{"id":175922,"date":"2020-11-13T18:21:57","date_gmt":"2020-11-13T18:21:57","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=175922"},"modified":"2026-04-16T15:28:04","modified_gmt":"2026-04-16T14:28:04","slug":"why-crypto-communities-are-baffled-by-paypals-bitcoin-and-ethereum-descriptions","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/why-crypto-communities-are-baffled-by-paypals-bitcoin-and-ethereum-descriptions\/","title":{"rendered":"Why crypto communities are baffled by PayPal&#8217;s Bitcoin and Ethereum descriptions"},"content":{"rendered":"<p>PayPal, the payments conglomerate, integrated crypto purchases in October 2020, <a href=\"https:\/\/cryptoslate.com\/paypal-to-enable-users-to-buy-crypto-assets-fueling-strong-bitcoin-momentum\/\">earning praise from the cryptocurrency community<\/a>. But industry executives and crypto investors are bewildered by the company\u2019s descriptions of Bitcoin, Ethereum, and Litecoin.<\/p>\n<h2>How did PayPal describe Bitcoin and other major crypto assets?<\/h2>\n<p>Albeit PayPal\u2019s descriptions of major crypto assets are not factually incorrect, industry executives pinpointed the awkward wording of the descriptions. As an example, PayPal described Bitcoin as:<\/p>\n<blockquote><p>\u201cBitcoin (BTC) introduced innovations that showed crypto could someday be as commonly used as cash and credit. It set off a revolution that has since inspired thousands of variations on the original. Someday soon, you might be able to buy just about anything and send money to anyone using bitcoins and other cryptocurrencies.\u201d<\/p><\/blockquote>\n<p>The description had no mention of Bitcoin being used as a store of value, which has become its main use case in recent years. It does not explain that BTC is a decentralized cryptocurrency with fungibility and transportability, unlikely other safe-haven assets and stores of the vale.<\/p>\n<p>OnChainFX creator Dan McArdle, who initially shared the descriptions of top cryptocurrencies by PayPal, wrote:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">PayPal&#39;s descriptions for BTC, ETH, BCH, and LTC.<\/p>\n<p>Could use some work. <a href=\"https:\/\/t.co\/p1t9gmT4vI\">pic.twitter.com\/p1t9gmT4vI<\/a><\/p>\n<p>&mdash; Dan (@robustus) <a href=\"https:\/\/twitter.com\/robustus\/status\/1326982636493946881?ref_src=twsrc%5Etfw\">November 12, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The descriptions of <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a>, <a href=\"https:\/\/cryptoslate.com\/coins\/litecoin\/\">Litecoin<\/a>, and <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin-cash\/\">Bitcoin Cash<\/a> all carried a similar tone. PayPal seemingly tried to word it in a simple manner that everyone, including individuals who never heard of Bitcoin before, would understand.<\/p>\n<p>Some users said that the simple approach of PayPal to explain cryptocurrencies in the most basic sense could be useful.<\/p>\n<p>A pseudonymous user said that despite the lack of depth in the descriptions, they might appeal to the mainstream better. The user <a href=\"https:\/\/twitter.com\/CcDsmt\/status\/1327227333250576384?s=20\">stated<\/a>:<\/p>\n<blockquote><p>\u201cWhile these descriptions lack any real depth or insight into what crypto it in general, or any of the currencies specifically, the average person just really doesn't care and simple is prob better.\u201d<\/p><\/blockquote>\n<p>In contrast, Cash App, as an example, which <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1512673\/000119312520286821\/d201688dex991.htm\">processed $1.63 billion worth of Bitcoin sales<\/a> in the third quarter of 2020, emphasized the technical specifications of BTC in its description.<\/p>\n<p>Square\u2019s Cash App emphasized cryptography, cryptocurrency, decentralization, and peer-to-peer technology in its description of Bitcoin. The Cash App\u2019s \u201cWhat is Bitcoin\u201d page <a href=\"https:\/\/cash.app\/help\/us\/en-us\/3100-what-is-bitcoin\">reads<\/a>:<\/p>\n<blockquote><p>\u201cBitcoin is the first and most well known example of a new kind of money called a \u2018cryptocurrency.\u2019 It creates, holds, and transfers value using cryptographic equations and codes to ensure that transactions can only be completed once. One of Bitcoin\u2019s most important characteristics is that it is decentralized using peer-to-peer technology\u2014meaning no single institution can control the Bitcoin network.<\/p><\/blockquote>\n<h2>PayPal\u2019s foray into crypto is nonetheless optimistic<\/h2>\n<p>PayPal is valued at $221 billion as of November 13, 2020. When such a major financial conglomerate integrates cryptocurrencies, which it has not done before at this scale, there <a href=\"https:\/\/cryptoslate.com\/heres-why-some-analysts-view-paypals-crypto-news-as-a-nothingburger\/\">inevitably would be components to improve.<\/a><\/p>\n<p>Nonetheless, PayPal\u2019s integration of crypto purchases and major cryptocurrencies, like Bitcoin, is overall optimistic for the sector. Following the PayPal integration, institutional and retail demand for cryptocurrencies noticeably increased, lifting the overall market sentiment.<\/p>\n<figure id=\"attachment_175924\" aria-describedby=\"caption-attachment-175924\" style=\"width: 1366px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-175924\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/11\/m-12.png\" alt=\"bitcoin price\" width=\"1366\" height=\"968\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/11\/m-12.png 1366w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/11\/m-12-300x213.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/11\/m-12-1024x726.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/11\/m-12-768x544.png 768w\" sizes=\"(max-width: 1366px) 100vw, 1366px\" \/><figcaption id=\"caption-attachment-175924\" class=\"wp-caption-text\">The daily price chart of Bitcoin since March. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>PayPal, the payments conglomerate, integrated crypto purchases in October 2020, earning praise from the cryptocurrency community. But industry executives and crypto investors are bewildered by the company\u2019s descriptions of Bitcoin, Ethereum, and Litecoin. How did PayPal describe Bitcoin and other major crypto assets? Albeit PayPal\u2019s descriptions of major crypto assets are not factually incorrect, industry [&hellip;]<\/p>\n","protected":false},"author":187,"featured_media":175930,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[60786,60923,60950],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why crypto communities are baffled by PayPal&#039;s Bitcoin and Ethereum descriptions<\/title>\n<meta name=\"description\" content=\"PayPal integrated crypto in October 2020. 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But industry executives and crypto investors are bewildered by Bitcoin and Ethereum descriptions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/why-crypto-communities-are-baffled-by-paypals-bitcoin-and-ethereum-descriptions\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-13T18:21:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-16T14:28:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/11\/paypal-confusion.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Joseph Young\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Joseph Young\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/why-crypto-communities-are-baffled-by-paypals-bitcoin-and-ethereum-descriptions\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/why-crypto-communities-are-baffled-by-paypals-bitcoin-and-ethereum-descriptions\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/#person\",\"name\":\"Joseph Young\",\"url\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/08\/author-joseph-young.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/08\/author-joseph-young.jpg\",\"caption\":\"Joseph Young\"},\"jobTitle\":\"Analyst\",\"description\":\"Joseph Young is a finance and tech journalist. 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