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PayPal Enables Crypto Payments
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PayPal Enables Crypto Payments

hostnamastehostnamaste Member, Patron Provider

Yesterday, PayPal announced in a tweet that it has finally enabled the rest of the world to use its Checkout With Crypto service, which enables crypto payments at the approximately 29 million merchants worldwide who accept PayPal as a means of payment.

Fyi -

Comments

  • good news

  • can't see anything crypto-related on my paypal account (non-US). is it exclusive for US only? or still in rollout?

  • at the risk of sounding stupid, but is paying via Cyrpto using PayPal anonymous?

    I know they will surely keep logs of the transaction in the direction you--> merchant, so it's definitely not anonymous if someone knows who you are and want to know who you sending to. But what about the other direction? you<-- merchant/receiver?

  • @afn said:
    at the risk of sounding stupid, but is paying via Cyrpto using PayPal anonymous?

    I know they will surely keep logs of the transaction in the direction you--> merchant, so it's definitely not anonymous if someone knows who you are and want to know who you sending to. But what about the other direction? you<-- merchant/receiver?

    I would assume you still going through the usual Paypal checkout process, but you can now use a crypto balance to pay rather than a debit/credit card.

  • Does this work other way as well? Can one use paypal balance to send crypto to a wallet?

  • armandorgarmandorg Member, Host Rep

    Country restrictions(not available in many countries)z

  • I’m guessing sky high fees

    Thanked by 1chedenaz
  • yoursunnyyoursunny Member, IPv6 Advocate

    PayPal is now an accessory to criminals and money laundry.
    Every time you pay with crypto, a kid dies, because the electricity that could be used to purify drinking water is instead spent on confirming your transaction.

    According to @Nekki 's previous signature:
    Tor and Bitcoin are for criminals and nonces.

    Thanked by 2TimboJones MannDude
  • @yoursunny said: because the electricity that could be used to purify drinking water

    Sure, let's not forget how much electricity the fed is using for their money presses. It's not like it's more than crypto... of course.

  • @yoursunny said:
    Every time you pay with crypto, a kid dies, because the electricity that could be used to purify drinking water is instead spent on confirming your transaction.

    That's the sole reason why I use crypto. Makes me feel butterflies in my tummy

    Thanked by 3pike dystopia MannDude
  • ViridWebViridWeb Member, Host Rep

    I believe PayPal will charge fee on crypto transactions as well..

    So there's no logic to use PayPal for Crypto payment as a provider.

    Thanked by 1chedenaz
  • Since Ebay drops PayPal they continue to looking to a new horizonts

  • jbilohjbiloh Administrator, Veteran

    I'd say this is actually pretty big news.

  • alexgoldalexgold Member, Host Rep

    @yoursunny said:
    PayPal is now an accessory to criminals and money laundry.
    Every time you pay with crypto, a kid dies, because the electricity that could be used to purify drinking water is instead spent on confirming your transaction.

    According to @Nekki 's previous signature:
    Tor and Bitcoin are for criminals and nonces.

    I hope you joking

    Thanked by 2jenkki afn
  • @yoursunny said:
    PayPal is now an accessory to criminals and money laundry.
    Every time you pay with crypto, a kid dies, because the electricity that could be used to purify drinking water is instead spent on confirming your transaction.

    Don't forget an adult gets saved too, the electricity used by the electric chair is the equivalent of 250 transactions. Saving lives 250 orders at a time!

  • @ferefient said:

    @yoursunny said: because the electricity that could be used to purify drinking water

    Sure, let's not forget how much electricity the fed is using for their money presses. It's not like it's more than crypto... of course.

    So, the electricity used for printing money is regularly compared to entire energy use of dozens of countries? That's news to me.

  • From what I understand though you can’t send directly to other wallets is that right?

  • dann00dann00 Member, Patron Provider

    @citrix said:
    From what I understand though you can’t send directly to other wallets is that right?

    Correct, they mention it here: https://www.paypal.com/us/webapps/mpp/ua/cryptocurrencies-tnc#:~:text=You currently are NOT able,pay for goods or services.

    Thanked by 1citrix
  • @dann00 said: Correct, they mention it here: https://www.paypal.com/us/webapps/mpp/ua/cryptocurrencies-tnc#:~:text=You currently are NOT able,pay for goods or services.

    In other words need to sell crypto to other party and pay transaction fees to PayPal and to other party and withdraw fees

  • dann00dann00 Member, Patron Provider

    @jenkki said:

    @dann00 said: Correct, they mention it here: https://www.paypal.com/us/webapps/mpp/ua/cryptocurrencies-tnc#:~:text=You currently are NOT able,pay for goods or services.

    In other words need to sell crypto to other party and pay transaction fees to PayPal and to other party and withdraw fees

    Yeah... reading through that they're basically saying you can store crypto with them but anytime you'd like to spend crypto, you exchange it to normal fiat and then send that instead, of course paying all the fees for the exchange / payment to PayPal.

  • MaouniqueMaounique Host Rep, Veteran
    edited November 2021

    @TimboJones said: So, the electricity used for printing money is regularly compared to entire energy use of dozens of countries? That's news to me.

    No, but printing is not the only place where electricity is used, you need armored cars to transport, guards to, well, guard it, people die in robberies, mugging, even, paper/plastic are used, people paid to make it, design it, machines on special order and with special security themselves, special paper and ink, it costs about 14 cents to print an 100$ and 10 cents for a fiver bill and they are in circulation roughly for 6 years before needing replacement, the electricity is used for the virtual money too, the one in banks, in numbers in the treasury, huge computer systems are run 24/7 to keep track of financial transactions and payments, VISA/MASTERCARD/etc. the banks, the ATMs, the POSes, all use about twice as much electricity as the whole crypto mining (which includes most of the other costs as transfers and keeping track of them). With proof of stake things will change for the better too.
    And, remember! The banking sector is NOT the only electricity user in the whole money circuit, the cashiers all over the place and the need to keep the money safe, the vaults, the armor, the guns, the regulation burden which requires you to have the proper safeguards and trained people in place, communication systems etc.

    Suppose the system will change and suddenly the cryptos and fiat will share the transactions market 50/50. There will be significantly less investment needed to scale the crypto and the PoW system is the one where most power and gear is used, it will not need to be scaled much and it can always be switched to PoS.
    Of course, PoW was not the best idea at the time, but we had to start from somewhere, the fiat system had thousands of years to evolve, in 12 cryptos came very far.

  • Here is the rundown of Paypal Cryto Fees.

    By using PayPal's Crypto services, you agree to pay all applicable exchange rates (including spread) and fees.

    Purchase or sale amount Fee
    1. 1.00 – 24.99 USD 0.50 USD
    2. 25.00 – 100.00 USD 2.30%
    3. 100.01 – 200.00 USD 2.00%
    4. 200.01 – 1000.00 USD 1.80%
    5. 1000.01 USD + 1.50%

    Your going to take a hit depending on the exchange rate on currency. Be cautious and stay the hell away from paypal cryto.

  • @spifey said:
    Here is the rundown of Paypal Cryto Fees.

    By using PayPal's Crypto services, you agree to pay all applicable exchange rates (including spread) and fees.

    Purchase or sale amount Fee
    1. 1.00 – 24.99 USD 0.50 USD
    2. 25.00 – 100.00 USD 2.30%
    3. 100.01 – 200.00 USD 2.00%
    4. 200.01 – 1000.00 USD 1.80%
    5. 1000.01 USD + 1.50%

    Your going to take a hit depending on the exchange rate on currency. Be cautious and stay the hell away from paypal cryto.

    Lol, crazy fees

  • WebProjectWebProject Host Rep, Veteran

    good news and at the same time shame as usual PayPal is greedy on the transaction fees.

  • MannDudeMannDude Host Rep, Veteran
    edited November 2021

    @yoursunny said:
    PayPal is now an accessory to criminals and money laundry.
    Every time you pay with crypto, a kid dies, because the electricity that could be used to purify drinking water is instead spent on confirming your transaction.

    According to @Nekki 's previous signature:
    Tor and Bitcoin are for criminals and nonces.

    This is specifically why we accept and encourage the use of crypto. Mother Earth has limited resources and we must fight to protect her, even at the cost of depopulation.

    Pay with crypto today, and save a child from needlessly consuming mother earth's resources.

    But on a serious note, the fees suck. It's good for regular folk to get exposed to crypto, maybe looking into it more on their own, but I doubt it'll get heavy use from those already using other methods to pay via crypto.

    Thanked by 1yoursunny
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