The day has finally come, the day in which Paypal embraces Bitcoins. With big companies like Overstock and wikipedia already accepting Bitcoins as payment method, PayPal has now teamed up with Bitpay, Coinbase and GoCoin to allow merchants to accept Bitcoin as a payment method if the client is using it to pay for a digital good via its Digital hub
The announcement was made on the official Paypal Blog. While this all sounds very excited, there is still much to come before we can really use Bitcoins with Paypal, currently you can still not add bitcoins to Paypals wallet and it is only available in the US.
today’s news does not mean that PayPal has added Bitcoin as a currency in our digital wallet or that Bitcoin payments will be processed on our secure payments platform. PayPal has always embraced innovation, but always in ways that make payments safer and more reliable for our customers. Our approach to Bitcoin is no different. That’s why we’re proceeding gradually, supporting Bitcoin in some ways today and holding off on other ways until we see how things develop.
With 143 million active accounts and more then $6.6bn in revenue at the end of 2013, PayPal brings huge potential to new users and business that want to embrace bitcoins.