A new promotional video that was released earlier today pointing towards the fact that PayPal may begin offering payments with bitcoin has now been confirmed following an announcement by online giant Ebay. This latest news is sure to shock many in the cryptocurrency industry bringing the bitcoin another step closer to mainstream use.
The YouTube video that was released earlier this morning gave reference to offering a one touch option for payment in the form of bitcoin as an initial hint to the bitcoin service becoming available at some point in the future.
The hint then became a reality later today when an official announcement was made at the Techcrunch Disrupt SF conference by the chief of the Ebay Braintree unit, Bill Ready. He advised that this would be the first foray into the world of bitcoin for PayPal and that it would become a sleek experience for consumers as over the next few months merchants would be allowed to accept payments with bitcoins.
The official announcement was then set in stone as the official PayPal Twitter account released a very well timed tweet of the bitcoin news to ensure that there was no doubt left in peoples minds.
Working closely with mobile-only and online startup companies in order to make it easier for their customers to pay for services and good, Braintree was bought in September 2013 by Ebay. Ready advised that in order to allow payments to be made using the bitcoin cryptocurrency, Coinbase, a payment service provider for bitcoin would be working with Braintree and Paypal.
Back in 2008 Satoshi Nakamoto described the bitcoin as an online payment service based on software and then later in 2009 it was introduced as open-source software. Using its own accounting unit, also referred to as a bitcoin the payments using this system use a public ledger to record payments.
With the sheer size of both Ebay and Paypal the effects of this latest announcement have sent a huge ripple through the entire bitcoin community as comments relating to the video released by PayPal hit both reddit and YouTube coming to well over 400.
In the past there has been a lot of discussion regarding the PayPal and bitcoin relationship. There has been an argument both ways in relation to this with some saying that in order for bitcoin to flourish there is no need for it to be support by a centralized platform whilst other have said that the PayPal business model is perfectly suited to the bitcoin due to its digital nature.
The simple fact of this, no matter which side it taken, is that bitcoin integration with a service as well-known and popular as PayPal is sure to massively increase the visibility of not only bitcoin by of all types of cryptocurrency and this will bring it to the general population in a way that cryptocurrency has never seen before.