element6 (OP)
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September 09, 2014, 01:59:30 AM |
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mllenios
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PAMINTA 101
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September 09, 2014, 02:04:04 AM |
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I just read this one in cointelegraph. Paypal will surely get a hold of bitcoin action anytime now.
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bigasic
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September 09, 2014, 02:06:24 AM |
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If this is such great news, then why the drop in BTC price? Granted, the volume is low, so it could mean that people are waiting to decide what to do.. but you would think that there would have been a price spike, but we got the opposite...
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Gronthaing
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September 09, 2014, 02:21:52 AM |
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If this is such great news, then why the drop in BTC price? Granted, the volume is low, so it could mean that people are waiting to decide what to do.. but you would think that there would have been a price spike, but we got the opposite...
Disappointing but true. Maybe it's some big player(s) pushing the price down as much as possible while they can to increase profits later on. |
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moriartybitcoin
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September 09, 2014, 02:22:04 AM |
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bitcoin will put pp out of business...
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Bit_Happy
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A Great Time to Start Something!
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September 09, 2014, 03:16:52 AM |
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bitcoin will put pp out of business...
...or Paypal will introduce many mainstream businesses to Bitcoin.  |
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element6 (OP)
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September 09, 2014, 03:32:55 AM |
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If this is such great news, then why the drop in BTC price? Granted, the volume is low, so it could mean that people are waiting to decide what to do.. but you would think that there would have been a price spike, but we got the opposite...
It may depend on how they implement the system. If it automatically converts to fiat, then it's not a good news in the short term. For bitcoin to work, everyone needs to accept bitcoin, e.g. You can pay your suppliers with bitcoin, people take bitcoin as a part of their salary. Paypal could very well make or break bitcoin, depending on the public adoption. |
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VidioShare
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September 09, 2014, 03:50:28 AM |
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bitcoin will put pp out of business...
...or Paypal will introduce many mainstream businesses to Bitcoin. Let's hope so |
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counter
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September 09, 2014, 04:05:02 AM |
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If this is such great news, then why the drop in BTC price? Granted, the volume is low, so it could mean that people are waiting to decide what to do.. but you would think that there would have been a price spike, but we got the opposite...
It may depend on how they implement the system. If it automatically converts to fiat, then it's not a good news in the short term. For bitcoin to work, everyone needs to accept bitcoin, e.g. You can pay your suppliers with bitcoin, people take bitcoin as a part of their salary. Paypal could very well make or break bitcoin, depending on the public adoption. I don't think it's going to be Paypal making or Breaking Bitcoin but the other way around. Paypal is the one that needs Bitcoin, if it's not Paypal it will be someone else taking advantage of the opportunity that clear as day. People don't see Bitcoin for the innovative technology that it is and that is simply underestimating the potential for growth it has in many different ways. |
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H.W.Z
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September 09, 2014, 06:15:20 AM |
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Braintree is a subsidiary of PayPal. It doesn't mean PayPal completely embrace BTC. There are many factors to be considered, such as state regulation, security etc.
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lyth0s
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World Class Cryptonaire
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September 09, 2014, 06:21:51 AM |
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Braintree is a subsidiary of PayPal. It doesn't mean PayPal completely embrace BTC. There are many factors to be considered, such as state regulation, security etc.
Well this is true for any money transmitter, and considering the size of the paypal network I have a good feeling that they will know how to comply with all applicable laws (and if they don't already, they can sure afford the lawyers to figure it all out). Hopefully paypal will allow people to accept bitcoin and add bitcoin as an alternative currency in their account (much like international seller accounts) with an option to turn that bitcoin into whatever currency they like for a fee. That way in the beginning people can accept bitcoin and turn it into fiat if they wish. Then little by little as they deal more and more in bitcoin they will just keep the bitcoin balances in their account so that they can bypass the fiat exchange fee. |
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OrientA
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September 09, 2014, 07:30:58 AM |
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If this is such great news, then why the drop in BTC price? Granted, the volume is low, so it could mean that people are waiting to decide what to do.. but you would think that there would have been a price spike, but we got the opposite...
It may depend on how they implement the system. If it automatically converts to fiat, then it's not a good news in the short term. For bitcoin to work, everyone needs to accept bitcoin, e.g. You can pay your suppliers with bitcoin, people take bitcoin as a part of their salary. Paypal could very well make or break bitcoin, depending on the public adoption. It takes time for bitcoin to be accepted universally. When more people use bitcoin, they will keep some and not use all, so the user base will increase, hence the value will also increase. Just be patient. |
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Fabrizio89
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September 09, 2014, 07:42:06 AM |
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bitcoin will put pp out of business...
...or Paypal will introduce many mainstream businesses to Bitcoin. Indeed. They just need to shift to a different way of making business, which may not be easy, but is still better than being replaced. Every corporation needs to grow bigger, acquire new things anyway to remain competitive. |
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gidea
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September 09, 2014, 08:16:38 AM |
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bitcoin will put pp out of business...
...or Paypal will introduce many mainstream businesses to Bitcoin. Indeed. They just need to shift to a different way of making business, which may not be easy, but is still better than being replaced. Every corporation needs to grow bigger, acquire new things anyway to remain competitive. Actually one sentence from Coinbase CEO says it all: “We had a lot of developers tell us they’d love to add Bitcoin,” said Coinbase CEO Brian Armstrong. “But Braintree would handle all of their payments and they didn’t want to add another SDK. They would say that if Braintree added it, they would add it.” Hopefully others (braintree clients) will use it as well. Braintree works with: * Uber * AirBnB * Github * HotelTonight * TaskRabbit * Animoto * Scripted |
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john641
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September 13, 2014, 08:49:28 PM |
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Yes, everyone wants to accept bitcoin, but that's not news. The real question is why me as a user would want to pay with bitcoin? When I pay with credit card, I get 2% cash back. When I pay with bitcoin I have to pay Coinbase 1% fee and I get zero cash back. In addition, I need to make sure the price of bitcoin hasn't moved between the time I bought them on Coinbase till I make the purchase. It's just a complete no-brainer that I should use my credit card whenever I can, instead of bitcoin.
A
nd just to clarify, the businesses are not really accepting bitcoins, they are only accepting them temporarily so they can immediately convert 100% into dollars.
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oceans
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September 13, 2014, 11:52:05 PM |
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Once PayPal finally do bring this accepting of bitcoin in I believe it's going to be a good thing in the end once they iron out any problems. It's going to be one way I feel to help bring more businesses on board and hopefully encourage them to want to accept.
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Pacowomo
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September 14, 2014, 03:09:03 AM |
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What is this? like testing the waters before paypal adoption?
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Fabrizio89
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September 14, 2014, 03:34:04 AM |
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What is this? like testing the waters before paypal adoption?
They indeed said this was just their first step into cryptocurrencies, so they have further plans they still have to announce. |
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wasserman99
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September 14, 2014, 06:51:19 AM |
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Braintree is a subsidiary of PayPal. It doesn't mean PayPal completely embrace BTC. There are many factors to be considered, such as state regulation, security etc.
Well this is true for any money transmitter, and considering the size of the paypal network I have a good feeling that they will know how to comply with all applicable laws (and if they don't already, they can sure afford the lawyers to figure it all out). Hopefully paypal will allow people to accept bitcoin and add bitcoin as an alternative currency in their account (much like international seller accounts) with an option to turn that bitcoin into whatever currency they like for a fee. That way in the beginning people can accept bitcoin and turn it into fiat if they wish. Then little by little as they deal more and more in bitcoin they will just keep the bitcoin balances in their account so that they can bypass the fiat exchange fee. I would doubt this. If they were to allow this then the buyer protections would likely be lost. Paypal would have little to no way of reversing a transaction that is later determined to be fraudulent. I would envision that paypal would allow people to convert their bitcoin to fiat in their paypal account and the fiat could be used/spent as normal. |
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darthcoin
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September 14, 2014, 11:26:16 AM |
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Bitcoin remains the best and most liquid savings vehicle over the last five years of its existence. Assuming savings = holding currency for over 1 year.
On 98% of the days that you could have purchased Bitcoin you would have realized an increase in purchasing power in a year's time. In those 2% of cases where you could have purchased Bitcoin and seen a loss over one year, you would have still seen an increase in purchasing power in another 300 days. (This is mostly dealing with the June 2011 bubble)
There has never been a time where you could hold Bitcoin for 2 years and lose purchasing power. On the contrary, holding Bitcoin brings on average a 5x per year return in purchasing power.
Past performance, future gains, blah blah. Judgement is about taking into consideration the facts we have now and comparing them against past performance. There are very good reasons why Bitcoin is valued around $6billion now and very good reasons to think it will be valued higher in the future.
You should be placing your life savings in Bitcoin, and only purchasing the USD that you require and holding it for as short of a period as possible. This would have been the best strategy for 98% of 1 year periods over the last five years, and 100% of 2 year periods over the last 5 years.
Debit cards that draw on Bitcoin balances and allow you to use the VISA and Mastercard networks should be the most interesting products -- because they allow you to expose yourself to the dollar's periodic collapse against Bitcoin for the shortest period of time.
I'm sure I'll be downvoted and that people will tell you that Bitcoin is super risky and that you should only invest what you can afford to lose -- but shouldn't that be the case for the dollar and not Bitcoin?
The dollar loses 90% of its purchasing power against Bitcoin on semi-regular schedules, and people keep purchasing more after each collapse. This routine should get old after a while, but that's what happens when you don't use Bitcoin as your unit of account!
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