PayPal Continues to Flirt with Bitcoin

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PayPal Continues to Flirt with Bitcoin

ForexMinute.com – Though shying from a full-fledged commitment, PayPal is still hinting at huge interest towards integrating Bitcoin to its services. The famous money transfer portal, along with its parent company eBay, today inked a partnership deal with multiple Bitcoin payment processing firms that will subsequently allow the merchants to accept cryptocurrency for digital goods.

Earlier, one of PayPal’s business units, named Braintree, announced to implement a feature that will allow Bitcoins payments. Later on, eBay’s CEO John Donahoe openly proclaimed his positive stand on the use of cryptocurrency in the ecommerce industry. Thereupon, the expectations of PayPal adding Bitcoin support was huge.

The company is indeed taking careful steps towards Bitcoin, probably because it wants to first analyze the technology thoroughly. The recent blunders in the Bitcoin market has indeed harmed its reputation, at least on the trading level. Moreover, the ongoing regulatory issues have also kept away PayPal from integrating Bitcoin technology to its platform. Whether this ecommerce shark is considering the coin’s market volatility or not, it still cannot ignore the favorable review Bitcoin has received from other major retail stores, including the likes of Dell and Overstock.

Despite all the good and bad news from the market, PayPal is undoubtedly putting Bitcoin on trial. This might be the only reason why the company has decided to integrate Bitcoin payments for digital goods only. The company’s senior director Scott Ellison clears the air by stating:

“Merchants were asking for Bitcoin integrations. Digital goods were an easy way to do it first… People are comfortable paying online for those things.”

Impact on Bitcoin Market
Following the news, the Bitcoin market has once again picked momentum. This has come as a huge relief, especially after the last week’s massive drop. During the 9/23 trading session, the BTC/USD pair was trading in a narrow range of 400 and 406. The arrival of PayPal’s announcement inside the market has boosted the volume by a reasonable margin. Investors have flocked back once again, and have taken the BTC/USD 4.02% above than its previous range. At press time, it is being traded around 418.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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