Digital Currencies Such as Bitcoin Are official tool for merchants to use Says PayPal

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Digital Currencies Such as Bitcoin Are official tool for merchants to use Says PayPal

This looks like a sound message for the whole world that PayPal is about accepting the change and writing on the wall as in a filing at the US Securities and Exchanges Commission (SEC), it says that digital currencies such as Bitcoin are an official tool for merchants to use. The move has not surprised many as PayPal has been sending positive indications for long.

Now that PayPal details its future as a separate entity from eBay, a split which is due to occur by the end of 2015, the filing from the company says that a merchant can typically open a standard PayPal account. According to the company merchants can also begin accepting payments through PayPal within a few minutes.

In the filing to the SEC, PayPal says, “Our Payments Platform supports growth with a variety of value-added services designed to help businesses of all sizes manage their cash flow, invoice clients, pay bills, and reduce the need for merchants to receive and store sensitive customer financial information.”

According to PayPal a merchant can also integrate with Braintree to begin accepting payments with credit or debit cards, PayPal, Venmo, digital currencies such as Bitcoin, or other payment solutions with a single integration. Though it should have been appreciated a lot by the fellow Bitcoiners, they still seem to apprehensive about the decision by PayPal.

PayPal is still expensive for Users

A major issue according to them is that the company is still charging 2.9% + $.30 per transaction; this according to them is a lame attempt at accepting Bitcoin. The major purpose of Bitcoin is to reduce the transaction charges and if they are kept higher like that why would the customers use it. This has not gone down well with a lot of Bitcoin supporters.

A lot of Bitcoin supporters suspect the decision and question that major excitement about Bitcoin is that it is decentralized and has almost no fees. According to them it just does not make sense as PayPal accepting Bitcoin would not serve the purpose. Even though PayPal has a large user base, Bitcoin in itself is a revolution that does not need their support for success.

Bitcoin supporters claim that Bitcoin is an alternative to PayPal, they must not celebrate the decision, and instead, efforts should be made to popularize Bitcoin so that people don’t need expensive services from PayPal.

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