PayPal Reaches 85% of Binance.US Volume

[bryant.coleman]

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.

Hmm.. so a lot of people are going to invest small amounts (such as $25 or $50) through their PayPal accounts. It is going to create a chain-reaction. The demand will increase and the prices will go up. Those who invested in Bitcoin, and profited out of this investment will start bragging about their profits, which is going to result in even more investment. And the exchange rates will again go up. But at one point, the chain will snap and the prices will crash. I want to know at which level the snapping is going to occur.

[1715072910]

1715072910

[tbterryboy]

So from what I have heard the PayPal doesn’t let people move their bitcoins to another wallet, and that it’s not an actual Bitcoin we will be buying from it, it’s just going to be like some token or something and they will be lying to the people that it’s real Bitcoin while they won’t be able to send their bitcoins to another person or a different wallet that they own.

The only thing people will be doing is just HODL it on the PayPal platform and nothing more, you can’t do anything with it. With that I would say that it all doesn’t make any sense, because it would have been best if they allowed people to do more with it, that would have also helped in the adoption.

[Vishnu.Reang]

So from what I have heard the PayPal doesn’t let people move their bitcoins to another wallet, and that it’s not an actual Bitcoin we will be buying from it, it’s just going to be like some token or something and they will be lying to the people that it’s real Bitcoin while they won’t be able to send their bitcoins to another person or a different wallet that they own.

The only thing people will be doing is just HODL it on the PayPal platform and nothing more, you can’t do anything with it. With that I would say that it all doesn’t make any sense, because it would have been best if they allowed people to do more with it, that would have also helped in the adoption.

They have already clarified about this. Right now the functionality is limited and you can't withdraw your BTC, or make payments. By mid-2021 they will make full functionality available for the American users and hopefully you will be able to do payments and withdraw BTC to other wallets. So right now, it can be used only for purchasing and storing your coins.

[Bitstar_coin]

i see this btc news has made PayPal even more famous than before, that is quite a huge volume they have there, already paypal has a huge user base from all over the world now with the introduction of btc to their service i can imagine how their patronage will be high,
especially now that btc is on a bull run of its own, fomo is getting to some people, and PayPal seem to be the ideal place for people in the usa to buy btc and enjoy this btc spike in price.

[Nellayar]

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/

Now I understand why bitcoin moved up strongly today. It made me shocked because it touch the 18K dollar mark. This is a great catalyst for bitcoin. Paypal's launched of bitcoin to their platform really affect bitcoin price. And now, it seems like bitcoin price is performing well and anytime, a new all time high may appear in bitcoin chart. I think PayPal will start the global use of bitcoin since this e-wallet is very popular.

[Tipstar]

Paypal surely made it easier for large portion of US citizens to buy bitcoins. Many people are not easy with the concept of crypto and crypto exchanges but they use and trust Paypal. Though their were direct ways to deposit your bank money on an exchange to buy bitcoin, it was still a two step job and a small learning curve. Paypal makes it easier.

[judaspriest]

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/

It seems that since Binance.us closed its office,
their members moved from Binance to Paypal, moreover paypal is also the best platform there,
this shows that paypal might be a competitor to Binance,
in the next 3-6 months there will definitely be more users using paypal.

[HaXX0R1337]

They have already clarified about this. Right now the functionality is limited and you can't withdraw your BTC, or make payments. By mid-2021 they will make full functionality available for the American users and hopefully you will be able to do payments and withdraw BTC to other wallets. So right now, it can be used only for purchasing and storing your coins.

If PayPal clarified that they will allow withdrawal by mid 2021 then it is a good news as i did not hear about this clarity when the news was published initially and i am surprised that the volume has increased this much for just trading and not having the ability to hold the coins and by second quarter next year we are expecting the price to reach new levels we have not seen, only time will tell how this will develop and till then we can wait and watch.

[Lizzylove1]

We are officially in bullrun. Just one month, they reach 85%, this is crazy, people have been looking for easier and more trustful way to buying bitcoin, they just found out this on PayPal.  I am blessed to be alive and aware of bitcoin.

[TedMosby]

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.

just like bitconnect and a bunch of MLM-lending cryptocurrencies a few years ago.
people blame bitcoin and cryptocurrency because they got trapped by scammers in bitcoinnect and friends.
I remember when I got asked by a teller in a bank about why I open a new account. I said for diversification. she asked for more details until I said it's for cryptocurrency and stuff.
at that time, she called her manager and she advises me to stay away from crypto because of this and that. however, she relates it to bitconnect and MLM crypto.
well, she is a professional banker. at least read more about it first. 

IMO, paypal will push their adoption, not the bitcoin adoption.
when they push paypal adoption, they won't need to gives their users the real bitcoin.
soon, we would see merchants that will accept "bitcoin" (Paypal version).

a few years ago my money was locked in paypal, less than $5. but they asked me for a bunch of legal documents 

[oktana]

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.

True, let's be optimistic. But what if the negative face of volatility shows itself? Like the price falling to $10k? Imagine millions of people misunderstand bitcoin as a scam.

Hmm.. so a lot of people are going to invest small amounts (such as $25 or $50) through their PayPal accounts. It is going to create a chain-reaction. The demand will increase and the prices will go up. Those who invested in Bitcoin, and profited out of this investment will start bragging about their profits, which is going to result in even more investment. And the exchange rates will again go up. But at one point, the chain will snap and the prices will crash. I want to know at which level the snapping is going to occur.

Lol! It's reasonable to expect the worse. Some people speak like nothing bad can happen.

[vaultman]

The very fact that PayPal added the ability to buy and sell cryptocurrencies through its service has huge potential, but this is not enough, since many users complain about the impossibility of exchanging cryptocurrencies. Now everything depends on PayPal, if they make a full-fledged built-in wallet into their service, and not what is available now, then everyone will be successful.

[MCobian]

Binance US is different from Binance global, so I'm not surprised that in such a short time Paypal was able to reach 85% of Binance US volume.
Moreover, the current price of Bitcoin continues to rise, even approaching the all time high price, so it definitely makes Paypal users more
interested in buying Bitcoin. Like Paypal is also surprised by the demand for Bitcoin from their users, if the volume of Bitcoin purchases on Paypal
continues to increase until 2021, I am sure Paypal will change their rules regarding Bitcoin. They will allow users to deposit or withdraw Bitcoin,
and there is also the possibility that Paypal will become the crypto exchanges.

[Kakmakr]

Guys and Gals.... this is only the tip of the Iceberg..  

Do not forget that PayPal are only offering this service to it's US customers now... it also has plans to extent this offer to Europe soon and then the rest of their customers. (Depending on what legislation is in place for those countries regarding Crypto currencies)

So with a user base of 346 million worldwide that are basically still untapped, this could push the Bitcoin price to the Moon. I am very conflicted with this offering, because I rather want people to own their own coins (Sole access to their Private keys for their coins) ...but this global exposure are helping to take the Bitcoin experiment to a global audience.. which is good for this experiment.  

[Rikafip]

a few years ago my money was locked in paypal, less than $5. but they asked me for a bunch of legal documents 

I know few people that lost PayPal account due same thing few years ago. I also used Paypal for buying and selling  cryto back then, but when I saw what's happening I stopped and haven't used Paypal since then. It's funny how things turn around, and even though what they sell to people is not the real bitcon, I still see this as their defeat. Bitcoin vs Paypal 1-0.

So with a user base of 346 million worldwide that are basically still untapped, this could push the Bitcoin price to the Moon. I am very conflicted with this offering, because I rather want people to own their own coins (Sole access to their Private keys for their coins) ...but this global exposure are helping to take the Bitcoin experiment to a global audience.. which is good for this experiment. 

That's true. I don't know about other area, but PayPal is very popular here in Europe too, so once that becomes available here I am sure that many will be interested investing that way. This PayPal thing is far from perfect, but I expect people to eventually get the real stuff once they familiarize themselves more with all the pro's of being able to do whatever you want with your bitcoin and not being in fear of getting your funds locked because whatever reason.

[gentlemand]

How high a bar is binance.us? Since you hardly ever hear about it not very is my guess. All the same this is definitely one to watch. It may be offensive to us but just what the doctor ordered for others.

[cabron]

This is just from US and if they open to Europe and all other continents, PayPal users are everywhere even in Asia. It's definitely going up there to exceed the previous ATH. Its catching up binance and they haven't turned their platform yet into a full exchange.

I saw an article that paypal has plans to have an exchange. Once they do this, there could be more users there than in binance.

[BTCappu]

Maybe all those people that are buying with PayPal are just some noobs and inexperienced folks that don’t understand how cryptocurrencies works and they just want to buy and hold. If not, you will know that there is a huge difference between the two of them. When you’re buying with Binance you can send your cryptocurrencies to a wallet that you fully control where you will own the private keys, like Trezor and Exodus.

As for PayPal, it’s simply a Hodl platform, you can’t use your Bitcoin since they just sit there in your wallet doing nothing, except when you spend them on merchant stores that accept PayPal Bitcoin.

[gentlemand]

This is just from US and if they open to Europe and all other continents, PayPal users are everywhere even in Asia.

I'm guessing it's US only because of the Bitlicence and the services they're using who also have them. In most other places there's no regulation as explicitly set out as that and they may not bother until there is.

Japan is the other obvious one but I've no idea how much presence Paypal has there.

[Em00n01]

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/

This is just an awesome news from paypal! It shows how many people are interested in Bitcoin/Cryptocurrency. This is just for USA but what if they open it for European and others people! It will explode for sure!