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Author Topic: Why is Paypal accepting Bitcoin a good thing?  (Read 3121 times)
kevinchan1
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September 24, 2014, 04:00:37 PM
 #1

I really want to know, whats so good about PP accepting BTC? Paypal make money from fees charged by handling payments (20p + 3.5% last time I checked), Bitcoin barely has any fees whatsoever (0.0001 I get charged for a transaction) so what's PP gaining from accepting it and anyway, Coinbase seems to work fine for businesses wanting to accept BTC without problem so what will make business switch to or start using PP? The only good thing I've thought about is that Ebay might be adopting the currency meaning better presence for BTC. Any other advantages for PP?  Grin
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September 24, 2014, 04:18:37 PM
 #2

I really want to know, whats so good about PP accepting BTC? Paypal make money from fees charged by handling payments (20p + 3.5% last time I checked), Bitcoin barely has any fees whatsoever (0.0001 I get charged for a transaction) so what's PP gaining from accepting it and anyway, Coinbase seems to work fine for businesses wanting to accept BTC without problem so what will make business switch to or start using PP? The only good thing I've thought about is that Ebay might be adopting the currency meaning better presence for BTC. Any other advantages for PP?  Grin

We dont need Paypal from a purely pragmatic point of view. But we need them for mass adoption. It's basically a big advertisement, the perfect one actually.

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September 25, 2014, 07:30:07 AM
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It helps with the mainstreaming of btc so it is good
Obviously, the dream is that one day cryptos will replace PP, we will see about that

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September 25, 2014, 08:52:36 AM
 #4

I really want to know, whats so good about PP accepting BTC? Paypal make money from fees charged by handling payments (20p + 3.5% last time I checked), Bitcoin barely has any fees whatsoever (0.0001 I get charged for a transaction) so what's PP gaining from accepting it and anyway, Coinbase seems to work fine for businesses wanting to accept BTC without problem so what will make business switch to or start using PP? The only good thing I've thought about is that Ebay might be adopting the currency meaning better presence for BTC. Any other advantages for PP?  Grin

We dont need Paypal from a purely pragmatic point of view. But we need them for mass adoption. It's basically a big advertisement, the perfect one actually.

Actually Paypal endorsed DOGE & LTC coins as well.  Wink They don't want to put their bucks only in the Bitcoin basket.
Maybe it's time to start doing arbitrage trading between BTCs, DOGEs & LTCs...  Grin Cool

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September 26, 2014, 04:45:04 AM
 #5

I really want to know, whats so good about PP accepting BTC? Paypal make money from fees charged by handling payments (20p + 3.5% last time I checked), Bitcoin barely has any fees whatsoever (0.0001 I get charged for a transaction) so what's PP gaining from accepting it and anyway, Coinbase seems to work fine for businesses wanting to accept BTC without problem so what will make business switch to or start using PP? The only good thing I've thought about is that Ebay might be adopting the currency meaning better presence for BTC. Any other advantages for PP?  Grin

We dont need Paypal from a purely pragmatic point of view. But we need them for mass adoption. It's basically a big advertisement, the perfect one actually.

Actually Paypal endorsed DOGE & LTC coins as well.  Wink They don't want to put their bucks only in the Bitcoin basket.
Maybe it's time to start doing arbitrage trading between BTCs, DOGEs & LTCs...  Grin Cool
They did not endorse Doge and LTC, they are only accepting them as payment at sites that use PP as their payment processor.

This will actually be the first merchant that will accept any alt coins as payment
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September 26, 2014, 11:00:34 AM
 #6

I really want to know, whats so good about PP accepting BTC? Paypal make money from fees charged by handling payments (20p + 3.5% last time I checked), Bitcoin barely has any fees whatsoever (0.0001 I get charged for a transaction) so what's PP gaining from accepting it and anyway, Coinbase seems to work fine for businesses wanting to accept BTC without problem so what will make business switch to or start using PP? The only good thing I've thought about is that Ebay might be adopting the currency meaning better presence for BTC. Any other advantages for PP?  Grin

We dont need Paypal from a purely pragmatic point of view. But we need them for mass adoption. It's basically a big advertisement, the perfect one actually.

Actually Paypal endorsed DOGE & LTC coins as well.  Wink They don't want to put their bucks only in the Bitcoin basket.
Maybe it's time to start doing arbitrage trading between BTCs, DOGEs & LTCs...  Grin Cool

don't spread FUD. it is clearly stated that they said they're going to accept BTC and no other alt coins was said
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September 26, 2014, 11:11:20 AM
 #7

they will eventually dump at some point, i'm not really convinced that this adoption will be a good thing



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September 26, 2014, 11:12:36 AM
 #8

It's a face-saving exigency for paypal who had to adopt to mollify their customer base]
Long term not sure it changes anything for either BTC or PP

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September 26, 2014, 01:46:41 PM
 #9

they will eventually dump at some point, i'm not really convinced that this adoption will be a good thing

What do yo mean dump? What are Paypal really risking by accepting BTC? It's only benefits imo, since no one really needs to be there doing anything, they don't need to hire much people to get this to work.



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September 26, 2014, 02:14:58 PM
 #10

I really want to know, whats so good about PP accepting BTC? Paypal make money from fees charged by handling payments (20p + 3.5% last time I checked), Bitcoin barely has any fees whatsoever (0.0001 I get charged for a transaction) so what's PP gaining from accepting it and anyway, Coinbase seems to work fine for businesses wanting to accept BTC without problem so what will make business switch to or start using PP? The only good thing I've thought about is that Ebay might be adopting the currency meaning better presence for BTC. Any other advantages for PP?  Grin

It's not about what Paypal can gain from accepting Bitcoin, it's about what it can loose from ignoring it.

Paypal is slowly realizing that Bitcoin among other payment providers (like ApplePay) is a serious threat to their existing business model, so they try to get an access to that market. But it won't help them longterm. By the time Bitcoin's usability is improved and it reaches mainstream, there will no longer be any need for payment providers, because most transactions will be Bitcoin-only with no currency conversion needed at all. If ebay is smart, they'd sell Paypal as soon as possible and try to improve their marketplace instead.

ya.ya.yo!
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September 26, 2014, 09:27:46 PM
 #11

I really want to know, whats so good about PP accepting BTC? Paypal make money from fees charged by handling payments (20p + 3.5% last time I checked), Bitcoin barely has any fees whatsoever (0.0001 I get charged for a transaction) so what's PP gaining from accepting it and anyway, Coinbase seems to work fine for businesses wanting to accept BTC without problem so what will make business switch to or start using PP? The only good thing I've thought about is that Ebay might be adopting the currency meaning better presence for BTC. Any other advantages for PP?  Grin

We dont need Paypal from a purely pragmatic point of view. But we need them for mass adoption. It's basically a big advertisement, the perfect one actually.

Actually Paypal endorsed DOGE & LTC coins as well.  Wink They don't want to put their bucks only in the Bitcoin basket.
Maybe it's time to start doing arbitrage trading between BTCs, DOGEs & LTCs...  Grin Cool

don't spread FUD. it is clearly stated that they said they're going to accept BTC and no other alt coins was said

You are wrong here. browse this forum, is many threads of this.

https://www.cryptocoinsnews.com/paypal-supporting-litecoin-and-dogecoin-gocoin-ceo-confirms/

PayPal announced partnerships with Coinbase, BitPay and GoCoin
In a tweet, CEO of GoCoin Steve Beauregard told followers that Bitcoin, Dogecoin and Litecoin would be available to PayPal merchants

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September 27, 2014, 10:52:57 AM
 #12

That's one way to make coin supports

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September 27, 2014, 12:02:10 PM
 #13

It helps with the mainstreaming of btc so it is good
Obviously, the dream is that one day cryptos will replace PP, we will see about that

That is good anwser
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September 27, 2014, 01:56:35 PM
 #14

they will eventually dump at some point, i'm not really convinced that this adoption will be a good thing

What do yo mean dump? What are Paypal really risking by accepting BTC? It's only benefits imo, since no one really needs to be there doing anything, they don't need to hire much people to get this to work.

paypal and other want the money too, they will dump their bitcoin, receivedfor items purchased from customers around the world, and convert those btc to fiat



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Rainbot
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Borisz
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September 27, 2014, 05:46:48 PM
 #15

they will eventually dump at some point, i'm not really convinced that this adoption will be a good thing

What do yo mean dump? What are Paypal really risking by accepting BTC? It's only benefits imo, since no one really needs to be there doing anything, they don't need to hire much people to get this to work.

paypal and other want the money too, they will dump their bitcoin, receivedfor items purchased from customers around the world, and convert those btc to fiat
I'm also pretty sure they will right away convert the BTC to fiat to get their "money" and simply use BTC as an intermediary transfer method.

Not sure though how will this influence the Bitcoin price on the long run.
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September 27, 2014, 05:50:35 PM
 #16

Honestly I don't care and probably won't use paypal, unless it lets us deposit money as bitcoin and use paypal as we normally do. Its nice because it gets some more popularity for bitcoin.

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September 27, 2014, 05:55:49 PM
 #17

If payment processors like paypal just take BTC and immediately dump it on the market, I don't see how this would be good for BTC. They really need to provide BTC wallet capabilities so it doesn't create huge, constant downward price pressure on btc.

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September 27, 2014, 05:58:46 PM
 #18

In past, some paypal accounts gets frozen because people use it to trade BTC, that will not happen again because PP and BTC are friends now.

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September 27, 2014, 06:04:48 PM
 #19

For me it's mostly because it adds legitimacy to bitcoin. There are still idiots or just misinformed people that think of bitcoin as a ponzi scheme or as something that is used only from criminals.  Lips sealed
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September 27, 2014, 06:40:10 PM
 #20

In past, some paypal accounts gets frozen because people use it to trade BTC, that will not happen again because PP and BTC are friends now.

Also, I'm wondering how will this change their policy of not buying cryptocurrencies wit PP + chargeback issues. All the scam issues will be gone now?
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