Will PayPal be a new crypto-exchange?

[NMBT]

The decision of Paypal to join in the Cryptoworld is a great news for all of us.

Paypalgoing to bring crypto to a much larger audience, so the coin´s price will increase.

I also Think that Paypal will not have any other key point that this, Exchanges and decentralized platforms will continue to growth and growth.

[Emily Perkins]

That's what I was thinking too because PayPal's crypto-transactions have skyrocketed since the announcement so Binance may smell a competitor soon.

of course it can happen, nothing is impossible especially paypal has just announced that they accept crypto. if paypal opens a trading table it is possible that the crypto world will continue to grow, many companies will be interested because paypal opens its trading table. i would say binance will soon gain a very strong competitor

[Emily Perkins]

In my opinion what will make them different from eToro is their 364M users, of course not everybody is interested in crypto at the moment but it's a huge pool of clients with downloaded PayPal apps already

Since PayPal just announced that crypto trading and payment services went live in the US, do you think PayPal may turn into a big competitor to existing cryptoexchages? They can also launch a crypto-currency trading desk as well, why not.

I don't see PayPal serious enough about the cryptocurrency market to turn into some sort of centralised exchange. The reason for this is that in my opinion Paypal added the ability of its customers to buy/sell crypto only as a "face" and to ensure that if crypto does end up handicapping the finance industry (which I think at some point in the future is inevitable) they will have a stand in it and won't be missing out.

Even if they were to adopt something like that in the future it won't make it any different from a centralised exchange like eToro, and definitely not close enough to DEX.

[noorman0]

Maybe, but I won't trade there and won't recommend anyone else as long as I have another exchange that I think is better. I guess they will apply the rules too strict given my experience with paypal. Sometimes I don't understand about the new policies they publish and how to implement those suddenly. Paypal will be the most centralized exchange you will ever have.

[bounceback]

PayPal is not new cryptocurrency and only have function as payment way, you can try to but Bitcoin and altcoin with paypal but you can sell or sent your bitcoin balance in paypal to exchange account because paypal is not crypto exchange. Not will be crypto exchange for the long time because PayPal is currency payment platform with support USDT. PayPal not get risk to be cryptocurrency exchange because have any country still not accepted with bitcoin and altcoin then they will not change his platform to be an exchange of cryptocurrency, better to be PayPal platform as payment for many people use PayPal to make transaction from one country to other country.

[MoreStamps.Global]

Profit-hungry PayPal can't challenge existing exchanges as they can't just provide cheaper trading. They cut 7% in currency exchange which is leading customers to shift to other competitors like Payoneer or Xoom. The only advantage is a wide spread of PayPal. However, in the end, it helps in cryptocurrency adoption process.

[Ridwan Fauzi]

Yeah, seem like it is another intention for them to accept bitcoin and crypto currency. I think there will be many people who will aware against bitcoin since paypal accept them. Moreover with its price is rising now and soon we will see the previous all time high then there will be many new people will come because they want a huge profit.

Other than that, making a crypto exchange should have a good reputation. As you can see now, there are plenty new crypto exchange which are not successful to be choosen by most trader because they don't have a reputation. And it is a good start form paypal, they have good reputation so they can easily attract new investor.

[darewaller]

They will certainly not become a crypto exchange, but they could very well be considered a crypto wallet right now and they could move further and become better at that. Right now they are not even a proper wallet, sure you could accept bitcoin as payment thanks to paypal nowadays, but you can't withdraw bitcoin for example because that would mean a lot more coding a lot more regulations so they are not doing that, they could add that as an option for example.

They are not dealing with too many altcoins, so they could potentially add a lot more coins as well. Having a ton of altcoins and having the chance to accept crypto, buy crypto, sell crypto and deposit or withdraw crypto, these are the things paypal will have in the future with bunch of coins, that is all I see them becoming.

[jrrsparkles]

Paypal maynot become the biggest crypto exchange but it can become a biggest marketplace place of crypto payments in near soon because the customers of Paypal is literally very huge so when people find using cryptos is easier than fiat then they will prefer keep using it which also increase the merchants and products which can be purchased by cryptos.

[shield132]

I don't see this happening to be honest. Centralized exchanges are slowly losing against DEXes, so I don't see how PayPal would do any better. If anything, they're doing much worse than the currently existing platforms by not letting their users withdraw funds to their personal wallets.

And I realize that a lot of people are excited about this, but I just don't see why. Skrill has done the exact same thing some months ago, and no one turned this into a big deal so PayPal should be no different.

There are a lot of differences between Skrill and PayPal. First of all, PayPal is on another level. Alone the fact that it's accepted on eBay means a lot along with the fact that it was founded by eBay. Skrill has 35 million users while PayPal has more than 305 million active users. Almost 10x difference means a lot.
PayPal has a great reputation too, not much among merchants but high among its users who use to as a payment method. In overall, it looks like the steps into crypto is done by the leader online payment service provider.

Personally, I think that paypal's aim should be this, to become the leader in crypto industry. They can't be the best exchange right now because Binance is the leader in this case and has the best resources available in the crypto world to be the number one (for example, they own coinmarketcap.com that had 200-300 Alexa rank during peak times).
Maybe they aim to be exchange too but right now I think they want to be the leader payment service provider that accept crypto payments and conquer this field in the crypto world.

[Freddy11]

I will NEVER prefer PayPal at all, so even if they come up with Crypto Exchange, I am definitely not going to buy in at all, they are one of the worst options there can be without any doubts!

[Sirait]

^ I see there are many who don't want Paypal to be an exchange. when talking about opportunities, of course, there are opportunities for Paypal to add their branch of business that is a crypto exchange.

I am sure PayPal accepts Bitcoin on their platform just to see how much potential their service is seen by users, most likely if more and more people buy Bitcoin on PayPal then can be sure PayPal will become a new exchange.

[harizen]

They will certainly not become a crypto exchange, but they could very well be considered a crypto wallet right now and they could move further and become better at that. Right now they are not even a proper wallet, sure you could accept bitcoin as payment thanks to paypal nowadays, but you can't withdraw bitcoin for example because that would mean a lot more coding a lot more regulations so they are not doing that, they could add that as an option for example.

What do you mean you can't withdraw bitcoin on Paypal?

With the fact that Paypal now supports buy, sell, withdraw bitcoin, they can now be considered as a crypto exchange. Although yes, it's not available to anyone and was limited to US customers for now.

The demand for bitcoin is so high on their platform to the point that they need to increase the weekly limits on purchasing BTC. Take note, it's only available for limited users so just imagine what would be the impact if they will add more supported countries.

[dunfida]

Since PayPal just announced that crypto trading and payment services went live in the US, do you think PayPal may turn into a big competitor to existing cryptoexchages? They can also launch a crypto-currency trading desk as well, why not.

I don't see PayPal serious enough about the cryptocurrency market to turn into some sort of centralised exchange. The reason for this is that in my opinion Paypal added the ability of its customers to buy/sell crypto only as a "face" and to ensure that if crypto does end up handicapping the finance industry (which I think at some point in the future is inevitable) they will have a stand in it and won't be missing out.

Even if they were to adopt something like that in the future it won't make it any different from a centralised exchange like eToro, and definitely not close enough to DEX.

Having the same input and belief that they are really just trying out to be up to date on whats the current trend as of today in terms of finance industry
yet crypto is taking some consideration at the moment and of thinking to be their biggest competitor then rather than on making oppositions then it would
be wise for them to adopt it instead of countering it yet this is also some sort of marketing yet it do boost up once again their platforms existence
but in talks on become some centralized exchange ? yes they can but as said this will just remain like on that eToro.

[Traderbtcc]

I mean, since PayPal already allows the trading of a few cryptocurrencies, then by definition it's already a "crypto exchange".

And I realize that a lot of people are excited about this, but I just don't see why. Skrill has done the exact same thing some months ago, and no one turned this into a big deal so PayPal should be no different.

There's a huge difference though, and that is that PayPal already has 346 million users[1]. While the crypto trading service isn't available for everyone yet, just imagine how much people would have exposure to bitcoin. They wouldn't need to install and register on a separate app for their bitcoin purchases.

[1] https://www.statista.com/statistics/218493/paypals-total-active-registered-accounts-from-2010/

Honestly, you made a really good point here, only the amount of users PayPals has is way more than the best crypto exchange (binance) has,no doubt it will definitely give bitcoin the kind of exposure it needs to become a global currency, PayPal will be able to reach out to more people than the crypto exchanges could, there by increasing mass adoption of bitcoin, and on top of that making buying, selling and holding of bitcoin much easier, cus they can do all those on just one platform.

[usekevin]

I saw in 2017 PayPal was hiring senior blockchain developers for a new project . I still remember that job offer. In my opinion surely they will join when it comes to "online money" knowing the fact they already have a reputation in this marketplace . My only question is if they would allow users to withdraw cryptocurrencies directly from their platform or would crypto will be locked in

Actually you had miss the goldern opportunity from my point.Now blockchain had became a basic one in our life.Because we are using bitcoin for the investment,trading and for money transaction to buy and sell of new product.This made the paypal to accept the cryptocurrency.

[Saisher]

Since PayPal just announced that crypto trading and payment services went live in the US, do you think PayPal may turn into a big competitor to existing cryptoexchages? They can also launch a crypto-currency trading desk as well, why not.

Well why not, but it's to early to tell that, they've just started, they are in a water testing period, they have the right thing of integrating Cryptocurrency in their platform and the timing is right, just when Bitcoin and the market is going up.
After one year and if they have good success, they can think of anything to expand their market, and setting up a Crypto exchange is the next big thing for them.

[Gotumoot]

If we could use them to buy and sell crypto then I think we could consider them as new crypto exchange.
We could see them as new crypto wallet with the features of trading crypto into Fiat not just to hold our crypto.
And for me the best part there is if they could let us use it to pay just like Fiat in all of the transaction that we would do on their service.
For example if some stores doesn't accept crypto and we paid through crypto they could instantly convert it into Fiat to make sure that our payment would be accepted.

[Kong Hey Pakboy]

Since Paypal's network is now accepting cryptocurrencies, you can now buy and sell cryptocurrencies like bitcoin, ethereum, bitcoin cash, and litecoin can be considered as a new crypto exchange because you can convert your crypto into fiat and vice versa. But you can say that Paypal is only a digital wallet or storage of your cryptocurrencies.

[molsewid]

There's a high chance that Paypal's become a big competitor of existing crypto-exchanges. We all know Paypal is one of the most used for online payments worldwide. They already have the trust of its many users worldwide, so we can say that Paypal would become a big competitor of existing crypto-exchanges. And if you have the money on your Paypal account, would you buy to another existing crypto-exchange, or would you buy directly to Paypal? Most user prefers the less hassle transaction and safety transaction.