|Staff Reporter |||Sep 24, 2014 12:48 AM EDT|
(Photo : Reuters / Pawel Kopczynski) A mock Bitcoin is displayed on a table in an illustration picture taken in Berlin January 7, 2014.
PayPal now accepts Bitcoin payments as part of their integral project, which was recently announced on Tuesday, September 23. Valued customers can now start using Bitcoin for their online payments along other cryptocurrency processors, which include Coinbase, BitPay, and GoCoin.
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Online payments are now widely distributed to these processors, which should remain risk-free as PayPal had set limitations only to digital goods like downloadable songs and online games. This partnership would not allow transactions on its own or let its user store their Bitcoins in their electronic wallets.
According to Scott Ellison, PayPal's direct senior director, the company has always been open to innovation. Hence, they would always find ways to make sure that online purchases and other transactions would remain safe and reliable for their valued customers. PayPal had set its limits with the risk of partnering cryptocurrency. Since the transaction is limited to digital goods, these are fairly open to fraud cases. They are gradually embracing this partnership, leaving some developments behind and observing how this first step would go.
This partnership project took about 5 months before its release. As an initial step, the purchase of digital goods is the easiest and safest way since customers are more comfortable in paying for these products online. Although Ellison did not mention which of the merchants would start the integration, payments with the Bitcoin feature is going to be accessible to businesses in the Northern part of America and should be feasible in the next few weeks. Compared with competitors involved in smaller online businesses, PayPal has become rather slow in the integration of Bitcoin.
Bitcoin can be used in a similar manner as other currencies. However, it is not subject to regular bank regulations and transaction charges. At present, the development of Bitcoin is still ongoing, but appears to be gaining success. Online retailer Overstock.com also started accepting Bitcoin late January and is expected to make about $1M/month in sales by the end of 2014.
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