Paypal mentions Bitcoin, Cryptocurrency Investors Rejoice (or go Ape Shit)
A day after writing an article comparing, as many people do, the network and currency of bitcoin to credit processing companies such as paypal, amex, and others; Paypal releases a video that mentions Bitcoin. This almost certainly locks in many advantages of a reputable company, with a growing demand for bitcoin. The video entitled – “Paypal Voices” is quoted with saying:
“Our phone is our wallet. We can spend bitcoin with a tap, without a pocket.”
Paypal is a huge money transferring company which is the preferred payment method of Ebay. This video might definitely be mentioning that Paypal will soon be able to send your bitcoin to the merchant you are purchasing a good or service from. This could be entirely beneficial because Paypal is widely used on the internet. Since paypal verifies funds and provides protections it could further legitimize the cryptocurrency of bitcoin. The catch is that paypal isn’t necessarily integrating it right now. Their recently bought company Braintree, which provides payment transfers for Lyft and Airbnb, is going to integrate the currency into their platform.
Paypal with bitcoin capabilities could also have negative consequences concerning the anonymity of the currency. As far as I know, Paypal cannot work for a consumer without an email, credit card, address, or any personal identifiers. Bitcoin simply works on an address that holds funds, no names, addresses, or personal information of any kind is necessary to open an address and store funds. None of this information is required to send or receive funds with Bitcoin either. Granting, that the technology the government has nowadays, it would be rather difficult to have money in bitcoin without them knowing. In New York bitcoins are taxed annually under a new law, although I am not completely aware of the possibilities or restrictions in that realm, I’m not a lawyer.
Either way this is a topic anyone with aspirations or interests in Bitcoin needs to know. My publicist once told me that any press is good press. In this situation, Paypal’s tiny mention might mean some big things for the bitcoin universe.