[2014-06-20] PayPals Bitcoin Integration Coming ‘Very Soon’(ish) ;o)

[LiteCoinGuy]

eBay CEO John Donahoe PayPal Bitcoin Integration Coming ‘Very Soon’ Says eBay CEO John Donahoe

http://www.easybranches.eu/european-news/1655235.html


to get into mainstream, HUGE  


(edit: seems to be news from the 5.6.14)
http://www.ibtimes.co.uk/paypal-bitcoin-integration-coming-very-soon-says-ebay-ceo-john-donahoe-1451477

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[jbrnt]

I wish I can whole heartedly say I am excited about this yet again. I was excited about it the first time. Now I am tired of him dropping hints and repeatedly say "very soon" every time, and there is not much specifics. I fear that after all this hype, we are going to be disappointed when it rolls out.

[CoinMode]

I wish I can whole heartedly say I am excited about this yet again. I was excited about it the first time. Now I am tired of him dropping hints and repeatedly say "very soon" every time, and there is not much specifics. I fear that after all this hype, we are going to be disappointed when it rolls out.

+1

The only way they could impress me at all now is if they hold onto 100% of the coins they keep without any conversion, which everybody who is a true badass has absolutely no problem doing.

[Bit_Happy]

eBay CEO John Donahoe PayPal Bitcoin Integration Coming ‘Very Soon’ Says eBay CEO John Donahoe

http://www.easybranches.eu/european-news/1655235.html


to get into mainstream, HUGE 

Not familiar with the news source, but this is one of the biggest BTC stories ever. The summer of 2014 is looking to be truly unforgettable.

[Junko]

Its great that this puts bitcoin more in the mainstream, but... my questions are:

Will there still be a vig to pay when using bitcoin with paypal?

Won't paypal still have the ability to freeze anyone's account arbitrarily as they are notoriously known to do? I know I would be livid if they did that to me if I had bitcoins in my account.

I'll never use paypal, but yeah, this is good. {no sarcasm}

[gweedo]

This article is just rehashing what he said on CNBC, so no new information is being said here.

[SgtSpike]

This article is NOT from 2014-06-20, it is from 2014-06-06.  Old news (change your title).

Also, "very soon" is a complete misnomer.  Donahue has never given a timeline for integration beyond "the future".

[ThomasCrowne]

I myself would be surprised if there wasn't some degree of integration implemented by Paypal by the end of 2015.  Middle of 2016 at the latest.

my 2 cents

[RodeoX]

Its great that this puts bitcoin more in the mainstream, but... my questions are:

Will there still be a vig to pay when using bitcoin with paypal?

Won't paypal still have the ability to freeze anyone's account arbitrarily as they are notoriously known to do? I know I would be livid if they did that to me if I had bitcoins in my account.

I'll never use paypal, but yeah, this is good. {no sarcasm}

Good questions. For example what if they let you hold a balance in bitcoin but you must use their wallet and not withdraw? Then they could freeze your funds.
No thanks.

[LiteCoinGuy]

source was:

http://www.ibtimes.co.uk/paypal-bitcoin-integration-coming-very-soon-says-ebay-ceo-john-donahoe-1451477


yeah of course i think that they could freeze your funds, they like that. but the "average joe" will use that for his BTC anyway

[Brooker]

I believe it when I see it. At the moment I don't, though it would be huge for bitcoin.

[heartbit]

True story that shows how I imagine PayPal would adopt bitcoin.

Yesterday I sold something and as an experiment I offered the seller a choice of $400 by PayPal (sent as a gift, so no fees and no charge backs) or $360 worth of bitcoin (based on a $600 USD exchange rate).

In other words, a 10% discount to pay in bitcoin. (It saves me the hassle of pulling the funds to my account and currency-converting to AUD and then paying the exchange fee to get them into bitcoin, so it was still a good deal for me).

The buyer is tech-savvy and lives in San Francisco - so I would have thought easy to get their hands on bitcoin.

They still paid with PayPal. Cause it's easy - they already HAVE a PayPal account.

Imagine if PayPal added bitcoin as an extra "currency" - their 2.5 percent "merchant fees" are not wildly different from the fees to convert USD to bitcoin (I currently pay 1-2% with coinjar in Australia).

They could do this reasonably easily, even use a third party to actually convert funds to bitcoin and make extra profit on their internal currency conversion rate spread.

For charge back protection, they could do a rolling hold so that a percentage of funds received in bitcoin are not available to the merchant for withdrawal or conversion for a minimum 60 days. Forced bitcoin savings - with luck, they'd be worth more by the time I could withdraw them!

Imagine if this happened.

PayPal would be like coinbase, only with consumer-protection "features" built in. As a merchant, would you pay a premium rate to access a larger market of consumers? Well, that's why merchants pay visa / Amex etc. extra percentage so we know the answer is yes.

The big deal for bitcoin would be opening it up to millions of consumers and hundreds of thousands of businesses that have currently not even heard of bitcoin, through a payment gateway that they are already familiar with, and that already works with their shopping cart.

Plus PayPal could offer subscription bitcoin payments by simply converting user currency to bitcoin automatically as needed.

Lots of potential here - could be MASSIVE!

My $0.02 satoshi worth

[Kprawn]

Whatever they decide, would increase sales on their site. {Millions of fiat $ in hoard BTCcoins to be spend, if they implement it, without loading BTC with unnecessary transaction cost.}

If people are burdened with currency conversion, to convert BTC to fiat, they might just go with the traditional methods of payment. If they kept it in BTC as a investment, they would adopt it sooner.

If BTC can be used more, say at Walmart and paying for every day things, like electric bills, they would not need to convert the currency, and it would drastically increase the use of the currency in the mainstream environment.

[bryant.coleman]

John Donahoe has been talking positive about Bitcoins for a few weeks or months now. I am not sure about his real motives... but as a businessman, I don't really like him that much.