PayPal is officially entering the world of all-digital money. The payment processing company will start accepting payments from customers that are using Bitcoin.
According to CNN, Bitcoin is “an independent, government-less currency,” whereas PayPal is owned by eBay and works with merchants. As of today, PayPal completed a deal with the payment-processing companies inclusive with Bitcoin of BitPay, Coinbase and GoCoin.
When discussing Bitcoin, CNN explains it as, “an Internet-based system of money specifically designed to cut out middlemen, like banks and governments.” The Bitcoin system doesn’t have to communicate and coordinate with central authority systems, such as banks, as the issuing of Bitcoins occurs through its network.
It doesn’t seem as though this exchange between PayPal and Bitcoin will be the last between the companies. During the past year, eBay’s two top executives — CEO John Donahoe and former president David Marcus — have both expressed interest in Bitcoin and its technology.
PayPal’s senior director of corporate strategy, Scott Ellison, spoke with CNNMoney and said that, “We think Bitcoin has tremendous opportunities going forward,” and continued, “If you really want to understand how a technology works, you need to actually be in that technological space yourself.”
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