Can someone with a US PayPal account post some screenshots of the purchase process and wallet plz? Especially the sending out to other wallets would be interesting to me. Fee options, etc..

@raucao I don’t have access to the bitcoin side of PayPal, but I know there is specifically no ability to send coins out (or in). You can only buy from PayPal, and then sell it back to PayPal. It’s purely a paper btc for price exposure at the moment.

@raucao I expect that they built it in that way to lower their costs of regulatory compliance (ie they don’t need to expand aml/kyc scope to include monitoring btc/etc transactions). Perhaps in the future they’ll expand capabilities, but I expect it’ll still be freedom restrictive (ie, in line with PayPal’s current policies).

@raucao are you sure about that? i feel sure i heard that there is no deposit or withdraw function going to be included (so it's purely price exposure, effectively, although i think you'll be able to pay merchants, but it'll automatically convert to dollars .. or something).

@waxwing Yeah, @htimsxela pointed that out in a reply. I didn't expect them to chicken out like that, but it makes sense. Worlds easier to implement for them for now.

@waxwing @htimsxela ... Basically, they didn't have to implement anything in regards to bitcoin is what it means. It also means that users aren't actually buying bitcoin in my opinion. Because if you cannot send it, then it's obviously not yours.

@raucao @htimsxela yes, but not 100%.

First, it's price exposure, like e.g. Revolut.
Second, interesting detail; they hold a NY bitlicense, and that apparently means they need to be full reserve - this is something I heard, not something I personally confirmed, but I heard that Paxos(?) are handling bitcoin for them, so it could nominally be of significance, in that specific sense.

@waxwing @htimsxela Yeah, so they just purchase a bunch of BTC on some OTC desk and have it sent directly to Paxos. Meaning they didn't have to implement any bitcoin-related software so far. I hope this is just for them to get their feet wet, and have their developers and ops learn more about bitcoin, so they can actually implement withdrawals soon.

@raucao @htimsxela i kinda doubt it. paypal is deeply embedded in the system, if anything they block stuff even more aggressively than banks, and banks have an aneurysm if you even say the word bitcoin, let alone do anything with it 😂

@raucao @htimsxela

It's an ironic outcome: the only thing that "fiat" financial firms ever end up doing with bitcoin is letting users "take a punt on it" - which is exactly the essence of the criticism they've always had of it - that's it's pure 100% speculation.

This narrative played out very hard in 2017.

@waxwing @htimsxela Not all banks, actually. And PayPal doesn't need a bank for that either.

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