PayPal to accept cryptocurrencies

[mnrfas]

PayPal on Wednesday announced it would begin supporting cryptocurrencies for the first time, allowing any PayPal account holder to store, buy, and sell popular virtual currencies starting later this year. The announcement makes PayPal arguably the most significant company in the financial tech sector to adopt support for virtual currencies.
source: https://www.theverge.com/2020/10/21...jIkRM50xu47fwLq_jzhimujqPUs6j9JPNT5fYKJgLZXz8

is this any good for us or it's more surveillance?

 

[Brian Alexander]

Depends entirely on the implementation, which they've yet to specify.

My bet is that it will be weak support like most fintech companies, which allows buying and selling bitcoin, but never actually use it (like Revolut's pointless solution), ie. entirely speculative.

They state that customers will be able to pay merchants using crypto, but the merchants will receive the crypto in fiat - this seems in line with that.

 

[mnrfas]

Depends entirely on the implementation, which they've yet to specify.

My bet is that it will be weak support like most fintech companies, which allows buying and selling bitcoin, but never actually use it (like Revolut's pointless solution), ie. entirely speculative.

They state that customers will be able to pay merchants using crypto, but the merchants will receive the crypto in fiat - this seems in line with that.

so paying in Paypal with crypto for example, won't be allowed.. is that what you mean?

 

[slager889]

Could be a gamechanger if their policies aren't too crazy. My guess, they'll force crypto users to submit lots of verification documents.

 

[she40841]

holy fuck this is huge

 

[TMONEX]

A step in the right direction even if it's not in full implementation. I am always looking for way to by btc with paypal

 

[Flacko]

Depends entirely on the implementation, which they've yet to specify.

My bet is that it will be weak support like most fintech companies, which allows buying and selling bitcoin, but never actually use it (like Revolut's pointless solution), ie. entirely speculative.

They state that customers will be able to pay merchants using crypto, but the merchants will receive the crypto in fiat - this seems in line with that.

yes it’s exactly like the Revolut solution.

 

[manekinekomase]

imagine fees

 

[Aluminium]

Holy FUGGGGG

Now I can accept payments and just take my money out.. instead of trying to move it around like a degenerate

Just kidding obviously

 

[WPninja]

So now we can use Paypal to trade bitcoins....it'll be cool

 

[Therealdarkpegasus]

I wouldn't use it for a while , feels more like a trap to steal more money from people.

 

[TIBHD]

Banks: all crypto is bad ...until a large company monopolized it
That's why satoshi made btc in the 1st place to stop the monopoly

 

[Brian Alexander]

Holy FUGGGGG

Now I can accept payments and just take my money out.. instead of trying to move it around like a degenerate

Just kidding obviously

No you can't.
You don't actually own the BTC, they operate like a bucket shop.

 

[Sicknigajay]

PayPal being PayPal, there ain't no damn way they will make this easy.
We'll probably see some stupid terms and conditions soon.

 

[AdmiralKunka]

PayPal being PayPal, there ain't no damn way they will make this easy.
We'll probably see some stupid terms and conditions soon.

Exactly. So they can freeze more accounts

 

[Sicknigajay]

Exactly. So they can freeze more accounts

couldn't agree more lmao
Crypto on Paypal that's a trap

 

[Affiliate_Recruiter]

i think crypto will be too high risk for paypal. they love low risk kinda things i feel

 

[Moneo]

Good move for paypal

 

[RayChand]

Could be a gamechanger if their policies aren't too crazy. My guess, they'll force crypto users to submit lots of verification documents.

But since its acceptance is not approved by all countries there will be many issues that PayPal is also going to face in its implementation.

This is good for the value of the crypto; it means that big companies have accepted crypto as a standard means of payment. But on the flip side, PayPal is known for snooping and using robots to determine whether you are fit or not to receive a certain amount of money. We are all doing crypto to run away from that kind of surveillance. I would wish to transact any amount without being told that some robot is confirming my transaction and will be released once they think am not fraudulent!

 

[Evadavcom]

But despite the difficulties, I think this is the right decision.