I'm setting up some payment portals for my company using BTCpay. One of the things I was most excited about is being able to accept payments from people using paypal, cashapp, etc. as since those support buying/sending BTC, it would allow us to take payments from people that only have (or want to use) those apps.
- First issue: You can't just say "Send this person $100 of bitcoin". And have BTC sent using your USD balance (with the purchase happening in the background). You have to first buy $100 worth, then send that balance. Okay, no worries. An extra step. Not the worst thing.
- Second issue: They don't care if you get $10000000 in USD, or buy $1000000 in crypto, but the second you dare move it off their platform, you better answer every question they want to ask about you. I tried to send $100 of BTC and had to KYC myself. Note that I've had this account forever (they know who I am). I have my real life bank accounts tied to this account and have transfered a lot of $usd on/off. So I'm not sure why the extra info is needed just because I want to send someone BTC.
- tldr: I feel like these companies (cashapp/paypal, etc) are just faux supporting BTC/crypto. In reality they just want to make it easier for you to keep your $ in their system. They want to make it as drop dead easy as possible to buy crypto, but hard to SEND it. I bet if I sent it to another paypal user within the sytem (vs. a random wallet) they wouldn't care at all.
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