PayPal Tests New Service To Accept Bitcoin

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bitcoin-paypalPayPal is one of the most famous and well-known US companies for online payment systems. A year ago they announced that the company was going to cooperate with three big Bitcoin payment systems.

PayPal partnerships with BitPay, Coinbase and GoCoin allowed buyers and sellers to use the crypto currency for purchasing digital goods online.

PayPal Tests a New Service

In fact, it doesn’t mean that they allowed their clients to use bitcoin on the Ebay platform (when they were in one corporation) in daily trading. The cooperation only helps to pay for digital goods like online games. The senior director of corporate strategy in PayPal said that this was a kind of test. They wanted to check whether it was comfortable for people to use PayPal accounts in paying for digital items on the internet via bitcoin partners or not. Moreover, it had a charge for every transaction in cases when a client changes his currency into cryptocurrency for a purchase.

Bitcoin with PayPal is difficult to buy due to some reasons. First of all, Bitcoin is sort of rival and competitor. The company takes fees from a lot of transactions, while the bitcoin-system is almost free of any fees and charges. This makes cryptocurrency quite dangerous for its business. Also, PayPal is the only partner of Ebay. PayPal and Ebay have a chargeback service which allows clients to get their money back even if an item just doesn’t look like what’s on its description. In the case of Bitcoin, this is impossible. Neither PayPal nor anyone else can get a refund if the money was transferred to another online wallet. Lastly, there are a lot of hacked accounts, and PayPal provides a chargeback service to cover for such, but if it’s a bitcoin transaction, it cannot be cancelled.

Related: Future of Bitcoin Mining: What May Happen in Next Few Years?

How to Purchase Bitcoins Through PayPal

The only way to buy bitcoins using PayPal account is to acquire Second Life Lindens and then sell them for coins. It allows you to buy and sell SLLs; therefore it is possible to get bitcoins if you have enough money in your wallet. You do not directly buy coins with the PayPal system, that’s why it’s not prohibited. Second Life Linden is a virtual currency which is used in the online game Second Life. Lots of gamers earn virtual money and then exchange them into dollars, euros, etc or trade inside the game with each other.
So, that announcement wasn’t a big step for Bitcoin’s publicity as it seemed to be at first sight. Probably they just tried to test the new market and understand how they can enter it. PayPal definitely does not wish to have such a competition by Bitcoin, which has almost no charges. Though it doesn’t mean they won’t find an appropriate way to work together for a kind of collaboration with bitcoin exchanges and processors. Time will tell.

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