Topic: PayPal cryptocurrency trading volume beyond expectations - page 3. (Read 919 times)
Cryptoquant CEO Ki Yong Joo tweeted a timeline for withdrawing BTC from major exchanges. The previous cycle, 2016-2017, was accompanied by a massive influx and cash-out of whales. Now to other actors: institutions, PayPal, CashApp. The price of BTC flies up without stopping amid such global withdrawals of Bitcoin.
Therefore, it is very possible that in the future crypto will have a very bright era. It's not like they said that currently there is only a price bubble that will suddenly collapse like in 2017. Even though these two cases are very different, and currently many support Bitcoin and other Cryptocurrencies as an investment. I think those who are too skeptical of crypto are just old-fashioned economists.
Back in 2017, everyone know what happened. Bitcoin was overhyped and it went up by too much in very little time. Also, there was a lot of FOMO. Those who invested in Bitcoin near to peak prices ($15,000-$20,000) lost most of their capital in a matter of just 12 months. This time, the spike is more gradual. What we are witnessing now is the continuation of the bull run, which started after the block reward halving in 2020. But I have a feeling that many of the alts are still overpriced. Do you really think that coins such as Polkadot and Chainlink deserve valuations in excess of $10 billion?
Paypal is one of the most well known company in terms transaction online.
what about online shops and others . because when you say online transaction , that does not mean paypal or payment processors . amazon , ebay , etc are popular companies online and they have other payment methods not only paypal that people are using to transact .By accepting crypto, I am not surprise they would boom like other companies. It also attracts Paypal costumers to use crypto as well and by that BTC is now in a bull run.
other companies are already booming without the help of crypto and they also accept crypto but nothing happen or there no major changes with them . many users dont like purchasing crypto in paypal but its surprising that they still got that statistics but btc bull run cause by other things too
Paypal is one of the most well known company in terms transaction online. By accepting crypto, I am not surprise they would boom like other companies. It also attracts Paypal costumers to use crypto as well and by that BTC is now in a bull run.
It is obvious that paypal had a role in it because it was during this pump and it "helped", it is also obvious that paypal wasn't the only reason neither, it is basically a whole bull run that everyone takes advantage of.
Grayscale had a huge role in it that's true, Tesla came out in the end but we were 40k by that time, and everything else played a role, hell if you bought 100 dollars worth of bitcoin during this period you helped too, just not in the same size of course but you still did because many people with 100 bucks worths something in the end.
We can't say that "this is the reason" exactly because it is a whole combination of things creating this weird butterfly effect in the prices, one thing happens and increases the price a bit, if nothing else would happen the price would be there or even go back down but another thing reacts to it and increases some more and another reacts... goes on like that and all of them combined worths something.
Grayscale had a huge role in it that's true, Tesla came out in the end but we were 40k by that time, and everything else played a role, hell if you bought 100 dollars worth of bitcoin during this period you helped too, just not in the same size of course but you still did because many people with 100 bucks worths something in the end.
We can't say that "this is the reason" exactly because it is a whole combination of things creating this weird butterfly effect in the prices, one thing happens and increases the price a bit, if nothing else would happen the price would be there or even go back down but another thing reacts to it and increases some more and another reacts... goes on like that and all of them combined worths something.
Among all the triggers that are listed here, the one from PayPal was the first and it came when Bitcoin was struggling. The other triggers occurred when the bull run was already ongoing.. So for me, the most important one was the adoption from PayPal. And although I am not much sure about it, I assume that PayPal adoption in someway made an impact on Grayscale/Tesla. Going first always takes a lot of courage.
It is obvious that paypal had a role in it because it was during this pump and it "helped", it is also obvious that paypal wasn't the only reason neither, it is basically a whole bull run that everyone takes advantage of.
Grayscale had a huge role in it that's true, Tesla came out in the end but we were 40k by that time, and everything else played a role, hell if you bought 100 dollars worth of bitcoin during this period you helped too, just not in the same size of course but you still did because many people with 100 bucks worths something in the end.
We can't say that "this is the reason" exactly because it is a whole combination of things creating this weird butterfly effect in the prices, one thing happens and increases the price a bit, if nothing else would happen the price would be there or even go back down but another thing reacts to it and increases some more and another reacts... goes on like that and all of them combined worths something.
Grayscale had a huge role in it that's true, Tesla came out in the end but we were 40k by that time, and everything else played a role, hell if you bought 100 dollars worth of bitcoin during this period you helped too, just not in the same size of course but you still did because many people with 100 bucks worths something in the end.
We can't say that "this is the reason" exactly because it is a whole combination of things creating this weird butterfly effect in the prices, one thing happens and increases the price a bit, if nothing else would happen the price would be there or even go back down but another thing reacts to it and increases some more and another reacts... goes on like that and all of them combined worths something.
They are lucky more than we are, they are raking in profit that was such a nice move moving and adopting Cryptocurrency at the right time, PayPal is now a role model of every big companies and institutions that they should adopt new technology and open to new changes because it will benefit them tremendously, just like what the stat is showing on PayPal volume.
It takes a lot of courage to deviate from the statements that were issued previously and to admit own mistakes. PayPal was very critical of Bitcoin a few years ago. They even closed down a number of accounts that were used for cryptocurrency trading. But eventually they admitted that cryptocurrency is the future of finance and they will benefit if they adopt Bitcoin in their platform. To their credit, they admitted their mistake as soon as it was evident and went for Bitcoin without wasting any time. Now MasterCard is following their footsteps and the other payment processors such as Visa are also looking towards Bitcoin adoption seriously.
Therefore, it is very possible that in the future crypto will have a very bright era. It's not like they said that currently there is only a price bubble that will suddenly collapse like in 2017. Even though these two cases are very different, and currently many support Bitcoin and other Cryptocurrencies as an investment. I think those who are too skeptical of crypto are just old-fashioned economists.
They are lucky more than we are, they are raking in profit that was such a nice move moving and adopting Cryptocurrency at the right time, PayPal is now a role model of every big companies and institutions that they should adopt new technology and open to new changes because it will benefit them tremendously, just like what the stat is showing on PayPal volume.
It takes a lot of courage to deviate from the statements that were issued previously and to admit own mistakes. PayPal was very critical of Bitcoin a few years ago. They even closed down a number of accounts that were used for cryptocurrency trading. But eventually they admitted that cryptocurrency is the future of finance and they will benefit if they adopt Bitcoin in their platform. To their credit, they admitted their mistake as soon as it was evident and went for Bitcoin without wasting any time. Now MasterCard is following their footsteps and the other payment processors such as Visa are also looking towards Bitcoin adoption seriously.
They are lucky more than we are, they are raking in profit that was such a nice move moving and adopting Cryptocurrency at the right time, PayPal is now a role model of every big companies and institutions that they should adopt new technology and open to new changes because it will benefit them tremendously, just like what the stat is showing on PayPal volume.
It is mutually beneficial. You can't say that the Bitcoin users didn't benefited from the move, because the exchange rates shot up immediately after the news was first published. The rally took exchange rates from $10,000 to $42,000. Some of it can be attributed to the supply crunch which was caused as a result of the block reward halving, but PayPal was the main driver.
And I believe that once they add full functionality to the US users, such as the options to make payment with PayPal BTC and withdrawal of PayPal BTC to non-PayPal wallets, we will see a tremendous jump in adoption. So right now we have two factors that are working in favor of Bitcoin. The first one is adoption by PayPal (and others such as MasterCard taking steps towards their own adoption of BTC). The second one is the interest shown by corporations such as Tesla to use Bitcoin as a store of value.
Wait wait wait, you think paypal caused the price to move from 10k to 42k? First of all we moved from 10k to 20k range before the paypal news broke out, secondly we moved from 30k levels at the start of january to 47k+ the other day, do you think that was paypal too?And I believe that once they add full functionality to the US users, such as the options to make payment with PayPal BTC and withdrawal of PayPal BTC to non-PayPal wallets, we will see a tremendous jump in adoption. So right now we have two factors that are working in favor of Bitcoin. The first one is adoption by PayPal (and others such as MasterCard taking steps towards their own adoption of BTC). The second one is the interest shown by corporations such as Tesla to use Bitcoin as a store of value.
You can't just name everything is thanks to paypal, sure it had a hyped help that pumped the price a bit but it was literally smaller than Elon Musk tweeting and Tesla buying bitcoin, so paypal was minor compared to those things. We went up before paypal and after paypal and we would have even without paypal for sure. In any case I have to say that paypal didn't hurt it of course, we did had some benefits, I just do not like the "way" they did it, but no matter how they did it, it was definitely beneficial for both sides, not a whole lot, not 10k to 42k but it did benefited a bit.
PayPal will increase the integration of cryptocurrencies into its business, including positioning the supported app as a digital wallet for global national digital currencies such as CBDC. Such plans were shared by the company's CEO Dan Shulman at a conference with investors on February 11.
PayPal's roadmap involves turning into a platform for CBDC. The head of the payment company believes that central banks can distribute the issued tokens among consumers through the company's wallets. During the conference, Shulman stressed that the next step of the company could be the use of smart contracts and tokenization.
PayPal's roadmap involves turning into a platform for CBDC. The head of the payment company believes that central banks can distribute the issued tokens among consumers through the company's wallets. During the conference, Shulman stressed that the next step of the company could be the use of smart contracts and tokenization.
Quote from: https://www.youtube.com/watch?v=JnKeHBpxzXw
The intention was to use cryptocurrency as a tool to increase the userbase (i.e in order to gain new followers) and to venture in to one of the fields which has constantly shown very high growth rates. And I am glad that in the end it worked out well for them. And hopefully the other corporations would notice this and take steps to integrate Bitcoin to their own platforms.
Yeah, the move was more forced than adopted because paypal was observing the craze among customers regarding cryptocurrencies and them adopting bitcoin is more beneficial for them than it is for bitcoins. Bitcoins does benefit as we have more investors but overall paypal got the better off the decision.It is mutually beneficial. You can't say that the Bitcoin users didn't benefited from the move, because the exchange rates shot up immediately after the news was first published. The rally took exchange rates from $10,000 to $42,000. Some of it can be attributed to the supply crunch which was caused as a result of the block reward halving, but PayPal was the main driver.
And I believe that once they add full functionality to the US users, such as the options to make payment with PayPal BTC and withdrawal of PayPal BTC to non-PayPal wallets, we will see a tremendous jump in adoption. So right now we have two factors that are working in favor of Bitcoin. The first one is adoption by PayPal (and others such as MasterCard taking steps towards their own adoption of BTC). The second one is the interest shown by corporations such as Tesla to use Bitcoin as a store of value.
I'm surprised, even after all the paypal freezing some crypto accounts many people are still using the platform to trade and cans out crypto? I wonder what will happen if mastercard takes crypto into it's platform, it will be so damn good, crypto is definitely going places
Don't get it wrong guys, but Paypal doesn't really care about Bitcoin. The only thing that matters is the profit it can bring to the company. They just noticed Bitcoin could be a good cash cow and there is a ton of money to make out of it.
I didn't read the whole PDF but there is a need to make things separate. What comes from the addition of Bitcoin and what comes from the other part. Do you think the percentage increase is only due to the addition of Bitcoin? Not at all.
Even the free cash flow decreased starting at Q2 2020, the same for the number of active accounts but not the number of payment transactions.
What does it mean? It means there is the same number of people using Paypal but they are using it more frequently. Hence the profits' increase.
But why?
Because online shopping has increased drastically in the last year with covid and as Paypal is the most popular payment method people use, it makes sense.
Amazon has also doubled its profits but they have not added Bitcoin.
For your information, there is no decentralization in Payal. People are simply buying a token backed by BTC, they don't own BTC, Paypal does
thanks to this they can speculate easily and simply, that's all. Such a large company could easily influence the news background by announcing an investment in bitcoin or entering processing of a digital currency, which would significantly increase its value, and after that, as the price grows, sell its assets and make good moneyI didn't read the whole PDF but there is a need to make things separate. What comes from the addition of Bitcoin and what comes from the other part. Do you think the percentage increase is only due to the addition of Bitcoin? Not at all.
Even the free cash flow decreased starting at Q2 2020, the same for the number of active accounts but not the number of payment transactions.
What does it mean? It means there is the same number of people using Paypal but they are using it more frequently. Hence the profits' increase.
But why?
Because online shopping has increased drastically in the last year with covid and as Paypal is the most popular payment method people use, it makes sense.
Amazon has also doubled its profits but they have not added Bitcoin.
This only means to me that there's a great demand for decentralized transactions
For your information, there is no decentralization in Payal. People are simply buying a token backed by BTC, they don't own BTC, Paypal does
It is true that Paypal might be bringing a lot of investors into the market but people should realize that Paypal owns the bitcoin they are "buying". As they've said, there is no decentralization in Paypal, and I think we can say that they might try to overrun the market with their volumes to manipulate the people and the market as well.
It is the same case as holding your coins in an exchange. A lot of people do hold their cryptocurrency in various exchange wallets (where they don't have access to the private keys). Then why we should single out PayPal? After all, PayPal has been in operation for more than two decades and they are trusted all around the world. I would say that the risk of PayPal running away with your money is much lower than the risk with some of the cryptocurrency exchanges (especially those small-sized and medium-sized ones).
Well, I am not leaving exchanges in this, it is just that most of the people that ask me about Paypal accepting Bitcoin seems a big of a deal to me and i is very annoying since they thought that since Paypal accepts buying bitcoin means it is all because of that platform. They are just new in the market and they don't have any idea about not having the private key just means that is not their bitcoin.
I meant to jump on this earnings call. I also wish they would have been more specific about how much they actually made, or how much business they actually did dealing with cryptocurrency directly.
Do they usually give out detailed info like that on earnings calls? I seriously have no idea since I never listen to them.But you still can't buy actual bitcoin through PayPal if I'm not mistaken, is that right? I thought they were going with some kind of Robinhood model, where you can buy bitcoin in name only but not have access to your private keys. Did PayPal end up buying a bunch of bitcoin? That would certainly help explain the price bump as of late, along with all the other institutional buying.
Exchanges such as Binance or crypto.com are the easiest way to get crypto as far as I know. For a newbie, if he googles "buy crypto", these links still will be first on the list.
Paypal first need to expand list of countries, who are able to buy bitcoin. So far only US Paypal users can by cryptocurrency. Also they need to make their "Bitcoin" as a real Bitcoin. Give users privatkeys and allow to trade Bitcoin not only within their platform. Btw, interesting to see the amount of new crypto Paypal users, that have registered on the platform only to trade Bitcoin.
I do not think that binance allows you to "buy bitcoin" in any form for most countries, sure they could be available in some nations but for many nations they are just an altcoin exchange where you buy and sell crypto between each other but there is no connection of binance with your bank account, hence it is not possible to buy bitcoin from binance.Paypal first need to expand list of countries, who are able to buy bitcoin. So far only US Paypal users can by cryptocurrency. Also they need to make their "Bitcoin" as a real Bitcoin. Give users privatkeys and allow to trade Bitcoin not only within their platform. Btw, interesting to see the amount of new crypto Paypal users, that have registered on the platform only to trade Bitcoin.
Secondly I think it is quite evident that we are not in a situation where paypal could be available for crypto in many nations, it could be tested and asked for but it is going to take some time. Why? Because people are not really checking how laws work, paypal does check that and takes that seriously. Moreover, if Paypal wants to open bitcoin purchases and so forth just like how they did in USA but for another country, there is a lot of paperwork they have to handle before they can start that, which means a lot of time back and forth between paypal and authorities.
I still didnt get why people are buying crypto on paypal if you cant withdraw it from there
For newbie in crypto and PayPal user, this is their easiest way to get a hold of crypto. Because if you are a long time user, you will not use their platform as you can't get out your crypto from them. You can just buy and sell within PayPal. So they are just reaching mostly new crypto users, which is a lot as they have millions of users on their platform itself.
Exchanges such as Binance or crypto.com are the easiest way to get crypto as far as I know. For a newbie, if he googles "buy crypto", these links still will be first on the list.
Paypal first need to expand list of countries, who are able to buy bitcoin. So far only US Paypal users can by cryptocurrency. Also they need to make their "Bitcoin" as a real Bitcoin. Give users privatkeys and allow to trade Bitcoin not only within their platform. Btw, interesting to see the amount of new crypto Paypal users, that have registered on the platform only to trade Bitcoin.
I still didnt get why people are buying crypto on paypal if you cant withdraw it from there
For newbie in crypto and PayPal user, this is their easiest way to get a hold of crypto. Because if you are a long time user, you will not use their platform as you can't get out your crypto from them. You can just buy and sell within PayPal. So they are just reaching mostly new crypto users, which is a lot as they have millions of users on their platform itself.
The intention was to use cryptocurrency as a tool to increase the userbase (i.e in order to gain new followers) and to venture in to one of the fields which has constantly shown very high growth rates. And I am glad that in the end it worked out well for them. And hopefully the other corporations would notice this and take steps to integrate Bitcoin to their own platforms.
Yeah, the move was more forced than adopted because paypal was observing the craze among customers regarding cryptocurrencies and them adopting bitcoin is more beneficial for them than it is for bitcoins. Bitcoins does benefit as we have more investors but overall paypal got the better off the decision.You can actually buy crypto from paypal now? is it only for US? because i am not from US and can't find it on my paypal account. So how does it work? you can buy, sell and withdraw it to your own wallet like exchange?
I am not sure because I stopped using paypal long time ago when a scammer tricked me by reversing a payment and paypal never even tried to help me despite I was the one who is being scammed. I believe the buying of bitcoin is only for USA users, you are right. Jump to: