TronWeekly

Crypto World News

You are here: Home / Archives for PayPal

PayPal

The US Federal Government has Approved Fitechs PayPal, Intuit QuickBooks, to Hand out Funds to Small Businesses Under the Covid 19 Program.

by

Fintech companies PayPal and Intuit QuickBooks on Friday announced that the Small Business Administration approved their participation in the Paycheck Protection Program, as reported by CNBC. PayPal and Intuit are among the first non-bank, fintech companies to be certified for the emergency lending program for the Small Business Association.

“This is a race to save jobs in the present and for the future,” PayPal CEO Dan Schulman said in a press release. “We are eager to deploy our capital and expertise to do our part in helping small businesses survive this challenging period.”

In addition to acting as a direct lender, Intuit QuickBooks said:” it would process payroll information, which small businesses need to provide to lenders in order to get approved.”

As reported by CNBC, PayPal has provided access to more than 900,000 loans and cash advances and access to more than $15 billion in funding to more than 305,000 small businesses

The closures and safety steps mandated to control the spread of coronavirus (COVID-19) have affected small businesses severely. Many Small Businesses are forced to close down, and now owners are struggling to get the cash to survive the crisis.

With the Paycheck Protection Program, which was included in the Coronavirus Aid, Relief and Economic Security (CARES) Act passed on 27 March, the US federal government is helping small businesses.

The government’s $349 billion Paycheck Protection Program is forgivable loans aimed at keeping businesses paying employees and covering other company expenses during the COVID-19 crisis.

The U.S. Small Business Administration (SBA) will offer loans to qualifying businesses of up to $10 million, and lenders including banks and credit unions will provide loans. All businesses can apply with 500 or less workers – including non-profits, veteran organisations, tribal business concerns, sole proprietorships, self-employed individuals and independent contractors. Businesses in some industries may hire more than 500 workers if they follow the applicable SBA workforce size requirements for those industries

The aim of these loans is to keep workers employed during the pandemic, and you can check here for more details of the program.

PayPal CTO Admits Use Cases Will Pave The Way For Cryptocurrency Adoption

by

The adoption of cryptocurrency has been a major topic of discussion in the financial market and the factors that affect it have repeatedly been analyzed. The industry was also conducive to the point made by officials, and that was exactly what happened on Monday.

Just recently, Sri Shivanada, the Chief Technology Officer of Paypal talked about how crypto use cases need to be developed so that there is widespread adoption across the globe.

PayPal CTO Shivananda spoke at the latest Economic Times Global Business Summit 2020 where he said that the cryptocurrency industry is truly at the forefront of cutting-edge technology. According to him, the future was bright in terms of financial developments, but for cryptocurrencies to be considered fully legitimate, some tests had to be carried out.

He believed that cryptocurrencies need to overcome their name tag of ‘speculative’ and instead prove to everyone that it can compete on level playing fields. The PayPal official was one of many who sided with the rise of cryptos and even said the positive turn will occur soon. Shivananda continued:

“The developments will urge crypto-related businesses to become more user-centric and develop products that benefit the users. I believe that digitization of currencies is, in fact, not a matter or not it will take place but when it will take place. And that’s when it will necessitate participation from all industry players, regulatory authorities, and the government.”

Shivananda even talked about how cryptocurrency companies can take inspiration from India’s Unified Payment Interface [UPI]. The UPI is a unique real-time payment system that facilitates interbank as well as person-to-person payment transactions.

He said that the National Payment Corp of India was an “inspiration-worthy” model for cryptocurrency to grow in developing regions like India. Many proponents have admitted that the concept of UPI was extraordinary and that its teachings could be applied across the globe.

PayPal has been an active player in the cryptocurrency industry for a long time and had made a splash when it pulled out of Facebook’s Libra Association. This decision came after regulators pointed out anomalies within the Libra framework. The Elon Musk co-founded company stopped all participation in the project and reaffirmed that they will not contribute anything to the Libra project.

PayPal was part of a roster that included MasterCard and Visa, both of which pulled out at later stages. The European Union was quoted as saying that Libra’s plans would have massive ramifications on the financial world. During the latest summit, Shivananda explained that the initial partnership with Libra was done on the basis of serving underserved regions of the world.

The comments made by the PayPal CTO Shivananda came a few days after the Supreme Court of India shot down the crypto ban established in 2018. The ban was raised by the Reserve Bank of India [RBI] initially because the central bank was fearful of the scams that originated from the digital asset industry. Now that the ban has been lifted, officials such as Shivananda can openly cite plans for organizations to adopt cryptocurrencies.

Ripple focuses on the bigger picture, here is what’s that

by

One thing is for sure; Ripple seems to have a plan for becoming one of the leading cryptocurrencies of the future. Connecting with all the banks is just a means to an end. Here is how it is all likely to go down.

“Whoever is first to dominate the most important segment of a market with viral potential will be the last mover in the whole industry,” says Peter Thiel, an American entrepreneur and venture capitalist who co-founded PayPal. Thiel’s wise statement comes from his book, Zero to One, published in September 2014, and written by Thiel and a student Blake Masters.

This particular quote is followed by an explanation of how PayPal managed to go big. The company did not want to acquire random users. Instead, they targeted those who would be the most valuable to them — those who would start depending on it. Their first goal was to focus on emigrants who left their home countries to work abroad and send money home.

Before PayPal, they depended on Western Union to do so. PayPal made it effortless, but the transactions were too infrequent, as Thiel explains. The company decided to take a different approach, which is why they started targeting eBay ‘PowerSellers,’ professional vendors who sold and bought goods on eBay auction marketplace. Soon enough, transactions surged, and PayPal became THE payments platform for eBay.

How do XRP and Ripple fit in?

What does this have to do with Ripple and XRP? Looking closely at what Ripple had been doing with the banks, it is clear that the company is making pretty much the same move when it comes to bringing cryptocurrencies to banks.

Similarly to Thiel’s advice not to try to acquire random users, Ripple opted to target a smaller niche market segment. Bitcoin, for example, has no target audience, apart from people, in general. Its use cases and its brand have made it big, but for anyone else to come out of Bitcoin’s shadow, they must become the primary solution in a specific niche market segment, as PayPal did with eBay.

In this case, Ripple is PayPal, and traditional banks are eBay. The longer we observe the two firms’ methods, the more parallels emerge, which leads to an important conclusion — that Ripple aims at a much bigger picture than most other cryptocurrencies.

Most other coins just want to be available to anyone and everyone at the same time, which is too broad, too general. Ripple and XRP aim at banks and their already-established massive user base, which is not ready to shift to widespread cryptocurrencies.

With XRP in place, they could just keep going to the bank and make use of a better way of sending money internationally, without really having to understand the technology behind it. This is what is likely to make Ripple (XRP) big, even though the crypto community has several other coins that might be doing the same thing in a more decentralized way.

This, in turn, leads to another conclusion, which is that XRP might become for the crypto space what PayPal became for traditional finance industry. In other words, Ripple (XRP) will see a major increase in use and value at some point, which might be a useful hint to long-term investors and HODLers.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Want to buy Bitcoin with PayPal? Here are five easy ways for you

by

A few years back buying bitcoin was indeed an overwhelming process, but currently, the pendulum seems to have shifted to the more relaxed side of purchasing bitcoin. The reason is quite apparent, for the past few years there have been a growing number of exchanges, payment methods on the upward trend, and the buying process is simplified.

For years, PayPal has remained to be a top online payment processor across the globe. Therefore, it’s a no brainer that most folks are looking for means to buy crypto, especially bitcoin with PayPal.

PayPal is Providing Answers

Here’s the thing…

Buying bitcoin using a secure payment method such as PayPal is possible, but we have to agree on one thing that the process can be somewhat challenging to do. But never mind that difficult part because after all, it’s possible, right?

Why is it difficult to find a credible place to buy bitcoin with PayPal?

That’s the question that answers why PayPal doesn’t allow it easily. For instance, there have been several chargeback cases whereby scammers purchase bitcoin with PayPal and later claim not to have received anything. In the end, they get their bitcoins along with their money.

However, you don’t have to worry as here are some of the best ways you can buy bitcoin with PayPal without any issues.

Five Options for Buying Bitcoin with PayPal

In January this year, Virwox shut down its PayPal deposits, and since then it has been challenging to obtain bitcoins via a PayPal account.

One thing for sure is that there’s no direct purchase of bitcoins with PayPal at the moment, you can’t reverse bitcoin. Perhaps, there are other options for buying bitcoin with PayPal which include:

  1. Wirex
  2. eToro
  3. p2p marketplaces LocalBitcoins and Paxful
  4. Virwox

Using Virwox

Virwox.com may have shut down its PayPal deposits, but it by far happened to be the best way to buy bitcoin with PayPal. It offers a way past the chargebacks by using a virtual currency SSL (Second Life Linden Dollars) as mediation means.

All that is required is to deposit using PayPal to Virwox exchange and then purchase SSL with the EUR or USD deposited. Then you can buy bitcoins with the SSL after which you can withdraw the bitcoins to an own bitcoin wallet. The process may look complicated, but it works reliably. The only drawback is the associated fees at roughly 10%.

Using eToro

eToro.com is a non-US exchange with relatively low fees and accepts several payment methods. Here you’re allowed to buy crypto with PayPal (bitcoin in this case), but not able to withdraw or send them to other individuals. It means you can only change them to fiat money; hence that’s going to be just investing in bitcoin and not buying the actual coin.

P2p marketplaces LocalBitcoins and Paxful

LocalBitcoins.com was created for real people to meet and exchange bitcoin, and for that reason, it has made the process secure and safe. Buy bitcoin on LocalBitcoin only requires finding and connecting with an individual willing to accept payment with PayPal for bitcoins (there are many).

On the other hand, Paxful.com allows the users to create an account (of course, you create an account on LocalBitcoins mentioned above for bitcoin purchase using PayPal), find sellers as well as an exchange in PayPal for bitcoins. It uses escrow service that provides additional security for the buyers and sellers alike.

Using Wirex

Like any debit card, Wirex can be used with a PayPal account. It has medium fees with taking an extended period to complete as a drawback. There’s no assurance that the transaction can be successful as they are not partners (Wirex and PayPal) hence a method that should come last on your list.

You only order a virtual or physical card from Wirex and connect it to the PayPal account and verify. Deposit to PayPal and withdraw them to your Wirex account after which you’ll be able to buy bitcoin with the funded Wirex debit card.

There’s no denying that buying bitcoin with PayPal is safe as well as secure, but the fees paid are quite large. However, if PayPal is your preferred payment method, then you now know where to go and buy bitcoin using PayPal instantly (almost).

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.