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Paypal-Bitcoin Partnership

by AaronHarris
8 replies
Hi Warriors,

Just want to know your thoughts about this news about partnership of Paypal and Bitcoin.

What do you think? Will it be going to be profitable to us Online Marketers? Does Paypal did the right decision in partnership with Bitcoin?
#partnership #paypalbitcoin
  • Profile picture of the author vishwa
    Can you disclose the source of the news?
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    • Profile picture of the author AaronHarris
      It here BitPay And PayPal, An Unbeatable Payment Partnership | The BitPay Blog and PayPal Enables Bitcoin Transactions For Merchants Selling Digital Goods | TechCrunch
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      • Profile picture of the author Syssolution
        Now people with bitcoin would be able to pay via PayPal. I think the virtual currency is getting stronger. Fiverr has already integrated bitcoin.
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        • Profile picture of the author Kay King
          From Wall Street Journal yesterday:

          Writing on a blog post on PayPal's website, Senior Director of Corporate Strategy Scott Ellison stressed that the deals don't mean consumers can use bitcoin as a currency choice in their PayPal digital wallets as they can dollars, euros or other traditional currencies on PayPal services around the world. Nor was there any mention of eBay allowing bitcoin payments in its emarketplace. But Mr. Ellison suggested that PayPal was looking into other ways in which it might use bitcoin in the future.


          "PayPal has always embraced innovation, but always in ways that make payments safer and more reliable for our customers," he wrote. "That's why we're proceeding gradually, supporting Bitcoin in some ways today and holding off on other ways until we see how things develop."


          In his blog post, Mr. Ellison also said that all "virtual currency exchangers and administrators interested in working with PayPal in the future must secure the appropriate licenses and put anti-money-laundering procedures in place."


          The inclusion of GoCoin in the arrangement means that merchants can choose to accept litecoin and dogecoin, two other virtual currencies that the processor handles in addition to bitcoin.
          I don't think I would call it a 'partnership' with Paypal but that's what the BC sites have chosen to do. Paypal is allowing merchants selling DIGITAL goods to accept virtual currencies. PP does not guarantee digital goods so there's a safety factor.
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  • Profile picture of the author HelpingYouBeAnExpert
    here's my take I think paypal will just dump all the bitcoins into fiat dollars the second they get it. If it takes off it will even put more presure on the bitcoin price which means it will continue to do down in comparison to fiat money.
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    • Profile picture of the author roadies
      Originally Posted by HelpingYouBeAnExpert View Post

      here's my take I think paypal will just dump all the bitcoins into fiat dollars the second they get it. If it takes off it will even put more presure on the bitcoin price which means it will continue to do down in comparison to fiat money.
      Kindly, I disagree. Paypal is still exploring exactly how to use bitcoin. I'm almost willing to bet that their first integration will be the ability to fund Coinbase accounts using Paypal, as well as withdraw to Paypal. Something Coinbase already does with ACH and Visa.

      What this type of integration does do is introduce Bitcoin as means of payment to their millions of users. Users who are quite comfortable exchanging digital funds for goods or services. This is great news.

      As to the point about Paypal doing instant exchanges of Bitcoin once it accepts it directly, I believe that when it happens they will keep a strong liquid reserve that is a percentage base of transactions / balances. Just like banks do with USD. Banks don't have every single dollar available as liquid form, they hedge a lot against the Federal Reserve so they can invest a sizable portion of the funds and earn you interest. Paypal will probably keep a reserve for security reasons, to cash out users, but not to interest. The rest they will liquidate at current market prices.

      Beyond basic Coinbase and bitpay account funding integrations, which are the easy answers, I believe they are still exploring the best approach to bring the asset into their portfolio.

      All-in-all, I think Paypal exploring the medium is a VERY good thing.
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    • Profile picture of the author RyanPumper
      Originally Posted by HelpingYouBeAnExpert View Post

      here's my take I think paypal will just dump all the bitcoins into fiat dollars the second they get it. If it takes off it will even put more presure on the bitcoin price which means it will continue to do down in comparison to fiat money.
      I agree. I don't think PayPal is willing to take on the risk posed by volatility which is where BitPay comes in. They bear all of the risk.

      PayPal may be only interested in testing out the bitcoin protocol to take advantage of the low transaction fees etc.
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  • Profile picture of the author ChrisDouthit
    Bitcoin makes it easy for a lot of people to now pay who could not before.

    PayGear has also integrated coinbase and bitcoin as part if its affiliate instant commission system.
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