PayPal Confirms Rumors About Bitcoin Capabilities
PayPal has been in the crypto news cycle lately. There was a massive surge in speculation about PayPal's interest in cryptocurrencies after a recent rumor came out that PayPal was developing crypto capabilities including storage and transaction abilities within the PayPal ecosystem.
PayPal never commented on those rumors. A representative told crypto news outlets that "PayPal does not comment on rumors or speculation".
Still, there is usually some shred of truth behind rumors and today we are seeing some of those shreds come into the light:
"Originally submitted on March 20, the document was intended as a response to the European Commission’s public consultation on building a European Union framework for markets in crypto assets, whose feedback period lasted from December 2019 through March." - Cointelegraph
PayPal submitted a document stating that they would develop some sort of capability for cryptocurrencies.
They also clarified their position on Libra and why they left that project in the dust (like many other corporations):
“Since the project’s inception, PayPal has taken unilateral and tangible steps to further develop its capabilities in this area, and therefore — without questioning the value of the project — took the decision not to participate in the Libra Association and to continue to focus on advancing our existing mission and business priorities to democratize access to financial service.” - Cointelegraph
I'm personally excited about the addition of crypto capabilities to the PayPal network. Love them or hate them, they have a big audience (currently about 300 million users) and a substantially growing userbase (especially through the Venmo application).
This is a way to cater to both the younger and older crowds who are already PayPal users. I think PayPal would be stupid to not develop something in this arena and it's just a matter of time until we see them joining the crypto mix and collecting the billions of $$ in fees that await.
When One Joins, Others Follow
The generally accepted idea about mainstream adoption of cryptocurrencies is that as these giant companies jump into the fire, others will join quickly follow their lead. Companies are always trying to one-up each other and this oneupmanship is exactly what crypto needs.
I've been fascinated watching the adoption of the Cash App versus Venmo. 2 years ago, all of my friends were using the Venmo app to send and receive USD in exchange for small things.
Now, we often hand out our cashtag and forgo Venmo altogether. Some people still use Venmo, but many are quickly switching to Cash App. There are a lot of reasons for this and Bitcoin is one of the smallest parts of the equation.
With the way the tides have changed in terms of who is investing and what level of access people have into the investing world, I think the Cash App is light years ahead of Venmo. On the Cash App, for example, I can do the following:
- Send & Receive Money (same as Venmo)
- Receive direct deposits (making it basically a bank account)
- Buy fractional shares in stocks (making it a traditional brokerage account)
- Buy, receive and withdraw Bitcoin (making it a crypto exchange)
It is truly incredible to think about the possibilities of adoption of cryptocurrencies on apps like the Cash App. The reason why I bring this up in an article about PayPal's development of crypto capabilities is because I believe that Square is shoving the innovation down the throat of PayPal.
Unless the PayPal execs want to be a repeat of Blockbuster-Netflix, they're going to have to get out of their own way and start developing.. and fast. Bitcoin is coming and it's here to stay. These companies are starting to realize it, one-by-one.
Join Our Community!
LeoFinance is an online community for crypto & finance. We run several projects that are powered by Hive and the LEO token economy:
| Track Hive Data | Blog & Earn LEO | LEO FAQ |
|---|---|---|
| Hivestats | LeoFinance | Learn More |
 |  |  |
| Trade Hive Tokens | Learn & Contribute | Hive Witness |
|---|---|---|
| LeoDex | LeoPedia | Vote |
 |  |  |
Posted Using LeoFinance
I have to wonder how willing the government will be to crack down on crypto with so many large companies adopting it. At first, companies were reluctant because they wanted regulatory clarity. Now they seem to be sliding into crypto without that clarity. It's like government and industry were at the door waiting for the other to enter. At some point, it's just going to be accepted because there is no rewinding.
Correct...
Personally, I'm glad to see PayPal make some positive rumblings about cryptos. And why not? PayPal was itself a "disruptive technology" in its early days: Who'd have ever thought it possible that you could make instant peer-to-peer money transfers... without a BANK???
There's always a double-edged sword in this game. We can't have our proverbial cake and eat it too. In order to get the mainstream involved, we have to be willing to deal with the mainstream. It's like the purists of the early days of the Internet itself... they recognized it was a game changer, BUT they still fought tooth and nail against the web becoming "commercial." Until it just became inevitable, and we have the version of the web we have today.
The other plus about a financial juggernaut like PayPal taking on cryptos is that if they DO... the ship has pretty much sailed for a government to come in and try to outlaw them. It'll just be too late.
Personally speaking, the positive I see is that it might help guide us back to the roots of cryptos: An alternate form of currency/money without borders. The whole "when Moon?" and wildly speculative investing has to be downplayed if we're every going to be taken seriously by a broad audience.
I am hoping that PAYPAL can enter into the crypto world so that the transaction will be easy for all. A lot of online buy and sell products were looking for payment like credit cards including PAYPAL. It will be easy for the crypto enthusiast like me to use PAYPAL credit if they will include the cryptocurrency even though it's limited crypto-only can permitted in PAYPAL, like Bitcoin, Ethereum, BCH, and don't forget the HIVE! hahaha...
If paypal joins hands with crypto, we Indians would be most relieved because as of now there is only the p2p thing and a single exchange.
well with PayPal it well be very easy to exchange
Congratulations @khaleelkazi! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :
You can view your badges on your board And compare to others on the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @hivebuzz:
Support the HiveBuzz project. Vote for our proposal!
Only thing that we hope for here in South Africa is that PayPal will list Hive.
Great news here!
This is good news for crypto. I'm excited that this big companies are coming to see the potentials of cryptocurrency.
Posted Using LeoFinance
I think it depends on the levels of authentication they will be requestimg as I read rumoured from somewhere.....they might want to go deep kyc-ishh, dont know how true tho
Oh this would really be something!
Thanks for posting about this was wondering where all this was going.
This would be amazing!
This is super epic news, and can't wait! This could really make crypto boom imo. Paypal is so huge and is used so much, this is a definite game changer for me specifically, and I bet many more!
Posted Using LeoFinance