Paypal to allow cryptocurrency withdrawals

[GreatArkansas]

As we all know, Paypal is one of the biggest and famous electronic systems for sending or receiving money online.

Paypal is planning to allow their customer to withdraw cryptocurrencies to any other third party cryptocurrency wallets, in short, if buy cryptocurrency in Paypal, you can withdraw them to other wallets using addresses.

This is very huge news for everyone, this is very huge for the cryptocurrency community.
It seems Paypal are joining in the club, "If you can't beat them, join them".

Read more here: PayPal to allow users to withdraw cryptocurrency to third party wallets

[NeuroticFish]

This is very huge news for everyone, this is very huge for the cryptocurrency community.
It seems Paypal are joining in the club, "If you can't beat them, join them".

PayPal already entered last year into this club, even if they were/are selling IOUs for now.
The news is indeed huge, since they'll start selling actual Bitcoin. I'm surprised though that the market didn't react to this news...

[GreatArkansas]

(.....)
The news is indeed huge, since they'll start selling actual Bitcoin. I'm surprised though that the market didn't react to this news...

"We want to make it as open as possible, and we want to give choice to our consumers, something that will let them pay in any way they want to pay,” da Ponte said. “They want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice."- PayPal Will Let Customers Withdraw Crypto, Exec Says

Yeah, that is also what I observed, how the market reacts.
Seems it still not available in a short period of time. They are still planning for sure about this. But once Paypal will announce this official, there could be a reaction to the market. Very huge.

[OcTradism]

Not only PayPal, after FUD in many aspects, now PayPal and Apple gave us good news.

Apple Is Looking for Crypto Experience in ‘Alternative Payments’ Job Post. The market need time to digest previous FUD and forget about FUD.

Good news in this time can not help Bitcoin rises too much but good news are good news. Personally, those news don't make me surprised because it is what have to happen. This month, this year or years later, it has to happen.

[condoras]

(.....)
The news is indeed huge, since they'll start selling actual Bitcoin. I'm surprised though that the market didn't react to this news...

"We want to make it as open as possible, and we want to give choice to our consumers, something that will let them pay in any way they want to pay,” da Ponte said. “They want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice."- PayPal Will Let Customers Withdraw Crypto, Exec Says

Yeah, that is also what I observed, how the market reacts.
Seems it still not available in a short period of time. They are still planning for sure about this. But once Paypal will announce this official, there could be a reaction to the market. Very huge.

Did Mr. da Ponte said anything about buying crypto through PayPal or what kind of fees PayPal will charge its customers for moving crypto? And what about different countries with different fiat currencies? If I from the EU can send crypto to the US, then why to even have the option to send $ and get charged for the conversion?
IMO too many questions are still unanswered and nothing is clear...

[TheUltraElite]

IMO too many questions are still unanswered and nothing is clear

Questions - yes. But mainstream adoption - defenitely.

The market is probably reacting, just that we are not being able to see that. The drop that happened may have been balanced by this news related uptrend.

This is big after the previous partnership of Paypal. Gradually we might see governments becoming more lenient towards crypto transactions on a larger scale and probably a regulation system to track down money launderers. This is a good thing for the future of crypto, even if some people keep saying that they want to stay in the status quo of a "niche outlaw currency" < No, that is wrong because the adoption reduces then.

Even if Musk decided to manipulate prices and sell away, we might see more companies come into the crypto space like this and help in the global acceptance of crypto.

[condoras]

Even if Musk decided to manipulate prices and sell away, we might see more companies come into the crypto space like this and help in the global acceptance of crypto.

I don't know why and for what reasons Musk does what he does and what he aims to succeed but it seems that whales earn more with this dip. I'm sure that some of them are companies, hedge funds, etc. As for seeing companies accepting crypto in general, this is already happening not on a major scale but it's happening. However, I totally agree that PayPal's addition to them will be a boost for crypto because PP is money related service, they don't sell cars or sweaters...

[Lucius]

The news is indeed huge, since they'll start selling actual Bitcoin. I'm surprised though that the market didn't react to this news...

Probably because PayPal news has already been sold to such an extent that it is no longer interesting to the mainstream media. Also, the possibility that the purchased BTC can be withdrawn to your own crypto wallet does not mean much to most of those who buy crypto in this way - and for most it may be better not to do so, if we take into account all the risks that await them if they decide to be their own bank.

For the average user who doesn’t know the difference between a public address and a private key and the dangers lurking from a fake crypto wallets, custodial solutions are sometimes a safer option.

[sheenshane]

It's good news and it will possible that has a huge impact on the market, probably we didn't notice now yet but time will come it will contribute a lot.

At this point, they are using a real Bitcoin when there's a user who wants to transfer their crypto to another third-party wallet or even in our hardware wallet.  And probably the same here in our local wallet, they might have a hot wallet for the external transaction on its user.  So, your Bitcoin address will not actually have seen in the blockchain, instead of from other wallets, and since they are custodial service/exchange possible there's a huge fee compared to the required fee by the network.

Now, buying and selling cryptocurrency on Paypal have a make sense since you can transfer it to other wallets, this might what they have to figure out.

[The Sceptical Chymist]

IMO too many questions are still unanswered and nothing is clear...

OP linked to a blurb that links to a Coindesk article that has nothing in it unless you watch the 6 minute video--I feel like I was just given a Chinese nesting doll.

I don't know if this was under-reported or if the PayPal executive didn't give enough details at that conference, but I wouldn't be too concerned about all of those questions you have, condoras.  Assuming PayPal goes through with this, all will be revealed shortly.  Hopefully the fees for buying/selling bitcoin won't be much higher than Coinbase, just as an example.  If they are, PayPal is being stupid.  So we'll see.

Other than that, I think this is fantastic news!  The only thing that's going to prevent me from buying bitcoin from them is that they're a heavily-regulated US corporation (like Coinbase), and no doubt they'll be tracking where all the bitcoin comes from and goes to, and I'm not a fan of that.  But doubtless there will be many others who don't care about that and will jump into the crypto market, even if it's to speculate in, simply because it'll be so easy to buy bitcoin.  Lots of folks have PayPal accounts all around the world.

What do you think this will do to the Currency Exchange section and all the PayPal deals that are done there?

[NeuroticFish]

Hopefully the fees for buying/selling bitcoin won't be much higher than Coinbase, just as an example.  If they are, PayPal is being stupid.  So we'll see.

I expect them be high. That's how PP works after all.
But imho it should not be a problem, PP works with different audience than Coinbase. If one will get to withdraw to his own wallet, he may get to have a better perspective on Bitcoin ecosystem and next time he may not be afraid to use Coinbase or maybe even P2P at some point...

As you said: the gain as awareness will be huge. With the rest... I guess that we need patience.

[magneto]

They've finally hopped onto the train.

I always felt like that Paypal was only integrating cryptos for the sake of attracting speculators, as opposed to actually adopting the underlying technology.

Whilst I still think that is the case, at least they are integrating the actual bitcoin network onto their system as opposed to just hosting non-leveraged derivatives products and tricking people into thinking that they actually own physical coins.

I wouldn't be surprised if they soon start to allow off-chain transfers on coinbase, although you'd be a madman to store anything long term on there.

[condoras]

IMO too many questions are still unanswered and nothing is clear...

OP linked to a blurb that links to a Coindesk article that has nothing in it unless you watch the 6 minute video--I feel like I was just given a Chinese nesting doll.

I don't know if this was under-reported or if the PayPal executive didn't give enough details at that conference, but I wouldn't be too concerned about all of those questions you have, condoras.  Assuming PayPal goes through with this, all will be revealed shortly.  Hopefully the fees for buying/selling bitcoin won't be much higher than Coinbase, just as an example.  If they are, PayPal is being stupid.  So we'll see.

I'm sure that eventually, we will see what PayPal offers regarding fees, etc concerns.  Just saying that if people knew more details perhaps we have another bull run...

Other than that, I think this is fantastic news!  The only thing that's going to prevent me from buying bitcoin from them is that they're a heavily-regulated US corporation (like Coinbase), and no doubt they'll be tracking where all the bitcoin comes from and goes to, and I'm not a fan of that.  But doubtless there will be many others who don't care about that and will jump into the crypto market, even if it's to speculate in, simply because it'll be so easy to buy bitcoin.  Lots of folks have PayPal accounts all around the world.

And that's exactly the reason that I said about fees, different fiat currencies of different trade parties blah, blah. Mainstream people will just buy without thinking that maybe it will be better (and cheaper?) to join the ride in another more specialist platform. By all means, is huge news especially for online (and rl) stores but if PayPal wants to see more of them to prefer getting paid with crypto, the fees (for start) must be low. Anyway, as you said they will let us know about it.

What do you think this will do to the Currency Exchange section and all the PayPal deals that are done there?

Hmm, that's a very good question my friend and TBH I don't know. 🤔 I guess there will be some measurements and restrictions from PayPal like trading volume or certain activity but it's early to say. Like my questions...