PayPal Integrating Bitcoin soon.

[cryptnutter]

Well, if Paypal touches Bitcoin I have no doubt what they will end up producing is a steaming pile of crap.

[eternalgloom]

I actually think this is a good thing, Bitcoin going mainstream.
No doubt that the price will go up when they launch it.

Also, Virwox will not be needed anymore. Yay!

[keithers]

I have actually been receiving way more paypal marketing emails than usual. Ones for their credit cards, debit cards, "pay later", etc...

Hopefully in the near future they will be blasting out emails about BTC

[SOAD]

"soon"? Not soon enough. I think Paypal is going to have to start accepting or dealing with btc at some point, so they're wise to be looking into it now.

[zimmah]

It's a bit pointless to have news articles without dates in my opinion

I feel like this is an old discussion.

Anyway paypal and bitcoin are essentially competing technologies/services. Bitcoin is currently smaller in size than PayPal but bitcoin has much more potential.

Bitcoin will leave paypal obsolete and we should not really care about them accepting or fighting it, because whatever PayPal will do, bitcoin will eventually render them obsolete so we don't need PayPal in the end.

[Celroc Amaul]

Not to say that this isn't good news, but I'm a little curious as to how beneficial this really will be to Bitcoin.  Would running a Bitcoin transaction through Paypal defeat some of the advantages of the Bitcoin protocol in exchange for the convenience gained?

Celroc

[Brooker]

It's a bit pointless to have news articles without dates in my opinion

I feel like this is an old discussion.

Anyway paypal and bitcoin are essentially competing technologies/services. Bitcoin is currently smaller in size than PayPal but bitcoin has much more potential.

Bitcoin will leave paypal obsolete and we should not really care about them accepting or fighting it, because whatever PayPal will do, bitcoin will eventually render them obsolete so we don't need PayPal in the end.

How will it leave it obsolete? If bitcoin goes mainstream were still going to need payment processors. Maybe PP can just compete with bitpay etc.

[bryant.coleman]

Well, if Paypal touches Bitcoin I have no doubt what they will end up producing is a steaming pile of crap.

Agreed. But at the same time, it will make trading Bitcoins easier and more accessible for a large part of the population. See, most of the vendors in Localbitcoins charge a 5% premium. What is wrong with Paypal, if they charge a 3% commission and make Bitcoins easier to exchange? 

[virtualfaqs]

Well, if Paypal touches Bitcoin I have no doubt what they will end up producing is a steaming pile of crap.

Agreed. But at the same time, it will make trading Bitcoins easier and more accessible for a large part of the population. See, most of the vendors in Localbitcoins charge a 5% premium. What is wrong with Paypal, if they charge a 3% commission and make Bitcoins easier to exchange? 

If PayPal doesn't have seller protection, it's going to be much higher then 3%. It's up to 30% right now I believe.

[bryant.coleman]

If PayPal doesn't have seller protection, it's going to be much higher then 3%. It's up to 30% right now I believe.

But still, I see a lot of people buying Bitcoins through Localbitcoins.com (using Paypal). They are paying crazy amount of premiums, sometimes up to 50%. And I am not sure about the 30% figure which you have quoted.....

[zimmah]

It's a bit pointless to have news articles without dates in my opinion

I feel like this is an old discussion.

Anyway paypal and bitcoin are essentially competing technologies/services. Bitcoin is currently smaller in size than PayPal but bitcoin has much more potential.

Bitcoin will leave paypal obsolete and we should not really care about them accepting or fighting it, because whatever PayPal will do, bitcoin will eventually render them obsolete so we don't need PayPal in the end.

How will it leave it obsolete? If bitcoin goes mainstream were still going to need payment processors. Maybe PP can just compete with bitpay etc.

bitcoin is a payment processor and a currency in one. When bitcoin goes mainstream we will not need payment processors and/or banks.

Al you really need is an app or something to submit the transaction to the blockchain, and the bitcoin network itself will process the transaction.

Bitcoin is designed not to need 3rd parties. 3rd parties like bitpay make it easier to access, but they are not necessary per se.

[bitcoinforhelp]

It won't happen, there are too many issues with Paypal + Bitcoin, Bitcoin alone is much better

[ljudotina]

It won't happen, there are too many issues with Paypal + Bitcoin, Bitcoin alone is much better

Issues? There is no issue except of lacking legal background concerning Bitcoin (as far as PayPal is concerned). They can implement it in so many ways...like holding payment in BTC form or fiat form etc....alot of posible options (and they dont have to select only one option....they can let customer pick). Escov service with su moch PR and reputation would be good for BTC even with their crazy fees (which they would lower for BTC for sure as they would not have to work with credit card houses in those transactions). It will be up to users to use them or not.

[Bitcoinpro]

all they need to do is use bitpay to handle the payments and change them into US dollars

[SOAD]

Wont they be making their own version of bitpay? That's what I thought their involvement would be.

[lihuajkl]

Now all those people who say that PayPal is more convenient and less complicated than Bitcoin can stfu

who were those people?  Sending and receiving BTC is simple and easy.  There are too much rules the users must comply with when using PayPal. Otherwise pp will block your account ,charge back the payment, or ask for high fee.

[cozk]

Very amateur news site, the article is not even dated.

[Ejaculation]

An eBay to spend your bitcons on would actually be really nice! Can't wait to see things happen.

[bryant.coleman]

Wont they be making their own version of bitpay? That's what I thought their involvement would be.

No need to create a new payment processing firm, when they are already in possession of one. They could just add a Payment with Bitcoin option to Paypal. They are charging 2.8% fee for fiat, and for BTC, (I hope) it will be similar to the fee charged by Bitpay (0.99%).

[DARKANGEL6415]

Here´s a good Overview:



My assessment in terms paypal:

The end of this year when Amazon also goes into the bitcoinboat

 

this is funny as hell bitcoin does more than wester union