Paypal Considers Crypto !

[BTC Future 3946]

 

Coindesk published yesterday an article claiming that Paypal is considering adding an option to buy cryptocurrencies directly from Paypal and Venmo wallets. Coindesk claims that they contacted three people inside Paypal that confirmed the plans and they expect this to be announced in the next 2-3 months. They didn't say which coins will be used, but it is expected that a few of the main ones as Bitcoin, Litcoin, Ethereum, Ripple, and perhaps a few more will be available in the beginning.

 

If something like this happens it will be a huge boost for cryptocurrencies. Paypal has 325 million users and the exposure of cryptocurrencies will be significant. This is still a rumor right now and nothing has been confirmed officially by Paypal, which doesn't like to discuss their plans in public.

 

In the last few years, we have seen many applications adding options of buying cryptocurrencies as the Square app (Jack Dorsey's second company), the Revolut Bank, e-Toro, and Robinhood. All these have played their part in the recent rise of cryptocurrencies, especially after their users massively bought the crypto dip back in March, along with the stocks and commodities dips.

 

I'm waiting for news and will notify the forum for any developments with Paypal as soon as there are further announcements.

 

[Whited35 15285]

@BTC FutureWhat a coincident 😉! I have just read an article coming from Coingecko which was claiming like PayPal is more likely to adopt crypto by 20 Sep of 2020 !! But I still suspect, I think they still have to undergo so many obstacles to involve crypto in their platform. 

[Calvinpriva 17296]

Good news! I din't hear about this before, I believe they will do it very soon and it will be very helpful to paypal users and bitcoin users. I believe there will be many more good things that will be achieved in crypto by business owners/ companies in the future.

[magd 5231]

Perhaps the large demand for this service was one of the most important reasons that they are doing cooperation between Paypal and the cryptocurrencies, as we needed a medium to send the cryptocurrency to it and then transfer it to Paypal, but in the event that this service was launched, it will become easier

[Ridam 7455]

Now they have known the potential of Crypto after 6 big companies including coinbase comes in the top 50 list of fintech companies 2020 listed by Forbes. And yes they are implementing Crypto as they have ready made Crypto audience for it.

And they have 2 public facing job listings for the post of -Crypto  Engineer and Blockchain research engineer as mentioned by cointelegraph news.

[betelihem 4766]

22 hours ago, BTC Future said:

Paypal is considering adding an option to buy cryptocurrencies directly from Paypal

Wow this was the news i as waiting my entire cryptocurrency hustling years, i know that we can buy cryptocurrencys with paypal through pixful and also coinbase, but that's not direct payment, direct payment will be amazing. 

[Red-Jones 1150]

I saw this news and went to the paypal website to confirm and the news is true and it seems to me that paypal has already hired the engineer they are looking for (paypal was looking for an engineer with experience in C ++, asymmetric cryptography and cryptographic libraries) because on paypal has already withdrawn the job vacancy announcement

[koussai999 1986]

A very strong positive point for cryptocurrencies. I think that if this happens, it will encourage many people to deal in cryptocurrencies, and the number of dealers in cryptocurrencies will increase dramatically.

[BTC Future 3946]

20 minutes ago, koussai999 said:

A very strong positive point for cryptocurrencies. I think that if this happens, it will encourage many people to deal in cryptocurrencies, and the number of dealers in cryptocurrencies will increase dramatically.

Indeed it will be massive. Also it seems that this rumour is not far from reality. Only thing that remains is the details. Which cryptocurrencies is PayPal thinking of accepting. My guess is Bitcoin and Ethereum at least, perhaps a few more as Ripple and even Tether.

[Moaz 7239]

Bank Paypal is one of the most important electronic banks in the world and has hundreds of millions of users, and I think that during the coming months Paypal some well-known cryptocurrencies will enter and this will be important event and will reflect positively on cryptocurrency prices

[mahdichelloi 0]

If paypal go with this deal this will be as revolution for the crypto market all the top 10 coins will go up to the moon hope that will be real and soon . 

[Honny143 13612]

Paypal is one of the best online wallet for international transaction, its really trustable and so many country user's use this wallet, and its great news PayPal interested to buy crypto directly through PayPal, present we buy crypto through PayPal but its peer to peer way, if the deal is success then PayPal uesr don't need to use p2p exchange to buy crypto.

[Mwangi 5611]

Now this would be something very beautiful , I most of the time Use paypal its all in the same process that works perfectly and especially since when they integrated the new system with our local mobile and money transfer thats very important that works perfectly for everybody who knows what is going on, paypal remains my number one online processing service for money and there is a new crypto that would integrate it , then that would be the best thing to happen to us.

[guatazoo 7150]

On 6/23/2020 at 11:32 AM, BTC Future said:

 

 

Coindesk published yesterday an article claiming that Paypal is considering adding an option to buy cryptocurrencies directly from Paypal and Venmo wallets. Coindesk claims that they contacted three people inside Paypal that confirmed the plans and they expect this to be announced in the next 2-3 months. They didn't say which coins will be used, but it is expected that a few of the main ones as Bitcoin, Litcoin, Ethereum, Ripple, and perhaps a few more will be available in the beginning.

 

If something like this happens it will be a huge boost for cryptocurrencies. Paypal has 325 million users and the exposure of cryptocurrencies will be significant. This is still a rumor right now and nothing has been confirmed officially by Paypal, which doesn't like to discuss their plans in public.

 

In the last few years, we have seen many applications adding options of buying cryptocurrencies as the Square app (Jack Dorsey's second company), the Revolut Bank, e-Toro, and Robinhood. All these have played their part in the recent rise of cryptocurrencies, especially after their users massively bought the crypto dip back in March, along with the stocks and commodities dips.

 

I'm waiting for news and will notify the forum for any developments with Paypal as soon as there are further announcements.

 

Hope this would push the demands of bitcoin to be increased, because as we know PayPal platform is the largest platform thats many online businessman are using it for making transactions. 

[rekter 8129]

While this is technically good news for adoption, it kinda worries me that paypal is famous for freezing accounts they suspect of something. So i am hoping people aren't stupid enough to use their service as a btc wallet.

[BTC Future 3946]

6 hours ago, rekter said:

While this is technically good news for adoption, it kinda worries me that paypal is famous for freezing accounts they suspect of something. So i am hoping people aren't stupid enough to use their service as a btc wallet.

Probably they will use it just like that. In fact I'm afraid that with millions of people jumping into Bitcoin, the paypal wallet will become the standard. On the bright side there won't be any need for escrow services anymore to trade BTC to Paypal.

[Whited35 15285]

14 hours ago, rekter said:

While this is technically good news for adoption, it kinda worries me that paypal is famous for freezing accounts they suspect of something. So i am hoping people aren't stupid enough to use their service as a btc wallet.

@rekter Well said 😊 ! I think still,there is not an official announcements allow cryptocurrencies on their platform, they have just considered it for the further exploration. In case of suspending account, you are right, they are famous for doing so. In order to unlock or solve account related issues, they accept only a telephone call not other ways work. Anyway, let's see what happens next. 

[kyoukage01 3181]

Wait, didn't Paypal dropped Libra (a crypto project by Facebook) like a sack of potatoes some time ago? Now they want to utilize other crypto coins? (Hmmm... maybe this was the reason why they left the Libra project, they have some plans of their own for the cryptocurrency industry...)

 

Anyway, I'd rather not keep my hopes up too high, until the day comes where they actually launch such feature on their platform. Who knows, maybe they'll drop this one too if they find some troubling issues like profitability, opposition from entities like banks, etc. and would rather not deal with too much trouble like what they did with Facebook.

 

[Abiaan 1209]

i think it does nothing good at all , it might attract some few more people towards cryptocurrency , fool people with no knowledge about cryptocurrency with exchange of fiat to crypto and later on when they pull back , thats just embarrass them , paypal is just good with fiats only , there are more better ways to promote crypto currency, well known people will just prefer to work on trade on binance / yobit/coinbase, paypal will be exchange just payeers few people only uses it

 

[BTC Future 3946]

On 6/28/2020 at 5:48 AM, kyoukage01 said:

Wait, didn't Paypal dropped Libra (a crypto project by Facebook) like a sack of potatoes some time ago? Now they want to utilize other crypto coins? (Hmmm... maybe this was the reason why they left the Libra project, they have some plans of their own for the cryptocurrency industry...)

It may be that they did abandon Libra for this reason. Still they said that they are watching Libra and if it manages to get released they will get back on board. I don't actually know much about Libra but I guess that PayPal had other things in mind for sure. 

Anyway, when you read people claiming that Paypal is blocking accounts and how it will actually damage Bitcoin instead, be cautious. Many of them have invested in crypto exchanges (some own stocks or are part of their investment plans) and are afraid of losing money if PayPal enters. There is always an agenta and there are people hiding behind decentralization. 

Why the same people don't make a single comment on Coinbase and their practices? Coinbase is also locking accounts.

[kyoukage01 3181]

17 hours ago, BTC Future said:

Anyway, when you read people claiming that Paypal is blocking accounts and how it will actually damage Bitcoin instead, be cautious. Many of them have invested in crypto exchanges (some own stocks or are part of their investment plans) and are afraid of losing money if PayPal enters. There is always an agenta and there are people hiding behind decentralization. 

I don't know much about Paypal and the various exchanges' policies at the moment, but I figured that they can block accounts so. Does Paypal block accounts for the most trifling of reasons? If they do so, whales wouldn't want to even touch this platform with a six-foot pole. Maybe we'll be safer if we won't place too much of our investments and transactions on Paypal if they ever stepped foot in the crypto industry, at least for the first few months or so just to test the waters.

 

[BTC Future 3946]

20 hours ago, kyoukage01 said:

I don't know much about Paypal and the various exchanges' policies at the moment, but I figured that they can block accounts so. Does Paypal block accounts for the most trifling of reasons? If they do so, whales wouldn't want to even touch this platform with a six-foot pole. Maybe we'll be safer if we won't place too much of our investments and transactions on Paypal if they ever stepped foot in the crypto industry, at least for the first few months or so just to test the waters.

I don't actually know. I have a paypal account for many years, which I never used. I've heard that Paypal may suspend accounts and freeze funds if they get an order to do so by a few governments. I don't know which governments they listen to either. I guess that the US will be one for sure. 

I can't see them being working efficiently though, if they were randomly blocking accounts without evidence of users breaking their agreement. I written the comment as I've read many tweets coming from people concerned with privacy, and I understand them. Still I doubt that Paypal will block an account without a good reason.

Edited June 30, 2020 by BTC Future

[Brushless4500KV 4214]

As far as I know, most crypto platforms don't work with PayPal because it is the least crypto friendly payment gateway in the world. If you have a look at exchanges, you will see that most of them don't support PayPal as a withdrawal method. If this news comes true, it will be a new turning point for cryptocurrency because millions of PayPal users can enter crypto world and the volume of transactions can suddenly increase exponentially. This will lead to bigger capitalization and wider adoption.

[gourav789 2834]

@magd I also believe that there is really a huge demand of PayPal in crypto market , infact everyone needs this kind of service to send USD or Crypto currency into their bank account without too much efforts .

[Raqeebzy 6456]

I say massive and great news to read today (I missed a lot from the forum). PayPal is the leading and number one payment processor in the world, adopting cryptocurrency will surely go a long way to help the industry. This is bringing Crypto closer to people.

 

However, PayPal needs to adjust some of its services and harsh features as it might be very annoying using sometimes. Like a longer transaction time, a very high transaction fee and freezing of account at random.