PayPal Reaches 85% of Binance.US Volume

[tranthidung]

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.

Bitcoin changes PayPal but PayPal does not change Bitcoin, never !

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.

It is called as chargeback. KYC is risky and I will try to not use a platform with KYC. I do use some but if I have other options to choose and ignore KYC, I will choose non-KYC options.

KYC does not a gold mark or badge that your trade partner is not scammer.

[bct_ail]

did you mean Paypal can sell BTC without having them on their wallet?

It is even not clear, if paypal really buys bitcoin.

[ampu]

This is great, Binance US will generate better volume than Binance.com and drive the growth of the crypto market in the US as well as around the world.
I believe that exchanges from the US are more transparent about trading volume, one of my favorites is Bittrex. Although the trading volume is low, they are all real.

[bitbollo]

impressive market share for paypal at this point after just one month of service launch.
They can probably more bigger volume (please note they are already around 5 million USD daily).

 In any case, I agree, this is a very strong signal for all of us, since an interest driven by an established and famous company like paypal could be something that could change the market definitely!

[kenrom]

im looking forward to seeing what other services PayPal will offer in the coming months. 2021 will def be interesting!!

[wxa7115]

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.

As sad as that image may seem this is simply the truth, for the most part people do not really care about what bitcoin is about and the ideals behind it, what they see is an opportunity to make money and nothing more, some may be smart enough to eventually learn that there is more to bitcoin that just an asset that goes up in value but I suppose they're going to be the minority.

For the most part people do not learn until they have to face hardship and the only way they are going to learn why something like bitcoin exist at all is if an economic crisis comes that wipes out their savings in fiat and they see that those that were holding bitcoin were in fact protected from this event, even then they are going to look at the money side of things first but then they will try to find answers about why this was the case and that is when they will understand the difference between bitcoin and fiat currencies.

[milani]

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/

Personally for me it was really unexpected to learn someday news about PayPal and crypto. But nevertheless the most unexpected thing for me was that lots of people are interested in using it, despite other even more profitable and suitable resources and services. Is it the part of some piar or may be it is a good step towards crypto the nearest future will show us, I am sure.

[hatshepsut93]

This is cool and scary at the same time. More adoption is nice, but if PayPal will become the #1 Bitcoin exchange, it means even more centralization in the exchange ecosystem, and if it shortly after launch has as much volume as one of the bigger exchanges, it could easily take the top spots in the future. Soon a lot of people who only interacted with Bitcoin through PayPal will come to this forum, and our job will be to educate them about the dangers of centralization, custodial wallets and KYC.

[pixie85]

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 can think of better places to find a date than Tinder, but people keep using Tinder. 

I think the coins are real but much more vulnerable than if you bought them on Binance and moved to a software wallet.

It would be great if those bullish predictions by Citibank and others came close to reality but usually when mainstream media wake up and go bullish we're already half way into the bull and not that far from the top.

[Shasha80]

I am not surprised that Paypal is above Binance US, because with a platform that has existed for a long time compared to Binance,
which was only established in 2017.  Of course Paypal's reputation is better than Binance, and people who are less knowledgeable
with cryptocurrency would prefer use Paypal  to make crypto transactions. Even though cryptocurrency transactions on Paypal can
only be done on their platform, many Paypal users don't mind this.

[actmyname]

It is even not clear, if paypal really buys bitcoin.

Technically, it could all be done through the sale and buying of bitcoin "vouchers" which rise and fall in price with the price but have no legitimate impact on the currency itself.

Almost a proxy currency that they are peddling.

[bryant.coleman]

I am not surprised that Paypal is above Binance US, because with a platform that has existed for a long time compared to Binance,
which was only established in 2017.  Of course Paypal's reputation is better than Binance, and people who are less knowledgeable
with cryptocurrency would prefer use Paypal  to make crypto transactions. Even though cryptocurrency transactions on Paypal can
only be done on their platform, many Paypal users don't mind this.

PayPal BTC is just like an ETF. You don't have the private keys to your coins and therefore you can say that someone else is holding the money for you. But then, this is very common in the cryptocurrency sector. Most of the exchanges doesn't provide private keys. And we have cryptocurrencies such as Tether, where the exchanges are holding the backup funds and the user is just issued a token.

[yazher]

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.

In other words, most of those people are from BinanceUS and they switch to Paypal for some other purposes like for example the statement you said from above. Just like the Okex right now, they are having issues with the internal affairs of their exchange and they disable the withdrawal for a month now. they didn't announce what is the real reasons behind it they just told their investors to wait patiently which is not good. This will cost their investors to buy from another source just like what happened to the BinanceUS.

[Sithara007]

One of the main issues with cryptocurrency is that we don't have a single exchange which we can trust. Back in 2013-14 we had a very reputable exchange in Mt Gox, and everyone knows what happened to it. BTC-e operated for quite a long period, before taken down by the FBI. Then we had exchanges such as Cryptopia, which also went down as a result of hacking. At this point, we can't blame cryptocurrency users, if they want to trust a reputable platform.

[Wexnident]

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

One, most people don't even know what crypto is, they only see it as an investment. Two, how would they bloody know about that if they don't even know what crypto is in the first place. Three, Paypal is a famous merchant, one that has been used by millions and is trusted and basically has been experienced for a long time, you'd see that most of those that just entered the crypto scene would enter through paypal instead of others just due to those factors.

It also seems that Binance US has had a lot of problems so far in the past, which lead to customers being disappointed in it. If there was a better substitute, you'd also go for it no? Also note that the crypto system of PayPal afaik is only limited to select customers (the US only I think?) Imagine what it could do if it got released globally.

[avikz]

That's absolutely true! People indeed do not give a fuck about technology or its benefits, especially with bitcoin which is the best performing asset of last decade. The kind of ROI bitcoin has given to its investors, has made it a great choice for investment, rather than a currency. I believe FOMO factor works against bitcoin being used as a currency system. Because when people know that bitcoin has a great potential to go up in future, they would rather hold it instead of spending it. That's common human psychology!

That's why many people have lost a good amount of money back in 2017 when they had purchased bitcoin at the top of its bubble. These are same set of people who had refused to purchase bitcoin when the price was low. 

I seriously didn't think that Paypal will gain so much traction of crypto front because they don't have transfer or withdraw facility available with them. But yes, just the brand name helped people to overcome their fears about bitcoin!

[maydna]

Perhaps, the number of people who buy bitcoin from Paypal will increase in the next 3 or 6 months later because, as we know that Paypal has huge members from many countries. And if they see that they now can buy crypto directly from their accounts, I think they will try it to do that, although they will not directly purchase bitcoin in a large amount. But at least, that can increase the number of people from Paypal who will know and learn about bitcoin. That can give positive things for bitcoin because if many people know about bitcoin, that can help bitcoin to grow and with Paypal allow them to buy bitcoin directly, which can give their member an easiness to purchase bitcoin without visiting on the exchange.

[Harriti]

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/

Paypal is a payment channel used by many Europeans and they have taken advantage of their advantages to open a service of buying and selling Cryptocurrency. Although there are many legal restrictions in the US but Paypal is an international payment channel, they can still expand easily in other countries. so Paypal will be a very important payment channel in the future, maybe we will need it because transaction costs will be much lower and we are not afraid of being scammed: D

[pooya87]

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.

does it? i think it mostly shows that there are a lot of people with a ton of PayPal money that were more than willing to trade with bitcoin if the opportunity arose. and as soon as it did, they jumped at it. keep in mind that before PayPal started this feature there were a lot of demand and a lot of trades outside of their platform to trade PayPal for bitcoin. now it is official and a lot safer.

[Francis Freeman]

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/

Wow that's something out of the ordinary . Never expected it to reach this high volume so soon.
I wish now they develop method in which the retail buyers own the keys or atleast get covered by insurance in case of some unfortunate event.