Paypal with Bitcoin on modular payment service
Looks like Paypal is starting to work on official support with Bitcoin and reportedly OTHER Cryptocurrencies! Is this the beginning of a new rise for Bitcoin? What are your thoughts. Here's a little news article from NewsBTC Global
PayPal Modular Payment System Will Support Bitcoin
Paypal has filed a patent for a modular payment system. Although it seems to indicate this will be a hardware device of some sort, there is also a mention of using a virtual currency wallet system.
Every time a company files a patent for some new form of payment technology, there seems to a buzz of excitement in the air. In the case of PayPal, their patent application revolved around a modular payment system, which offers some interesting traits.
Exerpt from NewsBTC - Bitcoin News Network by JP Buntinx
Source: http://www.newsbtc.com/2016/05/27/paypal-will-support-bitcoin/
Don't support it. Paypal has a horrible customer service track record and has been gouging people for a percentage of their transactions for far too long. Between the ebay fees and paypal fees that one company ends up with 10-15% of your proceeds, which in some cases is your entire profit margin. Their awful business practices and greed in general is one of the main reasons cryptocurrency is so popular.
It's time to stop feeding that beast and let it die.
you have a good point but the good thing about Paypal is it's for the masses while Bitcoin is for the (arguably) intellectual elite. Paypal is a step tto adoption for bitcoin :)
Last year I would have completely agreed with you, but everyone is finally rolling out easy to use bitcoin services now.
With Coinbase and Circle you can buy and sell bitcoin from your bank account, with Shift visa debit you can spend bitcoin at stores like a visa. There are multiple apps like Blockchain on android that let you transfer coins with the camera and a QR code, and with Openbazaar you can open a free store that takes bitcoin. And it all finally works without having to hire someone to help or explain it.
Try to avoid funding Paypal, there really is no reason to give them your money anymore.
:it's not a matter of functionality, but a matter of marketing. People need to be informed about Bitcoin but most people already know what Paypal is. Get me?
I am really dissapointed from PayPal. Afwull service big fees always problems. They don't deserve a piece of Bitcoin cake. Actually why BTC need PayPal. If Paypal continue to do what they do after 5 - 6 years they must be out of the game
Bitcoin still has quite a way to go to be 'mom friendly' so if PayPal can help in UI and ease the entry into crypto for the masses, that's a net positive. And like AOL, once folks take that first step, they'll discover the walls of that garden and eventually venture out. PayPal will have to compete with everything else so I don't think they get much market share.
Someone mentioned Coinbase Shift Visa. I've messed with WageCan and BitGold cards, but Shift is really a sweet no-brainer way to spend your AML-KYC tracker coins.
Have you tried Wirex? they're good too