Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[gentlemand]

I think I disagree.

Reason being, PayPal cannot take the risk of letting you hold a synthetic version of something for which they do not have a real one of.

They have a Bitlicence. This must mean there WILL be real crypto backing it. No freaking way they're letting you anywhere near it though.

Still, the Bitlicence detail is a positive thing.

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[stoat]

well thats a bit shit then isn't it.

[stoat]

do they charge fees to transfer to another paypal account?

[rolling]

https://www.paypal.com/us/smarthelp/article/how-do-i-get-started-with-cryptocurrency-with-paypal-faq4400

Here’s how to purchase Cryptocurrency with PayPal:
Go to the PayPal App home page and Tap or Click on the Crypto promotional tile Learn More or More (from Home screen in-app or Summary page on the web).
From the Crypto landing page, select the Crypto currency you would like to buy.
Click Buy. You may have to confirm your account.
Enter the amount you would like to buy.
Choose a payment method.
Select Buy.

[philipma1957]

I purchased the $20 usd to show how and to see the rules.

MY guess is they may allow it to move one day to Coinbase


That then allows for withdraw to your wallet.


This PayPal is to let people  get into market "painlessly" so to speak.

"as to how locked the coins are it does not matter 1 bit as long as you know they are locked into the account and as long as you are smart enough to not put all eggs into one basket."

Ie:

 I have 2 btc in my PayPal account and it was frozen = so what don't you have 20 coins in your own wallets?

[bct_ail]

Sorry. But why are you so happy about paypal? That means KYC. That means no use of mixer. Bye bye privacy. What is so fucking cool about that?

[philipma1957]

do they charge fees to transfer to another paypal account?

I have 2 PayPal accounts I may try to figure that out in a day or 2.

[cAPSLOCK]

well thats a bit shit then isn't it.

No Single Battle
Will Bring Victory in War
But today, we won.

[philipma1957]

Sorry. But why are you so happy about paypal? That means KYC. That means no use of mixer. Bye bye privacy. What is so fucking cool about that?

Using mixers and getting privacy = dead

always was going to go to dead

and no matter how much you want that to not be dead it will die.


If it does not die the Govs  of the world will kill btc off.





Now you can be private ,but the new privacy will be with very little liquidity.

Not mixers at all.

[cAPSLOCK]

Sorry. But why are you so happy about paypal? That means KYC. That means no use of mixer. Bye bye privacy. What is so fucking cool about that?

*cough* Monero. *cough*

[smracer]

I had to login with my personal account to see crypto on Paypal.  It put me on a waiting list though to be able to buy.

[strawbs]

Well, it's nice to be officially "wealthy" again at these BTC/USD prices. Freaking surreal.

Too bad the Paypal news is so lame. Not being able to move crypto between accounts, or into your own custody is going to red-pill quite a few folk about "not your keys, not your coins"

Gentlemen.

Yeah, that was one of my initial thoughts too. But that's eclipsed imo by the ability to send your bitcoin to paypal and then be able to spend it anywhere paypal is accepted, which is almost everywhere online. So just one extra step allows us to spend bitcoin almost everywhere. That's huge (no need to keep huge amounts of bitcoin there).

Hmm, it seems that if you cannot send/receive your own bitcoin to/from your paypal account, it's perhaps not as ground breaking as we'd hoped. Still a positive development though.

[NeuroticFish]

I had to login with my personal account to see crypto on Paypal.  It put me on a waiting list though to be able to buy.

You won't be able to withdraw to your own wallet. It looks like a sad joke (similar to what Revolut has as "buy Bitcoin").
So it's not actually useful to buy.

And spend... who spends Bitcoin now?  

[aesma]

So it's no different than "buying BTC" with eToro e al, you're just buying a "BTC" IOU.

Can be useful for speculators who don't want to touch real BTC, but for me, no use at all.

[BlackHatCoiner]

Holy sh*t what happened? I went to sleep on $12,300, woke up. Boom, $12,715.

Is paypal responsible for the recent pumps?

[philipma1957]

I had to login with my personal account to see crypto on Paypal.  It put me on a waiting list though to be able to buy.

You won't be able to withdraw to your own wallet. It looks like a sad joke (similar to what Revolut has as "buy Bitcoin").
So it's not actually useful to buy.

And spend... who spends Bitcoin now?  

This is a perfect launch pad for a small investor.

Simply buy and hodl.

Buy 20usd a week and hodl.

For instance I have 2 rebate companies retailmenot and cabin coupon.  I get 300-500 a year in rebates. It Is sent to my PayPal account.

I can buy 300-500 a year in btc and ignore it or should I say hodl it.

BTW my $20.00 in BTC is now Worth $20.38 

[cAPSLOCK]

Well, it's nice to be officially "wealthy" again at these BTC/USD prices. Freaking surreal.

Too bad the Paypal news is so lame. Not being able to move crypto between accounts, or into your own custody is going to red-pill quite a few folk about "not your keys, not your coins"

Gentlemen.

Yeah, that was one of my initial thoughts too. But that's eclipsed imo by the ability to send your bitcoin to paypal and then be able to spend it anywhere paypal is accepted, which is almost everywhere online. So just one extra step allows us to spend bitcoin almost everywhere. That's huge (no need to keep huge amounts of bitcoin there).

Hmm, it seems that if you cannot send/receive your own bitcoin to/from your paypal account, it's perhaps not as ground breaking as we'd hoped. Still a positive development though.

I would have been surprised if they would allow sending/receiving.  Nor BTC withdrawal, and obviously this is a big win for KYC.  And using it as "cash" for purchases will be it being spent at it's market rate etc.

it's messy.  There will be big negatives.  In some ways the status quo companies coming in is a bit of an invasion.

But this is SUCH a positive step in spite of all that.  And now the race is going to be who is the one that offers the most features you want.  Paypal, Square, Baakt, Fidelity, Robinhood, Etc?

This is DEFINATELY one of those "don't let the perfect get in the way of the good" moments.

I think Square/Cash App is going to set the tone for the industry, although PayPal is certainly a 900lb gorilla.

[ivomm]

Come on guys, don't turn this good news into a bad thing. It is true that those that are tech savvy will prefer to have the keys and not trust third party. How many are we - several millions? Well, paypal has over 320 mil active accounts, most of which belong to people who don't know a thing about crypto exchanges and keys. I talk often with bankers and accountants, who are interested in bitcoin but don't know how to buy it. For these people this will be a good opportunity to get into Bitcoin without any preparation and research. Let's say that 10% of them will buy 0.1BTC on average. This means over 3 mil bitcoins! And last but not least, there are countries and banks which ban bitcoin exchanges but don't ban paypal. Again this will be a good opportunity for those who don't know how to use VPN or don't trust this method. All this will have an impact on the demand, hence the price. And with all the new institutions entering the market... RIP all shorters or FUD victims aka mindrust.  

[NeuroticFish]

This is a perfect launch pad for a small investor.

Simply buy and hodl.

Buy 20usd a week and hodl.

The only advantages over doing the same at the existing exchanges is that at the existing exchanges sending fiat could cost more.
But at least when he reaches 1000$ (or whatever he thinks so) the small investor can withdraw as Bitcoin if he wants to.
Oh well... I've seen the same with Revolut and I've considered it an incorrect move (incorrect for the customer). But I guess they'll have their niche and I can't deny, the advertising they bring is great.

I am curious what will be the exchange rate difference from main exchanges. I am curious how the spending will go. Will they become the main hub for spending Bitcoin at shopping (as they hope, I guess)?

[cAPSLOCK]

I don't see anywhere in the PayPal app that you can turn on your lightning node.  Where is it? Are they using Neutrino?