First Was VISA/Square Now Paypal

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Yesterday I wrote up a big article explaining What Does VISA Using Ethereums ERC 20 Token USDC which goes over how VISA/Square will be using the stable coin USDC to process transactions via a new card of theirs soon to be released.

Well now today Paypal follows up with their version of this so lets dig in.

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PayPal Launches "Checkout With Crypto"

It's important to note this is a CHECKOUT WITH CRYPTO. In short all the system does is takes your crypto payment and instantly convert it to FIAT. Personally it's a feature I will never use and is simply a faucet for crypto to be converted back into FIAT.

At checkout a customer has the option of selecting one cryptocurrency such as

  • Bitcoin
  • Litecoin
  • Ethereum
  • Bitcoincash

Depending on what you are holding as balances and how much Paypal has of each. When the transaction is made PayPal instantly converts whatever crypto is used into FIAT and the customer gets not one to TWO recipes. One as a normal PayPal receipt and a second of the crypto sale. *yup it's like a stock so you're now liable to paying takes on that crypto you just sold.

Let's just say this system is worthless and you'd have to be crazy giving up your crypto like this. While this might have been the biggest headline of the day I see ZERO benefits to crypto from this move nor do I think anyone is really going to use it.

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Posted Using LeoFinance Beta



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16 comments
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You forget to mention dashcoin, algorand and smartcash which is more cheaper fee and faster transaction than btc,eth etc ... what's more important now is how they will make Satoshi transactions and mbtc etc with less fee .imagine selling or exchanging as you say btc or eth ,etc..,with high fee that is not accepted by everyone. Bitpay much better than PayPal

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I don't think Paypal is accepting those do you have documentation showing otherwise? I believe the list in the article are the only ones that can be used at checkout.

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There is no use for this implementation. I wouldn't use it either. I hope to one day see merchants REALLY accepting cryptocurrency payments.

Posted Using LeoFinance Beta

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I'm a raving fan of PayPal!!!!!!

Actually, if they disappeared and never came back, I would be happy lol

But the masses love it.....Urgh.

Posted Using LeoFinance Beta

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After all these years they still hold a serious monopoly on a lot of things. Stripe seems to be doing pretty well but Paypal still reigns supreme and they know it and abuse the F out of the sellers on it.

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That is great
next target amazon
crypto is literally invading the world

Posted Using LeoFinance Beta

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I don't want mega corps in crypto lol That's exactly why crypto was invested to beat these mega corps and banks.

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The only real benefit is publicity and market confidence. When people hear names like visa and paypal accepting crypto payments it will give investors that confidence to follow.

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Although I use PP for some of my online marketing, I have absolutely no intention of intermingling any of my Crypto with them.

Historically, they have screwed people over and I believe that we should be working hard to cut them out of our business and not find another way to use them.

Posted Using LeoFinance Beta

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After the crap they pulled on small businesses operating online 5 years ago or so I haven't used them since.

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