Is PayPal’s support for LTC any beneficial for LTC? What are your thoughts?
to me paypal is pointless. until you can actually spend the LTC — and I dont mean where you buy LTC from them and they then allow you to buy something where they convert the LTC back to fiat to pay for it — I mean, when you can actually send LTC to someone to pay them. Or when they allow you to withdraw it - then it becomes something of importance. Until then, it is just another “Robinhood” where you do not own crypto, you simply purchase “interest” in crypto. Not your keys, not your crypto.
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It’s the start of many services PayPal will give. For now it shows confidence and exposes the masses to LTC.
It’s a good thing.
It exposes the unknowing to believing they are buying crypto when they are not. If you do not own the keys then it might be an exchange or a custodial wallet - but if it you do not own the keys and cannot withdraw it - then that is called a scam.
when they allow withdrawals either to your own wallet or to someone else’s then I will call it crypto and then it will be an exchange/custodial wallet.
I think it is a great first step and accreditation for Litecoin that PayPal and many more like Revolut and some credit cards support Litecoin.
However I agree with another reader that there must be the next step to natively transact in Litecoin.
It just takes one of the payment networks to make the first step then the others have to follow.
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I am not happy that under-control systems like to join Lite. I think the correct point of view is
Should Litecoin accept working with PayPal or other old-payment methods?
Of course, it’s mainstream adoption. Soon they will offer LTC payments to 29 million merchants, which is enormous exposure.
Do we have an eta on this?
I’m guessing before summer.
I don’t like PP one bit but I agree its a good thing. Most people don’t know much about private keys. And some, like me its too dangerous to have a wallet on my hard-drive.
Its great because it further cements LTC up there with BTC, ETH and BCH.
In this case they would just be doing something which is already done by multiple others like Bitpay. It should also be noted other payment gateways also convert into fiat. Its how they make money - on the spread.
I agree not being able to withdraw LTC is unfortunate but a lot of stuff in the crypto space is centralised. The great thing about crypto is it serves people across a spectrum from corporates through to anarchists. So choose where you want to be or mix it up and take a bob each way with both hosted and owned wallets.
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