Bitcoin Transactions to Increase After PayPal’s Change in Terms?

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Bitcoin Transactions to Increase After PayPal’s Change in Terms?

PayPal has announced that it is planning to make changes to its Terms of Service by July this year and these might spur increased demand bitcoin transactions. In particular, PayPal will amend its User Agreement to indicate that the company (PayPal Group) will have rights to online content posted for publication using Services.

With that, online content writers and freelancers might opt for bitcoin transactions instead of allowing PayPal Group to gain rights for their content. Using bitcoin for payments between two parties can not only limit transaction costs but ensure that the control stays within the cryptocurrency holders.

PayPal Payments vs. Bitcoin Transactions

The changes are set to take effect by July 1, 2015 and the specifics are as follows:

“We are adding a new paragraph to section 1.3., which outlines the license and rights that you give to us and the PayPal Group (see paragraph 12 below for the definition of “PayPal Group”) to use content that you post for publication using the Services. A similar paragraph features in the Privacy Policy, which is removed by the addition of this paragraph to the User Agreement.”

Here are the actual changes to the agreement:

“When providing us with content or posting content (in each case for publication, whether on- or off-line) using the Services, you grant the PayPal Group a non-exclusive, worldwide, perpetual, irrevocable, royalty-free, sub-licensable (through multiple tiers) right to exercise any and all copyright, publicity, trademarks, database rights and intellectual property rights you have in the content, in any media known now or in the future. Further, to the fullest extent permitted under applicable law, you waive your moral rights and promise not to assert such rights against the PayPal Group, its sublicensees or assignees. You represent and warrant that none of the following infringe any intellectual property right: your provision of content to us, your posting of content using the Services, and the PayPal Group’s use of such content (including of works derived from it) in connection with the Services.”