PayPal Takes steps toward accepting Bitcoin

Discussion in 'General Trading Discussion' started by CryptoKid, Sep 23, 2014.

  1. Strykstar

    Strykstar Well-Known Member

    Joined:
    Apr 2014
    Posts:
    370
    Likes Received:
    1
    It's a huge step for Bitcoin if Paypal accepts it, as it will provide a quick and easy way to convert Bitcoins into any other currency.
     
  2. vennybunny

    vennybunny Guest

    Joined:
    Oct 2014
    Posts:
    16
    Likes Received:
    0
    I'm playing the long game with bitcoin, with money that I can spare. I was tempted to sell when the Paypal news broke out (I knew it was going to plunge slightly again) but I held my ground. This is big news. Paypal is sure to be followed by other industries.
     
  3. Gelsemium

    Gelsemium Senior Investor

    Joined:
    Apr 2014
    Posts:
    937
    Likes Received:
    2
    That is true, it would be better for Bitcoin than for PayPal as more people will be accustomed to see this currency.
     
  4. allswl

    allswl Member

    Joined:
    Jun 2014
    Posts:
    23
    Likes Received:
    0
    Bitcoin is the biggest, most popular and most widely accepted cryptocurrency around so this move is not surprising. The challenge for me with Bitcoin is its volatility but as more and more mainstream companies and financial institution start to accept it then its price will settle down.
     
  5. troutski

    troutski Guest

    Joined:
    Jul 2014
    Posts:
    256
    Likes Received:
    1
    It doesn't allow for Bitcoins to be converted into other currencies through PayPal. PayPal has partnered with a few Bitcoin wallet providers so that users are allowed to use those partner wallets integrated into PayPal to pay for digital goods (digital goods only; no physical goods or services allowed). It's a relatively limited partnership, and the government probably wouldn't let PayPal just convert Bitcoins into realworld currencies. Plus, Bitcoin users wouldn't want that because it would create a paper trail, and plenty of users try to avoid that for one reason or another.
     
  6. Strykstar

    Strykstar Well-Known Member

    Joined:
    Apr 2014
    Posts:
    370
    Likes Received:
    1
    Oh, that's not quite as useful as I thought then.
    In that case, I'm not seeing the advantage of having your wallet associated with Paypal, since you could just make your payments through that anonymously anyway.
     
  7. Peninha

    Peninha Senior Investor

    Joined:
    Apr 2014
    Posts:
    602
    Likes Received:
    1
    Even so it's an integrated service, it's better, but I agree that converting bitcoins to other currency in PayPal would be more useful.
     
  8. LuckyGirl08

    LuckyGirl08 Guest

    Joined:
    Sep 2014
    Posts:
    20
    Likes Received:
    0
    I think that it is good that PayPal is teaming up with BitCoins. It gives their customers the ability to use different payments and know that their money is secured if anything went wrong.
     
  9. Peninha

    Peninha Senior Investor

    Joined:
    Apr 2014
    Posts:
    602
    Likes Received:
    1
    Yeah, it's something totally unreliable bitcoin, I don't think anyone can predict if it's going up or down.
     
  10. Strykstar

    Strykstar Well-Known Member

    Joined:
    Apr 2014
    Posts:
    370
    Likes Received:
    1
    The thing with Bitcoin is that since it's not backed by anything, it's completely digital, it is the only currency which can take a sudden drop in value, like it happened last year when it dropped over 50% overnight.
     

Share This Page