Is PayPal’s announcement a good news for Bitcoin?

By GeeBee14 | Coin addict | 22 Oct 2020


Not for me !

In 2018, ex-PayPal CEO Bill Harris called Bitcoin “the greatest scam ever” !!! 

Remember that until very recently, PayPal was anti-crypto.

So, how to explain this sudden turnaround ?

Two big announcements from private companies like Microstrategy and Square ?

After all, this is the start of mass adoption we’ve all been waiting for.

Yes, but keep in your mind that the service will be entirely custodial, meaning users will not have the key to their own coins.

Look at this statement from their FAQ is, in practical terms, false: “You own the Cryptocurrency you buy on PayPal but will not be provided with a private key.”

My main fear is, if millions of newcomers are onboarded to Bitcoin by PayPal, there could be a very serious information gap that jeopardizes their experience and undermines key principles of cryptocurrency !

It's only my opinion.

But if someone ask me my opinion, I just tell him "Do not use PayPal for Bitcoin".

 

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GeeBee14
GeeBee14

Crypto Fan since 2015.


Coin addict
Coin addict

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