PayPal To Let You Buy and Sell Cryptocurrencies in the US

PayPal has partnered with cryptocurrency company Paxos to launch a new service. PayPal users in the U.S. will soon be able to buy, hold and sell cryptocurrencies. More countries are coming soon. From a report: PayPal plans to support Bitcoin, Ethereum, Bitcoin Cash and Litecoin at first. You'll be able to connect to your PayPal account to buy and sell cryptocurrencies. Behind the scenes, Paxos takes care of trading and custody. In early 2021, PayPal wants to let you use your crypto assets as a funding source for your PayPal purchases. This could be a good way to use cryptocurrencies for everyday purchases without having to convert cryptocurrencies on an exchange first. There are 26 million merchants that offer PayPal around the world. For those merchants, customers paying in crypto won't have any impact. Everything will be converted to fiat currency when a transaction is settled. As part of today's move, PayPal has been granted a conditional BitLicense by the New York State Department of Financial Service. It should be able to launch its crypto service in partnership with Paxos in New York.

The Financial Equivalent of Photoshop on Linux

[xack]

Hell is a bit chilly now.

Re:

[SinisterEVIL]

All transactions will be converted to fiat first. Per the full article. No doxxing

Why it's tulips all the way down

[goombah99]

Something something tulips. Come on am I right guys?

Okay I'll bite. There's a basic equation that all distributed trusts model cryptocurrenices can't beat.
let M be the amount of money needed to achieve 51% hegemony on the block chain extension.
Let k be the number of hash periods you wait before considering any transaction safely settled.
Let C be the total capitalized size of the currency.
let "a" be the fraction of the total capitalized currency traded in each transaction where, illegitimately erasing a pass transaction, could be stolen.

Therefore security re

Does PayPal still habitually clears your accounts?

[sinij]

Past shady tactics is why nobody should trust PayPal with anything.

we locked your account till you make up the short

[Joe_Dragon]

we locked your account till you make up the short on your bitcoin sale.

Hold up, Paypal is a good guy now?

[Cid Highwind]

Bitcoiners 2011: PayPal shutting off donations to Wikileaks proves the world needs a distributed, uncensorable currency. Buy Bitcoin!
Bitcoiners 2020: PayPal will take your Bitcoin and turn it into a centralized, easily censorable account balance! Buy Bitcoin!

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[bobbutts]

Makes sense based on what I've seen in the crypto space. People got hooked for the tech and stay for the profits. And as stories of profits spread more and more people came for the profits alone.

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[bn-7bc]

So a publicly traded company decides not to offer their services to a third party, I don't see the problem

This won't end well

[Kisai]

Previously the problem with Paypal was Paypal draining your bank account because of flaws in the ACH system that permits this to happen. Imagine how fast it will be for Paypal to drain your US bank account and then send it overseas via cryptocurrencies.

I'd actually be a bit worried that someone working at PayPal would go fishing for accounts tied to crypto currencies and subsequently draining them and then disappearing.

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[account_deleted]

Comment removed based on user account deletion

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[DaveV1.0]

I'd actually be a bit worried that someone working at PayPal would go fishing for accounts tied to crypto currencies and subsequently draining them and then disappearing.

It isn't that easy to disappear these days.

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[antdude]

I don't like how PayPal requires our bank accounts. During the old days like in the end of (19)90s, it didn't do that.

IRS needs to get on board too

[SirAbbadon]

Great news for adoption. Now it will only be another decade before the IRS catches up to the rest of the world and stops taxing small transactions. As of right now, paying for anything in cryptocurrency is a taxation compliance nightmare.

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[Fly Swatter]

Because cash actually maintains it value both for good and bad.

Cryptocurrency was supposed to be digital cash. However it is no more than a speculative stock market at this point so hahahahaha taxes.

I would say cryptocurrency, at least as far as bitcoin, has wound up nothing like it was designed to be. To be a true digital currency it has to have a stable reliable value. If the value didn't change then there would be no taxes. Bitcoin is a failure for it's stated original intended purpose (although ma

Translation

[jenningsthecat]

You'll be able to connect to your PayPal account to buy and sell cryptocurrencies.

You'll be able to connect to your PayPal account to lose all access to your cryptocurrencies.

FTFY

Is a slashdot editor high?

[gavron]

This could be a good way to use cryptocurrencies for everyday purchases without having to convert cryptocurrencies on an exchange first

And what, pray tell, do you think PayPal is? IT'S AN EXCHANGE of cryptocurrency for fiat currency. Are you so high you don't get it? This is no different than CoinBase or anyone else except for the "purchasing part". /smdh

E

Misleading: Paypal has nothing to do with Crypto

[mabu]

This article is very misleading. Paypal has nothing to do with crypto, and will continue to not be dealing with crypto currencies. Paypal is merely allowing a third party company, Paxos to transact with its users to supposedly buy and sell cryptocurrencies. Paypal will still be dealing with fiat, not crypto.

nice plan

[hdyoung]

God, haven't we learned our lesson yet? How many crypto exchanges have been emptied at this point? The second any crypto holding company accumulates more than 20 million in deposits, the company gets hacked or the founder flees, dies, or flees then dies. No matter how it plays out, the money is gone.

I like the idea of crypto but at the moment just about ANYTHING is more secure. Storing your crypto on an exchange is basically BEGGING TO BE ROBBED.

They're not functional

[zephvark]

My last problem with PayPal involved them sending my money to an account that hadn't been used in a decade, for reasons they can't explain and were unwilling to refund. I went through two automatic replies that were completely off, one tech who was completely off, and one tech who knew what the problem was... but told me she could not help me. Then they stopped returning my inquiries.

I still use PayPal for some business, because it's been convenient. I've dropped the card and will probably be able to cut th