Topic: Do you think US Paypal Users would be interested in buying cryptocurrency? (Read 219 times)

I'm not familiar with PayPal usage, neither I'm I from the US, but from what I can make out from this thread, I believe that PayPal, requires their customers KYC, so I believe that most Bitcoin holders and buyers will not like to purchase it through them, because of the US government constant interference into crypto affairs. If buying Bitcoin through PayPal can not guarantee privacy for it's customers, something that most Bitcoin users desires, then I think that core bitcoiners might not buy through PayPal. Although it's good that there are more options to buy Bitcoin, it's good for it's adoption.

I believe US residents can already buy Bitcoin from Paypal itself. Isn't it? Has anything changed?

I found this piece of information from Paypal's website,

https://www.paypal.com/us/cshelp/article/paypal-cryptocurrency-faqs-help565

Not sure what's the strategy of Monopoly for such collaboration! It's like hammering the same area over and over again.

Really!!, those who have Paypal, essentially they have it because they like to buy anything, it is essentially their existence, it appeared as a way to protect your data, ironic, , let me laugh, I had Paypal and it was a solution at the time , but it should have disappeared many years ago or at least not follow its user growth as they do, but its marketing behind it is very good, it is associated with thousands of companies.

In reality, these are things that as users we must understand, but if you are going to buy cryptocurrencies the poorest way to do so is Paypal, then we believe that this is adoption, this is where I think that people confuse what the true adoption.

ADOPTION of bitcoin is moving away from things like paypal, not adding to them. The thing is different here, Paypal is the one that adopts bitcoin.

i don't think anyone here should be recommending to buy crypto off paypal - it's a surveillance platform for the state to extort you & control your life

paypal is part of the problem

if you want to be part of the solution - use P2P exchanges, swap sites (no kyc), atomic swaps. check out kycnot.me - there's plenty of options

I think this was a good move from paypal because they have reached a whole different target audience as crypto enthusiasts will surely start using paypal solely for purchasing crypto. However preexisting users of paypal will most likely not care about this feature or they wont probably even know what is it really for.

The exposure can help crypto though as the general public becomes more aware of cyrptocurrencies.

I think convenience goes a long way. By having bitcoin available in an app/website most people already have or familiar with is a huge plus. It's not gonna make people automatically flock into Bitcoin, yeah but such integration could bring it closer to average folks. Further, it's an additional ad for crypto lol.

But I reckon, those already familiar with crypto probably knows better options so IMO they're less likely to use PayPal.

yeah I have multiple threads about using PayPal and holding btc they sold me.

in the currency exchange forum on this board, there are users trading BTC for Paypal actually which is kind of anonymous if you keep this trading this way. you contact a user and make a deal outside a platform.

but i'm not sure if Paypal is still useful today. that's why i don't see many users accepting Paypal unless they are up for bigger rates in using PayPal.
but it sure if a user buys BTC on Paypal itself, the anonymity is already over.

I was wrong and I apologize for the misinformation. I just checked PayPal services on crypto and you are correct. They also offer custodian services just like exchanges. Only people with little knowledge about such platforms will keep huge funds in them. These platforms can easily be manipulated by regulatory agencies.
 
Of course, anyone dealing with these centralized platforms such as PayPal should be aware that they have lost privacy. This is the same thing with centralized exchanges and other centrally run crypto service providers. Using an anonymity tool is a must if you want to enjoy privacy after patronizing these platforms.

I remember a few years ago when I read the news about Paypal accepting cryptocurrencies, it was news that people were happy with and it was expected that Paypal would later expand this option to more countries in the world. but unfortunately paypal did not expand this option to all the countries in which it operates and this meant that people no longer had high expectations and no longer gave more importance to what paypal is doing. To think that making this option only for people in the US would greatly increase the adoption of bitcoin, it seems to me that it would be very misleading. I can't keep asking every person in every country if they buy bitcoin using a bank account

but even so I believe that people outside the US have been buying a lot of bitcoin using bank accounts and if paypal had provided the option for people from all over the world to buy bitcoin then we would have seen more impact on adoption, because even I would use paypal to buy bitcoin with my bank card if paypal had such an option. I don't think there are many people in the US using PayPal to buy bitcoin, they could be using other services like Coinbase, if I'm not wrong, PayPal would be competing with companies that are much better in this cryptocurrency market in the US. I highly doubt that anyone in the US would switch from using Coinbase to using Paypal when buying Bitcoin

I think this PayPal news seems like it will inch crypto more into the mainstream.  But, my guess is most folks who already have PayPal and care about Bitcoin probably own some anyway.  It is not like they would need PayPal just to get into crypto.  Plus lots of people use PayPal because it is easy, not because they wanna deal with complex stuff like cryptocurrency.   

But no doubt it is cool PayPal's embracing crypto now and  makes you think if regular users will dive in too though.  Maybe cryptos still too out-there for most mainstream folks.  I kinda think we got more adoption down the road before avg folks fully jump aboard.

It's true that the service is not the same as what ETF is offering, but they are also offering a custodian service for people who buy crypto from them and decide to hold it there without withdrawing. Is that not them helping the person to hold their coin for them? Is custody service far from that? 
 
Oh yes, they can help you withdraw it to any wallet of your choice after you purchase from them. Then what? They will keep track of where even every bit of that coin is moved to start from your first withdrawal, unless you use some privacy service. Once the authorities ask for your data, they will hand it over without any second thought. 

It seems their app in US was able to receive, to store and to send Bitcoins (and few other cryptocurrencies) but users couldn't buy or sell Bitcoins against fiat currencies or against other cryptocurrencies. Now it will be possible to do that according to the announcements. It's a great news if american users are really able to buy Bitcoins on Paypal and to use them and not to just buy and sell them on the same service as CFD, like some banking apps are offering. But I hope Paypal will extend this service to other countries soon.
It's sad they still don't accept Dogecoins though while Elon Musk is one of the founders of Paypal.

I don't think PayPal offers crypto custody service. PayPal only serves as a payment service provider that facilitates the buying and selling of crypto. The owner can always transfer the coins to his choice wallet. So this service is different from ETF where buyers don't control or have custody of their investment.

However, this kind of service will help spread crypto awareness which can make more people buy the currency. Many people will always want centralized intermediaries to be part of their business transactions before they trust the system. I am not a fan of centralization but I appreciate any move that can make more people know about Bitcoin.

PayPal started accepting crypto currency 2022 in their payment platform in when they first announced it, but one problem it had at that time was their high fee rate when you wanted to withdraw to an external wallet.
 
In August last year, they also launched their own stable coin, "PYUSD," which was discussed here in the forum . PYUSD, a.k.a. Paypal USD .

Among other payment platforms that operate in the US, I think PayPal is among those that have been working hand in hand with regulatory bodies, so I assume it will be very easy for them to partner with other payment platforms and offer crypto currency services to US citizens without them being sanctioned.

I think most of the US based Paypal users won't be interested in buying cryptocurrencies with Paypal. In US there has been many actions taken against crypto exchanges and platforms, that's why most people still consider crypto as a Ponzi scheme.

Those who think that crypto market is part of a huge Ponzi scheme would never consider purchasing crypto currencies. On the other hand the ones who're already crypto users will also think twice before purchasing Bitcoin with their Paypal accounts.

Some of those may fear high taxes while others may fear that in future their crypto currencies may get seized by government if a new bill is pass. I know a group of people who're learning about crypto currencies many purchase cryptocurrencies with their Paypal accounts but the number of such users is going to be very low.

Everyone using PayPal and intends to buy Bitcoin will have their details traceable to them. It's okay for people who don't mind but for those who are concerned about their digital footprint, then they should use some other decentralized services where KYC isn't required.

I don't see any difference between this and buying a Bitcoin ETF. Paypal has been known to lock users accounts ( I don't know if they have changed) who speak ill against them on social media or online.

Surprisingly this contribute 0.1% to Bitcoin adoption even though I know US users have been buying Bitcoin through PayPal. This collaboration with moonpay is an added advantage.

With the dynamics that are happening in the USA with the regulation of bitcoin, I assume that US citizens will have no other options for purchasing bitcoin in any other way than from PayPal (or other companies providing a similar service).

Also, for many people (for example, the elderly and uneducated), buying, storing, using bitcoin is something extremely complicated and therefore, such people will be very happy to use the services of intermediaries, like PayPal. Which, in a way, also act as a guarantor of security, which will be taken advantage of by their clients who want to shift responsibility to Paypal.

One thing I am sure of is that PayPal will certainly have clients for this type of service.

Was not aware of this, did it get to mainstream? From the look of things it seems to me that moonpay is the first to run such negotiations with PayPal. As of 2018 PayPal users had a hard time dealing with Bitcoin. Could remember losing out on closed deals due to payment barrier; PayPal users unable to pay because I accept BTC. Was it global or just US?

Pretty sure Paypal allowed people to buy Bitcoin since like 5 or 6 years ago