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Bitcoin value jumps as PayPal says it will accept cryptocurrencies... once it has the kinks worked out

DS999 Silver badge

What business would accept bitcoin with its punitive transaction costs, and the possibility the bitcoin they accept for payment in the morning could be worth 10% less after lunch?

I'm willing to bet Paypal has some deal with a bitcoin exchange so they can get a set exchange rate to provide to the customer buying something in bitcoin and immediately offload the bitcoin for cash. The only reason they are doing this is because there are probably enough bitcoin investors in the US who want to figure out how to unload their stash without paying taxes on it, and figure by using it to buy stuff on eBay or other sites that accept Paypal they can slowly drain down their stash without the sale being reported to the IRS.

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