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Thread: PayPal opens up to crypto

  1. #1
    I_royalty_I's Avatar
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    PayPal opens up to crypto

    (you need an account to see links)

    There are probably a lot of other articles out there about this as well, but that was the one I stumbled across. I was trying to figure out why my crypto portfolio was soaring today and sounds like this is why.

    This is a HUGE step towards mainstream adoption of crypto. Being able to buy, sell, and use crypto through the paypal interface puts it right in reach of literally hundreds of millions of people. This kind of news has been dangled in front of crypto for awhile now - most of it just being wishful thinking and never an actual reality.

    With this news, I'd even more strongly suggest you guys do some research into crypto and jump in while you can. I wouldn't say now is the best time, with prices soaring, but maybe once the news calms down and if there is a pullback in the price.


    On a note as it relates to ck - I wonder how this will change the paypal interface and how some people handle sales. I haven't had a chance to dig in and really see what the changes are all about, but it sounds like crypto will be incorporated right into the main hub on paypal. This could *potentially* mean people request to be paid in Bitcoin (BTC) and can then sell it on PayPal to get the currency of their choosing. This could eliminate chargebacks and make the buying/selling process much safer for all involved.


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  3. #2

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    Saw this and thought it was interesting. PP emailed asking me if I wanted to pre-join. Definitely something to think about doing. Thank you for the extra info!

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    I_royalty_I (10-21-2020)

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    I_royalty_I's Avatar
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    Quote Originally Posted by Beth77 View Post
    Saw this and thought it was interesting. PP emailed asking me if I wanted to pre-join. Definitely something to think about doing. Thank you for the extra info!
    I didn't get that email, but I signed up for the list of people to take part once it goes live. I'm pretty stoked about this. I don't think it's a big deal YET... but I have seem the momentum behind crypto for years now and this is a HUGE step forward into the limelight.
    What's my definition of success?
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    Beth77 (10-21-2020)

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    I_royalty_I's Avatar
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    I'm not sure if this image will show up in a decent size... more info about the fees for crypto. Not too bad, considering there are standard fees that come along with all crypto transactions. I don't think paypal is taking too much of that though.
    (you need an account to see links)

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    Beth77 (10-21-2020)

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    I am going to join the waitlist. I think this could be a huge deal in the long run. The possibilities are exciting, so I am with you on that!

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    I might join the waitlist. This sounds very exciting

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    I could be wrong, but isn't part of the allure of crypto-currency anonymity?

    I don't know enough about it, but from what I can gather (apart from any Neopets market), people use it for the security and invisibility.

  12. #8
    I_royalty_I's Avatar
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    Quote Originally Posted by motherfucker View Post
    I could be wrong, but isn't part of the allure of crypto-currency anonymity?

    I don't know enough about it, but from what I can gather (apart from any Neopets market), people use it for the security and invisibility.
    That's definitely a misconception. There is anonymity but not completely. Everything done on the blockchain is recorded in the ledger. You can view this and see every transaction that is taking place on *most* blockchains.

    There isn't really a way to edit your crypto wallet and say hey this is "so and so's" funds right here. Of course if you link it to your paypal account, it can be done since they will likely have to tie your paypal account to a wallet. But hopefully they do it right and allow people to control their own private keys. This move is similar to coinbase, but this has the possibility to reach MANY more people since most people already have paypal.

    I look at it as a stepping stone, a sort of onboarding, for people who may be curious to dip their toes in the water. Cryptos main benefit is that its decentralized. No any one entity can control your funds. They can't tell you you cant send things here or there. They cant control how much currency you hold, when you can move it to withdraw it or place any limits on your account. It's also available to EVERYONE. For example, countries without the infrastructure in place to be able to go to an ATM, or without reliable banking - they can rely on crypto. It never sleeps. There are hardware and software wallet.. so you can pop your thumb drive in your pocket and take you money with you. The only drawback is sometimes things take a little bit of time to confirm. But lately, transactions have been processing pretty quickly - at least in my experiences.

    I wouldn't keep my crypto wealth in a paypal based wallet, but I would accept payments there and send my funds there if I wanted to convert to USD (depending on how they work things).

    The main misconception is that it's used on the dark web to buy drugs and other illegal things. That was true in the beginning, but now it's so much more.
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    I don't even know where to begin to ask you with getting into this stuff. it seems profitable but I have no experience in anything like this. Is there a way to do smaller investments and get smaller profits as a result to test the waters I guess?

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    It's a pity, but at the first stage only US users will be able to perform operations with crypt-currency in PayPal system. In the first half of 2021 the company plans to enter the international market by adding the possibility of working with digital currencies in the Venmo payment system.

    ---------- Post added at 12:52 PM ---------- Previous post was at 12:50 PM ----------

    Learn, at least for a start, how to analyze the market, what tools there are cryptov currencies, where they came from. Secondly PayPal is not a very reliable company, they are not very nice to people. They have had some very negative experiences. You can google PayPal scandals and see for yourself. From my experience, I can tell you that it is better to have your own wallet and buy currency from the same holders of currency as we do, for example. I have been using the wallet (you need an account to see links) for a long time now. For me personally, this is the most reliable and time-tested wallet and my money is always at my fingertips. You don't need to know much to get started. The main thing is to decide on a portfolio of coins.
    Last edited by CharlieWex; 01-02-2021 at 10:41 AM.

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