325 million new potential users - page 2.

lepbagong

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Quote from: DoubleEdgeEX on June 23, 2020, 02:02:10 AM

Since I haven´t found that topic discussed, I decided to start this thread.

https://www.coindesk.com/paypal-venmo-to-roll-out-crypto-buying-and-selling

The rumour is backed up by another rumour (or is it?) : https://cointelegraph.com/news/paypal-is-hiring-crypto-engineers-amid-rumors-of-bitcoin-integration

That could lead to mass adoptions earlier than expected and could have a effect on the price that we haven´t seen yet. Maybe that could accumulate the necessary force to break through Bitcoins sell barrier between 10 and 12K.

Your opinions on that news?

Quote from: kotajikikox on June 23, 2020, 11:57:47 AM

Having this become reality is one of most dreams from the cryptonians because let us admit that Paypal is part of our daily living now,Buying items online that mostly accept Paypal but not accepting Bitcoin.

indeed, in transactions with bitcoin directly, there will also be many obstacles beforehand, because there could be no recognition of bitoin in one country. the easiest of course is to use paypal and the like that each country of course also issued its own money online. because in a pandemic like this it is also very much needed online transactions.

Quote from: kotajikikox on June 23, 2020, 11:57:47 AM

These Millions of users might be the biggest adoption we wanted to come on our way here in crypto.

clearly with more and more participating signifying its own recognition of crypto, because the investment needs of crypto are still very large and enticing.

tomahawk9

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Oh boy, here we go again. First, it was Libra and Facebook's +2 billion potential users that will come to the cryptosphere and that meant (according to many people) BTC to the moon and lambos for everyone.

Now it's Paypal, because they're 1) a big corporation, and 2) they have a huge userbase, and both items automatically make this "news" bullish, right? not only that but this is also "good for bitcoin and cryptos", correct?

You know, there was a time when the majority of crypto users said that Paypal was shit, and anything that had the name paypal was met with criticism and whatnot, but nowadays, this news (Paypal entering the crypto world) is the kind of news that could trigger upward movements in the price because the new narrative is "we shall welcome Paypal or any other big corp with our open arms for it means my crypto bags getting pumped" sad but true Roll Eyes

Quote from: shield132 on June 23, 2020, 10:15:09 AM

https://i.imgur.com/gTc0SAS.jpg

interesting how most of the countries with two digits percentage are not "first world countries"

Pamadar

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Quote from: shield132 on June 23, 2020, 10:15:09 AM

According to coindesk, PP has 325 million users, according to cointelegraph - 305 million Cheesy

While in reality it's really 325, did they change number to make their article appear a little bit different and "relevant"? Sounds curious.

Well this maybe a typo error because only the middle number change,and also how do we know the reality when this is only about their stats and cannot be find by public.

Quote from: shield132 on June 23, 2020, 10:15:09 AM

Well, I wouldn't say that we get 325 potential crypto users

Of course we will not sure about that 325 million user because i think part of that users are already Bitcoin users so there is no assurance that 325 million is the right number to talk here.

Quote from: shield132 on June 23, 2020, 10:15:09 AM

Nice image But Japan almost on bottom?seems like the respondent are not from the true users of Crypto.

kotajikikox

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Quote from: DoubleEdgeEX on June 23, 2020, 02:02:10 AM

Since I haven´t found that topic discussed, I decided to start this thread.

https://www.coindesk.com/paypal-venmo-to-roll-out-crypto-buying-and-selling

The rumour is backed up by another rumour (or is it?) : https://cointelegraph.com/news/paypal-is-hiring-crypto-engineers-amid-rumors-of-bitcoin-integration

That could lead to mass adoptions earlier than expected and could have a effect on the price that we haven´t seen yet. Maybe that could accumulate the necessary force to break through Bitcoins sell barrier between 10 and 12K.

Your opinions on that news?

Having this become reality is one of most dreams from the cryptonians because let us admit that Paypal is part of our daily living now,Buying items online that mostly accept Paypal but not accepting Bitcoin.

These Millions of users might be the biggest adoption we wanted to come on our way here in crypto.

rhomelmabini

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They've withdrawn their partnership with Facebook-Libra now they are the ones taking the big step to have mass adoption, LOL? It's clear how hypocrite they are realizing that crypto is getting traction.

I don't want to wait for a day just for a $100 transaction plus the sucking fee they get on it.

Twentyonepaylots

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Quote from: Coin_trader on June 23, 2020, 07:26:51 AM

We can't guarantee that those 325 million user of PayPal doesn't use crypto. Most people are using master card or visa card already there's a lot of way to buy crypto using that method. PayPal might help to spread bitcoin awareness but not that much compared on how publishing site hype this kind of news.

Definitely. How can we be sure that these 325 million user of paypal will be into crypto after all? Ok let's say at least the half will try to use the new update, so what now? This isn't guaranteeing a mass adoption lol. I've read the rumors about it, about paypal and venmo to test crypto buying and selling services, paypal allegedly hiring crypto engineers for the project. I think this is a good chance for more recognition of bitcoin, but at some point we it might end up being the exit gates of scammers.

Quote from: Coin_trader on June 23, 2020, 07:26:51 AM

We are already on 2020 and I believe that PayPal user are well aware about crypto investment so if they really want to buy crypto, they will just use there card to purchase some since a lot of exchange are now accepting fiat for purchasing crypto like Binance, Changelly, Shafeshift and many more.

Imagine you're into digital payment method but does not know bitcoin haha though there are people who'd be like this but there more who are aware of bitcoin and putting it on paypal would not guarantee anything BUT still chances are huge as paypal is the most popular digital payment processor.

shield132

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According to coindesk, PP has 325 million users, according to cointelegraph - 305 million Cheesy

While in reality it's really 325, did they change number to make their article appear a little bit different and "relevant"? Sounds curious.

Well, I wouldn't say that we get 325 potential crypto users but the main idea behind this action is to bring new users to paypal and grow their number. Crypto community is getting bigger and bigger, for example, Blockchain.com wallet has 47 million users.

Cryptocurrencies have a lot of users and they are very beneficial for development of their business. Analyze number of transactions on blockchain and bitcoin's value in USD, this is the extra profit that paypal misses everyday. I don't mean that they'll attract every crypto users but it's a wise step from them to gain monopoly here (but it's sad, crypto is becoming a victim of business).
Despite the fact that for me it has a lot of cons but not pros because from my view it's not a good that crypto is losing the main idea behind it, it's still nice news for a lot of people and at some point I enjoy it.

sheenshane

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I like the appreciation of the CEO of Binance, he acknowledged on Paypal's acceptance of crypto.

Sorce:

All I can see here is, business is business. Probably Paypal has an insight of wide acceptance of crypto in mainstream and this is the opportunity to gain profit from their 325 million users. Cryptocurrencies have gained a solid foundation either payments method or in medium exchange and I doubt this is what they saw and the reason of having tied up with crypto.

yazher

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This will occur sooner than we have expected since BTC always makes some noise in the media nowadays. especially we have only seen this few days some good news about it. no wonder the result will come to this and when we said about mass adoption, this will likely occur these coming years. maybe in the next BTC halving, the number of holders will significantly increase and the popularity will also follow. All thanks to the good result we have seen so far both in the market and the other companies who used BTC as their means of accepted payments.

mk4

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For now, all we have are rumours. Regardless who's backing these rumours, in the end, rumours are rumours. I'll believe it when I see it.

If it ends up being true, though PayPal as a platform sucks bigtime, I'd say this is still going to be a net positive for bitcoin. My ideal situation will be as such:

People buy bitcoin on PayPal --> some are shocked that their funds are locked for some reason(because PayPal) --> they end up buying bitcoin on some other platform instead. And hopefully, with some learning about money, privacy, and security along the way.

supine

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If this would really happen then we would see a massive price increase due to the potential new investors.
But we couldn't be so sure about it unless it is already happening and this could be what we need to see another ATH.

Saisher

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They are really that focus to take part in in the Cryptocurrency revolution after falling from their partnership with Facebook's Libra project they are now focus on expanding its own payments expertise, they should do it now the potential to succeed is higher, their number of users is huge enough to make an impact in the industry, I have many Paypal users friend who still cannot grasp the idea of Cryptocurrency, now they will.

20kevin20

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Bitcoin adoption will not be Bitcoin adoption anymore if this is what we want. I'm personally very good without PayPal or a bank that allows me to use crypto anywhere. It's just a bait that does no good to Bitcoin in the end.

Cheering for a centralized platform, service or corporation to add Bitcoin and make it widely used through their centralized thing is just wrong. You're cheering for the initial Bitcoin's death and the rise of a controlled currency.

It's way, way better to cheer for Bitcoin to be accepted directly at a lot of stores rather than having it accepted through PayPal. If one wants to accept it, there are already a lot of options that don't even put you under the risk of "having the value drop radically after the customer pays". But they don't, and we should let that happen naturally. You could get a VISA card with Bitcoin on it, right? There are n options around, and they are centralized enough.

witcher_sense

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Quote from: The Cryptovator on June 23, 2020, 07:49:47 AM

~
The positive effect is people will be use bitcoin almost everywhere where PayPal accepted
~

That's exactly the delusion I was talking about. There is a small distinction between Bitcoin and, let's name it, "PayPal-coin". The first is the real one invented by Satoshi Nakamoto and is being run on a blockchain, which is, as we all know, decentralized, neutral, open, censorship-resistant, borderless, immutable, disintermediated, etc. We are using it because it has all of properties mentioned above and we also didn't ask for permission to access it. The second is fake bitcoin, it just pretends to be real bitcoin, because it doesn't have qualities natural for bitcoin. PayPal-coin is centralized, biased, closed, censorship-friendly, jurisdiction-based, mutable, intermediated and so on. People, who are not familiar with real bitcoin, may get a misconception about what bitcoin is and why it is valuable. They will never use bitcoin through PayPal, they will use PayPal-coin or rather PayPal-coin will use and control them.

The Cryptovator

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If PayPal start using Bitcoin then there would be some positive and negative effect at the same time. The positive effect is people will be use bitcoin almost everywhere where PayPal accepted although their transaction fees would be high, but at least useable everywhere. But I believe negative effects would be more than positive effect. For example dispute, since it will be internal Marchant transaction PayPal to PayPal then obviously there will be dispute option according to their terms & conditions. So it's quite against of bitcoin native behaviour.

If incase this news become true then likely PayPal will act like Bitpay or any other centralized online wallet. So there will be more issue about verification, block account and so on. I haven't use PayPal although I had created long time ago because I don't like too much harrassment. But I heard they limit account, ban account and make some other issue. Anyway if its happen then somehow it would push bitcoin price for quite sometimes by creating FOMO. Let's see what will happen actually.

Coin_trader

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We can't guarantee that those 325 million user of PayPal doesn't use crypto. Most people are using master card or visa card already there's a lot of way to buy crypto using that method. PayPal might help to spread bitcoin awareness but not that much compared on how publishing site hype this kind of news. We are already on 2020 and I believe that PayPal user are well aware about crypto investment so if they really want to buy crypto, they will just use there card to purchase some since a lot of exchange are now accepting fiat for purchasing crypto like Binance, Changelly, Shafeshift and many more.

gentlemand

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I'll believe it when I see it. And I'm sure there is a much higher likelihood of them going down the eToro/ Revolut route of letting you buy 'Bitcoin' but never being able to deposit or withdraw it. You'll be buying price exposure or IOUs that they'll retain control over.

If I were Paypal raw Bitcoin is not an area I'd want to get involved in. The potential for scamminess and money laundering would make my head explode. And if I were already a Bitcoin user I'd want to see some evidence of their competence in handling it.

DoubleEdgeEX

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Quote from: stompix on June 23, 2020, 03:08:42 AM

Quote from: DoubleEdgeEX on June 23, 2020, 02:02:10 AM

That could lead to mass adoptions earlier than expected and could have a effect on the price that we haven´t seen yet. Maybe that could accumulate the necessary force to break through Bitcoins sell barrier between 10 and 12K.

Let's assume all the PayPal users buy bitcoin and ...hurray we have mass adoption.
But for them to actually be "users" they would need to at least withdraw that currency to their wallet, otherwise, they would be holding just promises of payment from Payal. Now, there is a tiny problem with that happening, soon! Grin

For 300 million people to cash out their BTC it will take close to 3 years, and this only if nobody is using the blockchain for anything else.

Thinking of anything in the order of millions and adding things like soon, short time, in a little while is unrealistic.

The other aspect is that most of the people who are using PayPal have heard of bitcoin, those that wanted to buy have done it already, there is a very limited userbase that would buy BTC for the first time just because PayPal added this option.
Just look in this forum, a lot, and I mean a lot of people have a Paypal account and they are already getting their BTC from somewhere else, those will not be new clients.

One..let's say a good thing, that might come out of this is that maybe Paypal would take a bit of the tx burden from the chain if they would allow their users to send cryptos to each other and use their own system and not transactions on-chain. Of course, that would come with a lot, a lot of problems since it will mean they have total control over your coins but....it might be one of the advantages.

Anyhow 300 millions potential users, yeah potential, just like all US people are potential subscribers of the New Yorker!
300 000 new users that might be closer to reality.

Great points right here. I just posted it as a topic to talk about I also don´t think that anybody lives in the illusion that all 300+ million user will now send BTC around the world .

As for the withdrawal, there might be a soution with an intermediary or Paypal will use just "virtual coins", with no effect on the blockchain itself. It could be something like a derivative. It would just use the monicker Bitcoin but use it just as an underlying instead. At this point, it´s just assuming around on rumours, but it´s an interesting development.

One thing some of you might not like, but to achieve mass adoption BTC and co will need to cooperate with big incorporations. People tend to trust them, and even if not, they still use them and therefore have if more conventient that working out how a Github privacy wallet project works. Bitcoin was meant for the masses, it´s not for a tiny elite

jossiel

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I have heard of this lately and been discussed before where most people tells that they'll join because they can't beat bitcoin. And that seems to happen right now but until the announcement comes from PayPal, I like the idea of them adopting it.

They're a known payment processor and they have no choice but to adopt bitcoin. But for sure, the fees will be enormous and those people that don't know to transact bitcoin directly and still skeptic about it can use it through them.

squatter

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STOP SNITCHIN'

Quote from: DoubleEdgeEX on June 23, 2020, 02:02:10 AM

Your opinions on that news?

I need to see it to believe it. PayPal has been trolling Bitcoin users for years.

I could certainly see them operating a service like Coinbase or Robinhood. Most of PayPal's users will probably ignore it, though. I'm sure they would charge exorbitant fees and track your Bitcoin usage too -- nothing to get excited about, really.

Topic: 325 million new potential users - page 2. (Read 448 times)