PayPal Now Sells Bitcoin on its Platform!
In late October of 2020, Paypal announced it would begin selling Bitcoin and 3 early coarse cryptos on its platform, immediately to its 346 million users.
here is what that looks like from within the Paypal app
hard-core Bitcoiners will be sad to know that the buy functionality is actually circumscribed for now. Users can only buy and sell their Bitcoins within Paypal. That means that users can not withdraw the coins or even transfer them to other paypal users. Because of this, there is no way for a buyer to take detention of the coins himself. He must trust Paypal to custody them for him.
This may be ideal for older, less technically abled investors who merely want price action from Bitcoin. even, for now, Paypal is basically offering users a means to speculate on the price of Bitcoin and nothing else. There is one exception to this. Users can spend the Bitcoin with merchants who accept Bitcoin via Paypal. This is because Paypal is not sending the merchant Bitcoin anyhow. They are paying the merchant in decree currency – USD – and accepting the Bitcoin on their behalf. sol when you spend your Paypal Bitcoins at one of these merchants, they are equitable selling your Bitcoin for you in order to pay the merchant.
What has PayPal said about Bitcoin in the past?
back in April 2018, the founding CEO of PayPal said that Bitcoin was the biggest scam in history. Bill Harris used the words ‘ bad ’, ‘ gamble ’, ‘ scam ’ and ‘ bubble ’ to describe the cryptocurrency. He warned people about Bitcoin volatility and to be careful against what he termed as a “ pump and dump scheme ” with risks that the populace had never witnessed. 
Bill Harris on FastMoney This announcement seemed to negate an earlier hypnotism by a exceed executive at PayPal that Bitcoin would become a democratic requital option. In February of 2018, Chief Financial Officer John Rainey was interviewed by Wall Street Journal. In a character of the interview titled “ Crypto Factor ”, he maintained that there was a likelihood of Bitcoin becoming a popular payment option. 
John Rainey on CNBC
Read more: Mochi Ice Cream
however, Rainey indicated that it would take years before this would always become a reality. This is a position that PayPal ’ s co-founder shares. Max Levchin was quoted in December 2017 saying that the digital asset technology was rotatory. even so, Levchin did not think that PayPal was fix to embrace the technology yet.
Paypal changing its tune on Bitcoin
In early 2020, it emerged that Paypal had begun something called the “ Blockchain Research Group ” and posted job openings for eight engineering positions in San Jose, California and Singapore. [ Paypal wants its own ] perspective and view on [ blockchain ] technology itself to see how it can help us contribute to the concept of creating an open digital payments platform that can serve everyone … .We are a strong believer in the electric potential of blockchain. The digitization of currentness is only a matter of when not if. 
Sri Shivananda CTO, PayPal Sri Shivananda then, on July 22, 2020, Coindesk broke the narrative that Paypal would be adding Bitcoin and other crypto purchasing through its platform soon. As of now, we do not know when Paypal intends on launching this service or even what coins it will support, though its about certain Bitcoin will among the coins offered.
Read more: How to Make Friendship Bracelets
What we do know is that the overhaul will be provided via Paxos Crypto Borkerage API. Paxos will handle all detention, KYC, and conformity. Paypal will merely allow you to use your paypal symmetry to or connected cards to buy and sell Bitcoin through its own exploiter interface. PayPal has already partnered with Coinbase, BitPay and GoCoin for transactions of digital goods. This admit merchants using Paypal to besides accept cryptocurrencies with minimal effort. John Donahoe, the Chief Executive Officer at eBay, said he believed such a partnership would enormously benefit his company in the future. It ‘s important to note, though, that this report comes from an anonymous generator, and has not been confirmed by Paypal at this clock time. however, the source suggested that an announcement would be mader later this workweek. We ‘ll update this page consequently as we find out more.
