We don't really have an official paypal thread so I'll start one here.

The news we have all been waiting for:


Bitcoin Surges Above $12k As Paypal Confirms Crypto Service


https://www.zerohedge.com/crypto/bitcoin-surges-above-12k-paypal-confirms-crypto-payments-will-begin-2021

This is a long time coming  [smiley=12-party.gif]

:o [smiley=thumbsup.gif]

SolidSnake wrote on 21^st Oct, 2020 at 7:08pm:

https://media1.tenor.com/images/ed61af8075e98d35b79ddcbc66e23c7d/tenor.gif

I could do without the above graphic. It becomes an eyesore after a while, not to also mention some may also question its professionalism. And we also don't want to encourage other forum members to do the same. It also unnecessarily uses up more bandwidth.

If you had to do the whole thing again, just posting a :o would have been sufficient. IMHO.

I think this is a good opportunity!

BTC could make a big up trend, if people that already feel comfortable with PayPal get to know it.

PayPal's audience is huge, so if they market it right, the demand would benefit everyone that already has some.

SolidSnake wrote on 22^nd Oct, 2020 at 9:06pm:

I think this is a good opportunity! BTC could make a big up trend, if people that already feel comfortable with PayPal get to know it. PayPal's audience is huge, so if they market it right, the demand would benefit everyone that already has some.

I like that it closes a loop that was open between our industry and mainstream financial channels. Paypal gives us a lot of access to a lot of things outside our industry so it would be much easier to move money around.

How many banks will not touch BTC but will let you transfer to PP?

And this is a huge lost opportunity for skrill. Had they closed that loop ahead of paypal, they would have that huge first-mover advantage. They let you transfer into BTC but you can't send BTC to them to transfer out. Their time is up. This could actually kill skrill now because people will no longer need them.

Don't get your hopes up. Yes you will be able to purchase crypto, BUT that crypto won't be yours to own, nor will you be able to cashout or fund with crypto.

So the only thing you could do is with your current FIAT funds within PayPal to buy (basically virtual) crypto which you can hold indefinitely then sell back to them at your convenience. They didn't say anything about actual exchange rates, spreads or stuff like that but we're already used to PayPal setting their own (astronomical) exchange rates which are always on their advantage.

This would have been BIG news if they would have allowed account funding (including purchases) in and out with crypto. But that will never happen due to ever increasing regulations against crypto money laundering worldwide.

On the other hand, there are other services out there which already and successfully connect fiat with crypto, say for example COINBASE (with the Coinbase card) or UPHOLD with crypto to fiat bank transfers.

rotate4all.com wrote on 22^nd Oct, 2020 at 10:07pm:

Don't get your hopes up. Yes you will be able to purchase crypto, BUT that crypto won't be yours to own, nor will you be able to cashout or fund with crypto. So the only thing you could do is with your current FIAT funds within PayPal to buy (basically virtual) crypto which you can hold indefinitely then sell back to them at your convenience. They didn't say anything about actual exchange rates, spreads or stuff like that but we're already used to PayPal setting their own (astronomical) exchange rates which are always on their advantage. This would have been BIG news if they would have allowed account funding (including purchases) in and out with crypto. But that will never happen due to ever increasing regulations against crypto money laundering worldwide. On the other hand, there are other services out there which already and successfully connect fiat with crypto, say for example COINBASE (with the Coinbase card) or UPHOLD with crypto to fiat bank transfers.

The paypal fee burn is definitely a given and most people with experience will not use them but at least it creates opportunities. As crypto grows along with competition, that may force PP to be more competitive with their rates.

I'm not sure about the funding. If other sites are able to create that then I assume PP will be able to do it in the future if they want to bad enough.

I think the good news in the story is that they were basically forced by the marketplace to move in the direction of crypto because that's where the online consumer is moving

Even if they don't allow direct purchases with crypto, just by setting it up as a virtual e-coin people will tend to get more familiar with it.

This way there will always be those among them that will wonder if they could actually do more with it, looking it up and ending up to PayPal's competitors that allow them to do so.. this can also boost BTC power, even through the wrong means (PayPal)..

Even Revolut that recently added BTC as an exchange option but does not directly allow people to purchase using them, made more people get interested in it, just by doing trades with it, benefiting by its flunctuations.

Ever since that update, a bunch of people have got to ask me if there are ways to get control of their own BTC, just because they tried exchanging it through Revolut. :)

rotate4all.com wrote on 22^nd Oct, 2020 at 10:07pm:

Don't get your hopes up. Yes you will be able to purchase crypto, BUT that crypto won't be yours to own, nor will you be able to cashout or fund with crypto. So the only thing you could do is with your current FIAT funds within PayPal to buy (basically virtual) crypto which you can hold indefinitely then sell back to them at your convenience. They didn't say anything about actual exchange rates, spreads or stuff like that but we're already used to PayPal setting their own (astronomical) exchange rates which are always on their advantage. This would have been BIG news if they would have allowed account funding (including purchases) in and out with crypto. But that will never happen due to ever increasing regulations against crypto money laundering worldwide. On the other hand, there are other services out there which already and successfully connect fiat with crypto, say for example COINBASE (with the Coinbase card) or UPHOLD with crypto to fiat bank transfers.

That's okay. I'm another that would rather also have a line drawn somewhere between this supposed new crypto / paypal interrelationship. I rather continue cashing out in dollars than in crypto. Ya know, keep it simple and all that. IMHO.

For using cryptos in PTC sites, recently Payeer became my platform of choice, since there's quite a few cryptos we can use and the exchange rate on the marketplace is 0,095%. I've been using it mostly for LTC deposits/withdrawals.
Of course, when it comes to fiat money withdrawal, platforms like Bitstamp or Coinbase are the way to go. Paypal has some big shoes to fill.

ruicarlov wrote on 23^rd Oct, 2020 at 5:18pm:

For using cryptos in PTC sites, recently Payeer became my platform of choice, since there's quite a few cryptos we can use and the exchange rate on the marketplace is 0,095%. I've been using it mostly for LTC deposits/withdrawals. Of course, when it comes to fiat money withdrawal, platforms like Bitstamp or Coinbase are the way to go. Paypal has some big shoes to fill.

I love it when the big, arrogant monster has to start the race a few laps back.  [smiley=lolx.gif]