PayPal Might Start Accepting Bitcoins

By | 2017-10-13T03:00:55+00:00 Jun 1, 2016|News|

PayPal, online payment processor, might be about to implement cyber currency Bitcoin as a new form of payment, this could mean that poker players will get more payment options in the coming months.

Recently PayPal filled a US patent application that allows it to process not only Bitcoins but also other cryptocurrencies such as Dogecoin and Litecoin.

Bitcoin Payments

The goal, as described by the patent, is to develop a “virtual currency wallet system” that will enable transactions between computers that mine Bitcoin and the processor.

Just a couple of weeks before PayPal’s move, the European Commission declared their will to update the Anti-Money Laundering Laws in order to cover cryptocurrencies. The recent interest from political bodies could mean that virtual currencies are gaining some acceptance and mainstream momentum.

Bitcoin was first launched in 2009 and was seen as a more secure way to purchase goods online and transfer funds. But its initial success declined due to the lack of ties to recognized and central banking systems, which makes it difficult to trace and insure the money.

Poker Players

A number of operators already incorporated Bitcoin as a form of payment, since most only poker players are relatively tech savvy,  but with PayPal’s interest in developing a virtual currency wallet system even more site could be interested in joining the party.

If PayPal does implement Bitcoin as a form of payment, sites wouldn’t need to work with specialized Bitcoin wallets. This could mean more non-geographical withdrawal and deposit options, since most sites already use PayPal.

By | 2017-10-13T03:00:55+00:00 Jun 1, 2016|News|

About the Author:

Adam Mason
Adam, our resident poker guru, has extensive knowledge on both sides of the table. When he’s not playing online, you’ll find him busy revising strategies to give him an edge over his competitors, which he’ll happily share with you all.