper]

Such an interesting issue. I wonder whether they charge a large transaction fee for their internal trade or not. But this improvement does make a big change on a large scale no matter what they are doing inside their website. We really want more from Paypal. A 29mil merchant is a big number. Combined with a vast number of users, Paypal has created a big market for bitcoin utilization.

I remember that there were many people who criticize PayPal because of being centralized upon bitcoin and other 3 cryptos but now, we all admit that what they are doing right now does bring cryptocurrency out of the shadow. Big enterprises are looking forward to integrating bitcoin into their system so as they can give their customers the best services and also take advantages of the blockchain technology simultaneously