# PayPal to support cryptocurrencies across its consumer and merchant network



## hawaianlapulapu (Oct 21, 2020)

This is great news



			https://www.finextra.com/newsarticle/36795/paypal-to-support-cryptocurrency-across-it-consumer-and-merchant-network
		


PayPal has been granted a first of its kind conditional Bitlicense by the New York State Department of Financial Services and will begin enabling its 346 million users to to buy, hold and sell cryptocurrency directly from their PayPal account from early next year.

PayPal customers will be able to use bitcoin, ethereum, bitcoin cash and litecoin to shop at the firm's 26 million merchants worldwide, starting in early 2021. Consumers will be able to instantly convert their selected cryptocurrency balance to fiat currency, with certainty of value and no incremental fees. There will be no additional costs imposed on merchants either, as all transactions will be settled with fiat currency at their current PayPal rates.


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## Very Honest Content (Oct 21, 2020)

This _is _great news, for Phil Burnell.


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## Celebrate Nite (Oct 21, 2020)

This doesn't make any sense.  The whole point of people going into crypto was to get away from the big names that fuck with people on a daily basis.

Why the fuck would anyone want crypto from the same company that's killed other businesses for having wrong think/speak?


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## Marissa Moira (Oct 21, 2020)

Call me when I can buy Starbucks and Funko pops with bitcoin.

Just keep using normal money, trust the experts.


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## (not) y2k compliant (Oct 21, 2020)

SSF2T Old User said:


> This doesn't make any sense.


I think you've been missing out on the ongoings for the past few months. Regulatory bodies are very rapidly moving to regulate crypto, and is happening in the US, EU, Japan, etc. This will cause a much higher adoption by financial instantiations and payment processors soon. Paypal would not be hopping if it wan't the direction of the rest of the industry with the regulation looming. 
If you really think you're going to buy crypo to be """""anonymous""""" and not have to deal with the payment processors......


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## Aidan (Oct 21, 2020)

SSF2T Old User said:


> This doesn't make any sense.  The whole point of people going into crypto was to get away from the big names that fuck with people on a daily basis.
> 
> Why the fuck would anyone want crypto from the same company that's killed other businesses for having wrong think/speak?


I agree but like not y2k compliant says, it furthers adoption and regulation is closing in around the world.
I mean, I'd never use paypal's crypto services because paypal is no one's friend and it defeats part of the point of using crypto, but many people will.


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## Dick Justice (Oct 21, 2020)

Great opportunity for paypal to scam its customers even more.


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## Kosher Dill (Oct 21, 2020)

(not) y2k compliant said:


> If you really think you're going to buy crypo to be """""anonymous""""" and not have to deal with the payment processors......


Well, what _is_ the point of using crypto (as opposed to speculating with it) if not to cut payment processors out of the loop?


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## gangweedfan (Oct 21, 2020)

Im new to bitcoin and am primarily interested in it as a way to buy stuff anonymously just because. On one hand this could definitly be bad for it if paypal makes using it through them reveals your identity. But on the other hand all you have to do is not use paypal.

Also how exactly does paypal fuck with people? If they suck why cant we just make another payment processor?


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## Aidan (Oct 21, 2020)

gangweedfan said:


> Im new to bitcoin and am primarily interested in it as a way to buy stuff anonymously just because. On one hand this could definitly be bad for it if paypal makes using it through them reveals your identity. But on the other hand all you have to do is not use paypal.
> 
> Also how exactly does paypal fuck with people? If they suck why cant we just make another payment processor?


Bitcoin is no longer properly anonymous without jumping through hoops, fyi. Might want to do some homework and consider actual purchases with another coin of choice.


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## Kosher Dill (Oct 21, 2020)

gangweedfan said:


> If they suck why cant we just make another payment processor?


Leaving aside the fact that the current payment processing cartel is immensely powerful and not seeking new members, there's also the issue of regulation. A lot of what's bad about payment processors is specifically required by governments, or is the only scalable way to implement government requirements.


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## gangweedfan (Oct 21, 2020)

Kosher Dill said:


> Leaving aside the fact that the current payment processing cartel is immensely powerful and not seeking new members, there's also the issue of regulation. A lot of what's bad about payment processors is specifically required by governments, or is the only scalable way to implement government requirements.


What regulations specifically? I must know lol.


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## Terrifik (Oct 21, 2020)

This NWO saying they have *everything  * in place for digital one world  currency .
Welp


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## Kosher Dill (Oct 21, 2020)

gangweedfan said:


> What regulations specifically? I must know lol.


There are endless amounts of them, enough that you need armies of compliance officers to deal with it all. The cartel actually likes it that way because it makes it harder for some upstart to just barge in without getting shut down by the feds.

The most obvious example for crypto users is KYC (Know Your Customer) regulations, which is where the requirement to dox yourself typically comes from. In the United States the Patriot Act of 2001 is ultimately the source of this requirement, though it was only relatively recently extended to crypto exchanges and the like.


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## JEB! (Oct 21, 2020)

Crypto market just hit its highest point since may 2018. Wonder if paypal will finally allow bitcorns to reach a new ATH


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## Picklechu (Oct 21, 2020)

My bitcoin and PayPal gainz more than made up for everything I lost in clean energy today, so I support it. I don't _get_ it necessarily, but I support it.


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## Beavis (Oct 22, 2020)

I got banned from coin base for sending btc to null’s public address. I just want an easy way to send btc to dear leader every few months so this is nice.


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## LoginRegister (Oct 22, 2020)

This is just another move from the IRS to tax more,
you should not use BTC with your Paypal. avoid.


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## Save Goober (Oct 22, 2020)

Beavis said:


> I got banned from coin base for sending btc to null’s public address. I just want an easy way to send btc to dear leader every few months so this is nice.


Did this happen recently? I also got banned from coinbase a couple of weeks ago and didn't know why. I first sent him money a couple of years ago so they would have to have just decided it was a problem.
Also, what makes you think you're not going to have the same problem with PayPal? They hate this stuff even more. Coinbase I can tolerate getting banned from but I would hate to lose PayPal.


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## hawaianlapulapu (Oct 22, 2020)

Beavis said:


> I got banned from coin base for sending btc to null’s public address. I just want an easy way to send btc to dear leader every few months so this is nice.





melty said:


> I also got banned from coinbase a couple of weeks ago and didn't know why. I first sent him money a couple of years ago so they would have to have just decided it was a problem.


If is true then it seems like coinbase and probably other sites are blacklisting the donation address of @Null 18ED1Fb9uqe4xKidwdX6qjbddnPP6ZjJkz, and maybe we have to make null aware so he can do something about it, like creating a post on how to use wasabi wallet or how to protect your privacy while using Bitcoin or any other crypto.
Monero is going to get cracked sooner or later, so don't use it with confidence.
the IRS already paid Chainanalisys to crack it or to try to map the transactions.


			https://decrypt.co/43451/irs-1-million-contracts-data-firms-crack-monero
		

and has a bounty of 650k USD for anyone that can crack it








						IRS to Pay $625K to Crack Monero, Crypto Proponents Scoff at Contract | Bitcoin News
					

The IRS wants to pay a contractor $625,000 if they can crack layer-two privacy schemes and the privacy-centric crypto asset monero (XMR).




					news.bitcoin.com


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## Aidan (Oct 22, 2020)

Folks, you need to mail Null cash/checks directly, just cut out the middleman entirely. Send him a prepaid debit card, even. Don't forget to put your return address on the envelopes in case they get tied up in the mail and need to get sent back.


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## Null (Oct 22, 2020)

paypal cannot be trusted and everyone involved with that company should be hanged for high treason.


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## wtfNeedSignUp (Oct 22, 2020)

PayPal won't allow anyone right of Mao to use its system, but using it to pay for ransom/child porn is A-okay in their eyes.


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## Kosher Dill (Oct 22, 2020)

Beavis said:


> I got banned from coin base for sending btc to null’s public address. I just want an easy way to send btc to dear leader every few months so this is nice.


Are you kidding? Do you really think _Paypal _isn't going to ban you for transacting with "unapproved" entities? Do you realize who you're talking about here?


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## Bungus Scrungus (Oct 22, 2020)

selling gf for 1 BTC pls respond


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## (not) y2k compliant (Oct 22, 2020)

Null said:


> paypal cannot be trusted and everyone involved with that company should be hanged for high treason.


Unfortunately, we've got to live with them. But with them becoming a player in crypto (along with many other entities recently) I'm just hoping that whatever regulation ends up passing in the US finally makes Paypal, Western Union, etc, etc have to play by the same rules that banks do... I know its not going to happen but a boy can dream.


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## Miller Hayward (Oct 22, 2020)

Paypal will legally have the right to permanently suspend your account and lock your bitcoin up for 6 months before you are able to transfer it.

On a whim they could permanently suspend you and lock up all your funds for 6 months.


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## Iron Hamster (Oct 22, 2020)

Dick Justice said:


> Great opportunity for paypal to scam its customers even more.


Exactly. There are so many fake crypto scam out there. The scammers are going to have a field day now.


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## Stasi (Oct 23, 2020)

This is going to be carnage from a tax perspective. The US treats crypto like an asset, not a currency. Any time you sell crypto at a gain the IRS wants a cut. If you are 'buying' something it is effectively treated like a barter transaction and a 'sale' of your crypto. If you bought 1 coach coin for $100 in July and 'buy' a collection of dragon dildos worth $200 in September for that 1 coach coin you made a $100 gain and the IRS will want their piece.

Its all well and good for turbo autists on here making untraceable transaction but PayPal will 100% disclose details to the IRS. I look forward to a bunch of zoomer normies crying on twitter in a year or two when they start getting IRS audit letters over unreported crypto transactions.

The UK takes the same approach as the US and treats crypto as an asset. Not  sure about other place, this is new and policy makers are a bunch of out of touch boomers who don't know whats going on.


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## Mepsi Pax (Oct 23, 2020)

Note to casual coinbase users re: sending BTC to EVIL SICK addresses like DIRTY UNHOLY forums administrators:

If you're gonna send somewhere you think isn't "approved" for goodthink by ARE betters, at the very least dump the coins to a wallet first, then send from there. Yeah you'll pay transaction fees twice. It's a brave gay new world.


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## Save Goober (Oct 23, 2020)

Mepsi Pax said:


> Note to casual coinbase users re: sending BTC to EVIL SICK addresses like DIRTY UNHOLY forums administrators:
> 
> If you're gonna send somewhere you think isn't "approved" for goodthink by ARE betters, at the very least dump the coins to a wallet first, then send from there. Yeah you'll pay transaction fees twice. It's a brave gay new world.


I did this too and it's another possible reason I was banned. I really don't know the answer why I was banned so that's why I didn't tag null.
It was either for sending to null (which they only decided to ban me for weeks after my most recent donation, and years after my first one), sending to an address that sent to somewhere else they didn't like, or it could just be completely a mistake OR it could be simply because I removed my bank account. I never used it for anything that's actually illegal. None of these reasons are good, if I wanted to be banned for knowing the wrong people, or not having a bank account, or for no reason at all, I could just use a normal payment processor, like PayPal.
It seems Coinbase only wants people to "invest" in coins, not actually use them. If all you're doing is investing in bitcoin, you can use Robinhood, which has a much lower fee. You can't send your coins to anyone else, but you apparently can't do that on Coinbase either, so what's the point of them?
Null had warned against coinbase in the past as have others, it's on me for using them even knowing they had issues, but I'm still a little disappointed.


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## ⠠⠠⠅⠑⠋⠋⠁⠇⠎ ⠠⠠⠊⠎ ⠠⠠⠁ ⠠⠠⠋⠁⠛ (Oct 24, 2020)

Mepsi Pax said:


> Note to casual coinbase users re: sending BTC to EVIL SICK addresses like DIRTY UNHOLY forums administrators:
> 
> If you're gonna send somewhere you think isn't "approved" for goodthink by ARE betters, at the very least dump the coins to a wallet first, then send from there. Yeah you'll pay transaction fees twice. It's a brave gay new world.


There are also various services like Changelly that let you swap crypto from say, LiteCoin to BitCoin. Transaction fees are still in play, as they would be if you sent to your own wallet and then on to the final recipient, and the services themselves charge fees, so you need to consider that when deciding how much you want to send to the final recipient.

With one of these, you can buy one type of crypto on Coinbase or some other cuckxange, plug in your recipient's address for what's coming out the end, and then plug in the address that the service gives you into Coinbase or whatever cucked exchange you're using.

There is a risk that the likes of Coinbase may identify the addresses used by such services somehow and flag them, and if you were doing something actually illegal then I suspect most of them collaborate with US pigs so it's not a safe solution for that sort of thing, but if you can't figure out a better way to acquire crypto it does at least add a bit of distance between your purchase and its recipient. If you do intend to use one of these services, definately search the site that you intend to use up on reddit (yes, reddit) to try and see if it's a scam before transfering anything.


(not) y2k compliant said:


> Unfortunately, we've got to live with them. But with them becoming a player in crypto (along with many other entities recently) I'm just hoping that whatever regulation ends up passing in the US finally makes Paypal, Western Union, etc, etc have to play by the same rules that banks do... I know its not going to happen but a boy can dream.


Um. Are you suggesting that banks somehow abuse their customers less than _Paypal _does? Western Union, OK, maybe, but Paypal?


hawaianlapulapu said:


> maybe we have to make null aware so he can do something about it, like creating a post on how to use wasabi wallet


I _hope _Null gets a bunch of $1,300 donations from people using Wasabi Wallet to anonymize their BTC, but I'm skeptical how often the donations are that large, and there are exchanges less bad than Coinbase. It's also confusing to use. Samourai Wallet is more reasonable in terms of minimum mix sizes apparently but I've never used it.


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## 2WokeB4BrainPills (Oct 24, 2020)

I guess I'll give my downer take: it looks like part of a broader strategy to bring crypto out of the wild west and into the control of govt-regulated entities, done with govt approval. Meanwhile govt is obviously still hostile to currency which enable money laundering, tax evasion, illicit goods purhcase, and evasion of the high inflation tax they're tee'ing up to levy with MMT+UBI.

Those 2 things don't jibe, obviously. They seem to realize the best way to quash bitcoin is a feigned embrace and then subversion. Bring people's crypto assets into the system, then use that to slowly push them into assets that you control, which have KYC/AML/MMT built in. The payment processors are gearing up to help move people into the new system.

Lotta dumbass bitcoin maxis thinking this means they'll be finally buying lattes with bitcoin. You put the bitcoin in, they'll gradually make it tougher to get it out, any way other than by swapping for dollars or fedcoin. It'll be interesting to see what happens when they realize they're at dinner with Circe.


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## ⠠⠠⠅⠑⠋⠋⠁⠇⠎ ⠠⠠⠊⠎ ⠠⠠⠁ ⠠⠠⠋⠁⠛ (Oct 24, 2020)

2WokeB4BrainPills said:


> I guess I'll give my downer take: it looks like part of a broader strategy to bring crypto out of the wild west and into the control of govt-regulated entities, done with govt approval. Meanwhile govt is obviously still hostile to currency which enable money laundering, tax evasion, illicit goods purhcase, and evasion of the high inflation tax they're tee'ing up to levy with MMT+UBI.
> 
> Those 2 things don't jibe, obviously. They seem to realize the best way to quash bitcoin is a feigned embrace and then subversion. Bring people's crypto assets into the system, then use that to slowly push them into assets that you control, which have KYC/AML/MMT built in. The payment processors are gearing up to help move people into the new system.
> 
> Lotta dumbass bitcoin maxis thinking this means they'll be finally buying lattes with bitcoin. You put the bitcoin in, they'll gradually make it tougher to get it out, any way other than by swapping for dollars or fedcoin. It'll be interesting to see what happens when they realize they're at dinner with Circe.


Look, as long as the main BitCoin software doesn't have that nasty term 'blacklist' in it, that's what's most important.


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## LoginRegister (Oct 24, 2020)

3119967d0c said:


> Look, as long as the main BitCoin software doesn't have that nasty term 'blacklist' in it, that's what's most important.


I know that Ethereum can block coins belonging to an address, so the owner of that address cannot send them to another address, there was a case about an address holding some tether that got blocked. but BitCoin developers dont block coins, i am not aware that this ever happened, but there are utilities like block explorers (not available for the normal user but available for enterprise) like chainanalisys, their api can plug into an exchange or website that uses bitcoin or other crypto and then know where the coins are coming from and where the coins are going, so it is possible that the address of null got blacklisted there, meaning that coinbase got a warning from one of its users who send BitCoin to a blacklisted address, but who knows, is anyone here up to sending some coins to null address from their coinbase account?


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## AsbestosFlaygon (Oct 24, 2020)

SSF2T Old User said:


> This doesn't make any sense.  The whole point of people going into crypto was to get away from the big names that fuck with people on a daily basis.
> 
> Why the fuck would anyone want crypto from the same company that's killed other businesses for having wrong think/speak?


The thing is that the big name cryptocurrencies like Bitcoin want to be just like the big banks, they don't give a single shit about anonymity.


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## TheRedChair (Oct 25, 2020)

The Biggest and greatest concern to myself is the ability for the common man to get ahead.  Nobody needs to know...
1. How much money you have.
2. What kinds of purchases you make.
3. Who you deal with.

I do almost everything Hard Copy.

I've already had do deal with the banks with suspect transactions as well as companies I pay my bills. If it was not for the fact I had the actual receipts, I would have lost thousands of dollars over the years. Once you go digital  you are at the Mercy of the government, the corporations, and the powers that be.

Crypto was built on anonymous transactions and security.  Well we already seen how secure this is (millions are lost every year), and now this???

No... this might be for some people but this is not for me.  My privacy is important to me.  Cash is one of those things that can get lost in the system.
Cash is what gives you the power to get ahead.  It is what I use to shield myself against the SuperRich. I have enough to live comfortably for the rest of my life and keep my privacy as private as possible.  And enough money to fight against when people/corporations want to sue you to get you out of the way.

You made your money. You paid your taxes. No one needs to know what you do to it afterwards.


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## Kosher Dill (Oct 25, 2020)

3119967d0c said:


> Look, as long as the main BitCoin software doesn't have that nasty term 'blacklist' in it, that's what's most important.


The Bitcoin software itself doesn't need to, Bitcoin's entire transaction history is public and the tools to analyze these transactions are highly advanced by now.
"Have you been transacting with unapproved feeders, Citizen?"


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## ⠠⠠⠅⠑⠋⠋⠁⠇⠎ ⠠⠠⠊⠎ ⠠⠠⠁ ⠠⠠⠋⠁⠛ (Oct 25, 2020)

LoginRegister said:


> I know that Ethereum can block coins belonging to an address, so the owner of that address cannot send them to another address, there was a case about an address holding some tether that got blocked. but BitCoin developers dont block coins, i am not aware that this ever happened, but there are utilities like block explorers (not available for the normal user but available for enterprise) like chainanalisys, their api can plug into an exchange or website that uses bitcoin or other crypto and then know where the coins are coming from and where the coins are going, so it is possible that the address of null got blacklisted there, meaning that coinbase got a warning from one of its users who send BitCoin to a blacklisted address, but who knows, is anyone here up to sending some coins to null address from their coinbase account?


To clarify, I'm referring to the fact that the BitCoin software has already been subjected to corporate capture as the Linux kernel and other open source projects have been, with a variable that's had 'blacklist' in the name for a decade being renamed because some Indian cunt's fee fees were hurt.

Of course, privacy on BitCoin is a serious problem also.


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## LoginRegister (Oct 25, 2020)

fuck those corefucks


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## The best and greatest (Nov 11, 2020)

Stasi said:


> This is going to be carnage from a tax perspective. The US treats crypto like an asset, not a currency. Any time you sell crypto at a gain the IRS wants a cut. If you are 'buying' something it is effectively treated like a barter transaction and a 'sale' of your crypto. If you bought 1 coach coin for $100 in July and 'buy' a collection of dragon dildos worth $200 in September for that 1 coach coin you made a $100 gain and the IRS will want their piece.
> 
> Its all well and good for turbo autists on here making untraceable transaction but PayPal will 100% disclose details to the IRS. I look forward to a bunch of zoomer normies crying on twitter in a year or two when they start getting IRS audit letters over unreported crypto transactions.
> 
> The UK takes the same approach as the US and treats crypto as an asset. Not  sure about other place, this is new and policy makers are a bunch of out of touch boomers who don't know whats going on.


Aren't all currencies considered assets unless they're money?


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## hawaianlapulapu (Nov 12, 2020)

Paypal = IRS trap


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## Kosher Dill (Dec 2, 2020)

It looks like this went live, and it's ridiculous.

The takeaways:
- As you might expect, you don't own the keys to anything. You also can't move crypto into or out of your Paypal account in the ordinary way, you can only buy it with fiat (no credit cards either) or change it back to fiat. And currently "fiat" means only USD.
- There's nothing about merchant integration. You'll eventually be able to "pay with crypto", but that just means Paypal will automatically cash out some of your crypto to fiat and give that to the merchant.
- Obviously, everything about this will be reported to the tax authorities.

Really, what this amounts to is a way to speculate in the crypto market, nothing more. I suppose the tax features might be helpful for people who just want to invest and do everything by-the-book.

Pasting in the FAQ here for convenience, for those of you who don't have Paypal.



			
				PayPal Crypto FAQ said:
			
		

> *What did PayPal announce around Crypto?*
> We announced that PayPal users in the U.S. can buy, sell and hold select Cryptocurrencies directly through PayPal using their Cash or Cash Plus account. Users will be able to learn about Crypto, track crypto prices, all without leaving the PayPal app. We plan to introduce this service to Venmo in 2021.
> PayPal also announced that it will enable Cryptocurrency as a funding source for purchases in 2021, allowing users to use their Cryptocurrency holdings to make purchases at its network of more than 26 million merchants. Once launched in 2021, when a consumer selects Cryptocurrency as the funding source, the Cryptocurrency will be instantly converted to fiat currency and the transaction will be settled with the PayPal merchants in fiat currency.
> 
> ...


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## Smolrolls (Dec 2, 2020)

So Red Dead Redemption 2 of Cyber Currency (we're in the dying old west now, first the internet now our play money is being regulated, no less by a Rasputin wannabe that's grown a fetish getting yelled out by a Big STRONK Texan like a woman with a domination fetish).



hawaianlapulapu said:


> Paypal = IRS trap


Ser I believe the correct pronunciation is IRS "honey" trap. Have a nice day.


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## Dread First (Dec 2, 2020)

Remember when cryptocurrencies were established as a way of defying centralised banking/payment institutions? Pepperidge Farm remembers.


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## AmazingEagle (Dec 2, 2020)

I'm glad PayPal is starting to reach out to more people by doing this.


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