This week PayPal announced that customers can buy Bitcoin, Bitcoin Cash, Litecoin and Ethereum using PayPal! Sounds good right!? Like everything in crypto, it's complicated.
PayPal won't allow you to withdraw the crypto and you can only sell it within PayPal or send it to other PayPal/Venmo accounts. They'll publicly explain this as a safety precaution, but the real reason is because there's no crypto involved.
PayPal is simply recording buys/sells/sends/receives in their company ledger as the currency BTC, BCH, LTC or ETH. No cryptocurrency will ever be used in the process. They're tricking everyone into thinking they're using crypto since most people don't know how to use crypto yet.
We've seen this before. AOL users thought they were using "the Internet" in the 90's when really they were just using AOL. We all know how that worked out for AOL.
You can't contain the Internet just like you can't contain trustless, permissionless, decentralized money. Learn how to use crypto correctly, and you'll never need permission to use your hard earned money again.
To the moon 🚀 — @GΞR฿Z Founder & Creator @ BitLift
@Gerbz On TMBA Podcast
Last time Dan and I spoke was 2 days before bitcoin's all time high in Dec. 2017. We just caught up again to chat crypto in 2020 on The Tropical MBA Podcast: Download | Spotify | Stitcher | iTunes | Google Podcasts