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Quote from: jaysabi on July 31, 2021, 11:55:35 PM

Quote from: The Sceptical Chymist on July 31, 2021, 11:12:37 AM

They may as well be bucket shops, because you're essentially just speculating on the price when you buy it through PP or Robinhood, not truly owning it.
What PayPal is doing in so far as bitcoin is concerned is baffling to me thus far. Unless they have plans to allow buyers to withdraw their coins or let them use the coins for purchases at places that accept crypto, I'm not sure why they even dipped their toes into the crypto waters to begin with.

To be fair, that's all anyone who buys bitcoin is doing- speculating on the price. It's no different if you can transfer the coins to an external wallet or not. And for the record, PayPal is rolling out the ability to transfer to an external wallet. It's part of their plans to make PayPal a much larger and more all-encompassing financial services hub.

You can buy/sell Cryptos in Paypal like other exchanges. Sometimes it is easier to buy/sell crypto on PayPal than a regular exchange, regular exchanges like Bittrex, Binance are so much complicated for newbies. People who are not experts & knowledgeable enough to keep their private keys or wallet data secured can easily use PayPal cause it is reputed & US govt. regulated platform. Everyone is free to buy/hold cryptos in USA via PayPal and is able to take the profit by selling them.

No regular exchange gives you private keys as PayPal does. so, the only difference is you can't make a withdrawal request to move your cryptos from PayPal directly to your other wallets. You have to sell your holdings and then you can transfer the electronic fiat from PayPal to your Bank Account or MasterCard.

So there is no big difference in PayPal from other regular exchanges, Both of them are denied to give you private keys of your wallet.

jaysabi

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Quote from: The Sceptical Chymist on July 31, 2021, 11:12:37 AM

They may as well be bucket shops, because you're essentially just speculating on the price when you buy it through PP or Robinhood, not truly owning it.

What PayPal is doing in so far as bitcoin is concerned is baffling to me thus far. Unless they have plans to allow buyers to withdraw their coins or let them use the coins for purchases at places that accept crypto, I'm not sure why they even dipped their toes into the crypto waters to begin with.

To be fair, that's all anyone who buys bitcoin is doing- speculating on the price. It's no different if you can transfer the coins to an external wallet or not. And for the record, PayPal is rolling out the ability to transfer to an external wallet. It's part of their plans to make PayPal a much larger and more all-encompassing financial services hub.

Darker45

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Generally, I don't have a problem with this. This is cryptocurrency occupying the center stage. PayPal is a globally influential actor that would help Bitcoin fulfill its currency role. PayPal is a payment giant and integrating Bitcoin to their future plans means a lot to Bitcoin as a payment alternative. That's exposure to tens of millions of merchants and hundreds of millions of users around the world.

However, PayPal shouldn't desecrate Bitcoin's fundamental philosophies by not allowing withdrawals, withholding private keys, requiring KYC, and so on. Otherwise, everything's not worth it.

Sithara007

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Quote from: electronicash on July 31, 2021, 12:07:42 PM

they didn't allow everyone to withdraw their BTC out of PayPal but now they are developing their own wallet. i'm assuming the plan is to allow the users to withdraw their BTC going to the wallets they've created. nice plan. very clever. i hope they really can establish trust with this kind of scheme. you can easily compare it to the scam casino that only wants players to deposit but suspends users who want to withdraw.

Is that restriction still there with PayPal? I heard that they had removed it. If they haven't removed it yet, then it may be because of the restrictions and regulations. If that is the case and you want to withdraw your coins, you need to use the indirect route. First you need to convert your Bitcoin to fiat currency (USD or EUR) and then withdraw the fiat. Personally I don't have a problem with all this, because I don't have a PayPal account. My account is not active since 2011 or 2012, but this is good news for those who continues to use PayPal.

arallmuus

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Quote from: Symmetrick on July 31, 2021, 07:45:23 AM

I wonder how the community will perceive such a step and how much will it affect the growth and distribution of bitcoin?

Im not going to lie but 'most people' will perceive this as a good news and it will affect the marketcap. The word 'most people' actually referred to the mass average joe that have no clue about what cryptocurrency means and those who bought cryptocurrency as part of their speculative invesment. For most of us that have been in crypto space for quite some time then this is just another lame story of a company that wants a piece of the crypto hype but they got no clue of what they are doing

If I am someone that is completely new to crypto space then this news is totally great. We are talking about one of the biggest global Fintech company creating cryptocurrency wallet with tons financial app

electronicash

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they didn't allow everyone to withdraw their BTC out of PayPal but now they are developing their own wallet. i'm assuming the plan is to allow the users to withdraw their BTC going to the wallets they've created. nice plan. very clever. i hope they really can establish trust with this kind of scheme. you can easily compare it to the scam casino that only wants players to deposit but suspends users who want to withdraw.

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Quote from: The Sceptical Chymist on July 31, 2021, 11:12:37 AM

What PayPal is doing in so far as bitcoin is concerned is baffling to me thus far. Unless they have plans to allow buyers to withdraw their coins or let them use the coins for purchases at places that accept crypto, I'm not sure why they even dipped their toes into the crypto waters to begin with.

To grab a piece of the pie, apparently. And the fact that PayPal was originally a terribly centralized service that spits on the principle of cryptocurrency, the principle of the absence of a third party in managing their funds, and they also wanted to teach this to beginners.

For a long time, I have not followed the development of the cryptocurrency service from PayPal. Somewhere on the forum, I read that they kind of allowed operations that "involve currency exchange or cashing checks" and now the withdrawal of cryptocurrency is free. Is it true or not? Who knows?

I just found this

then redirected to this article https://newsroom.paypal-corp.com/2021-07-15-Increased-Purchase-Limits-for-Crypto-on-PayPal?sf147606627=1

I also searched, and have not found any information related to what you are trying to find. However, based on their post on Twitter dated July 15th, they only announced that they would increase their weekly buying limit to $100,000. Even then I'm not sure whether PayPal users can reach this limit. Karen so far will not be very effective even if her limit is increased quite large.

Gyfts

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Platform isn't anything new, this is literally how every crypto exchange operates- centralized, KYC, and you never actually own anything that's in your wallet. They are just transforming this into an application form. CashApp's already has this, and in the past, they will ban/limit your account and give you a couple weeks to withdraw any funds, and then perma ban you from the platform (and I believe seize and remaining funds). Paypal does the same thing with normal cash balances, or they might tie up people's money while their account is under an infinite loop of security reviews. I generally stay away from exchanges, but I wouldn't touch this platform with a 10 foot pole if you care about taking ownership of your own coin.

The Sceptical Chymist

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Quote from: dothebeats on July 31, 2021, 10:45:11 AM

Paypal is trying really hard to poach the retail investors that are highly interested in cryptocurrencies but can't seem to find the time to research on their own and trade on their own. The payments company making things easier for people is good, though their current wallet does not allow people to really have the full experience of owning and actually trading crypto.

Of course, because I have a feeling the average Joe on the street either doesn't know enough about bitcoin that they'd know how to buy it and keep it in a wallet, or they're scared to do it via means that don't involve a big brand name backing it (like PayPal, which most people are familiar with).

I thought PayPal was letting people withdraw their coins, but I guess that's not the case from what I'm reading here. If that's true, then what they're doing is no different than places like Robinhood, where you can buy crypto but not take ownership of it. They may as well be bucket shops, because you're essentially just speculating on the price when you buy it through PP or Robinhood, not truly owning it.

What PayPal is doing in so far as bitcoin is concerned is baffling to me thus far. Unless they have plans to allow buyers to withdraw their coins or let them use the coins for purchases at places that accept crypto, I'm not sure why they even dipped their toes into the crypto waters to begin with.

dothebeats

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Paypal is trying really hard to poach the retail investors that are highly interested in cryptocurrencies but can't seem to find the time to research on their own and trade on their own. The payments company making things easier for people is good, though their current wallet does not allow people to really have the full experience of owning and actually trading crypto. All they have is Paypal's word that what they have on their account are cryptocurrencies. Over time, for sure they will introduce an actual cryptowallet, though I guess by that time people have moved on to other services which offers the same thing.

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