PayPal Reaches 85% of Binance.US Volume - page 3.

actmyname

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Spear the bees

Quote from: bct_ail on November 17, 2020, 05:03:50 AM

Quote from: actmyname on November 16, 2020, 09:26:43 PM

Quote from: bct_ail on November 16, 2020, 09:07:36 AM

It is even not clear, if paypal really buys bitcoin.

Technically, it could all be done through the sale and buying of bitcoin "vouchers" which rise and fall in price with the price but have no legitimate impact on the currency itself.

This could be one possibility. Could. But to this day it is not clear whether they really buy and sell physical bitcoin or whether it is just a derivative.

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.

All that is changed when you finally get access to the keys... and move it off their platform.

bct_ail

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Quote from: DapanasFruit on November 17, 2020, 02:47:05 AM

Will there be a PayPal Coin soon just like BNB?

The currently lack of deposit and withdraw of bitcoin make this "paypal-bitcoin" like a paypal coin.

Quote from: actmyname on November 16, 2020, 09:26:43 PM

Quote from: bct_ail on November 16, 2020, 09:07:36 AM

It is even not clear, if paypal really buys bitcoin.

Technically, it could all be done through the sale and buying of bitcoin "vouchers" which rise and fall in price with the price but have no legitimate impact on the currency itself.

This could be one possibility. Could. But to this day it is not clear whether they really buy and sell physical bitcoin or whether it is just a derivative.

DapanasFruit

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Binance #Smart World Global Token

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?

Vishnu.Reang

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And the fact is that they haven't even made Bitcoin available for all of their American users. The proper implementation will occur some time in 2021, after 6-7 months of testing. Right now they are going through the testing phase. If the volumes are this high during the testing phase, then you can imagine what will happen once they make cryptocurrency available to everyone (including the global users).

hd49728

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Not your keys, not your coins!

Quote from: bakasabo on November 17, 2020, 02:20:11 AM

There was an article some days ago "Binance has begun to block U.S. users from accessing its exchange platform". I was wrong saying they gave 30 days to withdraw, they gave 90 days.

If on is closing an option to trade, while other opens, no wonder that the second one has an increasing trading volume. Also it it a bit strange to how they compare two platforms. Binance.us allows to trade different cryptocurrency assets, while you can trade only Bitcoin on Paypal. I would say that the article just have a sound name just to catch attention, while its content is less catchy and shocking.

It is things Binance plan to do sooner or later. The sooner the better and they planned for the step months ago when they open the branch Binance US. CZ knew that the war trade and massive conflict between China and the US can bring any trouble to Binance if he does not split the exchange to branches and give one branch for US customers. He is smart, if not he is not CZ.

If you remembered the time CZ did it, it is when the conflict of interest between two governments rose to higher level and the bilateral relation dived to bottom after many decades and look like a new Cold War in modern time.

bakasabo

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Quote from: imstillthebest on November 17, 2020, 02:03:47 AM

ah so its different from binance because i thought the op was talking to binance but why are there less users on that version when u.s is a big country and binance can be a few popular exchange that made trading of crypto possible in a banned country such as u.s . the main binance is larger as its supports many countries and you cant expect more for paypal because it was only thier first month . watch till they released the support of crypto for all the countries and when thier service runs longer , lets come back and compare them again .

There was an article some days ago "Binance has begun to block U.S. users from accessing its exchange platform". I was wrong saying they gave 30 days to withdraw, they gave 90 days.

If on is closing an option to trade, while other opens, no wonder that the second one has an increasing trading volume. Also it it a bit strange to how they compare two platforms. Binance.us allows to trade different cryptocurrency assets, while you can trade only Bitcoin on Paypal. I would say that the article just have a sound name just to catch attention, while its content is less catchy and shocking.

imstillthebest

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Quote from: bakasabo on November 17, 2020, 01:49:57 AM

But I'm not amazed with such a result. There are not so much traders on binance.us. Binance also warned, that they will close binance.us soon and users have 30 days (if I'm not mistaken) to withdraw their funds. And compared how announcement of possibility to buy, sell and trade Bitcoin on Paypal made a resonance on the market and looking how popular it is in US, no wonder volumes are high atm.

ah so its different from binance because i thought the op was talking to binance but why are there less users on that version when u.s is a big country and binance can be a few popular exchange that made trading of crypto possible in a banned country such as u.s . the main binance is larger as its supports many countries and you cant expect more for paypal because it was only thier first month . watch till they released the support of crypto for all the countries and when thier service runs longer , lets come back and compare them again .

bakasabo

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Quote from: Francis Freeman on November 17, 2020, 01:27:09 AM

Quote from: Eedward on November 16, 2020, 03:06:42 AM

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/

Wow that's something out of the ordinary . Never expected it to reach this high volume so soon.
I wish now they develop method in which the retail buyers own the keys or atleast get covered by insurance in case of some unfortunate event.

But I'm not amazed with such a result. There are not so much traders on binance.us. Binance also warned, that they will close binance.us soon and users have 30 days (if I'm not mistaken) to withdraw their funds. And compared how announcement of possibility to buy, sell and trade Bitcoin on Paypal made a resonance on the market and looking how popular it is in US, no wonder volumes are high atm.

Francis Freeman

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Quote from: Eedward on November 16, 2020, 03:06:42 AM

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/

Wow that's something out of the ordinary . Never expected it to reach this high volume so soon.
I wish now they develop method in which the retail buyers own the keys or atleast get covered by insurance in case of some unfortunate event.

pooya87

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Quote from: mk4 on November 16, 2020, 03:16:48 AM

Just as expected. Some people didn't expect PayPal to perform well on their crypto sector because of the current lack of crypto deposits and withdrawals. This is just enough proof that people don't care about self-custody and self sovereignty, but mostly just the investment factor.

does it? i think it mostly shows that there are a lot of people with a ton of PayPal money that were more than willing to trade with bitcoin if the opportunity arose. and as soon as it did, they jumped at it. keep in mind that before PayPal started this feature there were a lot of demand and a lot of trades outside of their platform to trade PayPal for bitcoin. now it is official and a lot safer.

Harriti

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HEX: Longer pays better

Quote from: Eedward on November 16, 2020, 03:06:42 AM

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/

Paypal is a payment channel used by many Europeans and they have taken advantage of their advantages to open a service of buying and selling Cryptocurrency. Although there are many legal restrictions in the US but Paypal is an international payment channel, they can still expand easily in other countries. so Paypal will be a very important payment channel in the future, maybe we will need it because transaction costs will be much lower and we are not afraid of being scammed: D

maydna

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Perhaps, the number of people who buy bitcoin from Paypal will increase in the next 3 or 6 months later because, as we know that Paypal has huge members from many countries. And if they see that they now can buy crypto directly from their accounts, I think they will try it to do that, although they will not directly purchase bitcoin in a large amount. But at least, that can increase the number of people from Paypal who will know and learn about bitcoin. That can give positive things for bitcoin because if many people know about bitcoin, that can help bitcoin to grow and with Paypal allow them to buy bitcoin directly, which can give their member an easiness to purchase bitcoin without visiting on the exchange.

avikz

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Quote from: Rikafip on November 16, 2020, 05:27:38 AM

That's absolutely true! People indeed do not give a fuck about technology or its benefits, especially with bitcoin which is the best performing asset of last decade. The kind of ROI bitcoin has given to its investors, has made it a great choice for investment, rather than a currency. I believe FOMO factor works against bitcoin being used as a currency system. Because when people know that bitcoin has a great potential to go up in future, they would rather hold it instead of spending it. That's common human psychology!

That's why many people have lost a good amount of money back in 2017 when they had purchased bitcoin at the top of its bubble. These are same set of people who had refused to purchase bitcoin when the price was low.

I seriously didn't think that Paypal will gain so much traction of crypto front because they don't have transfer or withdraw facility available with them. But yes, just the brand name helped people to overcome their fears about bitcoin!

Wexnident

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Quote from: ?? on ??

There are better places than paypal to buy crypto but people still prefer to use paypal... Nobody cant be even sure that these btc are real

One, most people don't even know what crypto is, they only see it as an investment. Two, how would they bloody know about that if they don't even know what crypto is in the first place. Three, Paypal is a famous merchant, one that has been used by millions and is trusted and basically has been experienced for a long time, you'd see that most of those that just entered the crypto scene would enter through paypal instead of others just due to those factors.

It also seems that Binance US has had a lot of problems so far in the past, which lead to customers being disappointed in it. If there was a better substitute, you'd also go for it no? Also note that the crypto system of PayPal afaik is only limited to select customers (the US only I think?) Imagine what it could do if it got released globally.

Sithara007

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One of the main issues with cryptocurrency is that we don't have a single exchange which we can trust. Back in 2013-14 we had a very reputable exchange in Mt Gox, and everyone knows what happened to it. BTC-e operated for quite a long period, before taken down by the FBI. Then we had exchanges such as Cryptopia, which also went down as a result of hacking. At this point, we can't blame cryptocurrency users, if they want to trust a reputable platform.

yazher

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Quote from: Leviathan.007 on November 16, 2020, 05:51:25 AM

Paypal is gaining more volume because of the popularity. Actually, the announcement of paypal when they said users can use bitcoin on paypal was a positive fundamental news. In the other hand, Binance.us is losing volume because there are some regulation issues on it and as far as I know the cz said people should withdraw their funds from BinanceUS. There are two reasons of why PayPal gaining more and more over time.

In other words, most of those people are from BinanceUS and they switch to Paypal for some other purposes like for example the statement you said from above. Just like the Okex right now, they are having issues with the internal affairs of their exchange and they disable the withdrawal for a month now. they didn't announce what is the real reasons behind it they just told their investors to wait patiently which is not good. This will cost their investors to buy from another source just like what happened to the BinanceUS.

bryant.coleman

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Quote from: Shasha80 on November 16, 2020, 06:36:06 PM

I am not surprised that Paypal is above Binance US, because with a platform that has existed for a long time compared to Binance,
which was only established in 2017. Of course Paypal's reputation is better than Binance, and people who are less knowledgeable
with cryptocurrency would prefer use Paypal to make crypto transactions. Even though cryptocurrency transactions on Paypal can
only be done on their platform, many Paypal users don't mind this.

PayPal BTC is just like an ETF. You don't have the private keys to your coins and therefore you can say that someone else is holding the money for you. But then, this is very common in the cryptocurrency sector. Most of the exchanges doesn't provide private keys. And we have cryptocurrencies such as Tether, where the exchanges are holding the backup funds and the user is just issued a token.

actmyname

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Spear the bees

Quote from: bct_ail on November 16, 2020, 09:07:36 AM

It is even not clear, if paypal really buys bitcoin.

Technically, it could all be done through the sale and buying of bitcoin "vouchers" which rise and fall in price with the price but have no legitimate impact on the currency itself.

Almost a proxy currency that they are peddling.

Shasha80

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I am not surprised that Paypal is above Binance US, because with a platform that has existed for a long time compared to Binance,
which was only established in 2017. Of course Paypal's reputation is better than Binance, and people who are less knowledgeable
with cryptocurrency would prefer use Paypal to make crypto transactions. Even though cryptocurrency transactions on Paypal can
only be done on their platform, many Paypal users don't mind this.

pixie85

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Quote from: ?? on ??

There are better places than paypal to buy crypto but people still prefer to use paypal... Nobody cant be even sure that these btc are real

I can think of better places to find a date than Tinder, but people keep using Tinder. Grin

I think the coins are real but much more vulnerable than if you bought them on Binance and moved to a software wallet.

It would be great if those bullish predictions by Citibank and others came close to reality but usually when mainstream media wake up and go bullish we're already half way into the bull and not that far from the top.

Topic: PayPal Reaches 85% of Binance.US Volume - page 3. (Read 968 times)