[2020-06-23] PayPal Rumors Push Bitcoin Higher as On-Chain Transactions Surge

[blacky90]

Possibly sparked by the rumor that the online money transfer company PayPal might get involved with cryptocurrencies, the bitcoin (BTC) price jumped more than 4% yesterday, before falling back slightly Tuesday morning.

The unconfirmed news that PayPal might enable direct buying and selling of crypto might have been the main driver for yesterday’s market rally, leading to green numbers across the board in both bitcoin and most altcoins.

The move in price was also noticed by the blockchain analytics firm Glassnode, which shared an alert today saying transaction volume on the bitcoin network has “increased significantly” over the past 24 hours.

https://cryptonews.com/news/paypal-rumors-push-bitcoin-higher-as-on-chain-transactions-s-6917.htm

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[stompix]

Morons..
https://twitter.com/glassnodealerts/status/1275387039693910017



The so-called surge is happening weekly, it's the difference between Sundays and Mondays, this is how it looks for 30 days, notice that 31May, 7th, 14th and 21st of June are all Sundays:

[cr1776]

Morons..
...
The so-called surge is happening weekly, it's the difference between Sundays and Mondays, this is how it looks for 30 days, notice that 31May, 7th, 14th and 21st of June are all Sundays:

...

lol.  Those pics are worth 1000 words. 

PayPal getting involved in BTC at this point seems pretty unlikely given the KYC requirements.  While they no doubt do know their customers, the difference between PayPal and, say, Coinbase in the KYC requirements seems huge.  (I haven't had to register for either in quite some time so perhaps that has changed).

[Harlot]

If this rumor is somehow true and Paypal decides to add Bitcoin as one of their recognized currency I won't still store my Bitcoin in that website, with chargebacks and a centralized authority this wouldn't really mix well in the crypto industry as proven by custodial wallets. Yeah we will have a good option for capturing the general audience but it wouldn't really attract me going with them. There power on what they can do with the funds I have is something that would really make me stay away in what they might be offering in the future.

[stomachgrowls]

If this rumor is somehow true and Paypal decides to add Bitcoin as one of their recognized currency I won't still store my Bitcoin in that website, with chargebacks and a centralized authority this wouldn't really mix well in the crypto industry as proven by custodial wallets. Yeah we will have a good option for capturing the general audience but it wouldn't really attract me going with them. There power on what they can do with the funds I have is something that would really make me stay away in what they might be offering in the future.

Its better to stay on where theyre currently rather than considering on adding up btc/crypto. Its fully contrary i shall say and i dont know on how it do looks like when two things collaborate.

Same as you said i wouldnt touch this one in talks of storing or making it as a payment system towards my btc tx's. We know that there are lots of options out there that we have

been used to and also much more safer since theres no intervention of any service or whatsover.If they decide to push it up then let them be and lets see on how many

crypto users will bite.

[bbc.reporter]

Morons..
...
The so-called surge is happening weekly, it's the difference between Sundays and Mondays, this is how it looks for 30 days, notice that 31May, 7th, 14th and 21st of June are all Sundays:

...

lol.  Those pics are worth 1000 words.  

PayPal getting involved in BTC at this point seems pretty unlikely given the KYC requirements.  While they no doubt do know their customers, the difference between PayPal and, say, Coinbase in the KYC requirements seems huge.  (I haven't had to register for either in quite some time so perhaps that has changed).

How huge was the difference during the time when you have registered? Also, how many users does Paypal presently have that has done KYC already?

[Harlot]

If this rumor is somehow true and Paypal decides to add Bitcoin as one of their recognized currency I won't still store my Bitcoin in that website, with chargebacks and a centralized authority this wouldn't really mix well in the crypto industry as proven by custodial wallets. Yeah we will have a good option for capturing the general audience but it wouldn't really attract me going with them. There power on what they can do with the funds I have is something that would really make me stay away in what they might be offering in the future.

Its better to stay on where theyre currently rather than considering on adding up btc/crypto. Its fully contrary i shall say and i dont know on how it do looks like when two things collaborate.

Same as you said i wouldnt touch this one in talks of storing or making it as a payment system towards my btc tx's. We know that there are lots of options out there that we have

been used to and also much more safer since theres no intervention of any service or whatsover.If they decide to push it up then let them be and lets see on how many

crypto users will bite.

With regards to Paypal implementing Bitcoin as one of their cryptocurrencies I believe their transactions would mostly be done off the chain meaning these Bitcoin transactions will be done not in Bitcoin's blockchain but with Paypal's payment gateway simply because if they don't do this they are literally just like a normal wallet for any crypto users out there. At least by having their own payment gateway for Bitcoin they could justify the fees and transaction time they will want to implement with the introduction of Bitcoin in their service.

[figmentofmyass]

PayPal getting involved in BTC at this point seems pretty unlikely given the KYC requirements.  While they no doubt do know their customers, the difference between PayPal and, say, Coinbase in the KYC requirements seems huge.  (I haven't had to register for either in quite some time so perhaps that has changed).

How huge was the difference during the time when you have registered? Also, how many users does Paypal presently have that has done KYC already?

i have a verified paypal account from years ago that i occasionally still use. i don't believe i've ever given them my SSN, address, scan of driver's license or selfie---which have become standard KYC on licensed/regulated platforms like coinbase and square cash app.

if the rumors are true, i bet they'll operate it as a segregated service where people who buy/sell crypto will be subjected to a higher level of KYC.

[bbc.reporter]

@figmentofmyass. I speculate that Paypal might only follow what Neteller has done. They might create a cryptocoin brokerage service that cannot withdraw your funds in cryptocoins.

https://bitcointalk.org/index.php?topic=5157284.msg51567659#msg51567659

[figmentofmyass]

@figmentofmyass. I speculate that Paypal might only follow what Neteller has done. They might create a cryptocoin brokerage service that cannot withdraw your funds in cryptocoins.

https://bitcointalk.org/index.php?topic=5157284.msg51567659#msg51567659

rumor has it that it will go further than that, with full wallet functionality and buy/sell capabilities:

“My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo,” a well-placed industry source told CoinDesk. “They are going to have some sort of a built-in wallet functionality so you can store it there.” 

https://www.coindesk.com/paypal-venmo-to-roll-out-crypto-buying-and-selling

i think that makes sense---paypal would be leveraging their market share against competitor cash app, whose popularity is rising fast on the back of its bitcoin service.

[bbc.reporter]

@figmentofmyass. They might treat their customers similar to how online stock brokerages treat them in America, however. Anyone who does not reach the annual income required might not be qualified to use their service to purchase bitcoin.

[figmentofmyass]

@figmentofmyass. They might treat their customers similar to how online stock brokerages treat them in America, however. Anyone who does not reach the annual income required might not be qualified to use their service to purchase bitcoin.

that's doubtful IMO. robinhood crypto, coinbase, square---none of them have those restrictions. i assume paypal would follow one of those models.

online stock brokers aren't restricted to accredited investors either. specific products and funds are. for example, if you wanna buy into one of grayscale's private GBTC placements you have to be an accredited investor, but retail investors can still access GBTC through their online broker or retirement account.

[InvoKing]

@figmentofmyass. I speculate that Paypal might only follow what Neteller has done. They might create a cryptocoin brokerage service that cannot withdraw your funds in cryptocoins.

https://bitcointalk.org/index.php?topic=5157284.msg51567659#msg51567659

In the case of Neteller, it is all Mastercard fault since it refuses to allow its cards to be used by FIAT exchanged from cryptocurrencies.
PayPal can do like Neteller and in this case its solution can be better. In my opinion nothing of this will happen

[blurryeyed]

Paypal....LULZ  I don't even trust them with my cash so there's no way I'm gonna trust them with my crypto. When a money grabbing organisation like paypal gets involved with Bitcoin you know it's just another money grab. Who on earth is gonna trust a wallet run by paypal? Besides, Bitcoin doesn't need paypal, it is a replacement for paypal & far safer.

[alani123]

Unsurprisingly, these rumors have mostly been circulating in pro-crypto news agencies and blogs. I'm not surprised they're not coming from a reputable source. Corporations don't tend to allow such news to go out early ahead of their planning. If it wasn't anything more that an unsubstantiated rumor it would have gotten a mention from official channels of paypal... Instead we get the same news from outlets that have pro-crypto bias over the last few days. But even if PayPal touches BTC, the way they do so is going to be the thing making a difference or not. It's entirely possible they do it in a way that most users even fail to notice. Probably not in their interests though anyway.

[Naida_BR]

If paypal will accept directly buy and sells cryptocurrencies is going to be good for crypto but not for paypal.
Paypal is known because you can make an account and make money transactions with just an email. If cryptocurrencies will come to place then there will be needed more information in order to open accounts that might make Paypal loose clients.

[LeGaulois]

...

What additional information would I need to open an account? Users could use their email as well to make a BTC transaction, (without asking for anything else, it's not something so difficult to add). In the same way, you can send or receive different currencies with the same email.

Even if Paypal asks for additional information (imagine something related to BTC, an address, or whatever) the company cannot force people if they are not planning to use Bitcoin.

It's really not something that would cause Paypal to lose customers.

[batang_bitcoin]

Paypal is known because you can make an account and make money transactions with just an email.

You have to be verified so that you can spend the money that was transferred to you and that means you are required to submit additional information.

We only ask you for essential information when you sign up to PayPal, but as you transact with us we're under a legal obligation to know more about you. When you verify your account you're proving that you own the financial details added to your account.

To get verified, go to your account to add and confirm your bank account or, if you prefer, add and confirm your debit or credit card.

It's still unknown how they will integrate crypto with their business.

Edit: unverified Paypal accounts can spend money that was sent to them.

[LeGaulois]

Paypal is known because you can make an account and make money transactions with just an email.

You have to be verified so that you can spend the money that was transferred to you and that means you are required to submit additional information.

We only ask you for essential information when you sign up to PayPal, but as you transact with us we're under a legal obligation to know more about you. When you verify your account you're proving that you own the financial details added to your account.

To get verified, go to your account to add and confirm your bank account or, if you prefer, add and confirm your debit or credit card.

It's still unknown how they will integrate crypto with their business.

Not even true, you're twisting a potential problem @Naida_BR was talking about, and making it unrelated.

You don't need to be verified to spend the money you received. Being unverified you can of course spend it as you wish at any merchant. And the method you posted doesn't even ask additional information by the way. When you link your bank account or debit card, you receive a code on your bank statement. And you need to copy the code to your Paypal account.

Is that what you're calling submitting additional information ?!?

[figmentofmyass]

If cryptocurrencies will come to place then there will be needed more information in order to open accounts that might make Paypal loose clients.

What additional information would I need to open an account?

scan of your ID like driver's license or passport, selfie holding your ID, taxpayer ID#. none of these are required for a paypal account, but they are now standard on regulated bitcoin/fiat exchanges.

Even if Paypal asks for additional information (imagine something related to BTC, an address, or whatever) the company cannot force people if they are not planning to use Bitcoin.

It's really not something that would cause Paypal to lose customers.

i don't see it affecting existing customers. paypal would just just impose additional KYC if you wanna trade bitcoin.