PayPal to support cryptocurrencies across its consumer and merchant network

hawaianlapulapu

hawaianlapulapu

kiwifarms.net
Joined
Jul 10, 2020
This is great news


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.
 
  • Informative
  • Thunk-Provoking
  • Dislike
Reactions: Iwasamwillbe, IAmNotAlpharius, Ms. Cegination and 7 others
SSF2T Old User said:
This doesn't make any sense.
Click to expand...
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......
 
  • Informative
  • Like
  • DRINK!
Reactions: Iwasamwillbe, IAmNotAlpharius, AmateurComedicTaxidermist and 6 others
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?
Click to expand...
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.
 
  • Like
Reactions: TheRedChair and AmateurComedicTaxidermist
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?
 
  • Like
Reactions: IAmNotAlpharius
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?
Click to expand...
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.
 
  • Agree
  • Like
  • Feels
Reactions: Serin Spaghetti, The Lawgiver, TheRedChair and 6 others
gangweedfan said:
If they suck why cant we just make another payment processor?
Click to expand...
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.
 
  • Like
Reactions: Iwasamwillbe, AmateurComedicTaxidermist, Picklechu and 1 other person
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.
Click to expand...
What regulations specifically? I must know lol.
 
gangweedfan said:
What regulations specifically? I must know lol.
Click to expand...
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.
 
  • Like
  • Thunk-Provoking
Reactions: IAmNotAlpharius and Picklechu
Crypto market just hit its highest point since may 2018. Wonder if paypal will finally allow bitcorns to reach a new ATH
 
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.
 
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.
Click to expand...
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.
 
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.
Click to expand...
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.
Click to expand...
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.
and has a bounty of 650k USD for anyone that can crack it
news.bitcoin.com

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 news.bitcoin.com
 
Last edited:
  • Like
  • Informative
Reactions: Picklechu, IAmNotAlpharius and AmateurComedicTaxidermist
You must log in or register to reply here.
Back