PayPal cryptocurrency trading volume beyond expectations - page 4.

Sithara007

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Quote from: FlightyPouch on February 07, 2021, 05:51:37 PM

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).

FlightyPouch

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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.

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Paypal was a giant that outgrew its parent company eBay and had to be separated as a stand alone. With the hundreds of billions and potential trillions at stake in the crypto market cap it was only a matter of time before Paypal jumped in to crypto.

The downside by using Paypal in the past was always the clawback or dispute system that allows the sender of money via Paypal to ask for it back - how this will affect Paypal-crypto transactions in future will have to be seen.

Quote from: Daltonik on February 04, 2021, 08:11:00 AM

In the fourth quarter, payment giant PayPal attracted 16 million new customers and processed payments worth $277 billion. According to CEO Dan Shulman, the company is actively investing in the cryptocurrency division, which more than met expectations.

PayPal's total revenue for the fourth quarter increased by 23% to $6.12 billion in the fourth quarter. The financial results were positively impacted by the support for cryptocurrencies, which appeared for PayPal customers in the United States on November 12.

Quote from: https://s1.q4cdn.com/633035571/files/doc_financials/2020/q4/PYPL_Q4-20_Investor_Update-(1).pdf

PayPal's declares its uniqueness and therefore inevitably leads to profit, but whether this is really so in the end we will decide

Quote from: https://www.coindesk.com/paypal-2020-results-outstanding-finish-to-a-record-year

Now: Centralization reports on profit and decentralization shows a growing volume and on which side you will decide

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Quote from: Daltonik on February 04, 2021, 08:11:00 AM

In the fourth quarter, payment giant PayPal attracted 16 million new customers and processed payments worth $277 billion. According to CEO Dan Shulman, the company is actively investing in the cryptocurrency division, which more than met expectations.

PayPal's total revenue for the fourth quarter increased by 23% to $6.12 billion in the fourth quarter. The financial results were positively impacted by the support for cryptocurrencies, which appeared for PayPal customers in the United States on November 12.

The thing is that there were already lots of people who wanted to make use cryptocurrency, but they didn’t know how because proper information was not reaching them to be able to understand it (though I would still say that some of them are being reluctant). But seeing PayPal dive into the cryptocurrency field would have motivated a lot of people, and since they are already a well established company that has been around for years now, from 1998, lots of these people have decide to make it their go-to when they are buying cryptocurrency.

Shasha80

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I am not surprised if the crypto trading volume on Paypal has increased beyond expectations, because indeed many people began to be interested
in investing in crypto since the price of Bitcoin rose above $ 20k. So not only Paypal some exchanges are also experiencing increased crypto
trading volume, because more and more people want to make profit from crypto trading. And it could be with the achievement that is beyond
expectations makes Paypal provide full service in the future. I'm really looking forward to all the merchants that Paypal cooperates with
accepting cryptocurrency payments, if this becomes a reality then the increase in crypto prices will be even more unstoppable.

LogitechMouse

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Any news that is related to Paypal has an effect on the price of crypto especially Bitcoin.
This doesn't.

This might be a good news to anybody but it will not have any effect on the crypto market if they aren't accept people to transfer or withdraw their BTC in Paypal to another wallet. Right now you are just buying Bitcoin that is under Paypal. Might sound complex but you know it. You aren't holding a true Bitcoin since you can't transfer it. You are holding a Bitcoin that is being owned by Paypal itself. Wait for Paypal to accept transferring of Bitcoin funds and wait for them to integrate the feature that will accept merchants to be paid in crypto. That will be a huge news for sure.

plr

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They should have done this long ago, anyway, they added people's curiosity on Cryptocurrency because of their continuous bashing and FUDS now they are now investing and integrating, adoption will be easy now with their millions of members, Cryptocurrency is now mainstream and it will continue to be so once Facebook gets in with their own version of the coin.

Xinarae*

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PayPal's success is the reason for many victories for crypto many countries around the world can easily transact using PayPal cryptocurrency which is why bulls are running on other crypto platforms. For crypto trading, those who trade by looking at the daily technical chart can use this method in this way you can buy coins and sell them on the same day. As the value of cryptocurrencies fluctuates a lot you can earn a good amount of money by reviewing charts in a short time without waiting too long.

Darker45

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Well, this is generally good news. I can only imagine how much growth would PayPal register once they will allow all their ~350 million users across the globe to buy and sell Bitcoin.

However, what I would like them to do is to really let their users experience the crypto life. At this point, everything is just a game of IOU. There's foolishness in it.

Apart from this, I also hope that they would now begin to let their partner merchants all over the world accept crypto payments and their users the opportunity to purchase using crypto. Now, that's real adoption.

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Quote from: ?? on ??

They already see this coming, and they made one of the best company decision of including Cryptocurrency, it's a win win situation for PayPal and the Cryptocurrency community, but PayPal based on the stat is the big winner here, now many institutions will be attracted because of he success of PayPal, we expect to have a long run of bull run because of this.

I guess they are going to roll-out full services by mid-2021. By then it will be possible to make payments with PayPal BTC and withdraw your BTC balance to non-PayPal addresses. Once they implement this, we can expect the next bull run. And there is always a possibility of other service providers noticing the success of PayPal and considering the Bitcoin adoption for their own platforms. I am thinking about remittance service providers such as Western Union and Moneygram, and also e-wallet payment systems such as LeoPay.

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Quote from: ?? on ??

They already see this coming, and they made one of the best company decision of including Cryptocurrency, it's a win win situation for PayPal and the Cryptocurrency community, but PayPal based on the stat is the big winner here, now many institutions will be attracted because of he success of PayPal, we expect to have a long run of bull run because of this.

Going with the flow of the market and adapting the technology and the trend is the best thing a digital company should do because it will be their unique capabilities than the others and makes them leading in terms of virtual wallet that is widely used al over the world. And because of that expect that the trading volume as well as the number of users who uses PayPal's new function it is now beyond expectations plus they are well established company so people trust them so much.

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Quote from: Coin_trader on February 05, 2021, 06:20:48 AM

Quote from: momchilandonov on February 05, 2021, 02:58:44 AM

I still didnt get why people are buying crypto on paypal if you cant withdraw it from there

Simple. Because the value of BTC there is same with the real BTC so if you want to invest in BTC, they can simply buy and flip there without moving it outside paypal. PayPal user do not used to store there funds in there so it's same on BTC. Most of people that buying BTC in PayPal are just want to get profit on Bitcoin volatility since they are not a bitcoin enthusiasts.

doesn't Bitcoin price have a real price on all exchanges ?, I'm still confused by your statement about the real price of bitcoin,
in my opinion, who buys bitcoin on paypal is not a merchant, but a user only,
if a trader trades on paypal of course does not have maximum profit, and everyone chooses an exchange like Binance.

Vatimins

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Of course decentralized transactions would overtake the other. The very first people who were attracted in this industry were those who wanted some sort of privacy even if not full proof. And that would just mean they are theones who hold bigger bags. But even so, despite rhe high prices of crypto currencies today, some wee not attracted by profits alone but the desire to he different from the rest or to have some sort of diversity in managing their capitals/investment funds. But no matyer which stats are higher, it is still good for mass adoption since we are still in the early years of this industry. I just hope that regilations in the future becomes more fair for both parties(crypto enthusiasts/users and governments together with the banks).

jostorres

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Quote from: VanDeinsberg12 on February 06, 2021, 03:18:01 AM

Does paypal offers some kind of protection for hacking or such though? If the user can't even withdraw their bitcoin then they should get compensated by additional security features like for example reimbursement in case hacking accident occurs right? since to be frank there are so many cases out there about paypal hacking
But if people are willing to buy coin from like PayPal might aswell buy from coinbase or such since the process is more or less the same, that's what makes me confused. Paypal could like cancel their cryptocurrency service anytime in my opinion.

You get nothing like that, the idea is not to help you or anything, why would they be responsible for hacking that is not on their platform, if your bitcoin on their platform somehow gets hacked that means paypal itself is hacked and if they can recover they can recover if they can't they can't, it is not like they wouldn't want to, but if you get hacked somewhere else, why would they be even remotely be responsible for it?

However the point here is that if you have a shop, and you sell things, you can now offer bitcoin payment as well, and will have bitcoin on your account as well, that way you could get some more new customers. On top of that if you can offer people regular fiat purchase, get the money, and turn some of it into bitcoin to save aside as an investment, now you can do that simpler as well. I never used paypal and I will probably never use it, but I get why it is liked.

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Quote from: Vishnu.Reang on February 05, 2021, 06:15:54 AM

For those who want to invest in cryptocurrency, with small amounts such as $50 or $100, PayPal is a good option.

Your comment is totally inaccurate, the best to do is to get yourself a noncustodial wallet for investment. For small amount like the one above, online wallet can be good but for high amount, hardware wallet will be safer. Not you key not your coin is the saying, you can not also even use PayPal to send crypto to another wallet, you can only use it to buy and sell.

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Quote from: vintages on February 05, 2021, 05:59:34 PM

In as much I don't fancy PayPal, I can only say nothing but good for them. I am all in for anything legal that supports Bitcoin and it adoption.
Let's just hope that users can be allowed to withdraw their funds or coins without PayPal weird restrictions affecting it. That alone is frustrating.

Actually I believe skrill does the same they allow you to buy and sell bitcoins but virtually and you aren't allowed to actually withdraw the coins. I believe that is because PayPal and even Skrill does not want their users and customers to switch onto something else because lets face it, Bitcoin is a rival of Paypal and almost all centralized payment processors so they want to allow Bitcoin trading but only virtually and not allowing the users to own the coins literally.

I am glad the PayPal move went so smooth because earlier they used to ban users involved into crypto buying and selling when caught and now they are becoming the biggest facilitator themselves.

DoublerHunter

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Quote from: VanDeinsberg12 on February 06, 2021, 03:18:01 AM

Does paypal offers some kind of protection for hacking or such though? If the user can't even withdraw their bitcoin then they should get compensated by additional security features like for example reimbursement in case hacking accident occurs right? since to be frank there are so many cases out there about paypal hacking

^ Probably there is, paypal is reputable enough and for sure there is a protection in every user had. If you worried about hacking or even data breaches or glitches, that is everywhere and it depends on their team how to fix it and take action when there is a bug that happens. Nevertheless, this is expected since paypal has a huge number of users, probably this is also the reason BTC price has been rapidly growing up and maintain on $30k range price in the market. It has brought awareness to most people.

VanDeinsberg12

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Quote from: Coin_trader on February 05, 2021, 06:20:48 AM

Quote from: momchilandonov on February 05, 2021, 02:58:44 AM

I still didnt get why people are buying crypto on paypal if you cant withdraw it from there

Simple. Because the value of BTC there is same with the real BTC so if you want to invest in BTC, they can simply buy and flip there without moving it outside paypal. PayPal user do not used to store there funds in there so it's same on BTC. Most of people that buying BTC in PayPal are just want to get profit on Bitcoin volatility since they are not a bitcoin enthusiasts.

Does paypal offers some kind of protection for hacking or such though? If the user can't even withdraw their bitcoin then they should get compensated by additional security features like for example reimbursement in case hacking accident occurs right? since to be frank there are so many cases out there about paypal hacking
But if people are willing to buy coin from like PayPal might aswell buy from coinbase or such since the process is more or less the same, that's what makes me confused. Paypal could like cancel their cryptocurrency service anytime in my opinion.

bits4books

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This situation happened only because the PP already has a big name and they do not need to prove that this is not a scam. Anyone else who would launch exactly the same concept as PP would be buried under a bunch of useless altcoins on the market simply because it is very difficult to break through this garbage. The popularity of PP here is not that they did something cool, but only that they came to one market when they already created a loud fame in the financial services market

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Quote from: KuromaYoichi on February 06, 2021, 12:56:09 AM

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? or you can only buy it and spend it at merchant who accept crypto? Not bad for them considering the new crypto hype can generate a new source of revenue.

They are planning on launching it to most international countries later this year. So far it was only for US clients. At first it was a limited number but later on it was everybody in the USA who had a verified paypal account.

You can buy and sell it back to USD but while holding the BTC you cannot withdraw it to your own wallet. I think in the future they will allow merchants to accept BTC, so maybe you can pay your monthly Netflix bill with BTC. At the moment not possible. Keep in mind it only launched like 2 months ago.

Its great however the fees are very high. Much higher than a regular bitcoin exchange. However I guess if you are not good with computer, then I guess its better paying a higher fee and ensuring its done right instead of messing up and losing all your crypto. Most likely in the near future if they get more and more volume, they might reduce the fees.

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