Paypal Allows For Crypto Payments

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Got the early adopter notification today. Some highlights and then the pros and cons:

-Payments are a taxable event, you need to fill out a W-9 and Paypal will generate a 1099 for you at year end.

-Crypto is converted to cash by Paypal. So if someone uses Crypto pay, you don't receive crypto, you receive cash.

As I see it, this is going to be great for the early adopters who got into the Crypto free-buy-in invite back in November. It won't be great for everybody until (if ever) Paypal allows people to own the chain codes and transfer their crypto around instead of "renting it" from Paypal as is the program now.

Huge upside? If you buy in and make $ on your crypto then you are in a position to possibly buy and own some things you might never have owned. For example, your cost basis on BTC is 5 grand, but eventually that five grand is worth fifty and now you have the funds to buy your Mirage Ninja Turtles #1 9.6 from ComicLink or wherever and ultimately you were only actually out of pocket for it for 5 grand. Extreme example, but an example nonetheless.

Litecoin might be the biggest mover from this as it's closer to "the people's crypto" than ETH or BTC, and it has room for value growth.