This is more about regulatory compliance than technical capability. PayPal already had the infrastructure - they've been waiting for clearer guidance from regulators.
The interesting part will be how they handle the AML requirements. Traditional payment processors have decades of experience with compliance, but crypto transactions create new challenges for transaction monitoring.
PayPal to support Ethereum and Bitcoin
271–280 of 409 posts
Re: PayPal to support Ethereum and Bitcoin
#272Earlier quoted context omitted.
In the real world, not in computer user world, people use what is avilable to them that works. Paypal is that.
I think it's from people who are programmed from early e-commerce days to think using their credit card online is an extreme risk, and that Paypal is shielding them or insuring their purchase in some way. That said, I know some small nonprofits where that's their preferred way to donate online.
> and that Paypal is shielding them or insuring their purchase in some way
Yes, I absolutely do think that. When I make a purchase through paypal, I am redirected to an authorization page hosted on paypal's domain. The recipient never sees my card number. I must authorize each charge. Whereas when I give my card number, the recipient can charge whatever they want, whenever they want, however much they want*
* subject to fraud protection.
This matters because sites do get hacked. The paypal horror stories you see are typically not consumer sided.
Re: PayPal to support Ethereum and Bitcoin
#273I'm both surprised they didn't already, and am more surprised people are still willing to even use PayPal at this point.
I've had a PP merchant account for well over a decade, to sell a boring, non computer related gadget. I make roughly one sale per business day, with typical statistical variation. PP has been nearly 100% reliable.
Some advantages for me:
1. I don't touch your credit card or personal info. I don't want to know those things. I don't want to be responsible for keeping them secure.
2. Integration with the post office for generating shipping labels is seamless.
3. I think people are more confident to buy something from a little known business if they feel that PP is protecting them. The increase in sales probably covers the PP fee.
4. I can run my business from a passive web page. All of the other services require me to manage some kind of server, running code, that I become responsible for maintaining. I love coding, but don't want it to be part of this business.
From reading articles and forum posts two main sources of horror stories seem to be:
1. People who just seem to be "accident prone" in terms of getting into disputes with others.
2. Selling non-physical goods, which I can only imagine has its own pitfalls that I don't know about.
Re: PayPal to support Ethereum and Bitcoin
#274The whole purpose of crypto is to exchange money online like we exchange cash in person, so who wants PayPal as a middleman on a tech designed not to have a middleman? Who will use that
For people who won't setup any wallet this can be useful. Self custody wallets are scary for some users.
"Trust PayPal with your not-wallet" oh sure.
Re: PayPal to support Ethereum and Bitcoin
#275Hey is this the same PayPal that freezes accounts and locks you from those funds?
pass.
Re: PayPal to support Ethereum and Bitcoin
#276I'm both surprised they didn't already, and am more surprised people are still willing to even use PayPal at this point.
I've had a PP merchant account for well over a decade, to sell a boring, non computer related gadget. I make roughly one sale per business day, with typical statistical variation. PP has been nearly 100% reliable. Some advantages for me: 1. I don't touch your credit card or personal info. I don't want to know those things. I don't want to be responsible for keeping them secure. 2. Integration with the post office for…
Plus the convenience for users. Don't make me fill dozens of fields on some forms every time I want to buy something.
Re: PayPal to support Ethereum and Bitcoin
#277The whole purpose of crypto is to exchange money online like we exchange cash in person, so who wants PayPal as a middleman on a tech designed not to have a middleman? Who will use that
The duality of crypto.
"Paypal is horrible. With bitcoin, you won't need Paypal anymore!"
"Paypal supports bitcoin. This is good for bitcoin."
Re: PayPal to support Ethereum and Bitcoin
#278real question because i don't know, what do people actually buy with crypto other than other money or illegal stuff? i presume paypal won't be happy with you buying/selling drugs with it
Cross border money transfer is one reason. People in 3rd world countries don't want to hold their money in the country. Many want to get paid by stablecoins.
I agree the AML laws of old are out of date for the current state of things. More and more workers in developing countries are doing remote work, and AML is unfortunately unfairly affecting this demographic (I used to be part of that demographic).
But enabling everyone to skirt around it completely is not a good outcome IMO.
Re: PayPal to support Ethereum and Bitcoin
#279I'm both surprised they didn't already, and am more surprised people are still willing to even use PayPal at this point.
I've had a PP merchant account for well over a decade, to sell a boring, non computer related gadget. I make roughly one sale per business day, with typical statistical variation. PP has been nearly 100% reliable. Some advantages for me: 1. I don't touch your credit card or personal info. I don't want to know those things. I don't want to be responsible for keeping them secure. 2. Integration with the post office for…
Yep 100% agreed here. I run a member management platform[1] for small clubs which generally use PP to fundraise and collect member dues.
Works perfectly well for us, we don't handle any PI or CC details and clubs can connect their PP account to our platform for their registration / event management needs.
Re: PayPal to support Ethereum and Bitcoin
#280real question because i don't know, what do people actually buy with crypto other than other money or illegal stuff? i presume paypal won't be happy with you buying/selling drugs with it
Back when I carried it I would pay all my bills in it. Paid for most of my wedding tbh.
That said, I think Australia might be uniquely blessed by Livingroomofsatoshi. It basically bridges crypto to all our other payment streams.
Oh and grey market stuff all the time. Drugs that arent like, go to jail illegal but ship internationally direct from india. That sort of stuff.