Topic: PayPal Reaches 85% of Binance.US Volume (Read 973 times)

^{"PayPal to Acquire Curv"} headline shows that company doesn’t give up on its intentions to expand their  niche in the cryptocurrency market. AFAIK, this is the second attempt to acquire some custodial service relevant to cryptocurrency, the first one was centered on  BitGo the  deal with which  was cut off.

Jose Fernandez da Ponte:

And further there are news that paypal has bought bitcoin valued over 70% of total new mined coins in the meantime. This along with other institutional investors, are buying more bitcoin than that are entering the supply.
https://news.bitcoin.com/paypal-bought-70-of-all-newly-mined-bitcoin-last-month-as-demand-rockets/

Institutional investors are capturing a larger portion of bitcoin which would make them even larger whales and it would be easier for them to manipulate price.

Why people want to buy btc on paypal so much? its impossible to withdraw btc from there. There are a lot of good exchanges with card buying features like bitfinex (via ownr) or kucoin (via simplex) for example. However, people still want to use paypal..

Basics of what? As far as average joe is concerned, there are just addresses and amounts of bitcoin to send, and possibly transaction fees in the form of "slow", "normal" and "fast" too.

It's different if you have customers on crypto exchanges blaming bitcoin for their transaction fee or key mismanagement woes, than customers of a company that is not crypto centric such as PayPal, Venmo or Stripe having crypto transaction problems. Let me explain why.

The two groups advertise bitcoin as a different thing to people, the first group advertises bitcoin as a utility to make money and invest on, they even give their customers access to private keys and seed phrases (which is a good thing, don't get me wrong), but the more control over their bitcoins you give to people, the more likely they are to blame bitcoin for e.g the high tx fees that made a trade unprofitable, a forgotten username&password that caused them to lose their seed phrase too because they never wrote it down, things like that.

Now I'm not saying taking away people's control of their bitcoins is good, I'm just pointing out the correlation between control and blame.

By contrast, the second group advertises bitcoin as a method of payment, and (possibly) a means to exchange it to other currencies. Users don't have access to private keys or advanced fee handling and get a dumbed down version of bitcoin. IF some bug prevented USD <---> BTC exchanging from working (which is pretty much the only thing PP offers as of now), they are not going to blame bitcoin for the failure, they will blame PayPal, or X service, and flood their customer support.

(Addendum: newbies who are using software wallets are even more likely to blame bitcoin, because they are the sole managers of their money and not a company, and there is only themselves to blame for a mistake. Most people are unwilling to admit responsibility though, so naturally they try to find something else to blame.)

And while we're talking about control:

---

Fixed that for you. Contrary to what many people think, most non-tech savvy people in the US are using MacBooks and iPhones (I think even the Linux/Mac flamewars are bigger too.) And those devices give you almost zero control over the configuration, unlike Windows, yet the same concept applies here - They have a large userbase, while MS has less of a userbase that they can directly influence. Influence comes from selling the devices directly, or in the case of financial services, signing up the most customers on your own platform.

Bar is not really high. According to Coingecko, Binance US volume is just shy over 30 million USD. Pretty low compared to top US based exchange like Coinbase with its 900+ million 24 hour volume. But it sounds better and more bullish  when you write "Paypal volume is 85% of Binance US volume" instead "Paypal volume is at 3% of Coinbase Pro volume". You gotta make people click that link

Nevertheless, it is a good number for Paypal in just 1 month, which i expect to increase sharply once FOMO kicks in.


That's exactly why they would blame bitcoin, because they don't understand the basics. I do agree that is ridiculous, but that's what people do.

They won't blame bitcoin for a Paypal problem, it's as silly as blaming the dollar or euro and the world financial system for disputed dollar/euro transactions and banking fraud, and fiat scams! They don't understand how any of those things work either, so why should they blame something they don't understand? Additionally, they are paying Paypal for their bitcoin services so when they ask for support they will be going to PayPal customer support, not some bitcoin forum.


Maybe this is still the case, I don't think anyone here with a Paypal account is willing to verify whether this still happens though. PayPal might have opened up for their own service only and is still cracking down on third party exchangers, after all they did not announce any change in policy so I still think it's risky to pay for exchangers with PayPal.


If we managed to moon to 18K just from PayPal opening up to users, I expect us to gain at least $5K more if they open up to places like Europe and the Far East, but I don't think the announcement of a PayPal exchange will have much effect on the BTC price in the long term.

As for China, a similar payment service company like Tencent or Alibaba allowing bitcoin wallets in WeChat Pay or AliPay will further moon the price, since China has a large untapped market of cryptocurrency buyers.

Because the attractiveness of paypal users is familiar to us, almost the majority of businesses also use paypal as their payment tool. Of course this is one of the positive news and appreciation for the development of bitcoin after entering the paypal circle.

Hopefully the others will also follow in the footsteps of paypal soon, like Skrill maybe amazon too.

It's just like a copy trading maybe, https://twitter.com/100trillionUSD/status/1318908402064625664

It's like you are trading with the paypal itself. You can only buy and sell with paypal. Any action that you have taken for you bitcoin to be used to buy something on the merchant will make your bitcoin to be liquidated into the dollar and then it will be used to pay the merchant. it seems to me bitcoin paypal just like IOU token.

This is just an awesome news from paypal! It shows how many people are interested in Bitcoin/Cryptocurrency. This is just for USA but what if they open it for European and others people! It will explode for sure!

I'm guessing it's US only because of the Bitlicence and the services they're using who also have them. In most other places there's no regulation as explicitly set out as that and they may not bother until there is.

Japan is the other obvious one but I've no idea how much presence Paypal has there.

Maybe all those people that are buying with PayPal are just some noobs and inexperienced folks that don’t understand how cryptocurrencies works and they just want to buy and hold. If not, you will know that there is a huge difference between the two of them. When you’re buying with Binance you can send your cryptocurrencies to a wallet that you fully control where you will own the private keys, like Trezor and Exodus.

As for PayPal, it’s simply a Hodl platform, you can’t use your Bitcoin since they just sit there in your wallet doing nothing, except when you spend them on merchant stores that accept PayPal Bitcoin.

This is just from US and if they open to Europe and all other continents, PayPal users are everywhere even in Asia. It's definitely going up there to exceed the previous ATH. Its catching up binance and they haven't turned their platform yet into a full exchange.

I saw an article that paypal has plans to have an exchange. Once they do this, there could be more users there than in binance.

How high a bar is binance.us? Since you hardly ever hear about it not very is my guess. All the same this is definitely one to watch. It may be offensive to us but just what the doctor ordered for others.

I know few people that lost PayPal account due same thing few years ago. I also used Paypal for buying and selling  cryto back then, but when I saw what's happening I stopped and haven't used Paypal since then. It's funny how things turn around, and even though what they sell to people is not the real bitcon, I still see this as their defeat. Bitcoin vs Paypal 1-0.


That's true. I don't know about other area, but PayPal is very popular here in Europe too, so once that becomes available here I am sure that many will be interested investing that way. This PayPal thing is far from perfect, but I expect people to eventually get the real stuff once they familiarize themselves more with all the pro's of being able to do whatever you want with your bitcoin and not being in fear of getting your funds locked because whatever reason.

Guys and Gals.... this is only the tip of the Iceberg..  

Do not forget that PayPal are only offering this service to it's US customers now... it also has plans to extent this offer to Europe soon and then the rest of their customers. (Depending on what legislation is in place for those countries regarding Crypto currencies)

So with a user base of 346 million worldwide that are basically still untapped, this could push the Bitcoin price to the Moon. I am very conflicted with this offering, because I rather want people to own their own coins (Sole access to their Private keys for their coins) ...but this global exposure are helping to take the Bitcoin experiment to a global audience.. which is good for this experiment.  

Binance US is different from Binance global, so I'm not surprised that in such a short time Paypal was able to reach 85% of Binance US volume.
Moreover, the current price of Bitcoin continues to rise, even approaching the all time high price, so it definitely makes Paypal users more
interested in buying Bitcoin. Like Paypal is also surprised by the demand for Bitcoin from their users, if the volume of Bitcoin purchases on Paypal
continues to increase until 2021, I am sure Paypal will change their rules regarding Bitcoin. They will allow users to deposit or withdraw Bitcoin,
and there is also the possibility that Paypal will become the crypto exchanges.

The very fact that PayPal added the ability to buy and sell cryptocurrencies through its service has huge potential, but this is not enough, since many users complain about the impossibility of exchanging cryptocurrencies. Now everything depends on PayPal, if they make a full-fledged built-in wallet into their service, and not what is available now, then everyone will be successful.

True, let's be optimistic. But what if the negative face of volatility shows itself? Like the price falling to $10k? Imagine millions of people misunderstand bitcoin as a scam.

Lol! It's reasonable to expect the worse. Some people speak like nothing bad can happen.

just like bitconnect and a bunch of MLM-lending cryptocurrencies a few years ago.
people blame bitcoin and cryptocurrency because they got trapped by scammers in bitcoinnect and friends.
I remember when I got asked by a teller in a bank about why I open a new account. I said for diversification. she asked for more details until I said it's for cryptocurrency and stuff.
at that time, she called her manager and she advises me to stay away from crypto because of this and that. however, she relates it to bitconnect and MLM crypto.
well, she is a professional banker. at least read more about it first. 

IMO, paypal will push their adoption, not the bitcoin adoption.
when they push paypal adoption, they won't need to gives their users the real bitcoin.
soon, we would see merchants that will accept "bitcoin" (Paypal version).

a few years ago my money was locked in paypal, less than $5. but they asked me for a bunch of legal documents 

We are officially in bullrun. Just one month, they reach 85%, this is crazy, people have been looking for easier and more trustful way to buying bitcoin, they just found out this on PayPal.  I am blessed to be alive and aware of bitcoin.

If PayPal clarified that they will allow withdrawal by mid 2021 then it is a good news as i did not hear about this clarity when the news was published initially and i am surprised that the volume has increased this much for just trading and not having the ability to hold the coins and by second quarter next year we are expecting the price to reach new levels we have not seen, only time will tell how this will develop and till then we can wait and watch.

It seems that since Binance.us closed its office,
their members moved from Binance to Paypal, moreover paypal is also the best platform there,
this shows that paypal might be a competitor to Binance,
in the next 3-6 months there will definitely be more users using paypal.

Paypal surely made it easier for large portion of US citizens to buy bitcoins. Many people are not easy with the concept of crypto and crypto exchanges but they use and trust Paypal. Though their were direct ways to deposit your bank money on an exchange to buy bitcoin, it was still a two step job and a small learning curve. Paypal makes it easier.

Now I understand why bitcoin moved up strongly today. It made me shocked because it touch the 18K dollar mark. This is a great catalyst for bitcoin. Paypal's launched of bitcoin to their platform really affect bitcoin price. And now, it seems like bitcoin price is performing well and anytime, a new all time high may appear in bitcoin chart. I think PayPal will start the global use of bitcoin since this e-wallet is very popular.

i see this btc news has made PayPal even more famous than before, that is quite a huge volume they have there, already paypal has a huge user base from all over the world now with the introduction of btc to their service i can imagine how their patronage will be high,
especially now that btc is on a bull run of its own, fomo is getting to some people, and PayPal seem to be the ideal place for people in the usa to buy btc and enjoy this btc spike in price.

They have already clarified about this. Right now the functionality is limited and you can't withdraw your BTC, or make payments. By mid-2021 they will make full functionality available for the American users and hopefully you will be able to do payments and withdraw BTC to other wallets. So right now, it can be used only for purchasing and storing your coins.

So from what I have heard the PayPal doesn’t let people move their bitcoins to another wallet, and that it’s not an actual Bitcoin we will be buying from it, it’s just going to be like some token or something and they will be lying to the people that it’s real Bitcoin while they won’t be able to send their bitcoins to another person or a different wallet that they own.

The only thing people will be doing is just HODL it on the PayPal platform and nothing more, you can’t do anything with it. With that I would say that it all doesn’t make any sense, because it would have been best if they allowed people to do more with it, that would have also helped in the adoption.

Hmm.. so a lot of people are going to invest small amounts (such as $25 or $50) through their PayPal accounts. It is going to create a chain-reaction. The demand will increase and the prices will go up. Those who invested in Bitcoin, and profited out of this investment will start bragging about their profits, which is going to result in even more investment. And the exchange rates will again go up. But at one point, the chain will snap and the prices will crash. I want to know at which level the snapping is going to occur.

Do you realize how stupid this is?
So, ignoring the fact about bitcoin transactions and investment being illegal in the US, where the f* word did you pull that crap out from? , how would in those conditions PayPal be allowed to buy bitcoins on behalf of its customers, and how it was granted a license?
And if those were illegal, how did Binance.us even operate before and why would people use Paypal and not Binance?
I know you have to make four lines to make your bounty quota but does it have to be pure bs with no real information?


And it can go even higher quite easily.
There are a lot of people in the US with money sitting around in their Paypal account, the average us users has around $500 in there, just a few thousands deciding to change it into BTC would cause another spike, Paypal holds moe funds than a lot of banks in the US, just wait until people start moving their money to BTC, 25mil will look like peanuts.

Moonshot won't happen. That kind of massive trading will destroy the Internet infrastructure if 5G isn't deployed first.

This only means that PayPal has build it's reputation already and many of it's users are trusting PayPal upon their acceptance of bitcoin.

If this will to continue, I am sure that there is no stopage for bitcoin price to go to moon but I am hoping that it will also trigger the bull season so we can experience again the bull season in 2021 if it will happen to this year. It is pretty clear that the spike of Paxos volume is because of the effect of PayPal partnership, less than 5$ million volume to nearly 25$ million volume what a spike.

You mean like Christmas presents? It is too early to think about it as they just started trading Bitcoin.
Would be great to see a day when PayPal allows bought bitcoins to transfer outside their system (to other wallets). User does pass KYC for creating an account...So this turns them as a regular exchange, then why limit users just to sell/buy/transfer in just PayPal echo system. But...They are still young with crypto.

Okay, so what happens in a few months? Maybe PayPal is preparing something bizarre for us?

I think the information you provide is very good because the more people who know bitcoin, the more people will buy it, paypal is a very important bridge to make it easier to buy, seeing from the trading volume I am very sure the price of bitcoin can penetrate to the price of $20k at the end of this year.

Do you know why PayPal could reaches more than 85% of Binance US volume transaction? I think the only one reason because in United State bitcoin and altcoin is illegal currency as payment transaction or investment assets, there are many United State people wanna invest money in bitcoin or altcoin but government not allow for this, then have PayPal accepted for United State to buy and sell bitcoin trough PayPal way and I think many United State people use PayPal right now and buy bitcoin with using PayPal as payment method, good looking when PayPal become the way to buy and sell bitcoin without have claim illegal by government.

As long as Bitcoin is in front of paypal, everything is fine  


Source: https://companiesmarketcap.com/financial-services/largest-financial-service-companies-by-market-cap/

I wouldn't be surprised if Paypal's volume beat Binance US's volume. Because Paypal is a large platform that has been established
since 1998. It is certain to have users above Binance US, that way the Paypal volume can be statistically above Binance US volume.
Even though now Paypal only gives access to buy Bitcoin for American users only, if Paypal opens Bitcoin purchases for global users
it is certain that the volume will be much higher. And there is a possibility that Paypal will become a centralized exchange in the future
if the demand for Bitcoin on Paypal continues to increase in volume.

Paypal has been doing quite good in the past few months after it announces that the platform can accept to buy bitcoin directly from them. If the post is true about the current surge of buying bitcoin or crypto using paypal then high chance that this is the reason for the bitcoin bullish. We all know that binance is one of the exchanges that had been doing huge market for cryptocurrency. However, there are other things to be cosider for bitcoin bullish and not only this one. Hopefully we can get a record breaking bull run this coming few days.

Yes and no.
Paypal will become the number one (maybe!?) to buy cryptos but it will not become the number one in terms of trading, at least not with a 1.5% minimal fee for orders over 1000+ and 2% for 200$. This is not suited for trading at all. So my guess is that we're going to have what we now know as exchanges focus solely on trading and far less on people buying/selling once and withdrawing their coins.


Sorry but this made me laugh, a bit rude from me since I'm sure you were honest about your good intentions.
But educate? The ones that would have been A+ college material have already educated themselves, the ones that will come after this will not give a single damn about those, they will care about how much % they can gain, you'll be doing them a greater favor by educating about Ponzi schemes, cloud mining scams, fake exchanges offering above-market prices and many many other first.
Right now we're still quite safe as this is available only in the US, but wait till it hits the world, there will be an avalanche of scams.


But if they don't, and I'm quite sure they are doing this with Paxos, then when users might want to sell, they will be the ones needing to buy back those CFD at 3 times the prices they have sold them. Worth the risks? I doubt it. They charge users enough in fees for it, running not even a fractional reserve but a clear Ponzi scheme with a public listed company is something that will win all Darwin's Awards this century.

Most of the ordinary users doesn't care about the restrictiveness of PayPal unless they are directly affected. It is the ease of use which matters to them. And this is exactly the reason why PayPal is witnessing such large volumes right now. Most of the critics still refuse to acknowledge the fact that it is quite difficult to purchase and hold Bitcoins on your own. The current bunch of cryptocurrency exchanges are not that user friendly. I know about this because when I started with cryptocurrency 4 years back, it was really difficult to purchase Bitcoins through exchanges, at least in my country (India).

But I don't think that PayPal will come up with their own cryptocurrency or exchange token. In a way, Bitcoins that are being stored in the PayPal platform are exchange tokens, as the users are not having access to the private keys.

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.

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



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.

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?

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).

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.

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.

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 .

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.

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.

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.

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

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.

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!

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

As sad as that image may seem this is simply the truth, for the most part people do not really care about what bitcoin is about and the ideals behind it, what they see is an opportunity to make money and nothing more, some may be smart enough to eventually learn that there is more to bitcoin that just an asset that goes up in value but I suppose they're going to be the minority.

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!

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.

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

Bitcoin changes PayPal but PayPal does not change Bitcoin, never !

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.

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.

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.

• 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.

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.

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.

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.

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.

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.

Super true and I have to admit that I recognize myself in that category sometimes. If I am not able to grasp why people prefer convenience over the fact that they can be their own bank, that doesn't mean I am the one who's right. I am happy because I don't have to rely on PP for my everyday bitcoin life but let's leave that space to those who prefer it that way.
The more the merrier.

Why not?
The numbers would favor Binance quite heavily as people do multiple trades daily on Binance, selling and buying, I would assume people that buy coins at Paypal are not that many daily traders as more like holders. Besides, what are we comparing here, a company that existed for 15+ years as you say, and managed to stay in the same country with a thing that fled from HK to Japan to Malta to nowhere and whose whole business in the US is a virtual office and a Delaware license? In a normal world, there should be no competition between those two.


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.

This is true. It does highlight the fact that there are a lot of people who are interested in buying bitcoin, but are unable or unwilling to use normal crypto channels to do so - whether through a lack of basic technical skills, or fear of loss or theft. The emergence of a 'trusted' household name company allowing bitcoin purchase does appear to have helped with integration into the mainstream.

After this kind of news, it's definitely not going to be a shocker that many users would be interested in crypto. I mean, if a lot of people are sharing the good news about it, it's going to be blazing fast of spreading for sure. Knowing that PayPal is a big company, it's definitely not going to runaway with the funds in them. I'm not sure about hackers though. I'm hoping that they have great security when it comes to their systems in place.

We can't compare a corporation,that exists for about 15+ years with a crypto trading platform,that was founded back in 2017.
Paypal might beat Binance and turn into the biggest crypto trading platform in world.However,this won't make me a Paypal fan for sure.
Even with all the blocked accounts and high transaction fees,the majority of people still trust Paypal,because of the safety and convenience,which Paypal managed to build over the years for their customers.
On the other hand,If you a selling stuff online and you use Paypal as a payment gateway,you are pretty much screwed.
Anyway,Bitcoin should go to the moon.

Common people know PayPal than binance, if PayPal support users from all over the world in crypto supporting countries to make use of their crypto services, it is likely it will emerge has the strongest custodial service providing platform in the world. But that does not take the fact that I can not make use of custodial services, I prefer the self custody.

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.

True. But it's pretty much the same with leaving funds on any other exchange. There's no way for us to know if they're solvent or not.

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.

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/