On 21 October 2020, news broke that online money transfer service, PayPal is launching a new cryptocurrency service.
It didn’t take Crypto Twitter long to flood the platform with commentary, and initially, most of it was positive.
Those of us who watched with popcorn in hand soon noticed the sentiment change. Because, as these things usually go, not all was as it seemed.
While PayPal’s crypto service would allow customers to buy, sell and hold cryptocurrency, it does not allow crypto withdrawals or deposits, users do not get access to their wallet’s private key, and capital gains taxation is integrated into the platform.
More astute Bitcoiners, particularly those who have stayed true to the original vision of Bitcoin, pointed out other flaws in supposing PayPal’s adoption of crypto is ‘happy, exciting or positive news’...
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