World’s Second-Biggest Internet Payment Network – PayPal – Will Accept Bitcoin

Bitcoin Is Going Mainstream

We’ve previously noted that Reddit, Virgin Galactic, Overstock.com, two big Las Vegas hotels, a Congressman, and many businesses now accept Bitcoin. So does Dish Networks.

But a huge shift just occurred, which virtually guarantees that Bitcoin will become a normal payment method. Specifically, PayPal has just announced that it will accept Bitcoin.

Bloomberg reports:

PayPal … will start accepting bitcoins, opening up the world’s second-biggest Internet payment network to virtual currency transactions. [The largest is Chinese-owned AlipayBackground.]

“We’re announcing PayPal’s first foray into bitcoin,” Bill Ready, the chief of EBay’s Braintree unit, said at Techcrunch’s Disrupt SF conference yesterday. “Over the coming months we’ll allow our merchants to accept bitcoin. On the consumer side it will be a sleek experience.”

EBay [the parent company of PayPal], as the world’s biggest Web marketplace and operator of a global payments service, is the most significant business to date that’s embraced bitcoin. The move could potentially enable PayPal’s 152 million registered accounts to transact using the virtual currency, spurring wider use and acceptance of bitcoin …

Bitcoin might be a revolutionary game-changer … or a Trojan horse for the powers-that-be. But one thing is for sure: with PayPal’s acceptance of Bitcoin, the virtual currency will become a common payment system.

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  • SamuelThomas

    jizzed in my pants.

    • Micah Smith

      I heart the internet.

  • binaryphile

    Braintree is a merchant payment processor which until recently had nothing to do with paypal and is now a subsidiary. By any conventional meaning, paypal is most definitely not accepting bitcoin. Yet.

    • Ques

      But Paypal itself, on its official youtube page, released an new advertisement stating bitcoin is their future. They aren’t distancing themselves, they are embracing. Like they said, this is just their first foray.

      • binaryphile

        That doesn’t make the title of the article any less misleading.

  • Wayne Walton

    Bitcoin is to the Federal Reserve as Redbox is to Blockbuster. Technology as the illusion of revolution. The exact same monopoly is in control from behind the scenes.