Colorado residents can pay in cryptocurrency for driver's license renewal

[DVlog]

At first, i thought it was good news for the crypto industry but when I read the article my joy faded out. Users can pay by cryptocurrencies through PayPal. What are the points of paying cryptocurrency then? I will just use Fiat to pay my bill! There is no mention of whether they will accept Bitcoin or not but they have said they will accept PayPal cryptocurrencies which could mean their own stablecoin. They have also said that a user can select any specific Crypo currencies to pay bills so there will be multiple crypto assets that will be accepted and Bitcoin can be among them.

Source: https://dmv.colorado.gov/press-release/mydmv-now-accepts-cryptocurrency-as-payment-for-dmv-services

[Nwada001]

I have seen a similar post here on the forum in relation to this where the company is willing to accept bitcoin payments from their customers, but that's in connection with PayPal, which requires the customers to pay both the fee that they will be charged and that of PayPal, which I see as something that will relatively cost more than using a normal payment system.

I don't see all this kind of crypto news as something beneficial to bitcoin, but rather as a promotional strategy by the PayPal company to expand their business to the next level, where they have to partner with big companies in agreement to some terms with respect to how both will benefit from such business.

But ordinarily with such terms, unless those who have crypto on their PayPal already and don't have anything to do with it, that will easily be the idea for those who want to try out some kind of new payment system, if not the terms, requirements, and fees are not much different from normal fiat payments either with bank transfer or cash deposit.

[nakamura12]

It would be good if it is also accepted here in my country where one of their payment method is BTC when I renew my driver's license but sadly, it isn't but maybe in the future they wil also accept it. Cryptocurrency is not banned in my country but in the province where I live, I don't think there are lots of people who knows crypto and even my cousin knows that I earn money in crypto but he still doesn't want to learn at all. The reason he is not good with English when you can learn it online.

[Aanuoluwatofunmi]

At first, i thought it was good news for the crypto industry but when I read the article my joy faded out. Users can pay by cryptocurrencies through PayPal. What are the points of paying cryptocurrency then? I will just use Fiat to pay my bill! There is no mention of whether they will accept Bitcoin or not but they have said they will accept PayPal cryptocurrencies which could mean their own stablecoin. They have also said that a user can select any specific Crypo currencies to pay bills so there will be multiple crypto assets that will be accepted and Bitcoin can be among them.

Source: https://dmv.colorado.gov/press-release/mydmv-now-accepts-cryptocurrency-as-payment-for-dmv-services

You need to get the picture being clear with their own assumption here, they are accepting cryptocurrency as a means of making payments could mean their own digital coin together with any other supported cryptocurrency their platform accept including bitcoin, they are not saying it's bitcoin only neither are they saying only other cryptocurrencies are acceptable, cryptocurrency include bitcoin and any other digital currency, it may not really be a surprising news but it's what we see as an increase on the use of bitcoin in making payments amidst their own decision.

[BitcoinPanther]

At first, i thought it was good news for the crypto industry but when I read the article my joy faded out. Users can pay by cryptocurrencies through PayPal. What are the points of paying cryptocurrency then? I will just use Fiat to pay my bill! There is no mention of whether they will accept Bitcoin or not but they have said they will accept PayPal cryptocurrencies which could mean their own stablecoin. They have also said that a user can select any specific Crypo currencies to pay bills so there will be multiple crypto assets that will be accepted and Bitcoin can be among them.

Source: https://dmv.colorado.gov/press-release/mydmv-now-accepts-cryptocurrency-as-payment-for-dmv-services

It is possible that Paypal had made a deal with the government office.  They might give some commission  to the government office in every payment made since Paypal would be charging some amount as processing fee.  Even though it is disappointing to see that the process needs to go through Paypal, it is still a good news, IMHO,  since this kind of announcement indirectly stated that the government office is acknowledging cryptocurrency as mode of payment.  This might give some boost to cryptocurrency adoption somehow.

[DVlog]

I have seen a similar post here on the forum in relation to this where the company is willing to accept bitcoin payments from their customers, but that's in connection with PayPal, which requires the customers to pay both the fee that they will be charged and that of PayPal, which I see as something that will relatively cost more than using a normal payment system.

I don't see all this kind of crypto news as something beneficial to bitcoin, but rather as a promotional strategy by the PayPal company to expand their business to the next level, where they have to partner with big companies in agreement to some terms with respect to how both will benefit from such business.

But ordinarily with such terms, unless those who have crypto on their PayPal already and don't have anything to do with it, that will easily be the idea for those who want to try out some kind of new payment system, if not the terms, requirements, and fees are not much different from normal fiat payments either with bank transfer or cash deposit.

I won't mind getting free marketing. There are people who still think Bitcoin is a scam and most of those people fiat currencies through PayPal or other services. Some of these people will definitely be interested in Bitcoin after seeing these. Paypal just wants to expand their business and they have no love for bitcoin but they recognized the demand of bitcoin among their users. Bitcoin will be recognized by more people through these big companies.

[ZAINmalik75]

At first, i thought it was good news for the crypto industry but when I read the article my joy faded out. Users can pay by cryptocurrencies through PayPal. What are the points of paying cryptocurrency then? I will just use Fiat to pay my bill! There is no mention of whether they will accept Bitcoin or not but they have said they will accept PayPal cryptocurrencies which could mean their own stablecoin. They have also said that a user can select any specific Crypo currencies to pay bills so there will be multiple crypto assets that will be accepted and Bitcoin can be among them.

This might not be a good news for those who wants to remain hidden while paying with crypto because for them it will become hard to remain anoynmous while paying with crypto via PayPal. But if we see from another angle that people holding BTC and other alts will then tend to pay with that tokens or coins and in reault more supply will be in circulation rather then just staying in holding. Which is a good good thing for crypto like BTC. Because the supply people will use to pay expenses is not meant to remain in holding. That supply will keep the balance between withdrawals and depositing ratio.

But all they want is to force people who are interested in crypto to adopt the PayPal because it is centralized and the there stable coin PyUSD is also Centralized and they have also partnered with ETH blockchain which is a hub of centralization. Governments wants people to use crypto in a way where they can be tracked and will be imposed huge taxes. Taxes are not bad but huge taxes which are just a result of manipulation is bad.

[Beparanf]

At first, i thought it was good news for the crypto industry but when I read the article my joy faded out. Users can pay by cryptocurrencies through PayPal. What are the points of paying cryptocurrency then? I will just use Fiat to pay my bill! There is no mention of whether they will accept Bitcoin or not but they have said they will accept PayPal cryptocurrencies which could mean their own stablecoin. They have also said that a user can select any specific Crypo currencies to pay bills so there will be multiple crypto assets that will be accepted and Bitcoin can be among them.

Source: https://dmv.colorado.gov/press-release/mydmv-now-accepts-cryptocurrency-as-payment-for-dmv-services

It’s normal since government want a secure way for the payment system which both party involved will be protected since Paypal offers a refund a policy which the real crypto doesn’t have. That’s still a government service which means they preferred centralized way of approach even with involvement of crypto.

It’s also a waste spending your crypto just to pay your driver license since you don’t have any benefits using crypto as payment while converting fiat to crypto charge you expensive fees.

[DVlog]

At first, i thought it was good news for the crypto industry but when I read the article my joy faded out. Users can pay by cryptocurrencies through PayPal. What are the points of paying cryptocurrency then? I will just use Fiat to pay my bill! There is no mention of whether they will accept Bitcoin or not but they have said they will accept PayPal cryptocurrencies which could mean their own stablecoin. They have also said that a user can select any specific Crypo currencies to pay bills so there will be multiple crypto assets that will be accepted and Bitcoin can be among them.

This might not be a good news for those who wants to remain hidden while paying with crypto because for them it will become hard to remain anoynmous while paying with crypto via PayPal. But if we see from another angle that people holding BTC and other alts will then tend to pay with that tokens or coins and in reault more supply will be in circulation rather then just staying in holding. Which is a good good thing for crypto like BTC. Because the supply people will use to pay expenses is not meant to remain in holding. That supply will keep the balance between withdrawals and depositing ratio.

But all they want is to force people who are interested in crypto to adopt the PayPal because it is centralized and the there stable coin PyUSD is also Centralized and they have also partnered with ETH blockchain which is a hub of centralization. Governments wants people to use crypto in a way where they can be tracked and will be imposed huge taxes. Taxes are not bad but huge taxes which are just a result of manipulation is bad.

Paypal does not provide a non-custodial service I think. So even if someone pays their bill in bitcoin through PayPal it will still remain in PayPal hot wallet unless one party wants to make a withdrawal. Using their service to pay in Bitcoin can be dangerous as well. They will control all of their customer funds so a large portion of the funds can be used to manipulate the market as well.

How do you know they want to put huge taxes? Legalization is not a bad thing if they don't have any bad instincts. Legalization will bring more people into the crypto space and they will try to use it as long as they need to live under a government. No one wants hassle in the first place.

[mendace]

Well it seems quite obvious to me that by paying through PayPal the merchant has one less bureaucracy to think about, keep in mind that I don't know how cryptocurrencies are regulated in Colorado but in Italy using such a service would probably save you time and some fines .

[The Cryptovator]

My opinion is the same as OP's. If they accept crypto through PayPal then it doesn't make sense. Because it's not a crypto adaption at all. It's like a fiat adaption because PayPal is a fiat gateway. My country even doesn't allow PayPal, if there is no direct crypto payment it's useless for me. I am just saying my scenario. For the crypto community, nothing positve here.

[famososMuertos]

Perhaps Paypal works like a Trojan horse... I find it difficult to believe that this usurious means of payment exists, I have no doubt that it was a solution at the time, I used it, but keep going emgrowing, it demonstrates the little financial culture in demanding better services.

And worst of all, a large part of the world "loves" Paypal and perhaps with good reason, it is a solution but "usurious" in many parts of the planet where it continues to expand.

I think that just seeing bitcoin named between the lines is positive, but it is certainly not the best adoption "bridge".

[Cryptomultiplier]

I think if you are just learning about PayPal getting into the crypto business, then you are late. PayPal should by now have launched their own coin or are planning to, with their new developments moving in that direction.
It's good news to be able to pay with cryptocurrencies for the drivers license, but had it been it was direct from an exchange or a wallet it would have gotten more applaud and more users or customers would cue in.

[passwordnow]

It's like an off chain transaction I guess. Yeah, it doesn't make sense to accept cryptocurrencies if they prefer it coming from another PayPal user because the transfers will be easier for them if it's like that. Well, I am not affected that much so this isn't an issue really.
But for the sake of crypto adoption, it's not that interesting at all when you know how crypto transaction goes and yet, they prefer something that just recently adopted crypto. Good but not that so good but speaking of acceptance, the term is there but with a condition that it should be done through PayPal.

[Fiatless]

I won't mind getting free marketing. There are people who still think Bitcoin is a scam and most of those people fiat currencies through PayPal or other services. Some of these people will definitely be interested in Bitcoin after seeing these. Paypal just wants to expand their business and they have no love for bitcoin but they recognized the demand of bitcoin among their users. Bitcoin will be recognized by more people through these big companies.

Institutions accepting cryptocurrency help to build public trust and spread crypto awareness in a country. But the challenge with this awareness is that it misinforms the people. People will not get the truth about buying and selling cryptos because they will be introduced to shitcoin and brainwashed to depend on middlemen. These people might not be unaware that they don't need any intermediary to buy or sell Bitcoin.

My opinion is the same as OP's. If they accept crypto through PayPal then it doesn't make sense. Because it's not a crypto adaption at all. It's like a fiat adaption because PayPal is a fiat gateway. My country even doesn't allow PayPal, if there is no direct crypto payment it's useless for me. I am just saying my scenario. For the crypto community, nothing positve here.

They don't want to accept payments directly from decentralized wallets so that they can have access to people's information. PayPal acting as a middleman will ensure that the customer has an account and has submitted the required KYC. I just see the news as a move to attract more clients for PayPal.

[Z-tight]

There is a thread on this subject already: https://bitcointalk.org/index.php?topic=5465287.msg62778768#msg62778768

[cryptoaddictchie]

Then they arent using crypto but Paypal instead. Why would you pay crypto if you could spend $ using it right? Bettet hold that crypto and check its price double instead. This is good news for adoption but not for the benefit of decentralization cause you still use third party. Anyway thats an improvement though.

[Jegileman]

At first, i thought it was good news for the crypto industry but when I read the article my joy faded out. Users can pay by cryptocurrencies through PayPal. What are the points of paying cryptocurrency then? I will just use Fiat to pay my bill! There is no mention of whether they will accept Bitcoin or not but they have said they will accept PayPal cryptocurrencies which could mean their own stablecoin. They have also said that a user can select any specific Crypo currencies to pay bills so there will be multiple crypto assets that will be accepted and Bitcoin can be among them.

Source: https://dmv.colorado.gov/press-release/mydmv-now-accepts-cryptocurrency-as-payment-for-dmv-services

I went through the link you provided and saw that PayPal is the only cryptocurrency provider for payment and no any provider can be use to make such payment. This signifies clearly that they are promoting the use of PayPal while removing their tax on citizens usage and also PayPal will also tax you for that. If they don’t provide any other cryptocurrency options when making this payment and are only limiting it to the PayPal stable coin, it can just be concluded that they are after promoting PayPal and not cryptocurrency or bitcoin in any way.

They don't want to accept payments directly from decentralized wallets so that they can have access to people's information. PayPal acting as a middleman will ensure that the customer has an account and has submitted the required KYC. I just see the news as a move to attract more clients for PayPal.

There is no promise the customer's information won't be revealed to the the government when they require it because they are doing it to increase PayPal's customer base. A bilateral agreement concerning it would have been signed by now.

[yazher]

If that's the case, you're right I just rather pay with fiat as well because it has nothing complicated compared to paying with cryptocurrencies with that method and we all know that it has to be going to have complicated ways before you can finally pay with it. If they just could accept the traditional paying with bitcoins like any other store, it would have been much better but this method is much more complicated, especially for newbies, they might just be paid with fiat as well.

[dunfida]

At first, i thought it was good news for the crypto industry but when I read the article my joy faded out. Users can pay by cryptocurrencies through PayPal. What are the points of paying cryptocurrency then? I will just use Fiat to pay my bill! There is no mention of whether they will accept Bitcoin or not but they have said they will accept PayPal cryptocurrencies which could mean their own stablecoin. They have also said that a user can select any specific Crypo currencies to pay bills so there will be multiple crypto assets that will be accepted and Bitcoin can be among them.

Source: https://dmv.colorado.gov/press-release/mydmv-now-accepts-cryptocurrency-as-payment-for-dmv-services

Reading up the topic or thread title did really give out that kind of impression on which every news or things in correlated with acceptance or adoption is always that been good but it turns out that they would really be
only accepting those centralized coins on which it isnt really that shocking thing but rather it would really be that become standard. These institutions or sectors are always that getting in line with government rules and regulations on which it would really be that normal that they would be sticking on something that traditional or centralized. Good thing that they do have some other option.
Here in my country which i do hope that certain altcoins would be adopted too as a payment option, there are several bitcoin atm's been placed on cities which it is really that great but
due to higher fees then im really that skeptical on using it.