PayPal’s chief financial officer was recently interviewed by Wall Street Journal about cryptocurrency. Although John Rainey currently holds little of Bitcoin as a pure means of payment. He nevertheless believes in a great future for cryptocurrencies in general and Bitcoin in particular.
Considering strongly fluctuating price which someone trades with, a profit margin has only 10% a high risk. Should the price fall very quickly and suddenly by 15% during a deal, these traders face problems. John Rainey said this in an interview with The Wall Street Journal (WSJ). Basically, Rainey thinks Bitcoin is a legitimate currency, but believes what will it take until the mass adaptation:
“Nevertheless, I believe that it will pass several more years before we see the widespread adoption and acceptance that make them [cryptocurrencies] a currency that is used every day.”
At the moment, however, the time for a deployment has not yet come in the mainstream. This is also the reason why is Bitcoin used until today rather restrained with PayPal
Rainey recognizes potential of Blockchain
On the other hand, he attaches great potential to technology. In a few years’ time there would be a great chance that there would be widespread acceptance for a day-to-day mission, according to the CFO. Rainey was interviewed by WSJ, mainly about the new mobile payment platform Venmo, which has a connection to Facebook and also comes from PayPal. Anonymous transfers, such as those you can do with some cryptocurrencies like Monero, are not possible with Venmo. The possible obfuscation of the sender and recipient in the use of cryptocurrencies caused some skepticism in the industry.
PayPal CEO Dan Schulman told Facebook earlier this year that Bitcoin is an ” interesting experiment “. He can change the world, Schulman believes. Maybe even more than Internet has been able to do so far. Incidentally, online payment service PayPal was always positive in terms of cryptocurrencies. According to Rainey, PayPal’s own dealers were first allowed to accept payment in 2014 for their goods in Bitcoin.
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