Bitcoin to Get Impetus as PayPal Embraces the Digital Currency

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PayPal Embraces Bitcoin

PayPal which has more than 152 million registered users has announced in a blog post that it is joining forces with today’s leading Bitcoin processors BitPay, Coinbase and GoCoin to help the clients accept Bitcoin. The decision is expected to give impetus to the falling value of Bitcoin in the coming days.

The blog from the company says, “Bitcoin has been big news this year, and for good reason. Although crypto-currencies have been around for some time, only Bitcoin has achieved significant scale. This new entrant in the world of payments has people asking lots of questions – including how and if PayPal will decide to work with Bitcoin.”

For long, the company was expected to embrace Bitcoin someday and the time has come now. ForexMinute had earlier reported and speculated that PayPal won’t hold itself for long from the digital currency. Now, with the decision PayPal will enable its digital goods merchants to accept the cryptocurrency with ease.

The company says that sellers will be able to get paid in Bitcoin for digital wares like games, music and ringtones, etc. Scot Ellison said that his company is excited about all the innovations taking place in payments these days and according to him more choices in how people create value, share it, buy, sell and trade it that’s exactly what PayPal is all about.

It’s a Big Decision on the Part of PayPal but On Expected Lines

He further added that his company believes that Bitcoin offers unique opportunities as more people and businesses experiment with it. The San Jose based company which was founded by tech moguls Peter Thiel, Reid Hoffman and Elon Musk, along with other members of the original “PayPal Mafia,” did not say how soon Bitcoin payments integration would be complete.

However, the company made it clear that today’s news does not mean that PayPal has added Bitcoin as a currency in its digital wallet or that Bitcoin payments will be processed on its secure payments platform. The company added that it will proceed gradually and cautiously in embracing Bitcoin until it sees how things develop.

The announcement says that to start, Bitcoin payments integration will be available via PayPal’s Payments Hub to PayPal online merchants in North America. However, there will be some exceptions of pre-sellers like merchants who ask for payment in advance for a product or service it will later provide.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com