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DIGITAL CASH/CASHLESS SOCIETY IS BEING FAST-TRACKED: PAYPAL Will Now Support DIRECT PAYMENT TO 26 MILLION VENDORS With Bitcoin, Ethereum, Bitcoin Cash and Litecoin; PAYPAL Will Also Act As People's Crypto-Wallet Provider.


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Summary: People will be able to buy/sell Crypto-Currency directly through their existing PayPal accounts, make direct Crypto-Currency purchases at a whopping 26 Million Vendors using PayPal as a payment processor.

 

https://techcrunch.com/2020/10/21/paypal-to-let-you-buy-and-sell-cryptocurrencies-in-the-us/

 

 

Quote

PayPal has partnered with cryptocurrency company Paxos to launch a new service. PayPal users in the U.S. will soon be able to buy, hold and sell cryptocurrencies. More countries are coming soon.

PayPal plans to support Bitcoin, Ethereum, Bitcoin Cash and Litecoin at first. You’ll be able to connect to your PayPal account to buy and sell cryptocurrencies. Behind the scenes, Paxos takes care of trading and custody.

In early 2021, PayPal wants to let you use your crypto assets as a funding source for your PayPal purchases. This could be a good way to use cryptocurrencies for everyday purchases without having to convert cryptocurrencies on an exchange first.

 

There are 26 million merchants that offer PayPal around the world. For those merchants, customers paying in crypto won’t have any impact. Everything will be converted to fiat currency when a transaction is settled.

As part of today’s move, PayPal has been granted a conditional BitLicense by the New York State Department of Financial Service. It should be able to launch its crypto service in partnership with Paxos in New York.

 

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This isnt news. This is just a bitcoin trader that accepts fiat using paypal. Paypal 'has partnered' with tonnes of solutions providers who do this.

 

The paypal partner program is described here: https://www.paypal.com/uk/webapps/mpp/partner-programme

 

Its not like some business merger but a kind of business service for business services providers, something like a franchise like Spar or Shell or Whetherspoons except the franchiser is a digital fiat transfer service called paypal.

 

Im not knocking the practice of people accepting paypal as a trade medium when exchanging bitcoin for fiat but misleading marketing campaign language like this doesnt impress me. What else might they mislead me about?

 

The best way to trade bitcoin is face to face using cash in your local area.

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