PayPal now allows U.S. users to 'checkout with crypto'

jsilva

Posts: 127   +1
Staff
Forward-looking: PayPal is really pushing itself into the "cryptoverse." Today the online payments company announced that it will let U.S. customers use cryptocurrency to pay at millions of merchants with no additional fees. By checking out with crypto, users will pay for services and goods using their cryptocurrency holdings, which will then be converted for the businesses accepting the payment.

Late last year, PayPal gave its first steps to use cryptocurrency as a viable alternative to fiat currency by allowing U.S. customers to buy, hold, and sell it within its platform. A few months after, it acquired Curv to ensure the safety of the users' cryptocurrency holdings on PayPal. Starting today, U.S. users holding cryptocurrency in PayPal can now checkout their orders using their crypto.

When using "Checkout with Crypto" on PayPal, the user's cryptocurrency is converted based on the current conversion rate, with no additional fees. The option will automatically appear only if users have enough balance to cover the transaction.

As of writing, PayPal is accepting Bitcoin, Litecoin, Ethereum and Bitcoin Cash, but only one can be used on each purchase.

As reported by Reuters, millions of businesses connected to the platform already accept cryptocurrency, but PayPal is planning to expand its new service to all of its 29 million merchants in the coming months.

Dan Schulman, president and CEO at PayPal stated that "as the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies, while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet."

PayPal's announcement comes a week after Tesla revealed it would accept Bitcoin as a payment method in the U.S. Clearly when mainstream companies like these announce they will accept cryptocurrency, you can only wonder what kind of impact this will have in the overall market.

Soon after PayPal's announcement, Bitcoin value increased by about $1,000 (pump at 05:30am EDT). Bitcoin has been trading at record-high levels for the past month when it broke the $60K barrier.

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m4a4

Posts: 2,427   +2,757
TechSpot Elite
Ha, I just saw someone go so far as to say that if you pay them with crypto through paypal, they will cancel the order and burn the object...
...Like, how are you selling stuff online and do not understand the concept of currency conversion..? And then go so far as to announce such an ignorant take on it? 🤦‍♂️
 

terzaerian

Posts: 960   +1,399
Ha, I just saw someone go so far as to say that if you pay them with crypto through paypal, they will cancel the order and burn the object...
...Like, how are you selling stuff online and do not understand the concept of currency conversion..? And then go so far as to announce such an ignorant take on it? 🤦‍♂️
I would assume that Paypal is still sending the payee fiat, and may not even tell them crypto was used. Just more virtue-signaling from either a brainwashed zealot or Janet Yellen's Reddit account. Just another ***** pounding on the side of the Ark as the water rises, cursing Noah and hoping that his boat sinks.
 

m4a4

Posts: 2,427   +2,757
TechSpot Elite
I would assume that Paypal is still sending the payee fiat, and may not even tell them crypto was used. Just more virtue-signaling from either a brainwashed zealot or Janet Yellen's Reddit account. Just another ***** pounding on the side of the Ark as the water rises, cursing Noah and hoping that his boat sinks.
Well, the article above says that it gets converted. And I do think it'll tell you the original currency with the conversion rate.
But if you were enough of an id!ot to not take the converted money, then I don't expect the business to last long (because of that and other reasons) lol
 

psycros

Posts: 3,494   +4,181
Today its all about making millions from air. Tomorrow it'll be about protecting your wealth from the total collapse of conventional currencies.
 

Gastec

Posts: 113   +53
Today its all about making millions from air. Tomorrow it'll be about protecting your wealth from the total collapse of conventional currencies.
Why would the conventional currencies collapse? That can only happen if the countries themselves collapse and that's a Neo-Marxist idea, maybe anarchist.
 

PEnnn

Posts: 630   +612
Is this following scenario possible and what happens then?

Somebody buy an items, pays with Bitcoin. During the processing, Bitcoin drops by XYZ%. What now?? They ask the buyer for more money??
 

Irata

Posts: 1,528   +2,507
Is this following scenario possible and what happens then?

Somebody buy an items, pays with Bitcoin. During the processing, Bitcoin drops by XYZ%. What now?? They ask the buyer for more money??
I bet Paypal won‘t take that risk.
 

Danny101

Posts: 1,751   +760
Somehow it just feels like another fad to me. Another Tulip. The only real value system is bartering. Value for value. Still subjective of course, but base on need and demand of tangible assets. Fiat valuation, commodity valuation, and now crypto valuation are all out of whack and based on fear and possible future performance of government s and economies. Much of fiat currencies and governments are vapor values. Even gold, which is a tangible commodity is completely inflated. At least it has energy value due to electrical properties. What else, except as a placeholder of exchange? So much is subjective. I suppose with all the talk of going back to the gold standard, the closest we are to that is the gold that is embedded in the systems running crypto mining and management operations.
 
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netman

Posts: 641   +251
Don't be surprise if IRS has your Bitcoin transactions via PayPal during the Tax season...!