PayPal cryptocurrency trading volume beyond expectations - page 5.

torrantz

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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

Some people never really be bothered to use BTC but instead just want to take some profit from the bullrun, it's like when some people buy stocks do they care about the company condition? some of them do but there's also many who just don't care and just want profit.
It's the same case here, imaginary btc but you can get real profit by bagholding, not really a good practice but in their business perspective it works just well considering the trading volume.

KuromaYoichi

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Sovryn - 300-500% APY on USDT Deposit

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.

adaseb

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Quote from: dothebeats on February 04, 2021, 11:03:46 AM

It would be best if PayPal would allow people who trade on their platform to actually get the coins that they 'assume' is theirs. But unfortunately, if that happens we know that there'll be a shortage of coins, so right now what people are actually holding is the promise of PayPal that they are indeed trading bitcoins and not some privately-issued air that they aren't getting no matter what.

They don't do that because it would be very difficult for them to control money laundering, and fraud. If it was possible to withdraw BTC to an external wallet, imagine how many accounts would get hacked everyday and hackers would buy crypto with their credit card linked to the account and then withdraw it to an external wallet, no way to reverse the transaction. There are so many people reusing the same passwords that is why so many people in the past got their paypal account broken in to. However most of the transaction were easily reversed since it was all done by credit card merchants however with crypto you can't reverse the blockchain. Hence why they are going to leave it like this for a while.

You don't own the BTC but they need to buy the BTC somehow to hedge their exposure. Imagine BTC goes to $1,000,000 a coin and everybody want to withdraw, if they never hedged how will they pay everyone out? Too risky. There are many ways of hedging, they can even do it on the futures exchange which has plenty of liquidity and low fees. So the supply does technically decrease one way or another if people buy BTC with paypal, hence its still bullish.

Sithara007

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Quote from: MCobian on February 05, 2021, 06:13:01 PM

It is certain that Paypal profits have increased since investing in the cryptocurrency division. Due to the increase in crypto prices in 2021,
the demand for crypto will increase, so it makes sense that Paypal crypto trading volume is also increasing. Then the positive results obtained
by Paypal from cryptocurrency make other companies even more interested in investing in crypto as well. This makes the future of crypto
even brighter, I hope the positive trend that occurs in cryptocurrencies this year can continue at least until the end of the year.

Obviously PayPal didn't approved the integration of Bitcoin to its platform just because they love cryptocurrency. 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.

MCobian

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It is certain that Paypal profits have increased since investing in the cryptocurrency division. Due to the increase in crypto prices in 2021,
the demand for crypto will increase, so it makes sense that Paypal crypto trading volume is also increasing. Then the positive results obtained
by Paypal from cryptocurrency make other companies even more interested in investing in crypto as well. This makes the future of crypto
even brighter, I hope the positive trend that occurs in cryptocurrencies this year can continue at least until the end of the year.

vintages

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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.

CarnagexD

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They took advantage of the hype that bitcoin brought with it and reaped the results, if anything, this at best would inspire more corporations to adopt cryptocurrencies in their customer features which will both give them a healthy remark from the people who are supportive of cryptocurrencies and they're bound to earn as well, so it's a win-win situation really.

Quote from: Reid on February 05, 2021, 03:43:22 AM

Looks like they made a good choice. Shocked

I bet every employee of Paypal now is getting their bonuses. Grin

This also proves how many people out there are having a hard time buying cryptocurrencies before.
We all saw that with different threads they make in this forum looking for other options.
But now, you don't see much of that question anymore. Yeah, Paypal made it happen.
Although, I am still in doubt about security issues. I might just use it to buy and get out. Don't stay.

too bad the coins you're purchasing in Paypal is going to be a sitting duck there since you can't trade it or anything besides buy and sell. Only thing you'd be capable of doing is to shortsell which bitcoin is not good at.

boyptc

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Quote from: ?? on ??

Quote from: boyptc on February 04, 2021, 11:33:26 AM

Whether they have volumes of customers coming into them and getting attracted to their new feature. It's still not an actual bitcoin that they sell.

PayPal got the formula of it and they really took the attention of everyone which was effective.

Man imagine selling btc while not handing over the stuff itself. If only they created a platform where their users really own bitcoin instead of just owning a number that'd be lit but knowing how PayPal since ages ago, I bet they won't.
I guess this strategy really makes them a lot of revenue while minimizing the risk, the statistic above is really the proof.

I was hyped too at first when I've first heard it. But thanks to the experts who have analyzed it and has proven that it's just numbers that they show and won't allow you to transfer the fund from another bitcoin wallet address outside the platform.

They were able to compete and at the same time put themselves into hype because of the news.

Coin_trader

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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.

Vishnu.Reang

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Quote from: Reid on February 05, 2021, 03:43:22 AM

Looks like they made a good choice. Shocked

I bet every employee of Paypal now is getting their bonuses. Grin

This also proves how many people out there are having a hard time buying cryptocurrencies before.
We all saw that with different threads they make in this forum looking for other options.
But now, you don't see much of that question anymore. Yeah, Paypal made it happen.
Although, I am still in doubt about security issues. I might just use it to buy and get out. Don't stay.

For those who want to invest in cryptocurrency, with small amounts such as $50 or $100, PayPal is a good option. There are lot of such people out there, who are using PayPal right now. They don't want to get in to the trouble of creating a wallet by themselves and then going through all the security protocols. They would rather prefer PayPal doing it for them. It is just like storing your coins in an exchange wallet, but in this case PayPal is having a very good reputation and therefore the users think that they don't have to worry about someone stealing their coins or the exchange vanishing overnight.

However, those who want to not just invest, but also use their cryptocurrency, PayPal is not the place to rely on. They have announced that by mid-2021 users in the US will be able to make payments using PayPal BTC and withdraw their PayPal BTC to personal wallets. But until these features are available, I am not going to trust them.

Reid

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Looks like they made a good choice. Shocked

I bet every employee of Paypal now is getting their bonuses. Grin

This also proves how many people out there are having a hard time buying cryptocurrencies before.
We all saw that with different threads they make in this forum looking for other options.
But now, you don't see much of that question anymore. Yeah, Paypal made it happen.
Although, I am still in doubt about security issues. I might just use it to buy and get out. Don't stay.

rdbase

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Quote from: LeGaulois on February 04, 2021, 11:01:08 AM

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.

Quote from: samcrypto on February 04, 2021, 08:32:18 AM

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

These are my sediments exactly as you have stated towards with what people perceive as paypal accepting bitcoin on their platform.
You don't actual own the cryptocurrency when you purchase it from them. They hold all of it and you can not remove it from their wallet.
Opposite of decentralized.
And what people who have already owning their bitcoin on there fail to realize is:
They can change the rules and regulations whenever they want. They have you once you agree to those terms and conditions and they can be altered the very next day. I am say this right after receiving an email stating they have changed their legal policies. Second one received in the past six months.
So just be wary of this the next time you log into your paypal account.
Your paypal bitcoin might just be more fancy internet money then you think.
*Poof*

momchilandonov

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

jseverson

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Quote from: avikz on February 05, 2021, 12:34:14 AM

Can someone answer the below questions??

1. Are we allowed to withdraw the cryptocurrency to our own wallet after purchasing it from Paypal?
2. Can we deposit cryptocurrency to Paypal which was not purchased from them and sell them to Paypal?

As far as I know, we are not allowed to do such operations but if things have changed, can anyone let us know?

Quote from: dothebeats on February 04, 2021, 11:03:46 AM

It would be best if PayPal would allow people who trade on their platform to actually get the coins that they 'assume' is theirs. But unfortunately, if that happens we know that there'll be a shortage of coins, so right now what people are actually holding is the promise of PayPal that they are indeed trading bitcoins and not some privately-issued air that they aren't getting no matter what.

I'm not sure the SEC will allow them to get away with something like that, or if they would even dare. It also seems that Paxos is handling the trading under the hood, so I wouldn't be sure they're trading air. It would absolutely be huge if they allowed people to withdraw crypto, but they're a payments service primarily (meaning they're not trying to be a crypto exchange), so I wouldn't count on it.

davis196

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Quote from: samcrypto on February 04, 2021, 08:32:18 AM

This only means to me that there's a great demand for a decentralized transactions and it can add profit to those companies who will start to adopt. Many companies should see this experience of Paypal and I'm sure it will continue to grow since many are trusting the platform and Paypal and they feel their security here. I'm not into Paypal since we also have our local wallet to transact, but to those who are using this for sure they are enjoying this services using their own cryptocurrency.

1.Yeah,but Paypal is centralized and will always remain centralized.
Adopting cryptocurrencies doesn't mean that Paypal will become decentralized.They might become "pseudodecentralized" for the sake of marketing and making the company look cool in the eyes of naive crypto enthusiasts.

2.They feel secure using Paypal?Are you kidding me?Having you own crypto in your own cold wallet and storing your own private keys is way more secure than having trust in a company that can block/limit the money in your account for any reason.

Vishnu.Reang

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The relationship between PayPal and Bitcoin is a mutually beneficial one, with both sides benefiting out of it. Sadly, it once again confirms the perception that a lot of people are staying away from Bitcoin due to the difficulty in purchasing and storing the coins. PayPal offered an opportunity to purchase/store BTC easily and we can see that millions of users have made use of that option.

This is something that the community needs to think about. In order to increase the acceptability and adoption, we need to make Bitcoin more friendly to the less tech savvy users. I am not saying that we need to implement any fork. Rather than that, we need to come up with solutions that will make storage of cryptocurrency easier and more secure. If PayPal can do that, then why can't others?

adzino

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Quote from: so98nn on February 05, 2021, 01:12:20 AM

Amazing statistics 📈 and great initiative by PayPal.

Great initiative? You mean paypal owning all the bitcoins, where as their users don't actually "own" the coins? How is that a great initiative? Their users pay for the coins, but it is paypal who keeps it. Users are not allowed to withdraw the coins (since they don't own it) or spend it anywhere (unless the merchant accepts paypal as payment). So how is this centralized totally controlled institution has taken a great step?

Quote from: so98nn on February 05, 2021, 01:12:20 AM

Elon is really going crazy about the bitcoin and crypto space. He has great plans ahead and I’m pretty sure PayPal is gonna be next big reason people will see bitcoins upsurge.

What does Elon has to do with paypal?

Quote from: so98nn on February 05, 2021, 01:12:20 AM

They will soon launch services like crypto cards, PayPal crypto ATM, and who knows a physical crypto bank which is decentralised. It’s Elon you know!! Anything is possible now.

Lol, you are expecting a financial institution like Paypal to create a "Decentralized" physical crypto bank? Keep dreaming. Again, what Elon? You do know that he has nothing to do with Paypal anymore.

so98nn

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Amazing statistics 📈 and great initiative by PayPal. Elon is really going crazy about the bitcoin and crypto space. He has great plans ahead and I’m pretty sure PayPal is gonna be next big reason people will see bitcoins upsurge. PayPal seems to be taking up the pace at faster rate than any institutional investment firm might have thought earlier.

Looking at the transaction history PayPal might have broken the record of grabbing more customers in short period of time.

They will soon launch services like crypto cards, PayPal crypto ATM, and who knows a physical crypto bank which is decentralised. It’s Elon you know!! Anything is possible now.

avikz

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Can someone answer the below questions??

1. Are we allowed to withdraw the cryptocurrency to our own wallet after purchasing it from Paypal?
2. Can we deposit cryptocurrency to Paypal which was not purchased from them and sell them to Paypal?

As far as I know, we are not allowed to do such operations but if things have changed, can anyone let us know?

boyptc

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Whether they have volumes of customers coming into them and getting attracted to their new feature. It's still not an actual bitcoin that they sell.

PayPal got the formula of it and they really took the attention of everyone which was effective.

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