[brotherofsteel]

No, they didn't. They launched a service where you can buy certain cryptocurrencies from PayPal and then sell it back to them at a later time, which may happen to be at the same time as you are paying a merchant fiat money. You can't even transfer your cryptocurrency to or from PayPal.

[dwringer]

It's been possible to buy and sell cryptocurrencies in one's PayPal account for months (including right before buying something with the resulting balance in fiat currency); what seems to be new here is that one can have PayPal handle the conversion at checkout without first having to click "sell" or paying added transaction fees (simply selling would incur a hefty 1 or 2% based on the amount sold).

It is true that one cannot transfer cryptocurrency holdings into or out of PayPal.

[TacoToni]

I wonder if they will allow transfers in the future.

[tootahe45]

Transfers in and out would cause huge source-of-funds type compliance issues and fraud problems, as well as support tickets from users setting the wrong fees and getting scammed. They would've bought something like Bitpay long ago if people cared to transact in crypto. The reality is 99% are happy just to store it on paypal,coinbase, etc and be charged exorbitant fees and hope the price goes up.

[spurdoman77]

The source-of-funds problem is solvable, otherwise companies like coinbase wouldnt be allowed to exist. Paypal just needs to buy some chain analysis service, and implement SARs and other related AML stuff.

[tootahe45]

So in addition to fleecing me on USD -> AUD with a rip-off exchange rate, they're adding an extra step for users of their fake BTC as well. But really multiple steps because you have to actually buy the fake BTC through PP first. The funny part is that no transaction take place on the blockchain, the BTC is just held at a third-party custodian. This is what VISA is planning too i think.

ThIs iS AdOptIoN gUyS

[Spivak]

This is the only way to actually scale crypto to the transaction volumes that PP and Visa actually deal with. You hold stash of crypto and manage your own transactions in-house and then do one actual on-chain transaction to settle up with your peers. Anything else is wasting money on transaction fees for no real benefit to you or your customer.

Also I'm surprised that groups that are so freedom/privacy oriented want literally every exchange of crypto to be on-chain, public, and traceable without using a money laundering service. Sure yes wallets are pseudoanonymous but if every purchase you ever made was on-chain it would be super super easy to de-anonymize you.

[herendin]

>ThIs iS AdOptIoN gUyS

Please don't do this juvenile crap here. If you have an argument to make, then make that argument.

[vmception]

I'm fine with the option of that.

I would like deposits, withdrawals and rotating private key access, like Coinbase does.

But sometimes I just want exposure and the ability to spend it in the same service. This checks that box.

[anddddd1]

One step at a time...

[baby]

so like Revolut