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Why PayPal Should Integrate a Wallet Service For Bitcoin 2 Replies At face value, PayPal and Bitcoin are direct competitors. PayPal charges a 1.9-3.4% fee for sellers, which is based on the amount of money that’s sent. Bitcoin clearly has an advantage when it comes to fees, as Bitcoin has a very small transaction fee that’s significantly lower than PayPal’s. (Also known as the miner fee, which gives incentive to miners to continue mining. Expected to slowly rise as mining increases in difficulty) John Donahoe, ebay CEO, has stated that the company is very interested in the technology of Bitcoin. When asked about Bitcoin, John Donahoe spoke with cautious optimism over Bitcoin’s future and potential. “I’ve been spending a lot of time looking at it and it’s truly fascinating. The way that the currency has been designed and the way inflation is built in to pay for miners and all of that is truly fascinating. I think for us at PayPal, it’s just a question of whether bitcoin will make its way as a funding instrument or not. We’re kind of thinking about it.” While John Donahoe shows optimism, it seems like eBay is still undecided when it comes to how to approach the integration of a digital currency like Bitcoin. Instead of allowing for Bitcoin to be swapped in a PayPal wallet, the company should opt to create an entirely new wallet that’s specifically designed for digital currencies. In a way, PayPal should consider to integrate a business model similar to that of Coinbase and Circle. Instead of charging fees on transactions, which seems counter-intuitive, PayPal should take and give Bitcoin at 1-2% of the current exchange rate. This takes advantage of PayPal’s sheer size, which boasts 110 million active accounts. One of the reasons why Bitcoin is used by many is its advantageous transaction model, which offers a clear incentive to use over credit cards and services like PayPal. The process would be fairly simple, with a competitively priced exchange rate withholding fee. PayPal could create its own exchange, which it could then monetize. If one Bitcoin goes for $500, PayPal could give the Bitcoin to a person for $505. If someone is exchanging their Bitcoin for fiat, PayPal could give them $495. This would allow for PayPal to get rid of any fees, which could potentially turn away users. (The exchange rates are for explanatory reasons, as they would likely be much lower as competition sets in.) This could be akin to a type of brokerage account, with some differences. Whenever you exchange a security, you’re subject to $7-$10 in commission fees. PayPal would make transactions to others via Bitcoin and fiat free, as PayPal would only make money from exchanges in Bitcoin to fiat or fiat to Bitcoin. In a way, this would allow for PayPal to operate as a brokerage, exchange, and bank. (Think of a combination of Bank of America, ETrade, and the NYSE) Unlike fiat currencies, Bitcoin acts like a hybrid between a piece of property and a currency. PayPal would be much better off by taking advantage of volatile exchange rates to profit as opposed to charging outright fees. This would not only help PayPal with an extra avenue of revenue, but it will also provide Bitcoin with a greater sense of legitimacy. While it may be true that the widespread adoption of Bitcoin directly competes with services like PayPal, it would be better for PayPal to be the first to establish leadership in the digital currency space. If PayPal doesn’t act now, it could stand to suffer as other businesses, large and small, come in to provide these crucial financial services. With a pragmatic approach, PayPal could provide incentives like insurance for Bitcoin, which is something that the digital currency lacks. Companies like Coinbase just aren’t large enough to provide insurance, and no government will take the role for now. If PayPal provides a comprehensive insurance policy, it could easily attract existing users that currently use services like Coinbase and Circle. [–]themattt 1 point 40 minutes ago Paypal will integrate within 1 month of Circles launch or they stand to potentially lose a huge amount of market share (and they all know it). It would be an epic beuracratic failure if that somehow didnt happen.
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May 17, 2014 23:22
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May 17, 2014 23:33
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http://www.bitcoinfaithful.com/ Bitcoin Faithful helps you connect with other Bitcoin enthusiasts around the world. Bitcoin Faithful is the social network for Bitcoin enthusiasts around the world to do business and talk about anything related to Bitcoin. Bitcoin Faithful includes forums, blogs, pages, photos, videos and even an online market place and auction section where you can list Bitcoins or Bitcoin related products or services for sale. Bitcoin Faithful even includes it's own App Api and we welcome Bitcoin Exchanges, Bitcoin Mining Pools and any other Bitcoin service to create an App and get it listed in our App Market Place.
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May 17, 2014 23:37
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InterNational Wallet Backup Day (self.Bitcoin) submitted 4 hours ago by MHolinde I hereby decree, on behalf of my scrypt/n-scrypt cryptocurrency Mining farm "Frygar" that today be InterNational Wallet Backup Day. Remember: Old backups don't have all your addresses!
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May 17, 2014 23:37
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Apple allows apps like venmo, square cash, xoom, etc. (self.Bitcoin) submitted 7 hours ago by bubbasparse What is it in the TOS that allows apps like that and not bitcoin wallets? [–]cqm 3 points 6 hours ago because bitcoin is not a company or individual, it cannot sue apple for antitrust violations or damages. so apple operates without consequence [–]omen2k 2 points 2 hours ago I've used only apple products for 10 years and if they don't accept Bitcoin wallets in the next year it's going to be a deal breaker for me.
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May 17, 2014 23:41
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Andreas Antonopoulos & the Bitcoin Foundation (self.Bitcoin) submitted 9 hours ago by flesh_coating hey /u/andreasma... Are you attending Bitcoin 2014? If they asked you, why didn't you choose to be a speaker? Why didn't you accept the Blockchain award? I would also like to hear your opinion on the foundation in general. [–]jratcliff63367 2 points 8 hours ago I would guess that since Andreas works for blockchain he thought it was the right thing to do to pass it on. This is just my guess but it shows both humility and integrity.
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May 17, 2014 23:42
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...! posted:$100,000 bounty for software platform that can replace the Bitcoin Foundation (self.Bitcoin) What's a DAO? Do they ever define what it is?
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May 18, 2014 00:05
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MGN001 posted:What's a DAO? Do they ever define what it is?
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May 18, 2014 00:09
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MGN001 posted:What's a DAO? Do they ever define what it is? Dragon Age: Origins, a 2009 video game developed by BioWare and published by Electronic Arts
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May 18, 2014 00:17
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...! posted:I am thinking of a system where prominent people can voice their opinion, where people can propose projects, and where the core devs can actively show their roadmap with detailed features + costs, and where we can vote on the features being implemented by sending bitcoins towards the feature of our choice. This will allow the core dev team to expand by being able to add/pay more devs for feature requests which are fully funded. Maybe we can even evolve to a system later where anyone can work on a feature, which, when programmed properly (approved by the core team), will receive the bounty. The same applies to lobbyists, we just send bitcoins towards the one that we consider the most competent for the job. This will allow Bitcoin to grow and expand at a rate it deserves, a rate that a political organisation such as the foundation can never accomplish.
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May 18, 2014 00:27
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...! posted:
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May 18, 2014 00:52
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unpacked robinhood posted:Blockchain technology what if you could drive really fast cars... but on the blockchain think about it
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May 18, 2014 00:55
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...! posted:$100,000 bounty for software platform that can replace the Bitcoin Foundation (self.Bitcoin) so can yospos get $100K for our dumb markov bots
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May 18, 2014 01:03
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killhamster posted:so can yospos get $100K for our dumb markov bots get the money then crash all the exchanges down to pennies
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May 18, 2014 01:04
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isn't that the guy who was offering to buy MtGOX for 5 million dollars that MtGOX owes him?
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May 18, 2014 01:07
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Boxturret posted:isn't that the guy who was offering to buy MtGOX for 5 million dollars that MtGOX owes him?
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May 18, 2014 01:13
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if my face was shaped like that i wouldn't know where my face ends and my neck begins either
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May 18, 2014 01:36
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Boxturret posted:isn't that the guy who was offering to buy MtGOX for 5 million dollars that MtGOX owes him? same guy, yeah
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May 18, 2014 01:50
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Aleksei Vasiliev posted:Project AVC - AntiVirusCoin (self.Bitcoin) maybe he means we upload all viruses into the blockchain and use an av client that parses the 15+ GB file for signatures to use when it scans? Aleksei Vasiliev posted:Talk about practical. This is the future of crypto.
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May 18, 2014 01:50
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May 18, 2014 02:13
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Boxturret posted:isn't that the guy who was offering to buy MtGOX for 5 million dollars that MtGOX owes him? So he's a bitcoin millionaire with all of his 'money' tied up in: -An insolvent company -More bitcoins, which have no liquididty So more like a bitcoin millionaire in theory, then
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May 18, 2014 03:30
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text editor posted:So he's a bitcoin millionaire with all of his 'money' tied up in: slumcoin millionaire
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May 18, 2014 03:33
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my favourite moment of all this. after satoshi was outed his brother went on reddit and slammed the reporter. he said "no one is allowed to call my brother an rear end in a top hat but me!" well no one did except you and it's your loving quote in the article dip poo poo.
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May 18, 2014 03:49
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 INCOMING! VERY MISLEADING! crossposting from the GBS thread: fuctifino posted:Look who's back.
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May 18, 2014 04:35
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yessssssss
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May 18, 2014 04:36
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highlights: (again stolen from GBS thread)My PIN is 4826 posted:http://buybitcoin.com/#start
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May 18, 2014 04:37
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never forget https://www.youtube.com/watch?v=OjV3wdXDHDk
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May 18, 2014 04:37
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FMguru posted:the dao that can be defined is not the true dao 5
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May 18, 2014 04:38
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oh shiiiiiiiiiit hold on to your butts (if you're a thai ladyboy)
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May 18, 2014 04:48
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motherfucking bruce wagner the original bitcoin jesus
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May 18, 2014 04:52
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ChickenOfTomorrow posted:motherfucking bruce wagner is this the second coming?
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May 18, 2014 04:52
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Bitcoin Jesus Classictm
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May 18, 2014 04:55
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somewhere in pattaya there's a human trafficker frantically looking for a new big client edit:   welcome back you marvelous sleazebag. thanks for optimizing the laffchain text editor fucked around with this message at 05:12 on May 18, 2014 |
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May 18, 2014 05:07
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text editor posted:...... 
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May 18, 2014 05:18
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quote:The Human Bitcoin ATM Project The Human Centipede 3: Buttcoin ATM Project, starring Bruce Wagner
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May 18, 2014 05:30
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i wont be content until bruce and antonopoplops combine their jesus powers for the blockchain
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May 18, 2014 05:35
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all of this has happened before, all of this will happen again
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May 18, 2014 05:37
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when will we have the opportunity to knock his phone to the floor with hornet notifications in a livestream?
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May 18, 2014 05:40
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boy bit coiners sure like to sure their ideas while doing nothing but solicit donations, of course like a bunch of takers/have-nots looking for hand-outs.
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May 18, 2014 05:59
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PleasureKevin posted:boy bit coiners yes yes yes we saw, bruce is back, we get it already good lord
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May 18, 2014 06:09
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