PayPal Might be Working on its Own Virtual Currency

PayPal Might be Working on its Own Virtual Currency

PayPal isn't exactly a huge fan of Bitcoin. Understandably so, since Bitcoin poses a threat to the entire company. PayPal specialises in online payments, but people can just skip the PayPal middleman with Bitcoin transactions. Simply selling mining equipment on eBay, PayPal's parent company, can get your account banned. Although PayPal's president David Marcus stated, "I really like Bitcoin. I own Bitcoins," he also thinks, "People are confused. They think because it's called cryptocurrency it's a currency. I don't think it is a currency." However, a 2012 patent application from eBay....


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In an email from Ebay they share their plans to open trade for cryptocurrencies like Bitcoin on 10th February 2014. This is a shift from their present policy that bans the sale of digital currencies. Many virtual currency experts are urging caution when trading virtual currencies on EBay using Paypal, however, as the risk for charge backs are still very real using PayPal. At it's core, EBay is built to be a major venue to trade these assets. Forecasting an advancement in payment processing as large as virtual currencies offer was impossible when EBay bought PayPal in 2002. Not a person in....

eBay president John Donahoe: PayPal may accept bitcoin in the future

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News summery, read through it….

Bitcoin, considered by many to be the killer of traditional payment methods such as PayPal, may become instead an enhancement. CEO of eBay, John Donahoe, states that they are actively considering the integration of Bitcoin with their payment service known as PayPal. Last month, they even launched a virtual currency section on their US website so it’s fitting that there considering it as a payment method. This is a mean virtual transactions are limited to the U.S. however. You’re still able to list and add in the classified section, the transaction, such as these would be outside of eBay’s....

PayPal Modular Payment System Will Support Bitcoin

There are some indications pointing towards Paypal finally introducing official support for Bitcoin and other cryptocurrencies. Paypal has filed a patent for a modular payment system. Although it seems to indicate this will be a hardware device of some sort, there is also a mention of using a virtual currency wallet system. Every time a company files a patent for some new form of payment technology, there seems to a buzz of excitement in the air. In the case of PayPal, their patent application revolved around a modular payment system, which offers some interesting traits. The PayPal....

Quotes

You'll hear the word 'decentralized' thrown around a lot when talking about Bitcoin. The reason for this is that Bitcoin is a decentralized asset that no one entity has control over. This might not seem important, but think about the people who live in places where that central entity that controls your currency is corrupt or unstable.

Melanie Shapiro, Founder/CEO of Case Wallet, PhD in Consumer Behavior