Bitcoin Price Volatility: Paypal, Petro, And Steven Seagal

PayPal chief financial officer John Rainey spoke this week about the likelihood Bitcoin would become a standard payment method online. At the moment there's too much volatility in the cost of Bitcoin (in USD) for most merchants to adopt the coin. In the very near future, said Rainey, there's a good chance Bitcoin could be accepted far more widely than it already is.

Speaking with the WSJ, Rainey suggested that there was a "very high likelihood" Bitcoin would become a "popular payment method." "The technology, there is real merit to it," said Rainey. "I do think, though, it will be years down the road before we see the kind of ubiquity and acceptance that makes it a form of currency that is used every day."

There's currently no way to purchase Bitcoin on PayPal with PayPal alone. Users must transfer cash away from PayPal to services like Paxful, LocalBitCoins, or Virwox. Services like Coinbase and Square Cash Card have the ability or will have the ability soon to trade cash for Bitcoin, but do not offer straight-up connections to PayPal. Service to service they don't, officially, anyway.

A couple of less-than-fantastic coin news bits appeared early this week from two of the most unlikely sources imaginable. One was the Venezuelan government, which introduced a coin called Petro, backed (apparently) by oil. That, I can assure you, makes very little (or absolutely no) sense whatsoever, so be especially cautious going anywhere near that bit of strangeness.

Steven Seagal also introduced his backing of a cryptocurrency called Bitcoiin2Gen. And yes, I spelled that right. There are two of the letter i in that word, as well as a number. I absolutely will not link to the website nor any service which links directly to Seagal's offering of coins – because it's absolute nonsense, and a scam.

There's no point in even taking a chance with something as absurd as what's going on with the mess of users involved in that operation. That – Bitcoiin2Gen – should remain as far from your valuables as possible. Forever and ever, amen.

As always, none of what's written here should be considered financial advice in any way, shape, or form. Investment advice and financial advice of all sorts should be sought elsewhere. Responsibility for all actions taken by the reader before, during, or after reading SlashGear remain the reader's alone.