Bitcoin May Be Coming To PayPal Soon, But Critics Say It's Not Worth The Trouble

[CryptoCurrencyInc.com]

Bitcoin May Be Coming To PayPal Soon, But Critics Say It's Not Worth The Trouble
http://www.ibtimes.com/bitcoin-may-be-coming-paypal-soon-critics-say-its-not-worth-trouble-1585068

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[niothor]

But critics warn against the use of bitcoin in such transactions. Mark Williams, a finance and economics professor and financial expert at Boston University, believes the cryptocurrency offers nothing better than PayPal’s current, and nearly ubiquitous, payment processing system, called ACH (Automated Clearing House). Started in the 1970s, ACH is a network for financial transactions that processes the majority of credit and debit transactions.

Oh really , mr financial expert  ?

[TheTruth4]

This would open up so many new markets for Paypal.

Like Argentina for example where they had to stop operating. It would mean anyone in the world could buy from eBay, or from online retailers offering paypal.

[niothor]

This would open up so many new markets for Paypal.

Like Argentina for example where they had to stop operating. It would mean anyone in the world could buy from eBay, or from online retailers offering paypal.

Why did paypal stop operating in Argentina? Currency control issues?

[TheTruth4]

It appears Paypal is trying to muscle into bit-pay's space. Jeff Jordan, a partner at Andreessen Horowitz who are one of the VCs behind bit-pay, was the president of Paypal from 2004-06. Jeff knows Paypal's market so this is a big red flag for Paypal.

[TheTruth4]

Paypal's response was to signal they also want to embrace Bitcoin - maybe to appease potential stockholder concerns of Paypal's future.

[Light]

I just don't see why PayPal would bother - all it does is promote an alternative payment system from their own and hence screw them over even more. If they charged fees by acting as an 'online wallet' then people would simply use their own clients (ie Qt/Electrum/Multibit) and avoid those additional fees. From PP's perspective all it is doing is possibly creating some drama and hype - but it doesn't really enhance it in any way. Not to mention non-chargeback transactions are completely the opposite of PP's mantra.

[niothor]

I just don't see why PayPal would bother - all it does is promote an alternative payment system from their own and hence screw them over even more. If they charged fees by acting as an 'online wallet' then people would simply use their own clients (ie Qt/Electrum/Multibit) and avoid those additional fees. From PP's perspective all it is doing is possibly creating some drama and hype - but it doesn't really enhance it in any way. Not to mention non-chargeback transactions are completely the opposite of PP's mantra.

A competitor to bitpay before this gets too big to handle?

[Bitcoinpro]

Paypal created a trustworthy Insurance team, with Fast settlements depending on the response speed from Sellers, Bitpay offers expertise in Cryptocurrency transactions and most likely offers specialized wallet services, they seem like different markets to me.