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[aryan4]

PayPal will probably not buy Bitcoins. Despite the interest in cryptocurrencies by institutions, the payment giant will not buy crypto money, according to the chief financial officer (CFO). According to a new report, Paypal CFO John Rainey said the company will not buy any cryptocurrencies. On the contrary, he said the company preferred to improve its payment network.
---- "We will not invest in cryptocurrencies with the cash that the company has. But we want to take advantage of the growth opportunities ahead. "----
What do you think of these thoughts of the company?

 

[Brain]

I don't even understand the logic here. Take advantage of the growth how? Well, they might know why they are avoiding the purchases though

 

[BullyMaguire]

How can this work? How can people trust them if they don't own Cryptocurrency on their own? How can they take advantage of it? By just accepting Cryptocurrency deposits?

 

[Niftyicon]

I guess their plan is to own Cryptocurrencies through the deposits and payments sent to customers since the platform will be paying fiat for all transactions.

 

[aryan4]

How can this work? How can people trust them if they don't own Cryptocurrency on their own? How can they take advantage of it? By just accepting Cryptocurrency deposits?

PayPal works a little differently in the system. You buy bitcoin but you cannot withdraw it to another wallet. Who knows, this situation may be changed in the future.

 

[BullyMaguire]

PayPal works a little differently in the system. You buy bitcoin but you cannot withdraw it to another wallet. Who knows, this situation may be changed in the future.

Oh.. so it's like a fake bitcoin then.. you just have it inside their system just like robinhood.. you don't actually own anything that's not good for me

 

[aryan4]

Oh.. so it's like a fake bitcoin then.. you just have it inside their system just like robinhood.. you don't actually own anything that's not good for me

It can be counted as you say somehow. An interesting app and just like a fund transaction, like a bitcoin fund. You can take advantage of its fall and rise, that's all.

 

[BullyMaguire]

It can be counted as you say somehow. An interesting app and just like a fund transaction, like a bitcoin fund. You can take advantage of its fall and rise, that's all.

Well yeah it's good for people that can't hold their coins. But it's bad for people who panicks a lot because of the dropping.. well i wish they are better than robinhood who freeze their system when there's a pump on price

 

[Josemendez]

I think currently PayPal has money in bitcoin and have allowed the users to carry out cryptocurrency related transaction with their site ,and this is something quite commendable

 

[Josemendez]

But the thread is saying, paypal aren't considering the purchase of Bitcoin or any other Cryptocurrency. How come I've hearing the saga, that crypto have been added to the paypal banking institution??

I think this news and post was before the integration. If you check the time the post was made you will understand that it was earlier this year.

 

[Josemendez]

That's true. I checked now, it isn't this year. It was my fault, i forgot to check it. I believe paypal have added Cryptocurrency in its banking institution??

Yeah ,but the restrictions on low tier countries like Nigeria is still effective . We thought the introduction would have help lift the restrictions

 

[Wisdom01]

At least they should buy even if its 1% because promoting without buying bitcoin , is not going to gnerate the needed trust and awareness

 

[Josemendez]

Its still not favourable to us as Nigerians. We'll accept our feat with paypal and move on. Do you think with crypto added into paypal, it will be possible to receive funds through its crypto method to non paypal users??

That's what we thought before the integration ,but sadly that is not what it turns out to be . We just have to move on , moreover I don't see myself using PayPal because of the fees