PayPal President Clarifies: We Do Believe in Bitcoin

The growing popularity of digital currencies has recently elicited some noteworthy measures from traditional players in the online Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term world. Last week, we discussed a reddit post depicting an American Express account holder receiving direct inquiries as to their interest in digital currency. The alleged occurrence highlights that traditional players are indeed looking over their shoulder and assessing the risks digital currencies pose to their businesses.

Recently, another reddit post showed an e-mail from PayPal Support rejecting a transaction for Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mining equipment because "PayPal may not be used for currency exchange, including the sale of Bitcoin Miners, Lite Coins, and Bit Coins [sic]". After quite a stir from the Bitcoin community, PayPal President David Marcus clarified via Twitter that the text in the support message was "bad" and is in the process of being corrected.

The user later received a follow up message relenting on the rejection. Marcus also noted that "We're believers in Bitcoin though". In an interview at the LeWeb conference in Paris that he reiterated really likes Bitcoin and even owns some of the digital currency.

While it would be hard to imagine the conservatively-natured PayPal accepting Bitcoin anytime soon, its parent eBay was not shy in expressing willingness to have PayPal do just that as far back as last spring.

In any event, the hiccup over the weekend is probably a blessing in disguise- a wakeup call to solidify a strategy sooner rather than later.