PayPal Reaches 85% of Binance.US Volume

[bakasabo]

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.

But I'm not amazed with such a result. There are not so much traders on binance.us. Binance also warned, that they will close binance.us soon and users have 30 days (if I'm not mistaken) to withdraw their funds. And compared how announcement of possibility to buy, sell and trade Bitcoin on Paypal made a resonance on the market and looking how popular it is in US, no wonder volumes are high atm.

[imstillthebest]

But I'm not amazed with such a result. There are not so much traders on binance.us. Binance also warned, that they will close binance.us soon and users have 30 days (if I'm not mistaken) to withdraw their funds. And compared how announcement of possibility to buy, sell and trade Bitcoin on Paypal made a resonance on the market and looking how popular it is in US, no wonder volumes are high atm.

ah so its different from binance because i thought the op was talking to binance but why are there less users on that version when u.s is a big country and binance can be a few popular exchange that made trading of crypto possible in a banned country such as u.s . the main binance is larger as its supports many countries and you cant expect more for paypal because it was only thier first month . watch till they released the support of crypto for all the countries and when thier service runs longer , lets come back and compare them again .

[bakasabo]

ah so its different from binance because i thought the op was talking to binance but why are there less users on that version when u.s is a big country and binance can be a few popular exchange that made trading of crypto possible in a banned country such as u.s . the main binance is larger as its supports many countries and you cant expect more for paypal because it was only thier first month . watch till they released the support of crypto for all the countries and when thier service runs longer , lets come back and compare them again .

There was an article some days ago "Binance has begun to block U.S. users from accessing its exchange platform". I was wrong saying they gave 30 days to withdraw, they gave 90 days.

If on is closing an option to trade, while other opens, no wonder that the second one has an increasing trading volume. Also it it a bit strange to how they compare two platforms. Binance.us allows to trade different cryptocurrency assets, while you can trade only Bitcoin on Paypal. I would say that the article just have a sound name just to catch attention, while its content is less catchy and shocking.

[hd49728]

There was an article some days ago "Binance has begun to block U.S. users from accessing its exchange platform". I was wrong saying they gave 30 days to withdraw, they gave 90 days.

If on is closing an option to trade, while other opens, no wonder that the second one has an increasing trading volume. Also it it a bit strange to how they compare two platforms. Binance.us allows to trade different cryptocurrency assets, while you can trade only Bitcoin on Paypal. I would say that the article just have a sound name just to catch attention, while its content is less catchy and shocking.

It is things Binance plan to do sooner or later. The sooner the better and they planned for the step months ago when they open the branch Binance US. CZ knew that the war trade and massive conflict between China and the US can bring any trouble to Binance if he does not split the exchange to branches and give one branch for US customers. He is smart, if not he is not CZ.

If you remembered the time CZ did it, it is when the conflict of interest between two governments rose to higher level and the bilateral relation dived to bottom after many decades and look like a new Cold War in modern time.

[Vishnu.Reang]

And the fact is that they haven't even made Bitcoin available for all of their American users. The proper implementation will occur some time in 2021, after 6-7 months of testing. Right now they are going through the testing phase. If the volumes are this high during the testing phase, then you can imagine what will happen once they make cryptocurrency available to everyone (including the global users).

[DapanasFruit]

PayPal got the name and despite its sometimes reputation to be restrictive it still has millions of loyal users not just in the USA but all over the world. Hence, there is a big market just waiting for it to tap fully anytime it wants to. Soon, PayPal can be a big player in the cryptocurrency market, rivaling many big known exchanges already leading the industry.

Will there be a PayPal Coin soon just like BNB?

[bct_ail]

Will there be a PayPal Coin soon just like BNB?

The currently lack of deposit and withdraw of bitcoin make this "paypal-bitcoin" like a paypal coin.

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.

This could be one possibility. Could. But to this day it is not clear whether they really buy and sell physical bitcoin or whether it is just a derivative.

[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.

This could be one possibility. Could. But to this day it is not clear whether they really buy and sell physical bitcoin or whether it is just a derivative.

My point is that with the current situation, PayPal isn't selling Bitcoin to users if they are restricted to the platform. When the asset they call "Bitcoin" can be renamed to anything and still function in exactly the same way, they're not really selling Bitcoin: they're selling something that moves with the price of Bitcoin on PayPal and trades accordingly on their system, but is absolutely unrelated to the coin itself.

All that is changed when you finally get access to the keys... and move it off their platform.

[Vishnu.Reang]

PayPal got the name and despite its sometimes reputation to be restrictive it still has millions of loyal users not just in the USA but all over the world. Hence, there is a big market just waiting for it to tap fully anytime it wants to. Soon, PayPal can be a big player in the cryptocurrency market, rivaling many big known exchanges already leading the industry.

Will there be a PayPal Coin soon just like BNB?

Most of the ordinary users doesn't care about the restrictiveness of PayPal unless they are directly affected. It is the ease of use which matters to them. And this is exactly the reason why PayPal is witnessing such large volumes right now. Most of the critics still refuse to acknowledge the fact that it is quite difficult to purchase and hold Bitcoins on your own. The current bunch of cryptocurrency exchanges are not that user friendly. I know about this because when I started with cryptocurrency 4 years back, it was really difficult to purchase Bitcoins through exchanges, at least in my country (India).

But I don't think that PayPal will come up with their own cryptocurrency or exchange token. In a way, Bitcoins that are being stored in the PayPal platform are exchange tokens, as the users are not having access to the private keys.

[stompix]

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.

Yes and no.
Paypal will become the number one (maybe!?) to buy cryptos but it will not become the number one in terms of trading, at least not with a 1.5% minimal fee for orders over 1000+ and 2% for 200$. This is not suited for trading at all. So my guess is that we're going to have what we now know as exchanges focus solely on trading and far less on people buying/selling once and withdrawing their coins.

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.

Sorry but this made me laugh, a bit rude from me since I'm sure you were honest about your good intentions.
But educate? The ones that would have been A+ college material have already educated themselves, the ones that will come after this will not give a single damn about those, they will care about how much % they can gain, you'll be doing them a greater favor by educating about Ponzi schemes, cloud mining scams, fake exchanges offering above-market prices and many many other first.
Right now we're still quite safe as this is available only in the US, but wait till it hits the world, there will be an avalanche of scams.

My point is that with the current situation, PayPal isn't selling Bitcoin to users if they are restricted to the platform. When the asset they call "Bitcoin" can be renamed to anything and still function in exactly the same way, they're not really selling Bitcoin: they're selling something that moves with the price of Bitcoin on PayPal and trades accordingly on their system, but is absolutely unrelated to the coin itself.

But if they don't, and I'm quite sure they are doing this with Paxos, then when users might want to sell, they will be the ones needing to buy back those CFD at 3 times the prices they have sold them. Worth the risks? I doubt it. They charge users enough in fees for it, running not even a fractional reserve but a clear Ponzi scheme with a public listed company is something that will win all Darwin's Awards this century.

[jademaxsuy]

Paypal has been doing quite good in the past few months after it announces that the platform can accept to buy bitcoin directly from them. If the post is true about the current surge of buying bitcoin or crypto using paypal then high chance that this is the reason for the bitcoin bullish. We all know that binance is one of the exchanges that had been doing huge market for cryptocurrency. However, there are other things to be cosider for bitcoin bullish and not only this one. Hopefully we can get a record breaking bull run this coming few days.

[BuNga_cute]

I wouldn't be surprised if Paypal's volume beat Binance US's volume. Because Paypal is a large platform that has been established
since 1998. It is certain to have users above Binance US, that way the Paypal volume can be statistically above Binance US volume.
Even though now Paypal only gives access to buy Bitcoin for American users only, if Paypal opens Bitcoin purchases for global users
it is certain that the volume will be much higher. And there is a possibility that Paypal will become a centralized exchange in the future
if the demand for Bitcoin on Paypal continues to increase in volume.

[bct_ail]

I wouldn't be surprised if Paypal's volume beat Binance US's volume.

As long as Bitcoin is in front of paypal, everything is fine  


Source: https://companiesmarketcap.com/financial-services/largest-financial-service-companies-by-market-cap/

[asus09]

Do you know why PayPal could reaches more than 85% of Binance US volume transaction? I think the only one reason because in United State bitcoin and altcoin is illegal currency as payment transaction or investment assets, there are many United State people wanna invest money in bitcoin or altcoin but government not allow for this, then have PayPal accepted for United State to buy and sell bitcoin trough PayPal way and I think many United State people use PayPal right now and buy bitcoin with using PayPal as payment method, good looking when PayPal become the way to buy and sell bitcoin without have claim illegal by government.

[TopT3ns]

As long as Bitcoin is in front of paypal, everything is fine  

~
Source: https://companiesmarketcap.com/financial-services/largest-financial-service-companies-by-market-cap/

I think the information you provide is very good because the more people who know bitcoin, the more people will buy it, paypal is a very important bridge to make it easier to buy, seeing from the trading volume I am very sure the price of bitcoin can penetrate to the price of $20k at the end of this year.

[lifeforcepools]

Okay, so what happens in a few months? Maybe PayPal is preparing something bizarre for us?

[TopTort777]

Okay, so what happens in a few months? Maybe PayPal is preparing something bizarre for us?

You mean like Christmas presents? It is too early to think about it as they just started trading Bitcoin.
Would be great to see a day when PayPal allows bought bitcoins to transfer outside their system (to other wallets). User does pass KYC for creating an account...So this turns them as a regular exchange, then why limit users just to sell/buy/transfer in just PayPal echo system. But...They are still young with crypto.

[lebregone]

This only means that PayPal has build it's reputation already and many of it's users are trusting PayPal upon their acceptance of bitcoin.

If this will to continue, I am sure that there is no stopage for bitcoin price to go to moon but I am hoping that it will also trigger the bull season so we can experience again the bull season in 2021 if it will happen to this year. It is pretty clear that the spike of Paxos volume is because of the effect of PayPal partnership, less than 5$ million volume to nearly 25$ million volume what a spike.

[BADecker]

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.

Moonshot won't happen. That kind of massive trading will destroy the Internet infrastructure if 5G isn't deployed first.

[stompix]

Do you know why PayPal could reaches more than 85% of Binance US volume transaction? I think the only one reason because in United State bitcoin and altcoin is illegal currency as payment transaction or investment assets, there are many United State people wanna invest money in bitcoin or altcoin but government not allow for this, then have PayPal accepted for United State to buy and sell bitcoin trough PayPal

Do you realize how stupid this is?
So, ignoring the fact about bitcoin transactions and investment being illegal in the US, where the f* word did you pull that crap out from? , how would in those conditions PayPal be allowed to buy bitcoins on behalf of its customers, and how it was granted a license?
And if those were illegal, how did Binance.us even operate before and why would people use Paypal and not Binance?
I know you have to make four lines to make your bounty quota but does it have to be pure bs with no real information?

It is pretty clear that the spike of Paxos volume is because of the effect of PayPal partnership, less than 5$ million volume to nearly 25$ million volume what a spike.

And it can go even higher quite easily.
There are a lot of people in the US with money sitting around in their Paypal account, the average us users has around $500 in there, just a few thousands deciding to change it into BTC would cause another spike, Paypal holds moe funds than a lot of banks in the US, just wait until people start moving their money to BTC, 25mil will look like peanuts.