PayPal Reaches 85% of Binance.US Volume

[Eedward]

PayPal Reaches 85% of Binance.US Volume in First Month

What will happen in next 3-6 months 😱


https://cryptobriefing.com/paypal-reaches-85-binance-us-volume-first-month/

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[OgNasty]

This could be a catalyst for a moonshot if the price keeps going up and all those folks start telling their friends about how much money they're making.

[mk4]

Just as expected. Some people didn't expect PayPal to perform well on their crypto sector because of the current lack of crypto deposits and withdrawals. This is just enough proof that people don't care about self-custody and self sovereignty, but mostly just the investment factor.

There are better places than paypal to buy crypto but people still prefer to use paypal... Nobody cant be even sure that these btc are real

True. But it's pretty much the same with leaving funds on any other exchange. There's no way for us to know if they're solvent or not.

[Oshosondy]

PayPal Reaches 85% of Binance.US Volume in First Month

What will happen in next 3-6 months


https://cryptobriefing.com/paypal-reaches-85-binance-us-volume-first-month/

Common people know PayPal than binance, if PayPal support users from all over the world in crypto supporting countries to make use of their crypto services, it is likely it will emerge has the strongest custodial service providing platform in the world. But that does not take the fact that I can not make use of custodial services, I prefer the self custody.

[davis196]

We can't compare a corporation,that exists for about 15+ years with a crypto trading platform,that was founded back in 2017.
Paypal might beat Binance and turn into the biggest crypto trading platform in world.However,this won't make me a Paypal fan for sure.
Even with all the blocked accounts and high transaction fees,the majority of people still trust Paypal,because of the safety and convenience,which Paypal managed to build over the years for their customers.
On the other hand,If you a selling stuff online and you use Paypal as a payment gateway,you are pretty much screwed.
Anyway,Bitcoin should go to the moon.

[crwth]

After this kind of news, it's definitely not going to be a shocker that many users would be interested in crypto. I mean, if a lot of people are sharing the good news about it, it's going to be blazing fast of spreading for sure. Knowing that PayPal is a big company, it's definitely not going to runaway with the funds in them. I'm not sure about hackers though. I'm hoping that they have great security when it comes to their systems in place.

[Cnut237]

Just as expected. Some people didn't expect PayPal to perform well on their crypto sector because of the current lack of crypto deposits and withdrawals. This is just enough proof that people don't care about self-custody and self sovereignty, but mostly just the investment factor.

This is true. It does highlight the fact that there are a lot of people who are interested in buying bitcoin, but are unable or unwilling to use normal crypto channels to do so - whether through a lack of basic technical skills, or fear of loss or theft. The emergence of a 'trusted' household name company allowing bitcoin purchase does appear to have helped with integration into the mainstream.

[stompix]

We can't compare a corporation,that exists for about 15+ years with a crypto trading platform,that was founded back in 2017.

Why not?
The numbers would favor Binance quite heavily as people do multiple trades daily on Binance, selling and buying, I would assume people that buy coins at Paypal are not that many daily traders as more like holders. Besides, what are we comparing here, a company that existed for 15+ years as you say, and managed to stay in the same country with a thing that fled from HK to Japan to Malta to nowhere and whose whole business in the US is a virtual office and a Delaware license? In a normal world, there should be no competition between those two.

Just as expected. Some people didn't expect PayPal to perform well on their crypto sector because of the current lack of crypto deposits and withdrawals. This is just enough proof that people don't care about self-custody and self sovereignty, but mostly just the investment factor.

Yeah, and 98,7% of the people on Linux forums don't understand why people use windows, bitcoiners are always biased and they try to imagine that the whole world is running based on the same principles they are using in their daily life. Paypal managed to bring something new, a way to buy coins with ease, keep them safe for you, no need for wallets or other things, and no need for an extra account. I can't wait for their report next year's, they will have to publish some numbers, it's going to be pretty interesting to see how many coins they hold.

[Karartma1]

Just as expected. Some people didn't expect PayPal to perform well on their crypto sector because of the current lack of crypto deposits and withdrawals. This is just enough proof that people don't care about self-custody and self sovereignty, but mostly just the investment factor.

Yeah, and 98,7% of the people on Linux forums don't understand why people use windows, bitcoiners are always biased and they try to imagine that the whole world is running based on the same principles they are using in their daily life. Paypal managed to bring something new, a way to buy coins with ease, keep them safe for you, no need for wallets or other things, and no need for an extra account. I can't wait for their report next year's, they will have to publish some numbers, it's going to be pretty interesting to see how many coins they hold.

Super true and I have to admit that I recognize myself in that category sometimes. If I am not able to grasp why people prefer convenience over the fact that they can be their own bank, that doesn't mean I am the one who's right. I am happy because I don't have to rely on PP for my everyday bitcoin life but let's leave that space to those who prefer it that way.
The more the merrier.

[concept2]

What an amazing number for a service which only opens for a month. But like the article, it is 85% of US-based volume on Binance which is estimated at around $30 million. Compare with other US-based exchange, it is still a teeny amount. But I believe it will soon change cause PayPal has a great number of users daily. Moreover, Bitcoin is soaring significantly. Nothing can stop it. The volume has increased day by day.

I am also surprised that bitcoin is not the only cryptocurrency supported. There are also ethereum and bitcoin cash.

[Rikafip]

This is just enough proof that people don't care about self-custody and self sovereignty, but mostly just the investment factor.

That reminded me of the meme I saw recently.



Worst of all, if something goes bad with this PayPal thing, people will blame bitcoin, crying how it's not safe as advertised etc. What I hope though is that those who bought this "bitcoin" via PayPal will eventually figure out that what they bought is not the real thing and that they can't move it around as they please  so sooner or later they will buy the real stuff. Or PayPal will enable that.

Time works for bitcoin so I am not  fussed with all this, I see it as just another step. Up until recently you would have your PayPal account locked if you tried to buy some BTC with it, and now we can see how times have changed.

[mk4]

Yeah, and 98,7% of the people on Linux forums don't understand why people use windows, bitcoiners are always biased and they try to imagine that the whole world is running based on the same principles they are using in their daily life. Paypal managed to bring something new, a way to buy coins with ease, keep them safe for you, no need for wallets or other things, and no need for an extra account. I can't wait for their report next year's, they will have to publish some numbers, it's going to be pretty interesting to see how many coins they hold.

Pretty much probably 90% of Bitcoin enthusiasts. It's the disadvantage of having people that are mostly knowledgeable in the technical stuff, and just scoff at the UI/UX side whereas they're mostly just stuck inside their bubble of like-minded people. Not saying that this is bad per se, but could lead to bad opinions with totally ignoring the non-technical masses.

[Reid]

There are better places than paypal to buy crypto but people still prefer to use paypal... Nobody cant be even sure that these btc are real

I agree. It's a risk. A lot of it.
But, this happens because of fewer options.
Availability of exchange in their country.
Yeah, it could be a simple reason but as of now, more people are making money thru the internet.
One of the most options to pay them is Paypal. I am actually one of them.
So with funds there just idling in USD, I'd rather put it somewhere else. PayPal somehow made a solution for those guys.

[Vishnu.Reang]

Yeah, and 98,7% of the people on Linux forums don't understand why people use windows, bitcoiners are always biased and they try to imagine that the whole world is running based on the same principles they are using in their daily life. Paypal managed to bring something new, a way to buy coins with ease, keep them safe for you, no need for wallets or other things, and no need for an extra account. I can't wait for their report next year's, they will have to publish some numbers, it's going to be pretty interesting to see how many coins they hold.

Can't put it any better than this. Four years ago, when I ventured in to cryptocurrency sector for the first time, I faced a lot of these issues. I wanted to purchase Bitcoin, but it was impossible to make a cash deposit in any of the cryptocurrency exchanges from India. It took me a couple of months to understand how P2P platforms work and I was finally able to purchase BTC using localbitcoins. But then storage was another major concern. A lot of users were complaining about their wallets getting hacked and initially I was quite nervous about the same happening to me as well.

[Leviathan.007]

Paypal is gaining more volume because of the popularity. Actually, the announcement of paypal when they said users can use bitcoin on paypal was a positive fundamental news. In the other hand, Binance.us is losing volume because there are some regulation issues on it and as far as I know the cz said people should withdraw their funds from BinanceUS. There are two reasons of why PayPal gaining more and more over time.

[EdenHazard]

This could be a catalyst for a moonshot if the price keeps going up and all those folks start telling their friends about how much money they're making.

Few months later those folks start telling each other how naive they are going allin to buy bitcoin and losing half of the value as they can't resist with the future dump/correction.
They are all have fun unti it gets wiped out.

Preparing for the newly-born robinhood ..

[tranthidung]

Again news only censor and show you the most interesting and eyes-catching for readers.

The article https://cryptobriefing.com/paypal-reaches-85-binance-us-volume-first-month/ brings a chart for you

And if you simply read the article, see the chart, don't double check, you believe it is a growth to all time high volume (news want you to believe that to stimulate your greediness and emotions). In contrast, if you see the original chart with wider window (all time), you will see the total volume on iBit had some spikes that are much bigger than recent weeks. What happened with such spikes are another stories and it is your exercise.
Check the chart at: https://nomics.com/exchanges/itbit#chart

Is the growth stable, is it simply from the new product or just a side-effect of new product and the FOMO with Bitcoin?

The trading volume of Binance US in the article almost correct if you check them with coinmarketcap or coingecko. Despite of some ups and downs and current weak downs, trading volume of Binance US is on a growth journey this year.

• https://www.coingecko.com/en/exchanges/binance_us#statistics
• https://coinmarketcap.com/exchanges/binance-us/

My point is:
Read news, then try to investigate its validity (things are hidden) and make your own conclusions.

[ReiMomo]

Paypal is a popular and well-established company and they've been in the industry for more than a decade now and since they have started acquiring bitcoin to their services aside from the bitcoin holders they can also advertise it to their account holders which I think as one of the factors why Paypal has this number in just a few weeks.

On the other hand, Binance has started withdrawals of services to US residences which I think is the main reason for their low numbers compare to Paypal that contemplates as a wrong move for them.

Thanks for sharing the stats, @tranthidung.

[Pffrt]

Nobody cant be even sure that these btc are real

I don't know the process of buying crypto with paypal, did you mean Paypal can sell BTC without having them on their wallet? If so, a very bad thing may happen soon when people will be looking for withdrawing their fund. How can will they manage that?

[erikoy]

It seems that paypal is one of the most common ways to buy bitcoin when they offer already their service for cryptocurrency. This must have been the reason for a huge leap of bitcoin market. Well, good move by paypal platform though some of the transaction from paypal can be reverse and that can be the reason why many people get scam through paypal platform. However, I think they are improving their platform and that include improving their KYC system.