PayPal opens up to crypto

[bank_man]

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.

Just now seeing this thread, so I apologize for bumping up an old conversation.

Emphasis mine. I see this talking point often from crypto evangelists. I have a hard time believing it's in the best interests of someone living in a country with unstable institutions or weak property rights to convert what wealth they have into something as volatile as crypto. BTC fell to $3.5k in March -- now it's nearing $20k and people are already warning us that this bull run will start to crumble. The response I've heard most often is that USDC is the best option for this demographic, but that's kills the "decentralized" incentive since USDC is explicitly based on USD, which is subject to the decisions made by a central bank. I guess it holds onto some of the other decentralized benefits, but my guess is that most people who are interested in USDC are purchasing it through large exchanges which generally comply with some pretty intense regulatory standards.

For a currency to be viable in the long term, it needs stability (we all agree that hyperinflation / deflation is generally a bad thing, right?). Crypto doesn't have that. I'm in love with the idea of cryptocurrencies, but right now they mostly feel like a way to gamble.

[Daffodil]

We purchased 3000 XRP at about 30 cents each in hopes that it's going to take off and now that the bull is on a run, I'm hoping it doesn't stop lol. But this is exciting. I'm keen on crypto and PayPal so hopefully this makes trading easier and safer.

[I_royalty_I]

Just now seeing this thread, so I apologize for bumping up an old conversation.

Emphasis mine. I see this talking point often from crypto evangelists. I have a hard time believing it's in the best interests of someone living in a country with unstable institutions or weak property rights to convert what wealth they have into something as volatile as crypto. BTC fell to $3.5k in March -- now it's nearing $20k and people are already warning us that this bull run will start to crumble. The response I've heard most often is that USDC is the best option for this demographic, but that's kills the "decentralized" incentive since USDC is explicitly based on USD, which is subject to the decisions made by a central bank. I guess it holds onto some of the other decentralized benefits, but my guess is that most people who are interested in USDC are purchasing it through large exchanges which generally comply with some pretty intense regulatory standards.

For a currency to be viable in the long term, it needs stability (we all agree that hyperinflation / deflation is generally a bad thing, right?). Crypto doesn't have that. I'm in love with the idea of cryptocurrencies, but right now they mostly feel like a way to gamble.

To be fair, I totally understand your point considering this thread was about PayPal accepting primarily the big coins on their platform. I also agree that BTC isn�t a very viable option when it comes to unstable currencies in other countries. I look at BTC as a store of value right now. There are other coins that are more �stable�, but I�ve always been kind of weary and confused how they can stay pegged to $1 so accurately. I have used them before but only as a means to an end.

I�ve been following crypto forever, since eth was in the single digit prices. This is the second massive run I�ve seen of the big coins, and I don�t think it will be the last. I think the pull back and where it ends up settling after the run will say a lot. Will we have a higher low or a lower low than before. Crypto is still in its infancy, even considering how long its been around. There is a lot of potential there for it to disrupt all kinds of sectors though... just not BTC specifically. I actually don�t hold any BTC myself right now, but boy do I wish I did during these runs haha

---------- Post added at 04:16 PM ---------- Previous post was at 04:14 PM ----------

We purchased 3000 XRP at about 30 cents each in hopes that it's going to take off and now that the bull is on a run, I'm hoping it doesn't stop lol. But this is exciting. I'm keen on crypto and PayPal so hopefully this makes trading easier and safer.

Be very careful and keep an eye on the price as well as the volume at which it�s being traded. I have made the mistake WAY too many times of sitting on a coin thinking it will go higher only to watch it completely shit the bed. It can be tricky, but don�t be greedy. That�s the rule I�ve been trying to teach myself in crypto and in traditional stock trading

[Okland]

(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 (you need an account to see links) 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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The other day I stumbled upon an interesting article about the analysis of this launch by an adept trader. So he said that in terms of mass adoption this is good news but from the point of view of any practical use it is of zero importance.