lixer
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November 14, 2020, 07:34:24 AM |
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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.
They might turn into a crypto trading desk or they may decide to buy other exchanges that has been around for years now if it’s possible for them to do so. And of course with the way things are going now it’s clear that they have plans to be an exchange , because that’s what they are offering already, their users will be able to exchange Bitcoin, Litecoin, Ethereum and a few other top coins. Before we know it they are going to start adding more and more cryptocurrencies for people to use. It’s soon going to turn into a competition and since they are here now, once they notice a platform that is potential threat they will buy them up.
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exstasie
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November 14, 2020, 08:37:28 AM |
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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. Centralized exchanges losing to DEXes? No way. DEX volume is drying up along with Defi hype. Not to mention that they aren't really used as fiat gateways. People much prefer Coinbase or Square to Bisq for that. They offer the whole package: UI, liquidity, smooth and fast banking, brand reputation, etc. And I realize that a lot of people are excited about this, but I just don't see why. Because it has the potential to do a lot for the price.Paypal is exposing a lot of people to Bitcoin, including millions of people who wouldn't touch spot exchanges. They are also letting people buy without any additional verification. No IDs, utility bills, etc. It's more than just a news pump. I believe Paypal will bring new demand for BTC that didn't exist before. Sure, it sucks as a crypto platform, but for speculators it's a big deal.
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target
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November 14, 2020, 02:38:51 PM |
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The crypto community wants to be decentralized, users are promoting DEXs and disliking Centralize exchange because of freezing accounts I don't see why we need more CEX because they are like a ticking time bomb.
There will be no need for PayPal to do that, they will just lose the competition but they may allow PayPal users to buy BTC to other exchanges including DEX.
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Hypnosis00
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November 14, 2020, 02:41:40 PM |
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From that point of view, where after PayPal officially announces that it accepts crypto payments, it will certainly not be easy to compete with long-established crypto exchanges. it takes time to attract customers to paypal. although globally the position of paypal is familiar. But it takes a strategy that really delivers something different from other exchange platforms, for example lower shipping costs, just KYC level 1, why? many people often avoid this, easy selection features, fast transaction times. and many more that I can not mention one by one.
PayPal was not going to attract traders to use their platform if there is but not too many compared to those who are conveniently using old and existing exchangers. I can see these as a hyping scheme and market promotion that they are already a part of crypto but I may think that this is not enough to drag people having them. Anyway, it is just how big companies taking risks into the crypto space. Competition seems to play harder and that PayPal needs to go along with the competition otherwise, only a few left with them.
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ropyu1978
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November 14, 2020, 03:36:07 PM |
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Not will be for PayPal as an exchange market for cryptocurrency although PayPal now available for buy or sell bitcoin with PayPal website, there are not will make PayPal as an exchange market I think now PayPal function only buy bitcoin. PayPal is the platform for sending money and receiving money only not will be exchange, PayPal have standing before cryptocurrency created and most long time is not have planning for PayPal to be an exchange market for bitcoin and altcoin.
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death69
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November 14, 2020, 04:12:11 PM |
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There is a possibility for this scenario. PayPal is a big company and if they succeed in operating bitcoin, they will succeed in opening its own exchange. Bitcoin is indeed a decentralized blockchain, but many people do not feel comfortable using DEX exchange or an exchange which based on other territories. US citizens might be the most use of PayPal exchange.
I appreciate what PayPal are doing right now to raise people awareness of bitcoin. But I feel fine using Binance and Coinbase for storing my coin and trading. They surely have global customers
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sheenshane
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November 14, 2020, 04:58:34 PM |
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I appreciate what PayPal are doing right now to raise people awareness of bitcoin. But I feel fine using Binance and Coinbase for storing my coin and trading. They surely have global customers
I tend to agree, it's totally for awareness purposes and I appreciate Paypal adopting Bitcoin but it will never happen that Paypal becomes a good exchange. As a matter of fact, this is for the payment processor for those merchants who accept Bitcoin. Upon purchasing Bitcoin on Paypal you can't even transfer this into other accounts or transfer your Bitcoin into other wallets. It's clearly impossible to become a reliable exchange as Binance did. Speaking of a good centralized exchange, Binance still preferable all. It has already gained a good reputation and have lower fees, I don't think others will looking for other exchanges while doing trading.
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iv4n
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November 14, 2020, 07:23:24 PM |
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You could say it's a crypto exchange by now because you can technically buy crypto coins from it obviously. I suppose that you're really asking if it would be primarily be something of a big crypto exchange like Binance and the rest of the top exchanges in crypto? That would be a no. Though I think Paypal might consider building new exchange dedicated for cryptos just like what our local app did, namely Coins.ph that they make Coins Pro.
I am not sure are you buying some crypto or you are buying some "reflection"! I have seen a few articles, but I admit I am confused! I like to read comments, what some people have to say about it, and looks like PayPal is getting ready to make a new trend with their own rules! Let me be clear on one thing I don't have PayPal! I am not going to use PayPal in the future, that's for sure! I like the traditional way, my keys, my bitcoins, and I advise people to be careful when dealing with PayPal/BTC or vice versa!
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cheecko1122
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November 14, 2020, 07:23:53 PM |
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I think that this cannot be happens, paypal is not supporting so many countries so many users from those countries are not availing their services right now. This can be good if they start supporting the crypto currencies. There are so many sites are doing so like coinbase and others. If paypal increase their network and start supporting other countries then it will be good for their business.
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DoublerHunter
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November 14, 2020, 07:54:53 PM |
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I think that this cannot be happens, paypal is not supporting so many countries so many users from those countries are not availing their services right now. This can be good if they start supporting the crypto currencies. There are so many sites are doing so like coinbase and others. If paypal increase their network and start supporting other countries then it will be good for their business.
^ I saw it now that they are allowed people in the US to buy and sell cryptocurrencies. Probably they want to follow the steps of the Coinbaset to have an exchanger while they are also a wallet to use in any payment or storing your crypto. Meanwhile, they are supporting BTC, ETH, BCH, and LTC, this feature will get more interest to their users to involve in cryptocurrency. Nevertheless, for those who did not want to expose their privacy, paypal is not the best choice as an exchange.
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ololajulo
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November 14, 2020, 08:10:55 PM Last edit: November 14, 2020, 08:36:35 PM by ololajulo |
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I had to check the post that indicates the growth DEX against CEX in the market lately and It was surprising. Uniswap ($500+ million) and Curve Finance ($80 million) almost made a billion dollar daily trade. These are both new DEX market, less than 3 years and the trade is more than the 2nd daily trade exchange of Coinbase (over 8 years). Beside, the data on DEX traded volume is more reliable than most CEXes with fake volume.
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CryptopreneurBrainboss
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eXch.cx - Automatic crypto Swap Exchange.
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November 14, 2020, 08:19:27 PM |
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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 think they'll do a perfect job as a centralized exchange and will be bringing alot of competition to the industry especially to the leading exchange like Binance that have seems to relax after taking the stand as the best exchange in the industry. Paypal got the volume to back their choice of becoming an official exchange and it might just been one of those blessings in disguise story as it'll be bringing alot of credibility to tbe industry. But the downside to this is the regulations and restriction It'll be introducing due to it too much centralized mode of operations. The government might seize their opportunity to take control of some major decisions making like which coins gets the most attention as definitely coins that'll be newly listed on their exchange would gained a lot of attention due to the volume they'll be recieving just like we experience with Binance way back until greed step in and now they list anything listable.
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24Kt
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November 14, 2020, 08:25:19 PM |
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I think that this cannot be happens, paypal is not supporting so many countries so many users from those countries are not availing their services right now. This can be good if they start supporting the crypto currencies. There are so many sites are doing so like coinbase and others. If paypal increase their network and start supporting other countries then it will be good for their business.
^ I saw it now that they are allowed people in the US to buy and sell cryptocurrencies. Probably they want to follow the steps of the Coinbaset to have an exchanger while they are also a wallet to use in any payment or storing your crypto. Meanwhile, they are supporting BTC, ETH, BCH, and LTC, this feature will get more interest to their users to involve in cryptocurrency. Nevertheless, for those who did not want to expose their privacy, paypal is not the best choice as an exchange. There are already exchanges that strictly require KYC like bittrex, so no difference than PayPal here. But I believe, this PayPal will turn to a crypto-exchange soon, once they found out that they will have clients that will be interested in crypto. And also, I believe they will be adding more popular crypto aside from those 4 cryptocurrencies. So yes, I do believe they will slowly be converted to a crypto exchange in the future.
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iamsheikhadil
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November 14, 2020, 08:35:32 PM |
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I don't think they will actually do that. PayPal has created good will in terms of fiat payment services and I'm sure they will keep that as primary of their service. But, ultimately PayPal will start to offer services like fiat to crypto and crypto to fiat. I don't think it will be sort of trading. PayPal has ties with banks and banks in general don't like crypto.
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boyptc
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November 14, 2020, 09:08:59 PM |
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They can also launch a crypto-currency trading desk as well, why not.
This might be the next big step that they will do. Aside from being an exchange, they've given an ease to their users that don't want to try any other exchange or those first timers that are still in doubt of crypto. They just made their lives easier. Having them launching their own token could also be big for them and will generate them profits. The first benefit that token would be is to give discount in fees just like other exchanges who own native tokens.
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Quidat
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November 14, 2020, 10:13:46 PM |
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They can also launch a crypto-currency trading desk as well, why not.
This might be the next big step that they will do. Aside from being an exchange, they've given an ease to their users that don't want to try any other exchange or those first timers that are still in doubt of crypto. They just made their lives easier. Having them launching their own token could also be big for them and will generate them profits. The first benefit that token would be is to give discount in fees just like other exchanges who own native tokens. We are taking it too far but actually this can happen if they would consider that creating one will really be having that revenue which they might really be ending up with that scenario.For now they had just accept bitcoin but i dont see the feature that most people do really need.It only integrate and put up some option but you arent really having the same experience comparing on traditional exchangers we do have.. In talks of reputation then i can give that yet nothing beats out the one that had existed for a while now compared on current exchanger at the moment.
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suzanne5223
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November 14, 2020, 10:26:15 PM |
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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 also once believe Paypal will be a competitor to the existing centralized crypto exchange site but that change after I read some messages posted on Reddit about what Paypal is really offering which was said to be different from crypto activities because the whole process is done in fiat and users are also unable to withdraw their crypto. However, Paypal may be a competition to other centralized exchanges if they change all this process and operate just as crypto exchange does.
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Viscore
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November 14, 2020, 11:14:15 PM |
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Paypal is now finalizing their adoption into crypto and they are soon to be called crypto-exchanger. What we could expect from them? Because I feel nothing new, and I'm not sure if this could help to drag other traders to use their platform( I hope they will). And leaving into kind of competition nowadays, it's a need for PayPal to make a step, otherwise.
But this adoption isn't making a huge impact on the market and not the cause of the uptrend motion that Bitcoin had today. I consider this as just a normal scenario, nothing more.
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Ryker1
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November 14, 2020, 11:56:09 PM |
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[snip] But this adoption isn't making a huge impact on the market and not the cause of the uptrend motion that Bitcoin had today. I consider this as just a normal scenario, nothing more.
Well, I think there is. As we can see, the bitcoin price was plunged up to $16k at the new ATH and it could be one of the reasons for increasing the price was the Paypal adoption. Though I also not convinced them to use it because we know that we are very concerned about privacy unless -- other users are not. There are too many exchanges as of now that offer buy and sell cryptocurrency without having full KYC, perhaps let us wait for more time if there is an improvement in their service. However, I appreciate Paypal's adoption of crypto, it will bring massive adoption and it brings more awareness to those bitcoin investors.
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error08
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November 14, 2020, 11:59:38 PM |
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Agree about 346M users and I myself have a PayPal account, that's a big step for adoption. it's still lacks some features that regular exchanges have but it maybe just the beginning or they can easily establish a partnership (or buy) with some platfrom
Yes, they have been trying to acquire a crypto asset custody firm such as BitGo or Paypal could buy other firms. Since PayPal is new in this field, they require a subsidiary to take care of these things. It would be better if Paypal can overcome their shortcomings and has features like regular exchanges such as trade and withdraw cryptocurrencies with lower fees.
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