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Topic: PayPal Reaches 85% of Binance.US Volume - page 2. (Read 968 times)

sr. member
Activity: 574
Merit: 252
November 18, 2020, 12:32:49 PM
#68
They have already clarified about this. Right now the functionality is limited and you can't withdraw your BTC, or make payments. By mid-2021 they will make full functionality available for the American users and hopefully you will be able to do payments and withdraw BTC to other wallets. So right now, it can be used only for purchasing and storing your coins.
If PayPal clarified that they will allow withdrawal by mid 2021 then it is a good news as i did not hear about this clarity when the news was published initially and i am surprised that the volume has increased this much for just trading and not having the ability to hold the coins and by second quarter next year we are expecting the price to reach new levels we have not seen, only time will tell how this will develop and till then we can wait and watch.
full member
Activity: 1330
Merit: 100
C O M B O
November 18, 2020, 11:16:23 AM
#67
PayPal Reaches 85% of Binance.US Volume in First Month

What will happen in next 3-6 months 😱



https://cryptobriefing.com/paypal-reaches-85-binance-us-volume-first-month/

It seems that since Binance.us closed its office,
their members moved from Binance to Paypal, moreover paypal is also the best platform there,
this shows that paypal might be a competitor to Binance,
in the next 3-6 months there will definitely be more users using paypal.
sr. member
Activity: 1932
Merit: 300
November 18, 2020, 08:21:34 AM
#66
Paypal surely made it easier for large portion of US citizens to buy bitcoins. Many people are not easy with the concept of crypto and crypto exchanges but they use and trust Paypal. Though their were direct ways to deposit your bank money on an exchange to buy bitcoin, it was still a two step job and a small learning curve. Paypal makes it easier.
full member
Activity: 868
Merit: 185
Roobet supporter and player!
November 18, 2020, 08:18:22 AM
#65
PayPal Reaches 85% of Binance.US Volume in First Month

What will happen in next 3-6 months 😱



https://cryptobriefing.com/paypal-reaches-85-binance-us-volume-first-month/
Now I understand why bitcoin moved up strongly today. It made me shocked because it touch the 18K dollar mark. This is a great catalyst for bitcoin. Paypal's launched of bitcoin to their platform really affect bitcoin price. And now, it seems like bitcoin price is performing well and anytime, a new all time high may appear in bitcoin chart. I think PayPal will start the global use of bitcoin since this e-wallet is very popular.
hero member
Activity: 2478
Merit: 695
SecureShift.io | Crypto-Exchange
November 18, 2020, 07:25:18 AM
#64
i see this btc news has made PayPal even more famous than before, that is quite a huge volume they have there, already paypal has a huge user base from all over the world now with the introduction of btc to their service i can imagine how their patronage will be high,
especially now that btc is on a bull run of its own, fomo is getting to some people, and PayPal seem to be the ideal place for people in the usa to buy btc and enjoy this btc spike in price.
sr. member
Activity: 1988
Merit: 453
November 18, 2020, 07:17:54 AM
#63
So from what I have heard the PayPal doesn’t let people move their bitcoins to another wallet, and that it’s not an actual Bitcoin we will be buying from it, it’s just going to be like some token or something and they will be lying to the people that it’s real Bitcoin while they won’t be able to send their bitcoins to another person or a different wallet that they own.

The only thing people will be doing is just HODL it on the PayPal platform and nothing more, you can’t do anything with it. With that I would say that it all doesn’t make any sense, because it would have been best if they allowed people to do more with it, that would have also helped in the adoption.

They have already clarified about this. Right now the functionality is limited and you can't withdraw your BTC, or make payments. By mid-2021 they will make full functionality available for the American users and hopefully you will be able to do payments and withdraw BTC to other wallets. So right now, it can be used only for purchasing and storing your coins.
sr. member
Activity: 2030
Merit: 323
November 18, 2020, 03:01:52 AM
#62
So from what I have heard the PayPal doesn’t let people move their bitcoins to another wallet, and that it’s not an actual Bitcoin we will be buying from it, it’s just going to be like some token or something and they will be lying to the people that it’s real Bitcoin while they won’t be able to send their bitcoins to another person or a different wallet that they own.

The only thing people will be doing is just HODL it on the PayPal platform and nothing more, you can’t do anything with it. With that I would say that it all doesn’t make any sense, because it would have been best if they allowed people to do more with it, that would have also helped in the adoption.
legendary
Activity: 3766
Merit: 1217
November 18, 2020, 12:57:27 AM
#61
And it can go even higher quite easily.
There are a lot of people in the US with money sitting around in their Paypal account, the average us users has around $500 in there, just a few thousands deciding to change it into BTC would cause another spike, Paypal holds moe funds than a lot of banks in the US, just wait until people start moving their money to BTC, 25mil will look like peanuts.

Hmm.. so a lot of people are going to invest small amounts (such as $25 or $50) through their PayPal accounts. It is going to create a chain-reaction. The demand will increase and the prices will go up. Those who invested in Bitcoin, and profited out of this investment will start bragging about their profits, which is going to result in even more investment. And the exchange rates will again go up. But at one point, the chain will snap and the prices will crash. I want to know at which level the snapping is going to occur.
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
November 18, 2020, 12:27:08 AM
#60
Do you know why PayPal could reaches more than 85% of Binance US volume transaction? I think the only one reason because in United State bitcoin and altcoin is illegal currency as payment transaction or investment assets, there are many United State people wanna invest money in bitcoin or altcoin but government not allow for this, then have PayPal accepted for United State to buy and sell bitcoin trough PayPal

Do you realize how stupid this is?
So, ignoring the fact about bitcoin transactions and investment being illegal in the US, where the f* word did you pull that crap out from? , how would in those conditions PayPal be allowed to buy bitcoins on behalf of its customers, and how it was granted a license?
And if those were illegal, how did Binance.us even operate before and why would people use Paypal and not Binance?
I know you have to make four lines to make your bounty quota but does it have to be pure bs with no real information?

It is pretty clear that the spike of Paxos volume is because of the effect of PayPal partnership, less than 5$ million volume to nearly 25$ million volume what a spike.

And it can go even higher quite easily.
There are a lot of people in the US with money sitting around in their Paypal account, the average us users has around $500 in there, just a few thousands deciding to change it into BTC would cause another spike, Paypal holds moe funds than a lot of banks in the US, just wait until people start moving their money to BTC, 25mil will look like peanuts.
legendary
Activity: 3990
Merit: 1385
November 17, 2020, 06:19:13 PM
#59
This could be a catalyst for a moonshot if the price keeps going up and all those folks start telling their friends about how much money they're making.

Moonshot won't happen. That kind of massive trading will destroy the Internet infrastructure if 5G isn't deployed first.

Cool
jr. member
Activity: 298
Merit: 5
November 17, 2020, 04:36:45 PM
#58
This only means that PayPal has build it's reputation already and many of it's users are trusting PayPal upon their acceptance of bitcoin.

If this will to continue, I am sure that there is no stopage for bitcoin price to go to moon but I am hoping that it will also trigger the bull season so we can experience again the bull season in 2021 if it will happen to this year. It is pretty clear that the spike of Paxos volume is because of the effect of PayPal partnership, less than 5$ million volume to nearly 25$ million volume what a spike.
legendary
Activity: 2520
Merit: 1496
November 17, 2020, 09:54:33 AM
#57
Okay, so what happens in a few months? Maybe PayPal is preparing something bizarre for us?

You mean like Christmas presents? Cheesy It is too early to think about it as they just started trading Bitcoin.
Would be great to see a day when PayPal allows bought bitcoins to transfer outside their system (to other wallets). User does pass KYC for creating an account...So this turns them as a regular exchange, then why limit users just to sell/buy/transfer in just PayPal echo system. But...They are still young with crypto.
sr. member
Activity: 616
Merit: 253
November 17, 2020, 09:35:50 AM
#56
Okay, so what happens in a few months? Maybe PayPal is preparing something bizarre for us?
hero member
Activity: 2548
Merit: 572
#SWGT CERTIK Audited
November 17, 2020, 09:30:35 AM
#55

As long as Bitcoin is in front of paypal, everything is fine  Grin Grin Grin

~
Source: https://companiesmarketcap.com/financial-services/largest-financial-service-companies-by-market-cap/
I think the information you provide is very good because the more people who know bitcoin, the more people will buy it, paypal is a very important bridge to make it easier to buy, seeing from the trading volume I am very sure the price of bitcoin can penetrate to the price of $20k at the end of this year.
sr. member
Activity: 1344
Merit: 270
November 17, 2020, 08:47:26 AM
#54
Do you know why PayPal could reaches more than 85% of Binance US volume transaction? I think the only one reason because in United State bitcoin and altcoin is illegal currency as payment transaction or investment assets, there are many United State people wanna invest money in bitcoin or altcoin but government not allow for this, then have PayPal accepted for United State to buy and sell bitcoin trough PayPal way and I think many United State people use PayPal right now and buy bitcoin with using PayPal as payment method, good looking when PayPal become the way to buy and sell bitcoin without have claim illegal by government.
legendary
Activity: 2660
Merit: 2229
https://t1p.de/6ghrf
November 17, 2020, 08:38:16 AM
#53
I wouldn't be surprised if Paypal's volume beat Binance US's volume.

As long as Bitcoin is in front of paypal, everything is fine  Grin Grin Grin


Source: https://companiesmarketcap.com/financial-services/largest-financial-service-companies-by-market-cap/
full member
Activity: 1736
Merit: 116
November 17, 2020, 08:03:05 AM
#52
I wouldn't be surprised if Paypal's volume beat Binance US's volume. Because Paypal is a large platform that has been established
since 1998. It is certain to have users above Binance US, that way the Paypal volume can be statistically above Binance US volume.
Even though now Paypal only gives access to buy Bitcoin for American users only, if Paypal opens Bitcoin purchases for global users
it is certain that the volume will be much higher. And there is a possibility that Paypal will become a centralized exchange in the future
if the demand for Bitcoin on Paypal continues to increase in volume.
full member
Activity: 924
Merit: 221
November 17, 2020, 06:27:51 AM
#51
Paypal has been doing quite good in the past few months after it announces that the platform can accept to buy bitcoin directly from them. If the post is true about the current surge of buying bitcoin or crypto using paypal then high chance that this is the reason for the bitcoin bullish. We all know that binance is one of the exchanges that had been doing huge market for cryptocurrency. However, there are other things to be cosider for bitcoin bullish and not only this one. Hopefully we can get a record breaking bull run this coming few days.
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
November 17, 2020, 06:16:28 AM
#50
This is cool and scary at the same time. More adoption is nice, but if PayPal will become the #1 Bitcoin exchange, it means even more centralization in the exchange ecosystem, and if it shortly after launch has as much volume as one of the bigger exchanges, it could easily take the top spots in the future.

Yes and no.
Paypal will become the number one (maybe!?) to buy cryptos but it will not become the number one in terms of trading, at least not with a 1.5% minimal fee for orders over 1000+ and 2% for 200$. This is not suited for trading at all. So my guess is that we're going to have what we now know as exchanges focus solely on trading and far less on people buying/selling once and withdrawing their coins.

Soon a lot of people who only interacted with Bitcoin through PayPal will come to this forum, and our job will be to educate them about the dangers of centralization, custodial wallets and KYC.

Sorry but this made me laugh, a bit rude from me since I'm sure you were honest about your good intentions.
But educate? The ones that would have been A+ college material have already educated themselves, the ones that will come after this will not give a single damn about those, they will care about how much % they can gain, you'll be doing them a greater favor by educating about Ponzi schemes, cloud mining scams, fake exchanges offering above-market prices and many many other first.
Right now we're still quite safe as this is available only in the US, but wait till it hits the world, there will be an avalanche of scams.

My point is that with the current situation, PayPal isn't selling Bitcoin to users if they are restricted to the platform. When the asset they call "Bitcoin" can be renamed to anything and still function in exactly the same way, they're not really selling Bitcoin: they're selling something that moves with the price of Bitcoin on PayPal and trades accordingly on their system, but is absolutely unrelated to the coin itself.

But if they don't, and I'm quite sure they are doing this with Paxos, then when users might want to sell, they will be the ones needing to buy back those CFD at 3 times the prices they have sold them. Worth the risks? I doubt it. They charge users enough in fees for it, running not even a fractional reserve but a clear Ponzi scheme with a public listed company is something that will win all Darwin's Awards this century.
sr. member
Activity: 1988
Merit: 453
November 17, 2020, 05:47:06 AM
#49
PayPal got the name and despite its sometimes reputation to be restrictive it still has millions of loyal users not just in the USA but all over the world. Hence, there is a big market just waiting for it to tap fully anytime it wants to. Soon, PayPal can be a big player in the cryptocurrency market, rivaling many big known exchanges already leading the industry.

Will there be a PayPal Coin soon just like BNB?

Most of the ordinary users doesn't care about the restrictiveness of PayPal unless they are directly affected. It is the ease of use which matters to them. And this is exactly the reason why PayPal is witnessing such large volumes right now. Most of the critics still refuse to acknowledge the fact that it is quite difficult to purchase and hold Bitcoins on your own. The current bunch of cryptocurrency exchanges are not that user friendly. I know about this because when I started with cryptocurrency 4 years back, it was really difficult to purchase Bitcoins through exchanges, at least in my country (India).

But I don't think that PayPal will come up with their own cryptocurrency or exchange token. In a way, Bitcoins that are being stored in the PayPal platform are exchange tokens, as the users are not having access to the private keys.
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