PayPal to allow cryptocurrency buying, selling and shopping on its network

[AndySt]

Except that PayPal customers haven't actually purchased any real bitcoin that they have control of.  PayPal has custody of all the bitcoin you buy through them, so I really don't see the point of them doing this.  It's not as though people are crying out for an easy way to buy bitcoin simply in order to spend it on things they couldn't buy with PayPal.

Like any other exchange or broker service, the point is to collect fees. They are taking 1.5-2.3% off every buy and sell their customers make. That's a pretty penny.
What they aren't doing is exposing themselves to big money laundering risks. By not allowing crypto transfers, they can save a bundle on compliance and blockchain analysis services.
If they can make it work and generate decent growth without allowing crypto transfers, that's a win/win for their shareholders.

Also, do not forget that PayPal allowing the acceptance of cryptocurrencies, in addition to the fairly stated statement about the commissions of the service itself, increases the amount of funds raised. The benefits are mutual, because PayPal's actions led to an increase in the exchange rate price and capitalization of bitcoin, and PayPal itself began to conduct operations with the asset with increased liquidity. Although, of course, in the end, the absolute majority of transactions are made through the internal infrastructure of PayPal.

[1714637046]

1714637046

[1714637046]

1714637046

[1714637046]

1714637046

[aesma]

I actually find it strange if someone buys bitcoin via PayPal, why not buy it directly in the market instead of buying PayPal you have to pay a transaction fee, it could take 3 $ to $ 4 when buying bitcoin or altcoin, even though there is no fee at all in the market and the process also faster. Maybe some just want to try whether you can really buy bitcoin directly on PayPal or not? I think it's better to buy on the market directly than via PayPal because we often get a PayPal account with problems, either a permanent limit or a temporary limit, and we must upload documents.

PayPal just showed stats that they have 85% of Binance's volume upon their launch. That's a no joke stats and that was somehow expected due to its popularity. (https://cryptobriefing.com/paypal-reaches-85-binance-us-volume-first-month/)
Now, why is it that it's really hype when they've announced it and to answer your question. There are still a lot of people who own PayPal account and have a balance on it yet they don't trust any actual crypto exchange for transfers. With the added feature PayPal made, they've helped them purchase crypto easier.

OK so I had read about Paxos but I didn't realize they had an exchange/trading desk, called itBit. It makes total sense though because they need a source to buy bitcoins, and also a way to sell them quickly, as people on paypal buy and sell.

Anybody here has registered on itBit to see how it looks, in particular the fees ?

[proTECH77]

This will be a welcome development to all bitcoin and cryptocurrency users, who think  they cannot have any new strategy that will attract more investors to join the forum to invest and make a good income. If PayPal is to allow cryptocurrency to buy, sell and shopping anywhere in the country many people will not care about the fee involved in the transaction as long their transaction is successful. Many bitcoin users will no longer find it difficult to make use of PayPal to purchase their goods with fast transaction that will will not too cause them a big fee at the end of the transaction.

[Sapphire915]

I had read so much about this news  several days ago, and I really find it so interesting. PayPal had just come up with this great idea of Cryptocurrency trading as newly added features in their platform. And because of their popularity, I am quite sure that this new crypto features will attract more users and the adoptions will be more bolder and larger across the globe. I just hope it will be more constantly convenient to all investors all throughout their transactions. Wishing for all the best in this new crypto currency adoption on PayPal's platform and cant wait to hear more news like these to any well-known platform in the future.

[blockman]

OK so I had read about Paxos but I didn't realize they had an exchange/trading desk, called itBit. It makes total sense though because they need a source to buy bitcoins, and also a way to sell them quickly, as people on paypal buy and sell.

Anybody here has registered on itBit to see how it looks, in particular the fees ?

I haven't used it but for the design of it, you can search for how it looks like. This review has some graphics on it.
(https://www.cryptowisser.com/exchange/itbit/)
It also includes the details that you are looking for but you can also go direct to their website for the details.
(https://www.paxos.com/itbit/)

[aesma]

Thanks ! so 0,35% taker and 0,32% maker in the first 900K tranche, not very competitive for small time traders, that's what I expected.

[Nhor1011]

Happy to hear PayPal is currently supporting cryptographic forms of money, Bitcoin may now turn out to be more popular than previously, however, I actually don't trust in PayPal services.
They're horrendous to utilize, they previously restricted my accounts and I lose loads of cash.

I would prefer not to use PayPal as a wallet account instead will use blockchain technology at least they won't steal my money.
I've doubt they'll charge an extra fee on every altcoin you purchase. Anyways I stopped using PayPal I want to be safer.

What if Paypal will go to the next level which is putting up their own crypto exchange? Are you going to use it even for a try? Many people still using Paypal at this moment and as one of the biggest company I think Paypal can attract people to use their platform as crypto storage and if they can give lower transaction fees than in any crypto exchange.

[Searing]

Happy to hear PayPal is currently supporting cryptographic forms of money, Bitcoin may now turn out to be more popular than previously, however, I actually don't trust in PayPal services.
They're horrendous to utilize, they previously restricted my accounts and I lose loads of cash.

I would prefer not to use PayPal as a wallet account instead will use blockchain technology at least they won't steal my money.
I've doubt they'll charge an extra fee on every altcoin you purchase. Anyways I stopped using PayPal I want to be safer.

What if Paypal will go to the next level which is putting up their own crypto exchange? Are you going to use it even for a try? Many people still using Paypal at this moment and as one of the biggest company I think Paypal can attract people to use their platform as crypto storage and if they can give lower transaction fees than in any crypto exchange.

I posted before that IMHO, PayPal is going to go 1) this first step HODL it 2) then allow exchange on Viermo wallet again... 3) then using a Paypal or say a Coinbase

debit card with a KYC for those with a passport from 'unbanked' or dubious parts of the world...bingo bango...Paypal brings them into the fold...because with

the security in the bitcoin and not just credit cards or banking accounts than 4) PayPal can offer with KYC and BTC/crypto debit cards above..offer checking and

savings and banking to the world's' unbanked' then 5) they will go full crypto exchange as you state at that point.

The BIG money is a way with a cell phone and living in a crummy corrupt country with no real legit banking etc...to leapfrog around this using bitcoin (the

the best method by itself) but in addition to traditional credit cards/checking/savings etc...

6) PayPal going 'full bank' and offering loans

I'm not hot on a lot of the above as banks or PayPal move into these areas using BTC/crypto as a security backstop for the above banking.

but it will happen if not by PayPal then some other banking method using blockchain BTC/crypto.

probably above is imperfectly explained and some will be dubious banking (or loans) but that is the trend IMHO from Paypals point of view for doing this.

Brad

[disconnectme]

PayPal can't just ignore and afford to lose those transaction fee, just look at the growth of Square, the growth has been superb and I believe this is what makes Paypal to look into Crypto seriously, if Paypal can do 80% of Binance.us in weeks, then they are set to seriously compete for market share. All these is very good for crypto in general if we look at how we started

[fillippone]

As we thought, these are just the first step for PayPal to broaden their service:

PayPal to allow cryptocurrencies to be a funding source for any transaction happening on all 28 million of our merchants

https://twitter.com/cryptounfolded/status/1330930745452457984?s=20


No big deal here: they are only allowing their clients to move their BTC CFD to other paypal users (finally matching Revolut' CFD's!)

[adzino]

Genuinely I will never purchase bitcoin from PayPal, They're most exceedingly terrible at communicating.

I wouldn't say they are "exceedingly" terrible. I have seen far worse aftersales/customer support. At least you can expect a reply from them at the end of the day instead of them ghosting you like most of the other customer support.

A little mistake can permanently block your account and you can lose your money.

I have heard about peoples account getting frozen. That is due to security reason. Happened to me once. Provided with them some information and got back may account in like 2 business days. I doubt you will lose your legitimately obtained money.

I appreciate that PayPal permitted their customers to purchase bitcoin it will exceptionally effect on bitcoin market yet I have some doubt and can not have faith in PayPal services.
In case you do not have a place in the US your account will be exceptionally unsafe. I will still stick on blockchain wallets and guide my other companions as well.

I highly doubt a big company like PayPal is going to screw up. Even if they do, I am more than positive they will compensate their users.
What do you mean by account being unsafe if you don't have a "place in US"?

[cryptoboss2020]

Now the question is how we know paypal actually has any cryptocurrency?
Or it doesnt even matter as you dont own cryptocurrency there and you cant receive and you Can't transfer out!

[bryant.coleman]

PayPal can't just ignore and afford to lose those transaction fee, just look at the growth of Square, the growth has been superb and I believe this is what makes Paypal to look into Crypto seriously, if Paypal can do 80% of Binance.us in weeks, then they are set to seriously compete for market share. All these is very good for crypto in general if we look at how we started

PayPal is having somewhere between 300 million and 400 million active registered users. This sheer number is driving the demand for now. Even if 1% of this number decides to invest $20 or $50 in Bitcoin, the resultant volume is huge. But for now, let's not compare PayPal with Binance. They are not offering any exchange service for now. The PayPal platform can be used only for the purchase and storage of Bitcoins.

[pilosopotasyo]

PayPal is having somewhere between 300 million and 400 million active registered users. This sheer number is driving the demand for now. Even if 1% of this number decides to invest $20 or $50 in Bitcoin, the resultant volume is huge. But for now, let's not compare PayPal with Binance. They are not offering any exchange service for now. The PayPal platform can be used only for the purchase and storage of Bitcoins.

I'm not using their platform to HODL my coins, it's a good introduction to Cryptocurrency, but once their members become educated on how Cryptocurrency works and adopt the not your key not your coin philosophy, which I believe they will, those members will not use their platform anymore and implemented what they've learned and that is to get a wallet which they control the key.

[Searing]

Is there a link that PayPal has someplace or someone on how to see how much BTC/Crypto coinbase is buying a day and compare such to the amount of BTC/crypto that is mined by the 4 cryptocurrencies

that PayPal supports? That being ETH/BTC/LTC/BCH?

I am curious to see if PayPal folks buying in on the platform, both institutional and individuals are still at least in some FOMO on this and between PayPal and say Grayscale Trust investments

combined are still buying more BTC at the very least, than is being mined per day in the world. In other words, a place or site I can track such to see just what FOMO...of the 2 is happening?

I have had some calls from newbie friends that have said they finally bought some paypal BTC due to the hype and the price dumping...not a lot..$100 here and there but hey...around 4 people and some

of that was significant lawn mowing summer money..which is real $$$ to a 14 year old.

Anyway, sources for above ould be appreciated to track the ebb and flow of paypal jumping into the BTC/crypto kiddie pool please! Some sites that track this kinda thing would be helpful to post here...

google is not cutting it.

Brad

[cryptoboss2020]

i dont think paypal really buy any crypto.

and why would they need it ? they can just sell the their own virtual so called btc and other crypto.
how you proof? you cant recevie or transfer out the coins so how do we know they really have any crypto at all ?

[aesma]

Well if they don't buy BTC, then when the price goes way up, they have a massive problem when people want to cash out. Some shady sites do this then exit scam, but I wouldn't expect Paypal to act like one of these.

[coin-investor]

It means Paypal will also put up their trading exchange if they allow cryptocurrency buying and selling? Maybe they just accept bitcoin and other currency to store on their platform like a crypto wallet. Because if Paypal allow buy and sell of crypto then they will add additional features on their platform for cryptocurrency.

I believe that they are in testing stage and will likely change some of the features, honestly I don't like the way they handle integrating Cryptocurrency in their platform, they should have an option to deposit and withdraw those Cryptocurrencies in their dashboard, it's to centralized, centralized exchange is better than their feature, in the long run I don't think they can keep up.

[raidarksword]

Paypal's adoption on bitcoin is one of the reasons why bitcoin is doing good right now and it's inevitable  we are looking forward to see ATH of bitcoin's price before end of the year. These adoption paved great uses of online payment system that users have now an alternative way to use bitcoin on buying online items and this testament will be forever be used in on paypal future transactions. This is just an early stage, so hoping more updates to come and more integration between crypto currencies in the platform.

[bryant.coleman]

Paypal's adoption on bitcoin is one of the reasons why bitcoin is doing good right now and it's inevitable  we are looking forward to see ATH of bitcoin's price before end of the year. These adoption paved great uses of online payment system that users have now an alternative way to use bitcoin on buying online items and this testament will be forever be used in on paypal future transactions. This is just an early stage, so hoping more updates to come and more integration between crypto currencies in the platform.

There is no doubt that the adoption by PayPal is responsible for the current bull run. For almost a year (mid-2019 to mid-2020), the Bitcoin price was stagnant at around $10,000 per coin. But immediately after the news of PayPal adoption came out, the prices started moving upwards. There may be some other minor triggers, but IMO PayPal is responsible for more than 90% of the current rally.