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Advocate III

Cryptocurrency on PayPal

This is a heads-up to watch for an upcoming announcement that PayPal can handle cryptocurrency. I received an e-mail today from PP saying "crypto is coming." It is not clear from this announcement whether PP will be introducing their own cryptocurrency, or will be incorporating an existing cryptocurrency into the PP wallet app.

  There will be a lot to think about as PP moves this initiative forward. 

 

Keep your eyes open and your skeptical attitude sharp.

 

More details:

PayPal and Venmo will offer and accept cryptocurrency for all online payments
PayPal is rolling out cryptocurrency support later this year

The Verge, By Nick Statt@nickstatt Oct 21, 2020, 3:49pm EDT

 

Craig

 

D. Cragin Shelton, DSc
Dr.Cragin@iCloud.com
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2 Replies
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Re: Cryptocurrency on PayPal

It looks like PayPal is trying to remain relevant in these times 🙂

 

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Community Champion

Re: Cryptocurrency on PayPal

@CraginSBy and large, PayPal's crypto play was pretty lame, but it does have some limited merit.

Essentially, they allow you to buy the bitcoin through them and only then to use it for payments. This essentially leaves any current bitcoin holder, either in exchanges, online or offline wallets, unable to use those resources on PayPal.

 

The only upside, besides publicity, is the ability to have an access to the established secure platform where you can purchase, store and, to some limited degree, transact in bitcoin. That last part is really weird, since crypto is converted to fiat currencies at the time of transaction. So what is the point?