Things have not gotten along for PayPal and bitcoin since the beginning. It has been over a decade since bitcoin erupted out on the financial scene and since then, it has seen much growth. But being so new, there are not many laws and regulations around this digital asset. Due to this, a lot of negative elements have seeped into the bitcoin world. As a result, major corporations and organizations across the world hold back from accepting this asset. PayPal seems to be one of them.
Now the story of PayPal and bitcoin is kind of interesting. While PayPal does not directly allow you to buy bitcoins, but there are certain ways through which you can do so. There are sources like VireWoX that help you find a path to buying bitcoins using PayPal money indirectly. But the procedure seems to be too long and not user-friendly. Users can also make their way to buying bitcoins using their PayPal money through Coinbase, although this service seems to be available in a few countries only.
The thing here to keep in mind is that PayPal has not been very supportive of bitcoin. In the past, we have seen the Ex-Chief Executive Officer of PayPal Bill Harris clearly snub bitcoin as something of value. He also used the word ‘cult’ to describe those bitcoin supporters who say that it is instant, free, scalable, efficient, secure, globally accepted and useful. Recently in an interview to a news source, the current CEO of Paypal Dan Schulman also expressed his skepticism regarding bitcoin as he suggested that there aren’t just many retailers that are accepting cryptocurrencies. Although he was interested in the technology lying underneath cryptocurrencies, blockchain.
Bitcoin’s main ideas are antithetical to the traditional fiat frameworks. In order to get acceptance in the modern financial frameworks, bitcoin needs to solve the issues that are associated with it in the form volatility, manipulation, illegal activities etc. Besides lack of acceptance in the currently existing financial frameworks, bitcoin is also not seeing much acceptance on an official level by the governments across the globe.
It seems that bitcoin and PayPal are standing on the opposite of the spectrum as of now. Bitcoin is not being welcomed with open-arms by PayPal. If bitcoin is to gain more adoption, it needs to curb out the negative elements associated with it. It will be interesting to see if we are going to see this asset evolve, grow and get incorporated into the modern financial frameworks like PayPal, in case it survives in the future.