PayPal could add Bitcoin currency option, says eBay CEO

New hints dropped by the CEO of eBay, John Donahoe, appear to suggest that subsidiary company PayPal could receive the option to open a balance in the Bitcoin virtual currency soon. Last week, during the eBay shareholder meeting, Donahoe raved about how virtual currencies are "exciting and emerging" as shareholders explored new ways to extend the services offered by the eBay group.

eBay itself received a virtual currency option last month meaning that people can now buy and sell Bitcoin using eBay legitimately. As International Business Times reports, Donahoe described how he views Bitcoin and other similar digital currencies as "game-changers", adding that "Bitcoin is definitely on our radar" in reference to possible new currencies for integration with PayPal.

Could one of these signs soon be hanging on PayPal's digital door?

PayPal is the largest online currency exchange for individuals and businesses alike. It powers millions of secure payments on hundreds of thousands of sites across the internet daily. By becoming a Bitcoin wallet provider, it could extend its appeal even more.

The main question regarding the possibility of Bitcoin support within PayPal is whether it would actually turn out to be a positive addition in the long-term as eBay's John Donahoe believes it will be. With the recent collapse of the Mt.Gox Bitcoin exchange and the subsequent loss of hundreds of thousands of Bitcoins and sudden plummet in general Bitcoin value, reminders of the volatility and instability of such currencies are occurring more and more often.

Uncertainties also remain regarding how the law and banks approach the usage of digital crypto-currencies. PayPal will have to carefully consider these and many other factors before introducing Bitcoin support.

Source: International Business Times via SlashGear | Image via BTC Gear

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17 Comments

Okay first of all, BitCoin is fine, just like any other currency you obviously don't use except the one for the country you're in.

Second of all, "thing" can only represent an object within our reality, not a virtual entity in which we cannot touch.

Third of all, WHERE'S GUNDAM UNICORN.

Dot Matrix said,
BitCoin? Is that still a thing?

Well I use Bitcoin wherever I can and strangely every day more and more sites i visit accept Bitcoin. Also if something is available in 2 places and only 1 supports BC, I prefer it since BC is more secure.

Interesting, but the whole point of Bitcoin is to avoid high transaction fees... which is PayPal's bread and butter.

Perhaps they'll offer substantially cheaper transaction fees to users because it also cuts their overhead (transaction fees to banks). What portion of PayPal transaction fees actually go to PayPal?

I don't like the practice of what PayPal does with customers money. They illegal hold money up to 5 days which only take at most seconds but upto 24 hours to transfer money from PayPal to your bank. But because most people don't use PayPal as a bank but more of a transfer of money they hold it to get more interest from your funds.

ACTIONpack said,
I don't like the practice of what PayPal does with customers money. They illegal hold money up to 5 days which only take at most seconds but upto 24 hours to transfer money from PayPal to your bank. But because most people don't use PayPal as a bank but more of a transfer of money they hold it to get more interest from your funds.

Because exists banks that give interest.

Ah Paypal, had an ebay customer buy something pricey a while back, accept it, break it 2 months later which was outside my responsibility time frame according to paypal's own rules, their legal department admitted as much, but said because the customer convinced their bank's credit card company to fight it, they decided to come after me. I ended up settling because as they knew would be cheaper that fighting it. Loathe that company but admit I still use them from time to time. As for bitcoin, ANYTHING to promote a different and more private currency is something I support. I suspect many more here would as well if they knew more about it.

I don't understand why someone would use bitcoins via Paypal.
I thought the whole point of using bitcoin was anonymity. Using bitcoin via Paypal would simply break the anonymous aspect of bitcoin. Might as well use real money then O.o

essential+ said,
I don't understand why someone would use bitcoins via Paypal.
I thought the whole point of using bitcoin was anonymity. Using bitcoin via Paypal would simply break the anonymous aspect of bitcoin. Might as well use real money then O.o

Probably for eBay. You could set prices for items in bitcoins on eBay, then pay for the item.

essential+ said,
I don't understand why someone would use bitcoins via Paypal.
I thought the whole point of using bitcoin was anonymity. Using bitcoin via Paypal would simply break the anonymous aspect of bitcoin. Might as well use real money then O.o

Bitcoins aren't anonymous and can be traced back, the people that boasted about it being safe and anonymous are the ones that all got caught in the SR raid.

There are some things one does not concern about being anonymous, such as purchasing goods. It's receiving large sums that one wishes to be anonymous.

Services like bitplastic (though a little pricy) are perfect for withdrawing large sums of BTC as fiat cash from an ordinary ATM, while remaining anonymous. Not plugging their service, but there one that I realized that stood out the most and it didn't disappoint ;)

essential+ said,
I don't understand why someone would use bitcoins via Paypal.
I thought the whole point of using bitcoin was anonymity. Using bitcoin via Paypal would simply break the anonymous aspect of bitcoin. Might as well use real money then O.o

For anonymity , exists e-gold

Instead of this how about the ability to use 2 factor authentication with more than one device .. like the paypal football AND a cell phone. Not just 1 at a time. It's super annoying.

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