What will PayPal and Coinbase agreement mean for bitcoin gambling?

Discussion in 'General Bitcoin Gambling Discussion' started by Humble Servant, Jun 27, 2016.

  1. Humble Servant

    Humble Servant Active Member Staff Member

    Online payments giant PayPal seem to be warming to crypto-currency. A few months ago they added Xapo founder and bitcoin evangelist Wences Casares to their board of directors. Now PayPal have gone one step further by allowing you to integrate your PayPal and Coinbase accounts. When you sell BTC at the Coinbase/GDAX exchange, you can now automatically have the dollar amount deposited into your PayPal account.

    The service is only available in the USA but they hope to roll it out to all 200 million PayPal customers worldwide. For now you can only cash-out using PayPal but Coinbase have stated that the long term goal is also to allow you to buy bitcoin using PayPal.

    This will surely be a good thing for sports bettors, poker players and casino gamblers in the United States who are looking for an easy way to convert their bitcoin into US dollars.
  2. PokerGod

    PokerGod Member

    For most online gamblers I think the big problem is buying bitcoin. By the time the sportsbook or poker room has finished with you, you usually don't have a lot to sell :)

    This is a positive development. It's only a matter of time before we will be able to buy BTC from our PayPal wallets.
  3. 4TheWin

    4TheWin Member

    Since Wences is on the PayPal board and Xapo also have a bitcoin exchange, why didn't this happen at Xapo first?
  4. Humble Servant

    Humble Servant Active Member Staff Member

    I'm sure Wences Casares played a big part in this. You can buy and sell bitcoin at Xapo but they're not really a bitcoin exchange. They are more a secure custodial vault for large institutional investors. It makes much more sense for PayPal to partner with Coinbase, who are the most popular exchange for btc newbies.
  5. Kaboom

    Kaboom Member

    Does this also apply for Ethereum? If I sell some Ether on GDAX, can the dollars be deposited in my PayPal account?
  6. Humble Servant

    Humble Servant Active Member Staff Member

    I think right now it only applies to bitcoin. PayPal are dipping their toes in the water with BTC because it is the oldest and most established crypto-currency. It may take a little longer for them to accept other alt-coins.
  7. NKOTB

    NKOTB Member

    Hopefully some day soon you'll be able to convert the dollars in your PayPal account to bitcoin and visa versa without getting a third party like Coinbase involved.
  8. Gooch

    Gooch Member

    The agreement will probably mean even more KYC and AML at Coinbase. I was refused an account there recently because you need two forms of official ID. My passport wasn't enough. Crazy.
  9. 2damoon

    2damoon Member

    Both Skrill and Neteller now accept bitcoin and you don't need a Coinbase account. You can deposit using any type of wallet.
  10. Humble Servant

    Humble Servant Active Member Staff Member

  11. Terry

    Terry Member

    i was hoping this partnership with result in paypal customers being able to buy cryptocurrencies from within their paypal accounts. now that cashapp has enabled bitcoin buying and selling, it's only a matter of time vemno and paypal do the same in my opinion.

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