UK customers can now buy Bitcoin through Paypal

[Wiwo]

Just thought I should bring this great news to your notice, UK customers with verified PayPal account can now buy bitcoin and other cryptocurrencies through the PayPal account, this news was shared on coin telegraph an hour ago.
https://cointelegraph.com/news/paypal-completes-crypto-trading-rollout-for-uk-customers?fbclid=IwAR163jeudWgPbcoghchajHeICe10oLNJpfEyCJCHqSdP6XOcN50sd_B8-7Q

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[dothebeats]

It’s a great development, though Paypal in the UK still doesn’t allow its users to withdraw crypto out to their own personal crypto wallets. While this may allow more and more people to get a taste of crypto trading, letting them withdraw is another experience that people should have. I know that it’s already in the works, and that might mean yet another push for cryptocurrencies since Paypal needs to acquire crypto in order to fund user accounts for crypto withdrawals to be possible.

[jakdanyel]

Once, PayPal was one of the companies that were against cryptocurrencies and weren't leaning towards them. However, this has changed after some time period. They started being one of the biggest supporters suddenly. They started working on integrating cryptocurrencies in their system also and here it is! Now, we are seeing PayPal increasing their branches which are supporting cryptocurrencies also. They have millions of users (around 392 million to be precise) so they can benefit from this a lot I think.

[BIN-BIN]

PayPal crypto cooperation has been in the news for a long time now and in the US its operations have been active for a while now just that you can only buy crypto and sell on Pay Pal but customers can not send cryptocurrency to other wallets from PayPal this is the only setback in the PayPal cooperation I hope to see more development and expansion to other regions shortly

[electronicash]

they are finally allowing other countries from EU, someday probably in months they will also allow Asian countries. the privileges they give to those who are dear to them.
the disadvantage is still there because like it's said below, they are still now allowing withdrawals. but keeping the fake coin in your paypal BTC address still can give you nice profitwhen the price reaches $100K.

It’s a great development, though Paypal in the UK still doesn’t allow its users to withdraw crypto out to their own personal crypto wallets. While this may allow more and more people to get a taste of crypto trading, letting them withdraw is another experience that people should have. I know that it’s already in the works, and that might mean yet another push for cryptocurrencies since Paypal needs to acquire crypto in order to fund user accounts for crypto withdrawals to be possible.

[DdmrDdmr]

<…>

European, but not EU (can’t count UK there after the Brexit) …

It seems that current operations deployes in UK are buy/hold/sell on their custodial wallet, but not pay through crypto (checkout with crypto) as yet; a bit like the deployment performed in the USA. I figure they’ll activate it later along the line (even though it’s really a virtual conversion from crypto balance to the merchant’s fiat account).

I gather Paypal is probably looking into many more countries to deploy the same scheme, and likely only local legislation is making them pace their roll-outs after careful study, taking it on a case by case basis. UK lately seemed to have some beef with crypto, so striking a mark on deploying their custodial solution there seems like a good thing (for them at least).

[SFR10]

letting them withdraw is another experience that people should have.

Exactly and based on the following "FAQ for US" users, looks like they still don't have that feature, so it's going to take a long time before we could see such a feature for the UK users.

Paypal needs to acquire crypto in order to fund user accounts for crypto withdrawals to be possible.

I wonder what's stopping them from partnering with a provider to speed it up?

someday probably in months they will also allow Asian countries.

I highly doubt they would expand to the Asian market anytime soon... Based on the following quote, I strongly believe Germany would be next while none of the Asian countries are in the top 7 in terms of "active daily users":

• (Source: Statista)
  
  Breaking down the number of PayPal users by country, the UK and Germany are at the top of the European list, each with more than 300,000 daily active users.
  
  They are followed by France (96,124), Italy (71,811), Russia (69,306), and Spain (55,000).

[Jawhead999]

Aside from the good news of Paypal accept Bitcoin, but if you want to use PayPal to buy Bitcoin you need to read the whole fees they charge on various territories [1] they also charge fees on inactive Paypal account and send to incorrect Bank account/delivery information. For me it's just similar like tax, it's really complex and too much terms... IMO centralized exchanges (e.g. Coinbase, Kucoin) are better than this.

[1] https://www.paypal.com/uk/webapps/mpp/paypal-fees?locale.x=en_GB

[verita1]

PayPal is doing well by including (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) to its users that will only be available to verified customers.
The way I understand it, when we can only buy, hold, and sell cryptocurrencies, we are endorsing the product.
For PayPal to maximize its usefulness and increase its uses throughout the chain of associated clients.
For the crypto community it is important because by having PayPal we will be adding more utility.

[cevap]

I was hoping they would expand from US to Europe a little bit faster. You could buy cryptocurrency on US paypal almost a year ago already so i am a little disappointed that they didnt expend it to whole EU.

[Dhaniii]

Just thought I should bring this great news to your notice, UK customers with verified PayPal account can now buy bitcoin and other cryptocurrencies through the PayPal account, this news was shared on coin telegraph an hour ago.
https://cointelegraph.com/news/paypal-completes-crypto-trading-rollout-for-uk-customers?fbclid=IwAR163jeudWgPbcoghchajHeICe10oLNJpfEyCJCHqSdP6XOcN50sd_B8-7Q

I think this is a very good mechanism, everyone can easily adopt bitcoin. paypal including the world's leading fiat wallet that has been around for a long time and now paypal can easily buy bitcoin in cryptocurrency. It has been seen now that bitcoin has entered the range of the best investments in the world. many countries used to be against and against cryptocurrencies, but are now starting to adopt them because the prospects are very good for future assets.

[Fortify]

Just thought I should bring this great news to your notice, UK customers with verified PayPal account can now buy bitcoin and other cryptocurrencies through the PayPal account, this news was shared on coin telegraph an hour ago.
https://cointelegraph.com/news/paypal-completes-crypto-trading-rollout-for-uk-customers?fbclid=IwAR163jeudWgPbcoghchajHeICe10oLNJpfEyCJCHqSdP6XOcN50sd_B8-7Q

Depending on how you look at it, this can actually be bad for the future of Bitcoin. Paypal are doing this right now because cryptocurrency is a direct competitor to their fees structure. If they can take control of a substance amount of Bitcoin and allow internal trading of it, then they won't even be moving money across the network as it'll just be stored in one central pot - but you can be damn sure that they'll still stick some fees on it. By doing this they are essentially getting their customers to fund Paypal's domination of the leading cryptocurrency and they have a huge userbase. It will raise prices for this coin over the short to medium term having such a big company involved, but gut's Bitcoins independent abilities in the long run.

[Leviathan.007]

That's great but not surprising, Paypal already showed the world that they are going to be friendly with bitcoin and bitcoiners, there are even already a few more topis here on the forum about PayPal integrating with bitcoin and accepting bitcoin. However, using bitcoin through PayPal can make your bitcoins centralized because you are actually forced to do KYC, actually, this can be another way for governments to people make pass the KYC steps indirectly and have more control over the transactions, otherwise, the government would not accept such thing happening in the UK or any other country.

[dupee419]

It’s a great development, though Paypal in the UK still doesn’t allow its users to withdraw crypto out to their own personal crypto wallets. While this may allow more and more people to get a taste of crypto trading, letting them withdraw is another experience that people should have. I know that it’s already in the works, and that might mean yet another push for cryptocurrencies since Paypal needs to acquire crypto in order to fund user accounts for crypto withdrawals to be possible.

If Paypal has implemented the method of buying Bitcoin from the platform itself, I'm quite sure that the amount of demand given to them from their users is quite a lot, therefore, I really do think that they'll be acquiring crypto soon, also, with Bitcoin on their platform, such as other wallets, I'm pretty sure that they'll include other cryptocurrencies as well.

[vv181]

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We can agree that Paypal doing it for the sake of self-interest, but their possible effect on the future of Bitcoin is exaggerated, IMO.

About the internal transfer, the cryptocurrency biggest exchange, Binance, even has an internal transfer feature, yet it does not significantly cause any centralization within Bitcoin. So, I don't see the point why Paypal would cause/act differently than what that example does. As they rolled out the feature, they still only facilitate the user only to "buy, hold and sell", and still testing out how their user behaves before implementing further features.

My point of view is the feature they rolled out is great as a network effect for Bitcoin. At the very least, some users are able to see "what's happening" within cryptocurrencies spaces. I presume that would spark the interest some users to learn more about Bitcoin, in the hope they will choose the self custodian solutions in the near future.

[MrcMrc]

This cooperation between PayPal and Bitcoin has been in the know for some time, this service was first started in UK PayPal bought their customers still phases quite some problems such as high fees and being unable to send Bitcoin to other cryptocurrency wallets.

[Woodie]

This cooperation between PayPal and Bitcoin has been in the know for some time, this service was first started in UK PayPal bought their customers still phases quite some problems such as high fees and being unable to send Bitcoin to other cryptocurrency wallets.

I agree with you but the information that was really in the public domain was bring able to buy crypto using a USA PayPal account and no other but now that this information is getting into public domain this will make it super easy for anyone having this account to acquire some crypto for themselves. At this rate we moving with supporting services and regulations all in favor of bitcoin and cryptos in general we should be bullish on the price of btc.

[Boov]

Just thought I should bring this great news to your notice, UK customers with verified PayPal account can now buy bitcoin and other cryptocurrencies through the PayPal account, this news was shared on coin telegraph an hour ago.
https://cointelegraph.com/news/paypal-completes-crypto-trading-rollout-for-uk-customers?fbclid=IwAR163jeudWgPbcoghchajHeICe10oLNJpfEyCJCHqSdP6XOcN50sd_B8-7Q

Looks interesting that this news was legit enough to let the whole world knows how bitcoin captures the heart of every business establishments. On big companies like this, I am confident that buying cryptocurrency bitcoin and other profitable digital asset became so easy and accessible by different people who learned crypto.

[bitgov]

That's great but not surprising, Paypal already showed the world that they are going to be friendly with bitcoin and bitcoiners, there are even already a few more topis here on the forum about PayPal integrating with bitcoin and accepting bitcoin. However, using bitcoin through PayPal can make your bitcoins centralized because you are actually forced to do KYC, actually, this can be another way for governments to people make pass the KYC steps indirectly and have more control over the transactions, otherwise, the government would not accept such thing happening in the UK or any other country.

This is exactly what I was looking for while reading posts in this thread. The real concept of BTC was P2P cash transfer, instantly and with anonymity by eliminating the middlemen. With PayPal these objectives cant be achieved, rather its just like traditional money transfer. Where you pay banks fee (not to forget banks have full authority to cancel the transaction), do KYC, wait for days bla bla.
In my opinion, real win for BTC will be when such institutes will accept BTC in its original form aka decentralized BTC.

[Wexnident]

Nothing new, I mean Paypal already had news about it accepting payments way back then, just with other countries. Them expanding its influence isn't exactly odd, nor should it actually incite waves like the first time it did. After all, a lot of people are having negative opinions of it due to the hows of the system of paypal letting users buy BTC. It's like removing the core concept of Bitcoin, which is anonymity. If PayPal were to allow users to actually move their Bitcoin funds to an external wallet or something, that would alleviate it a bit since only the KYC issue remains, but if they don't, well, it'd probably still stand as a last option for those who want to buy BTC.