NEW YORK (CNNMoney) <\/p>\n
This week, the payment processing company PayPal took its first venture into the world of all-digital money. <\/p>\n
Merchants that work with eBay's (EBAY, Tech30) PayPal can now easily start accepting payments from customers that use Bitcoin (XBT), an independent, government-less currency. <\/p>\n
PayPal struck a deal with three Bitcoin payment-processing companies: BitPay, Coinbase and GoCoin. <\/p>\n
Related: What is Bitcoin? <\/p>\n
Bitcoin is an Internet-based system of money specifically designed to cut out middlemen, like banks and governments. So, it sounds odd to have Bitcoin processors. But they make it easier for everyday, non-tech-savvy businesses to accept bitcoins -- and immediately convert them to cash. <\/p>\n
But why take bitcoins -- which have fluctuated in price from $1,100 and $400 in the last year -- instead of proven government money? <\/p>\n
The system offers much lower transaction fees, which cost businesses a huge amount of money. The 2%-3% that shops pay in credit card swiping fees can obliterate their profits. <\/p>\n
Consider this PayPal's first -- but not last -- foray into the world of Bitcoin. The company has made clear that its interest in Bitcoin runs more than skin deep. <\/p>\n
In the last year, eBay's two top executives -- CEO John Donahoe and former president David Marcus -- have expressed interest in Bitcoin's technology. <\/p>\n
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The rest is here:<\/p>\n
PayPal now lets shops accept Bitcoin<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" NEW YORK (CNNMoney) This week, the payment processing company PayPal took its first venture into the world of all-digital money. Continue reading