Will Bitcoin Be Accepted by PayPal?

[brassmonkey]

wow wonder if this is started by online retailers

EBay may open its wallet to the virtual currency Bitcoin.

The e-commerce heavyweight is exploring ways to integrate bitcoins into its PayPal payments network, Chief Executive John Donahoe said in an interview with The Wall Street Journal.

?It?s a new disruptive technology, so, yeah, we?re looking at Bitcoin closely,? Donahoe said. ?There may be ways to enable it inside PayPal.?

Integration into PayPal?s network would give Bitcoin some much-needed legitimacy. Accepted by few retailers, the currency is held mostly by speculators hoping to profit from price fluctuations, which have been particularly volatile in recent weeks.

Donahoe said eBay hasn?t yet made any commitments to use the currency.

He said Bitcoin was reminiscent of music sharing sites Kazaa and Napster, which were found to violate trademark rights, but helped spawn legitimate sites such Pandora and Spotify. ?Virtual currency is something that?s here to stay,? Donahoe said.

Within the next five years, Bitcoin or other virtual currencies, such as airline miles, could be converted to cash and used in retail, Donahoe said. Integrating such virtual currencies into its payment network would help eBay in its effort to push PayPal use at bricks-and-mortar retailers, rather than just online. PayPal brought in $1.55 billion in revenue for eBay in this year?s first quarter, an 18% jump from a year earlier.

Last month the U.S. Treasury Department said it will apply money-laundering rules to Bitcoin and other virtual currencies, meaning firms that issue or exchange the increasingly popular online cash will be regulated in a manner similar to traditional money-order providers.

Coinsetter, which will allow participants to trade bitcoins using borrowed money in the coming weeks, has attracted venture capital funding. And Western Union Co. and MoneyGram International Inc. are also studying ways to allow customers to transfer money around the globe using bitcoins.

For now, the currency is accepted on a few sites, such as Reddit and WordPress, as well as Pizzaforcoins.com, which allows users to pay for some pizza deliveries.

The currency is still volatile, making its prospects in retail sales risky. In April alone, bitcoins have ranged from $50.01 to $266, with an average of $114.94, according to bitcoincharts.com, one site tracking the currency?s value. The market for bitcoins is over $1 billion, according to the site.

Related reading: During his visit with the Journal, Donahoe also explained why eBay stands virtually alone among its peers in opposing a bill in Congress that would create a new national standard for charging state sales taxes on products bought online.

full article...

[Vapid - BANNED FOR LIFE]

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[CAHEK]

sounds good to be true

[Vapid - BANNED FOR LIFE]

true good to be sound.

[sandman!]

will never happen

[brassmonkey]

Originally Posted by sandman!

will never happen

you have some insider info?

[onwebcam]

Why would a powerhouse such as Payoal accept someone else's virtual currency when they could create their own? I think he gives hint to this when he says "Bitcoin was reminiscent of music sharing sites Kazaa and Napster, which were found to violate trademark rights, but helped spawn legitimate sites such Pandora and Spotify."

[freecartoonporn]

only if google shows btc value by this

1 btc in usd

[pimpmaster9000]

my god you bitcoin guys will believe anything...

[Serge Litehead]

Originally Posted by onwebcam

Why would a powerhouse such as Payoal accept someone else's virtual currency when they could create their own? I think he gives hint to this when he says "Bitcoin was reminiscent of music sharing sites Kazaa and Napster, which were found to violate trademark rights, but helped spawn legitimate sites such Pandora and Spotify."

it's not that simple, creating your own money. i think it would just lead to the same path of egold and liberty reserve dollars. being centralized, most likely not transparent and in effect be vulnerable to manipulation - that would not appeal to crowd who embrace bitcoin. google admitted couple of years ago they were looking and possibly prototyping their own currency, the idea was shafted (or gave birth to bitcoin in a decentralized open source environment).crazyconspiracytheory



wow @ PP:

Hill Ferguson from PayPal ? the granddaddy of digital payments firms ? confirmed the company is keeping an eye on the crypto-currency.

?It?s the perfect currency by design,? he said. ?I?m curious to see how governments respond to it and how regulation may impact consumers? ability to get money in and out. I think it?s a fascinating phenomenon and we are definitely watching it.?

http://techcrunch.com/2013/04/30/dis...el-on-bitcoin/

and i thought they've turned in to corporate zombies long ago, but they keep things in perspective. pretty open-minded and reasonable position. i do tend to think they would not just blindly follow hype without studying ins and outs how bitcoin functions beforehand.

[brassmonkey]

long live bitcoin

[woj]

as bitcoins become more and more popular, then obviously they will eat into paypal's, western union's, and other similar companies profits.... so no surprise that they are all "watching it".... but I wouldn't count on on them having anything to do with bitcoins any time soon, why would they in any way support a competing way to pay/transfer $$$ online?

[Jman]

Not sure about Paypal but I heard Santa Claus (who is real) will be accepting them for Xmas ;)

[Serge Litehead]

woj, they must be looking at mtgox's profit estimates and thinking if they could multiply it on mainstream level by 1000-10000's times with their established brands... =)

[TheSquealer]

Originally Posted by holograph

woj, they must be looking at mtgox's profit estimates and thinking if they could multiply it on mainstream level by 1000-10000's times with their established brands... =)

Its a publicly traded company. They have to have a position on everything that relates to their business. All he did is what any public company would do and said "we are aware of XYZ and are watching it". Anything else is meaning that you are adding to it as it wasn't said.

[brassmonkey]

embrace the coin

[adultmobile]

Thisis the third "Will Paypal accept bitcoins?" thread in GFY, and thousands of news sites reported this around the world. To say "we think at it" it means "we will not make it, but we talked of it to get free press advertising".
If paypal will ever support a cryptocurrency, will be an own one, they can take bitcoins source code and do palcoins, mine it in secret first 6 months to get the most coins themselves, then allow others to get the rest.

[helterskelter808]

^ Yep. Lucky for Paypal they got some 'Bitcoin publicity', otherwise nobody would have ever heard of them.

[Dirty F]

Originally Posted by adultmobile

Thisis the third "Will Paypal accept bitcoins?" thread in GFY, and thousands of news sites reported this around the world. To say "we think at it" it means "we will not make it, but we talked of it to get free press advertising".
If paypal will ever support a cryptocurrency, will be an own one, they can take bitcoins source code and do palcoins, mine it in secret first 6 months to get the most coins themselves, then allow others to get the rest.

You cry a lot. Like really a lot. You look like a little butthurt bitch in all these bitcoin threads. A pathetic little bitch.

[adultmobile]

Originally Posted by Dirty F

You cry a lot. Like really a lot. You look like a little butthurt bitch in all these bitcoin threads. A pathetic little bitch.

Why you open 100 bitcoins threads in GFY if you don't want anyone to post in them?

[Dirty F]

Originally Posted by adultmobile

Why you open 100 bitcoins threads in GFY if you don't want anyone to post in them?

Wtf are you talking about imbecile?

[96ukssob]

that would be great, so PayPal can not only fuck you out of local currency, but also BitCoins

[adultmobile]

Originally Posted by Dirty F

Wtf are you talking about imbecile?

I am so relevant to you?

[brassmonkey]

Originally Posted by bossku69

that would be great, so PayPal can not only fuck you out of local currency, but also BitCoins

as far as i know its like e-gold was. once you send it its gone

[Dirty F]

Originally Posted by adultmobile

I am so relevant to you?

Wtf are you talking about imbecile?

[_Richard_]

Originally Posted by adultmobile

Why you open 100 bitcoins threads in GFY if you don't want anyone to post in them?

why attempt logical arguments.. just troll him about the moon or 9/11, he'll put you on ignore

then you only have to deal with his small army of fake niks

[NETSEX]

yup , just wait and see

[Sid70]

[adultmobile]

Originally Posted by Dirty F

Wtf are you talking about imbecile?

I am so relevant to you?

[Dirty F]

Originally Posted by adultmobile

I am so relevant to you?

Just piss off you dumb fuck. Pathetic idiot.