Topic: PayPal Reaches 85% of Binance.US Volume - page 4. (Read 962 times)
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. 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.
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/
What will happen in next 3-6 months 😱
https://cryptobriefing.com/paypal-reaches-85-binance-us-volume-first-month/
Personally for me it was really unexpected to learn someday news about PayPal and crypto. But nevertheless the most unexpected thing for me was that lots of people are interested in using it, despite other even more profitable and suitable resources and services. Is it the part of some piar or may be it is a good step towards crypto the nearest future will show us, I am sure.
This is just enough proof that people don't care about self-custody and self sovereignty, but mostly just the investment factor.
That reminded me of the meme I saw recently. 
Worst of all, if something goes bad with this PayPal thing, people will blame bitcoin, crying how it's not safe as advertised etc. What I hope though is that those who bought this "bitcoin" via PayPal will eventually figure out that what they bought is not the real thing and that they can't move it around as they please so sooner or later they will buy the real stuff. Or PayPal will enable that.
Time works for bitcoin so I am not fussed with all this, I see it as just another step. Up until recently you would have your PayPal account locked if you tried to buy some BTC with it, and now we can see how times have changed.
For the most part people do not learn until they have to face hardship and the only way they are going to learn why something like bitcoin exist at all is if an economic crisis comes that wipes out their savings in fiat and they see that those that were holding bitcoin were in fact protected from this event, even then they are going to look at the money side of things first but then they will try to find answers about why this was the case and that is when they will understand the difference between bitcoin and fiat currencies.
im looking forward to seeing what other services PayPal will offer in the coming months. 2021 will def be interesting!!
impressive market share for paypal at this point after just one month of service launch.
They can probably more bigger volume (please note they are already around 5 million USD daily).
In any case, I agree, this is a very strong signal for all of us, since an interest driven by an established and famous company like paypal could be something that could change the market definitely!
They can probably more bigger volume (please note they are already around 5 million USD daily).
In any case, I agree, this is a very strong signal for all of us, since an interest driven by an established and famous company like paypal could be something that could change the market definitely!
This is great, Binance US will generate better volume than Binance.com and drive the growth of the crypto market in the US as well as around the world.
I believe that exchanges from the US are more transparent about trading volume, one of my favorites is Bittrex. Although the trading volume is low, they are all real.
I believe that exchanges from the US are more transparent about trading volume, one of my favorites is Bittrex. Although the trading volume is low, they are all real.
did you mean Paypal can sell BTC without having them on their wallet?
It is even not clear, if paypal really buys bitcoin.
It seems that paypal is one of the most common ways to buy bitcoin when they offer already their service for cryptocurrency. This must have been the reason for a huge leap of bitcoin market.
Bitcoin changes PayPal but PayPal does not change Bitcoin, never !Quote
Well, good move by paypal platform though some of the transaction from paypal can be reverse and that can be the reason why many people get scam through paypal platform. However, I think they are improving their platform and that include improving their KYC system.
It is called as chargeback. KYC is risky and I will try to not use a platform with KYC. I do use some but if I have other options to choose and ignore KYC, I will choose non-KYC options.KYC does not a gold mark or badge that your trade partner is not scammer.
It seems that paypal is one of the most common ways to buy bitcoin when they offer already their service for cryptocurrency. This must have been the reason for a huge leap of bitcoin market. Well, good move by paypal platform though some of the transaction from paypal can be reverse and that can be the reason why many people get scam through paypal platform. However, I think they are improving their platform and that include improving their KYC system.
Nobody cant be even sure that these btc are real
I don't know the process of buying crypto with paypal, did you mean Paypal can sell BTC without having them on their wallet? If so, a very bad thing may happen soon when people will be looking for withdrawing their fund. How can will they manage that? 
Paypal is a popular and well-established company and they've been in the industry for more than a decade now and since they have started acquiring bitcoin to their services aside from the bitcoin holders they can also advertise it to their account holders which I think as one of the factors why Paypal has this number in just a few weeks.
On the other hand, Binance has started withdrawals of services to US residences which I think is the main reason for their low numbers compare to Paypal that contemplates as a wrong move for them.
Thanks for sharing the stats, @tranthidung.
On the other hand, Binance has started withdrawals of services to US residences which I think is the main reason for their low numbers compare to Paypal that contemplates as a wrong move for them.
Thanks for sharing the stats, @tranthidung.
Again news only censor and show you the most interesting and eyes-catching for readers.
The article https://cryptobriefing.com/paypal-reaches-85-binance-us-volume-first-month/ brings a chart for you
And if you simply read the article, see the chart, don't double check, you believe it is a growth to all time high volume (news want you to believe that to stimulate your greediness and emotions). In contrast, if you see the original chart with wider window (all time), you will see the total volume on iBit had some spikes that are much bigger than recent weeks. What happened with such spikes are another stories and it is your exercise.
Check the chart at: https://nomics.com/exchanges/itbit#chart
Is the growth stable, is it simply from the new product or just a side-effect of new product and the FOMO with Bitcoin?
The trading volume of Binance US in the article almost correct if you check them with coinmarketcap or coingecko. Despite of some ups and downs and current weak downs, trading volume of Binance US is on a growth journey this year.
My point is:
Read news, then try to investigate its validity (things are hidden) and make your own conclusions.
The article https://cryptobriefing.com/paypal-reaches-85-binance-us-volume-first-month/ brings a chart for you
And if you simply read the article, see the chart, don't double check, you believe it is a growth to all time high volume (news want you to believe that to stimulate your greediness and emotions). In contrast, if you see the original chart with wider window (all time), you will see the total volume on iBit had some spikes that are much bigger than recent weeks. What happened with such spikes are another stories and it is your exercise.
Check the chart at: https://nomics.com/exchanges/itbit#chart
The trading volume of Binance US in the article almost correct if you check them with coinmarketcap or coingecko. Despite of some ups and downs and current weak downs, trading volume of Binance US is on a growth journey this year.
- https://www.coingecko.com/en/exchanges/binance_us#statistics
- https://coinmarketcap.com/exchanges/binance-us/
My point is:
Read news, then try to investigate its validity (things are hidden) and make your own conclusions.
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.
Few months later those folks start telling each other how naive they are going allin to buy bitcoin and losing half of the value as they can't resist with the future dump/correction.They are all have fun unti it gets wiped out.
Preparing for the newly-born robinhood ..
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.
Yeah, and 98,7% of the people on Linux forums don't understand why people use windows, bitcoiners are always biased and they try to imagine that the whole world is running based on the same principles they are using in their daily life. Paypal managed to bring something new, a way to buy coins with ease, keep them safe for you, no need for wallets or other things, and no need for an extra account. I can't wait for their report next year's, they will have to publish some numbers, it's going to be pretty interesting to see how many coins they hold.
Can't put it any better than this. Four years ago, when I ventured in to cryptocurrency sector for the first time, I faced a lot of these issues. I wanted to purchase Bitcoin, but it was impossible to make a cash deposit in any of the cryptocurrency exchanges from India. It took me a couple of months to understand how P2P platforms work and I was finally able to purchase BTC using localbitcoins. But then storage was another major concern. A lot of users were complaining about their wallets getting hacked and initially I was quite nervous about the same happening to me as well.
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 agree. It's a risk. A lot of it.
But, this happens because of fewer options.
Availability of exchange in their country.
Yeah, it could be a simple reason but as of now, more people are making money thru the internet.
One of the most options to pay them is Paypal. I am actually one of them.
So with funds there just idling in USD, I'd rather put it somewhere else. PayPal somehow made a solution for those guys.
Yeah, and 98,7% of the people on Linux forums don't understand why people use windows, bitcoiners are always biased and they try to imagine that the whole world is running based on the same principles they are using in their daily life. Paypal managed to bring something new, a way to buy coins with ease, keep them safe for you, no need for wallets or other things, and no need for an extra account. I can't wait for their report next year's, they will have to publish some numbers, it's going to be pretty interesting to see how many coins they hold.
Pretty much probably 90% of Bitcoin enthusiasts. It's the disadvantage of having people that are mostly knowledgeable in the technical stuff, and just scoff at the UI/UX side whereas they're mostly just stuck inside their bubble of like-minded people. Not saying that this is bad per se, but could lead to bad opinions with totally ignoring the non-technical masses.
This is just enough proof that people don't care about self-custody and self sovereignty, but mostly just the investment factor.
That reminded me of the meme I saw recently. Worst of all, if something goes bad with this PayPal thing, people will blame bitcoin, crying how it's not safe as advertised etc. What I hope though is that those who bought this "bitcoin" via PayPal will eventually figure out that what they bought is not the real thing and that they can't move it around as they please so sooner or later they will buy the real stuff. Or PayPal will enable that.
Time works for bitcoin so I am not fussed with all this, I see it as just another step. Up until recently you would have your PayPal account locked if you tried to buy some BTC with it, and now we can see how times have changed.
What an amazing number for a service which only opens for a month. But like the article, it is 85% of US-based volume on Binance which is estimated at around $30 million. Compare with other US-based exchange, it is still a teeny amount. But I believe it will soon change cause PayPal has a great number of users daily. Moreover, Bitcoin is soaring significantly. Nothing can stop it. The volume has increased day by day.
I am also surprised that bitcoin is not the only cryptocurrency supported. There are also ethereum and bitcoin cash.
I am also surprised that bitcoin is not the only cryptocurrency supported. There are also ethereum and bitcoin cash.
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.
Yeah, and 98,7% of the people on Linux forums don't understand why people use windows, bitcoiners are always biased and they try to imagine that the whole world is running based on the same principles they are using in their daily life. Paypal managed to bring something new, a way to buy coins with ease, keep them safe for you, no need for wallets or other things, and no need for an extra account. I can't wait for their report next year's, they will have to publish some numbers, it's going to be pretty interesting to see how many coins they hold.
The more the merrier.
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