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Author Topic: PayPal VISA and other companies with BTC. It is good?  (Read 1509 times)
nelruk
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September 17, 2014, 03:30:04 AM
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Meanwhile I was reading in some places about the growing of several companies acepting BTC, saw other posts claiming the Paypal's integration or VISA's acceptance could be take troubles in long terms for cryptocurrencies. I was wondering how?

On the other hand, posts saying the integration mentioned before is a good signal, signal of companies that realized the importance of BTC and in a short future, other currencies. How is positive anyway?

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September 17, 2014, 03:32:41 AM
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As far as I can see, PAYPAL integrating with bitcoin is a good thing for bitcoin.  It means broader exposure and more changes to use it.  What would the negative be?

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September 17, 2014, 03:34:59 AM
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A lot of big retailers have started accepting Bitcoin but at the same time not many new avenues for purchasing Bitcoin have appeared.  I think there's currently an imbalance and new easy ways to acquire Bitcoin should probably be a good thing.

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September 17, 2014, 04:25:48 AM
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It's good. It's the needed bridge to pure bitcoin. Just a straight up shift from fiat to crytpo is hard, but a few years of hybrid will be nice.

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September 17, 2014, 04:27:01 AM
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even if paypal were helping bitcoin, i would go out of my way to try and use their service. they're already a juggernaut that is only interested in the bottom line. they're not looking to help anyone or give any handouts.
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September 17, 2014, 04:30:40 AM
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Of course it's good... It accounts for global acceptance...

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September 17, 2014, 04:42:20 AM
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As far as I can see, PAYPAL integrating with bitcoin is a good thing for bitcoin.  It means broader exposure and more changes to use it.  What would the negative be?

charge back scammers -> bad press -> negative public perception that paypal/visa will insure fiat, but not bitcoin. -> people wont want bitcoin.

if only paypal tightened up the rules to not allow scammers to grab their FIAT back from victims, then bitcoin will be abused. we do not need paypal, we need a better, bug free alternative 'auction site'. yes i already know a few bitoin auction sites exist, my emphasis was on the 'better' and 'bug free' part

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September 17, 2014, 04:43:50 AM
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Doubt paypal will lower the fee for bitcoin low enough to hurt their own bottom line.

And as soon as buyer realize they don't even need paypal and deal with merchant directly, paypal will go away.
hopey
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September 17, 2014, 05:17:44 AM
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A lot of big retailers have started accepting Bitcoin but at the same time not many new avenues for purchasing Bitcoin have appeared.  I think there's currently an imbalance and new easy ways to acquire Bitcoin should probably be a good thing.

QFT One should be able to buy BTC instantly when needed with a cell phone. Preferably only by just putting the sum and pressing ok. Or why does someone, who has linked paypal/credit card in phone need to worry about conversion at all?

Then when retailers give a discount from BTC buys, even normal people would use it and slowly start to hold it.

This should happen *now* because it will be alot harder after one/two years when Apple gets their system up and running.
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September 17, 2014, 08:09:44 AM
 #10

Doubt paypal will lower the fee for bitcoin low enough to hurt their own bottom line.

And as soon as buyer realize they don't even need paypal and deal with merchant directly, paypal will go away.

That's probably right.  But for the shortterm, Paypal accepting or supporting btc is a good thing i think.  The exposure will be great, and, as you say, hopefully many folks who find out about btc through paypal will end up ditching paypal for the "pure product".


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September 17, 2014, 08:59:00 AM
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Doubt paypal will lower the fee for bitcoin low enough to hurt their own bottom line.

And as soon as buyer realize they don't even need paypal and deal with merchant directly, paypal will go away.

That's probably right.  But for the shortterm, Paypal accepting or supporting btc is a good thing i think.  The exposure will be great, and, as you say, hopefully many folks who find out about btc through paypal will end up ditching paypal for the "pure product".



We already have payment processor such as Coinbase and Bitpay. They only charge 1%. If Paypal wants to compete with them, its fee cannot be too high.
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September 17, 2014, 09:03:53 AM
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With more adoption the word will spread faster, it's certainly good for bitcoin health.

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hopey
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September 17, 2014, 09:25:50 AM
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Doubt paypal will lower the fee for bitcoin low enough to hurt their own bottom line.

And as soon as buyer realize they don't even need paypal and deal with merchant directly, paypal will go away.

That's probably right.  But for the shortterm, Paypal accepting or supporting btc is a good thing i think.  The exposure will be great, and, as you say, hopefully many folks who find out about btc through paypal will end up ditching paypal for the "pure product".



We already have payment processor such as Coinbase and Bitpay. They only charge 1%. If Paypal wants to compete with them, its fee cannot be too high.

Both are too cumbersome and slow for someone who wants to get BTC immediately to purchase something.
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September 17, 2014, 09:29:25 AM
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Paypal + BTC is very good...  Grin

OrientA
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September 17, 2014, 10:05:57 AM
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If Visa, Mater or other credit companies adopt digital currency, it is good for all of us.
hopey
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September 17, 2014, 10:11:31 AM
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All publicity is good publicity and all adoption is good adoption.  Wink
OrientA
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September 17, 2014, 10:32:30 AM
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All publicity is good publicity and all adoption is good adoption.  Wink

That is right.
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September 17, 2014, 10:44:09 AM
 #18

If Visa, Mater or other credit companies adopt digital currency, it is good for all of us.

I'm not so confident in the positive outcome.
All banking and payment monopoly is based on regulation and law.
Anti money laundry law, consumer protection against fraud, .... all those buzzword are made to raise the entrance price of new player in the payment industry.

Monopoly is established.

For working in payment industry one way to kill competitor is to force partner with him and force him to respect market standard !

The problem of bitcoin is that it doesn't care about use of money. It's just a media to transfer value, whatever the aim of the transfer.

VISA and all other are all linked to TRACFIN and global survey of money transfer.

So working with them is a dangerous game.
And Bitcoin can just be killed by communication: "look we tryed to integrate bitcoin in our solution, but it appears that it cannot satisfy our security standard about ....."

Also working with those player has the side effect of loosing the little freedom of use bitcoin introduced. Those infrastructure like VISA are designed to shift the control of money from owner to them.
Using a VISA credit card means you accept that 100% of your everyday habit and use, and also wealth estimation become strategical information for VISA and partner (government and law enforcement agency).

Bitcoin was reducing the cost for alternative use of money, you don't need to create offshore company, building complex scheme for obfuscating your money usage.

Working with such partner will report the same problems in the bitcoin world.

For example, i'm always feeling self mitigate when big retailer announce they are now accepting bitcoin.
Its an easy way to build a file of bitcoin holder that you can easily transmit to gov agency.
Because they now put a name on bitcoin holder.
hopey
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September 17, 2014, 11:14:18 AM
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It doesn't take away the _option_ that BTC gives you to stay anonymous and be your own bank. If you buy something from big corporations, you need to play with their rules in any case. With BTC you always have a way to stay anonymous and use your BTC for small retailers etc, if you wish.

Corporate adoption doesn't take away anything fundamental from BTC.
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September 17, 2014, 11:26:24 AM
 #20

Meanwhile I was reading in some places about the growing of several companies acepting BTC, saw other posts claiming the Paypal's integration or VISA's acceptance could be take troubles in long terms for cryptocurrencies. I was wondering how?

On the other hand, posts saying the integration mentioned before is a good signal, signal of companies that realized the importance of BTC and in a short future, other currencies. How is positive anyway?
It will be good, but will influence on price. so all this will be good for BTC and make it more stable, but will make price of BTC lower since there will be more chances to spend them.

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