For the second time since its inception, Bitcoin surpassed online payment giant PayPal in annual transactional volume. Continue reading Bitcoin Surpasses PayPal in Yearly Transaction Volume at $1.3 Trillion
Coinbase — the largest US-based cryptocurrency exchange — partnered with payments platform PayPal to enable instant, free crypto-to-cash withdrawals for US customers. Continue reading US Coinbase Customers Can Make Instant, Free Crypto-To-Cash Transfers to PayPal
Earlier this week, PayPal announced new fees and restrictions today that could have a huge impact on the cryptocurrency space. While cryptocurrencies offer low-fee and even feeless forms of value transfer, PayPal dwarfs the competition with global adoption and brand awareness, used to transfer business and personal funds as well as handling all eBay transactions. Continue reading New PayPal Policy Makes Bitcoin Cheaper, Private Alternative
U.S.-based payments giant PayPal has filed a patent with the U.S. Patent and Trademark Office (USPTO), published on March 1, to increase the speed of cryptocurrency payments. The patent describes an “Expedited Virtual Currency Transaction System”, involving the use of secondary private keys to shorten wait times for transactions between consumers and merchants. The patent’s inventors are listed as Cheng Tian and Sandy Lynn Godsey of San Jose, California, with PayPal Inc. listed as the applicant. According to the patent, PayPal is attempting to solve the problem of slow transaction times for cryptocurrency trades that have led potential crypto users to “instead choose to perform the transaction using traditional payment methods rather than virtual currency:” “Issues like this have slowed the adoption of virtual currencies despite their advantages” the patent states. The patent details how the creation of secondary wallets with their own private keys will make transaction times much faster, “practically eliminat[ing] the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction.” The shortened wait time is due to the reportedly faster process of transferring the private keys associated with “predefined amounts” of cryptocurrency that are equivalent to the amount in the transaction.
Facebook Messenger is unlikely to embrace cryptocurrency payments anytime soon according to David Marcus, Facebook’s vice president of messaging. In a recent interview with CNBC, the former president of PayPal pointed to perceived issues with existing cryptocurrencies, specifying high transaction fees and slow transaction times as reasons why the product isn’t likely to introduce the technology as a payment method, at least in the near term. However, Marcus, who joined the board of Coinbase in late 2017, did leave the door open to allowing such payments in the future, saying that when blockchain developer communities “fix all the issues,” it’s possible that the company will “do something” to open up the option.