PayPal cryptocurrency trading volume beyond expectations

[Daltonik]

In the fourth quarter, payment giant PayPal attracted 16 million new customers and processed payments worth $277 billion. According to CEO Dan Shulman, the company is actively investing in the cryptocurrency division, which more than met expectations.

PayPal's total revenue for the fourth quarter increased by 23% to $6.12 billion in the fourth quarter. The financial results were positively impacted by the support for cryptocurrencies, which appeared for PayPal customers in the United States on November 12.

PayPal's declares its uniqueness and therefore inevitably leads to profit, but whether this is really so in the end we will decide

Now: Centralization reports on profit and decentralization shows a growing volume and on which side you will decide

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[samcrypto]

This only means to me that there's a great demand for a decentralized transactions and it can add profit to those companies who will start to adopt. Many companies should see this experience of Paypal and I'm sure it will continue to grow since many are trusting the platform and Paypal and they feel their security here. I'm not into Paypal since we also have our local wallet to transact, but to those who are using this for sure they are enjoying this services using their own cryptocurrency.

[oHnK]

From the initial steps Paypal expanding their business to Bitcoin has provided a very positive value for the price of Bitcoin, until now Paypal has proven a very good achievement by increasing revenue for transactions therein. I think this will give positive vibes to the current and future Bitcoin price. With the absorption of Bitcoin by Paypal, it will educate more users to get to know Bitcoin and receive the benefits of this digital Gold. And it is possible that Paypal's steps will be followed by many other large companies, and educate more ordinary people to get closer to Bitcoin, so that it will eventually be absorbed as a legalized currency by all countries. Just a hope.

[ChiBitCTy]

I meant to jump on this earnings call. I also wish they would have been more specific about how much they actually made, or how much business they actually did dealing with cryptocurrency directly.  I read some of the highlights and I saw how bullish they were on bitcoin and crypto, and as much as I absolutely hate this company, I know that it is good for the mass adoptions for bitcoin and I couldn't be happier about that. 

I saw Visa's CEO on CNBC yesterday and he was very high on bitcoin and crypto himself..

It's a new day boys and girls!

[LeGaulois]

Don't get it wrong guys, but Paypal doesn't really care about Bitcoin. The only thing that matters is the profit it can bring to the company. They just noticed Bitcoin could be a good cash cow and there is a ton of money to make out of it.

I didn't read the whole PDF but there is a need to make things separate. What comes from the addition of Bitcoin and what comes from the other part. Do you think the percentage increase is only due to the addition of Bitcoin? Not at all.
Even the free cash flow decreased starting at Q2 2020, the same for the number of active accounts but not the number of payment transactions.

What does it mean? It means there is the same number of people using Paypal but they are using it more frequently. Hence the profits' increase.
But why?
Because online shopping has increased drastically in the last year with covid and as Paypal is the most popular payment method people use, it makes sense.
Amazon has also doubled its profits but they have not added Bitcoin.

This only means to me that there's a great demand for decentralized transactions

For your information, there is no decentralization in Payal. People are simply buying a token backed by BTC, they don't own BTC, Paypal does

[dothebeats]

It would be best if PayPal would allow people who trade on their platform to actually get the coins that they 'assume' is theirs. But unfortunately, if that happens we know that there'll be a shortage of coins, so right now what people are actually holding is the promise of PayPal that they are indeed trading bitcoins and not some privately-issued air that they aren't getting no matter what.

PayPal's declares its uniqueness and therefore inevitably leads to profit, but whether this is really so in the end we will decide

I don't think PayPal is unique; I just think that they are the first giant in the institutional side of things to make these things possible to the retail investor.

[crwth]

I think this is the result because most of the people who have heard of Bitcoin and want to be part of it has no time to understand and learn about how you can get involved in crypto. So if they are PayPal users themselves, it's relatively easy to be participating in it with just a few clicks on your mobile phone or browser. It's just that it makes the access easy, and they can call themselves now crypto users.

That's probably the reason why there's an increase in volume, and of course, the price also has its parameter. Hopefully, we will see a retrace so we could accumulate more.

[electronicash]

$6.12 billion in the last q4 last year! congrats.

i took a peek at the pdf file but it bore me. after all the 34 pages of pdf, we still can't identify how much BTC they have collected since the time they joined the fintech investments. since they openly admit they are actively investing it would be interesting to see how much they have. and will they soon allow their users to withdraw BTC from Paypal platform.

[boyptc]

Whether they have volumes of customers coming into them and getting attracted to their new feature. It's still not an actual bitcoin that they sell.

PayPal got the formula of it and they really took the attention of everyone which was effective.

[avikz]

Can someone answer the below questions??

1. Are we allowed to withdraw the cryptocurrency to our own wallet after purchasing it from Paypal?
2. Can we deposit cryptocurrency to Paypal which was not purchased from them and sell them to Paypal?

As far as I know, we are not allowed to do such operations but if things have changed, can anyone let us know?

[so98nn]

Amazing statistics 📈 and great initiative by PayPal. Elon is really going crazy about the bitcoin and crypto space. He has great plans ahead and I’m pretty sure PayPal is gonna be next big reason people will see bitcoins upsurge. PayPal seems to be taking up the pace at faster rate than any institutional investment firm might have thought earlier.

Looking at the transaction history PayPal might have broken the record of grabbing more customers in short period of time.

They will soon launch services like crypto cards, PayPal crypto ATM, and who knows a physical crypto bank which is decentralised. It’s Elon you know!! Anything is possible now.

[adzino]

Amazing statistics 📈 and great initiative by PayPal.

Great initiative? You mean paypal owning all the bitcoins, where as their users don't actually "own" the coins? How is that a great initiative? Their users pay for the coins, but it is paypal who keeps it. Users are not allowed to withdraw the coins (since they don't own it) or spend it anywhere (unless the merchant accepts paypal as payment). So how is this centralized totally controlled institution has taken a great step?

Elon is really going crazy about the bitcoin and crypto space. He has great plans ahead and I’m pretty sure PayPal is gonna be next big reason people will see bitcoins upsurge.

What does Elon has to do with paypal?

They will soon launch services like crypto cards, PayPal crypto ATM, and who knows a physical crypto bank which is decentralised. It’s Elon you know!! Anything is possible now.

Lol, you are expecting a financial institution like Paypal to create a "Decentralized" physical crypto bank? Keep dreaming. Again, what Elon? You do know that he has nothing to do with Paypal anymore.

[Vishnu.Reang]

The relationship between PayPal and Bitcoin is a mutually beneficial one, with both sides benefiting out of it. Sadly, it once again confirms the perception that a lot of people are staying away from Bitcoin due to the difficulty in purchasing and storing the coins. PayPal offered an opportunity to purchase/store BTC easily and we can see that millions of users have made use of that option.

This is something that the community needs to think about. In order to increase the acceptability and adoption, we need to make Bitcoin more friendly to the less tech savvy users. I am not saying that we need to implement any fork. Rather than that, we need to come up with solutions that will make storage of cryptocurrency easier and more secure. If PayPal can do that, then why can't others?

[davis196]

This only means to me that there's a great demand for a decentralized transactions and it can add profit to those companies who will start to adopt. Many companies should see this experience of Paypal and I'm sure it will continue to grow since many are trusting the platform and Paypal and they feel their security here. I'm not into Paypal since we also have our local wallet to transact, but to those who are using this for sure they are enjoying this services using their own cryptocurrency.

1.Yeah,but Paypal is centralized and will always remain centralized.
Adopting cryptocurrencies doesn't mean that Paypal will become decentralized.They might become "pseudodecentralized" for the sake of marketing and making the company look cool in the eyes of naive crypto enthusiasts.

2.They feel secure using Paypal?Are you kidding me?Having you own crypto in your own cold wallet and storing your own private keys is way more secure than having trust in a company that can block/limit the money in your account for any reason.

[jseverson]

Can someone answer the below questions??

1. Are we allowed to withdraw the cryptocurrency to our own wallet after purchasing it from Paypal?
2. Can we deposit cryptocurrency to Paypal which was not purchased from them and sell them to Paypal?

As far as I know, we are not allowed to do such operations but if things have changed, can anyone let us know?

Can I transfer Cryptocurrency into and out of PayPal?
Currently, you can only hold the Cryptocurrency that you buy on PayPal in your account. Additionally, the Cryptocurrency in your account cannot be transferred to other accounts on or off PayPal.

So still no, but it seems like they plan on allowing users to spend crypto in the future based on the way they phrased these answers (emphasis mine):

Can I use Cryptocurrencies to pay or send money with PayPal?
At this time, you cannot use Crypto as a way to pay or send money on PayPal.
 
Can I use my Cryptocurrency balance as a funding source for my purchases?
No, not at this time.

It would be best if PayPal would allow people who trade on their platform to actually get the coins that they 'assume' is theirs. But unfortunately, if that happens we know that there'll be a shortage of coins, so right now what people are actually holding is the promise of PayPal that they are indeed trading bitcoins and not some privately-issued air that they aren't getting no matter what.

I'm not sure the SEC will allow them to get away with something like that, or if they would even dare. It also seems that Paxos is handling the trading under the hood, so I wouldn't be sure they're trading air. It would absolutely be huge if they allowed people to withdraw crypto, but they're a payments service primarily (meaning they're not trying to be a crypto exchange), so I wouldn't count on it.

[momchilandonov]

I still didnt get why people are buying crypto on paypal if you cant withdraw it from there

[rdbase]

Don't get it wrong guys, but Paypal doesn't really care about Bitcoin. The only thing that matters is the profit it can bring to the company. They just noticed Bitcoin could be a good cash cow and there is a ton of money to make out of it.

I didn't read the whole PDF but there is a need to make things separate. What comes from the addition of Bitcoin and what comes from the other part. Do you think the percentage increase is only due to the addition of Bitcoin? Not at all.
Even the free cash flow decreased starting at Q2 2020, the same for the number of active accounts but not the number of payment transactions.

What does it mean? It means there is the same number of people using Paypal but they are using it more frequently. Hence the profits' increase.
But why?
Because online shopping has increased drastically in the last year with covid and as Paypal is the most popular payment method people use, it makes sense.
Amazon has also doubled its profits but they have not added Bitcoin.

This only means to me that there's a great demand for decentralized transactions

For your information, there is no decentralization in Payal. People are simply buying a token backed by BTC, they don't own BTC, Paypal does

These are my sediments exactly as you have stated towards with what people perceive as paypal accepting bitcoin on their platform.
You don't actual own the cryptocurrency when you purchase it from them. They hold all of it and you can not remove it from their wallet.
Opposite of decentralized.
And what people who have already owning their bitcoin on there fail to realize is:
They can change the rules and regulations whenever they want. They have you once you agree to those terms and conditions and they can be altered the very next day. I am say this right after receiving an email  stating they have changed their legal policies. Second one received in the past six months.
So just be wary of this the next time you log into your paypal account.
Your paypal bitcoin might just be more fancy internet money then you think.
*Poof*

[Reid]

Looks like they made a good choice. 
I bet every employee of Paypal now is getting their bonuses. 

This also proves how many people out there are having a hard time buying cryptocurrencies before.
We all saw that with different threads they make in this forum looking for other options.
But now, you don't see much of that question anymore. Yeah, Paypal made it happen.
Although, I am still in doubt about security issues. I might just use it to buy and get out. Don't stay.

[Vishnu.Reang]

Looks like they made a good choice. 
I bet every employee of Paypal now is getting their bonuses. 

This also proves how many people out there are having a hard time buying cryptocurrencies before.
We all saw that with different threads they make in this forum looking for other options.
But now, you don't see much of that question anymore. Yeah, Paypal made it happen.
Although, I am still in doubt about security issues. I might just use it to buy and get out. Don't stay.

For those who want to invest in cryptocurrency, with small amounts such as $50 or $100, PayPal is a good option. There are lot of such people out there, who are using PayPal right now. They don't want to get in to the trouble of creating a wallet by themselves and then going through all the security protocols. They would rather prefer PayPal doing it for them. It is just like storing your coins in an exchange wallet, but in this case PayPal is having a very good reputation and therefore the users think that they don't have to worry about someone stealing their coins or the exchange vanishing overnight.

However, those who want to not just invest, but also use their cryptocurrency, PayPal is not the place to rely on. They have announced that by mid-2021 users in the US will be able to make payments using PayPal BTC and withdraw their PayPal BTC to personal wallets. But until these features are available, I am not going to trust them.

[Coin_trader]

I still didnt get why people are buying crypto on paypal if you cant withdraw it from there

Simple. Because the value of BTC there is same with the real BTC so if you want to invest in BTC, they can simply buy and flip there without moving it outside paypal. PayPal user do not used to store there funds in there so it's same on BTC. Most of people that buying BTC in PayPal are just want to get profit on Bitcoin volatility since they are not a bitcoin enthusiasts.

[boyptc]

Whether they have volumes of customers coming into them and getting attracted to their new feature. It's still not an actual bitcoin that they sell.

PayPal got the formula of it and they really took the attention of everyone which was effective.

Man imagine selling btc while not handing over the stuff itself. If only they created a platform where their users really own bitcoin instead of just owning a number that'd be lit but knowing how PayPal since ages ago, I bet they won't.
I guess this strategy really makes them a lot of revenue while minimizing the risk, the statistic above is really the proof.

I was hyped too at first when I've first heard it. But thanks to the experts who have analyzed it and has proven that it's just numbers that they show and won't allow you to transfer the fund from another bitcoin wallet address outside the platform.

They were able to compete and at the same time put themselves into hype because of the news.

[CarnagexD]

They took advantage of the hype that bitcoin brought with it and reaped the results, if anything, this at best would inspire more corporations to adopt cryptocurrencies in their customer features which will both give them a healthy remark from the people who are supportive of cryptocurrencies and they're bound to earn as well, so it's a win-win situation really.

Looks like they made a good choice. 
I bet every employee of Paypal now is getting their bonuses. 

This also proves how many people out there are having a hard time buying cryptocurrencies before.
We all saw that with different threads they make in this forum looking for other options.
But now, you don't see much of that question anymore. Yeah, Paypal made it happen.
Although, I am still in doubt about security issues. I might just use it to buy and get out. Don't stay.

too bad the coins you're purchasing in Paypal is going to be a sitting duck there since you can't trade it or anything besides buy and sell. Only thing you'd be capable of doing is to shortsell which bitcoin is not good at.

[vintages]

In as much I don't fancy PayPal, I can only say nothing but good for them. I am all in for anything legal that supports Bitcoin and it adoption.
Let's just hope that users can be allowed to withdraw their funds or coins without PayPal weird restrictions affecting it. That alone is frustrating.

[MCobian]

It is certain that Paypal profits have increased since investing in the cryptocurrency division. Due to the increase in crypto prices in 2021,
the demand for crypto will increase, so it makes sense that Paypal crypto trading volume is also increasing. Then the positive results obtained
by Paypal from cryptocurrency make other companies even more interested in investing in crypto as well. This makes the future of crypto
even brighter, I hope the positive trend that occurs in cryptocurrencies this year can continue at least until the end of the year.

[Sithara007]

It is certain that Paypal profits have increased since investing in the cryptocurrency division. Due to the increase in crypto prices in 2021,
the demand for crypto will increase, so it makes sense that Paypal crypto trading volume is also increasing. Then the positive results obtained
by Paypal from cryptocurrency make other companies even more interested in investing in crypto as well. This makes the future of crypto
even brighter, I hope the positive trend that occurs in cryptocurrencies this year can continue at least until the end of the year.

Obviously PayPal didn't approved the integration of Bitcoin to its platform just because they love cryptocurrency. The intention was to use cryptocurrency as a tool to increase the userbase (i.e in order to gain new followers) and to venture in to one of the fields which has constantly shown very high growth rates. And I am glad that in the end it worked out well for them. And hopefully the other corporations would notice this and take steps to integrate Bitcoin to their own platforms.

[adaseb]

It would be best if PayPal would allow people who trade on their platform to actually get the coins that they 'assume' is theirs. But unfortunately, if that happens we know that there'll be a shortage of coins, so right now what people are actually holding is the promise of PayPal that they are indeed trading bitcoins and not some privately-issued air that they aren't getting no matter what.

They don't do that because it would be very difficult for them to control money laundering, and fraud. If it was possible to withdraw BTC to an external wallet, imagine how many accounts would get hacked everyday and hackers would buy crypto with their credit card linked to the account and then withdraw it to an external wallet, no way to reverse the transaction. There are so many people reusing the same passwords that is why so many people in the past got their paypal account broken in to. However most of the transaction were easily reversed since it was all done by credit card merchants however with crypto you can't reverse the blockchain. Hence why they are going to leave it like this for a while.

You don't own the BTC but they need to buy the BTC somehow to hedge their exposure. Imagine BTC goes to $1,000,000 a coin and everybody want to withdraw, if they never hedged how will they pay everyone out? Too risky. There are many ways of hedging, they can even do it on the futures exchange which has plenty of liquidity and low fees. So the supply does technically decrease one way or another if people buy BTC with paypal, hence its still bullish.

[KuromaYoichi]

You can actually buy crypto from paypal now? is it only for US? because i am not from US and can't find it on my paypal account. So how does it work? you can buy, sell and withdraw it to your own wallet like exchange? or you can only buy it and spend it at merchant who accept crypto? Not bad for them considering the new crypto hype can generate a new source of revenue.

[torrantz]

I still didnt get why people are buying crypto on paypal if you cant withdraw it from there

Some people never really be bothered to use BTC but instead just want to take some profit from the bullrun, it's like when some people buy stocks do they care about the company condition? some of them do but there's also many who just don't care and just want profit.
It's the same case here, imaginary btc but you can get real profit by bagholding, not really a good practice but in their business perspective it works just well considering the trading volume.

[adaseb]

You can actually buy crypto from paypal now? is it only for US? because i am not from US and can't find it on my paypal account. So how does it work? you can buy, sell and withdraw it to your own wallet like exchange? or you can only buy it and spend it at merchant who accept crypto? Not bad for them considering the new crypto hype can generate a new source of revenue.

They are planning on launching it to most international countries later this year. So far it was only for US clients. At first it was a limited number but later on it was everybody in the USA who had a verified paypal account.

You can buy and sell it back to USD but while holding the BTC you cannot withdraw it to your own wallet. I think in the future they will allow merchants to accept BTC, so maybe you can pay your monthly Netflix bill with BTC. At the moment not possible. Keep in mind it only launched like 2 months ago.

Its great however the fees are very high. Much higher than a regular bitcoin exchange. However I guess if you are not good with computer, then I guess its better paying a higher fee and ensuring its done right instead of messing up and losing all your crypto. Most likely in the near future if they get more and more volume, they might reduce the fees.

[bits4books]

This situation happened only because the PP already has a big name and they do not need to prove that this is not a scam. Anyone else who would launch exactly the same concept as PP would be buried under a bunch of useless altcoins on the market simply because it is very difficult to break through this garbage. The popularity of PP here is not that they did something cool, but only that they came to one market when they already created a loud fame in the financial services market

[VanDeinsberg12]

I still didnt get why people are buying crypto on paypal if you cant withdraw it from there

Simple. Because the value of BTC there is same with the real BTC so if you want to invest in BTC, they can simply buy and flip there without moving it outside paypal. PayPal user do not used to store there funds in there so it's same on BTC. Most of people that buying BTC in PayPal are just want to get profit on Bitcoin volatility since they are not a bitcoin enthusiasts.

Does paypal offers some kind of protection for hacking or such though? If the user can't even withdraw their bitcoin then they should get compensated by additional security features like for example reimbursement in case hacking accident occurs right?  since to be frank there are so many cases out there about paypal hacking
But if people are willing to buy coin from like PayPal might aswell buy from coinbase or such since the process is more or less the same, that's what makes me confused. Paypal could like cancel their cryptocurrency service anytime in my opinion.

[DoublerHunter]

Does paypal offers some kind of protection for hacking or such though? If the user can't even withdraw their bitcoin then they should get compensated by additional security features like for example reimbursement in case hacking accident occurs right?  since to be frank there are so many cases out there about paypal hacking

^ Probably there is, paypal is reputable enough and for sure there is a protection in every user had. If you worried about hacking or even data breaches or glitches, that is everywhere and it depends on their team how to fix it and take action when there is a bug that happens. Nevertheless, this is expected since paypal has a huge number of users, probably this is also the reason BTC price has been rapidly growing up and maintain on  $30k range price in the market. It has brought awareness to most people.

[SirLancelot]

In as much I don't fancy PayPal, I can only say nothing but good for them. I am all in for anything legal that supports Bitcoin and it adoption.
Let's just hope that users can be allowed to withdraw their funds or coins without PayPal weird restrictions affecting it. That alone is frustrating.

Actually I believe skrill does the same they allow you to buy and sell bitcoins but virtually and you aren't allowed to actually withdraw the coins. I believe that is because PayPal and even Skrill does not want their users and customers to switch onto something else because lets face it, Bitcoin is a rival of Paypal and almost all centralized payment processors so they want to allow Bitcoin trading but only virtually and not allowing the users to own the coins literally.

I am glad the PayPal move went so smooth because earlier they used to ban users involved into crypto buying and selling when caught and now they are becoming the biggest facilitator themselves.

[Oshosondy]

For those who want to invest in cryptocurrency, with small amounts such as $50 or $100, PayPal is a good option.

Your comment is totally inaccurate, the best to do is to get yourself a noncustodial wallet for investment. For small amount like the one above, online wallet can be good but for high amount, hardware wallet will be safer. Not you key not your coin is the saying, you can not also even use PayPal to send crypto to another wallet, you can only use it to buy and sell.

[jostorres]

Does paypal offers some kind of protection for hacking or such though? If the user can't even withdraw their bitcoin then they should get compensated by additional security features like for example reimbursement in case hacking accident occurs right?  since to be frank there are so many cases out there about paypal hacking
But if people are willing to buy coin from like PayPal might aswell buy from coinbase or such since the process is more or less the same, that's what makes me confused. Paypal could like cancel their cryptocurrency service anytime in my opinion.

You get nothing like that, the idea is not to help you or anything, why would they be responsible for hacking that is not on their platform, if your bitcoin on their platform somehow gets hacked that means paypal itself is hacked and if they can recover they can recover if they can't they can't, it is not like they wouldn't want to, but if you get hacked somewhere else, why would they be even remotely be responsible for it?

However the point here is that if you have a shop, and you sell things, you can now offer bitcoin payment as well, and will have bitcoin on your account as well, that way you could get some more new customers. On top of that if you can offer people regular fiat purchase, get the money, and turn some of it into bitcoin to save aside as an investment, now you can do that simpler as well. I never used paypal and I will probably never use it, but I get why it is liked.

[Vatimins]

     Of course decentralized transactions would overtake the other. The very first people who were attracted in this industry were those who wanted some sort of privacy even if not full proof. And that would just mean they are theones who hold bigger bags. But even so, despite rhe high prices of crypto currencies today, some wee not attracted by profits alone but the desire to he different from the rest or to have some sort of diversity in managing their capitals/investment funds. But no matyer which stats are higher, it is still good for mass adoption since we are still in the early years of this industry. I just hope that regilations in the future becomes more fair for both parties(crypto enthusiasts/users and governments together with the banks).

[SaveOurSea]

I still didnt get why people are buying crypto on paypal if you cant withdraw it from there

Simple. Because the value of BTC there is same with the real BTC so if you want to invest in BTC, they can simply buy and flip there without moving it outside paypal. PayPal user do not used to store there funds in there so it's same on BTC. Most of people that buying BTC in PayPal are just want to get profit on Bitcoin volatility since they are not a bitcoin enthusiasts.

doesn't Bitcoin price have a real price on all exchanges ?, I'm still confused by your statement about the real price of bitcoin,
in my opinion, who buys bitcoin on paypal is not a merchant, but a user only,
if a trader trades on paypal of course does not have maximum profit, and everyone chooses an exchange like Binance.

[molsewid]

They already see this coming, and they made one of the best company decision of including Cryptocurrency, it's a win win situation for PayPal and the Cryptocurrency community, but PayPal based on the stat is the big winner here, now many institutions will be attracted because of he success of PayPal, we expect to have a long run of bull run because of this.

Going with the flow of the market and adapting the technology and the trend is the best thing a digital company should do because it will be their unique capabilities than the others and makes them leading in terms of virtual wallet that is widely used al over the world. And because of that expect that the trading volume as well as the number of users who uses PayPal's new function it is now beyond expectations plus they are well established company so people trust them so much.

[Sithara007]

They already see this coming, and they made one of the best company decision of including Cryptocurrency, it's a win win situation for PayPal and the Cryptocurrency community, but PayPal based on the stat is the big winner here, now many institutions will be attracted because of he success of PayPal, we expect to have a long run of bull run because of this.

I guess they are going to roll-out full services by mid-2021. By then it will be possible to make payments with PayPal BTC and withdraw your BTC balance to non-PayPal addresses. Once they implement this, we can expect the next bull run. And there is always a possibility of other service providers noticing the success of PayPal and considering the Bitcoin adoption for their own platforms. I am thinking about remittance service providers such as Western Union and Moneygram, and also e-wallet payment systems such as LeoPay.

[Darker45]

Well, this is generally good news. I can only imagine how much growth would PayPal register once they will allow all their ~350 million users across the globe to buy and sell Bitcoin.

However, what I would like them to do is to really let their users experience the crypto life. At this point, everything is just a game of IOU. There's foolishness in it.

Apart from this, I also hope that they would now begin to let their partner merchants all over the world accept crypto payments and their users the opportunity to purchase using crypto. Now, that's real adoption.  

[Xinarae*]

PayPal's success is the reason for many victories for crypto many countries around the world can easily transact using PayPal cryptocurrency which is why bulls are running on other crypto platforms. For crypto trading, those who trade by looking at the daily technical chart can use this method in this way you can buy coins and sell them on the same day. As the value of cryptocurrencies fluctuates a lot you can earn a good amount of money by reviewing charts in a short time without waiting too long.

[plr]

They should have done this long ago, anyway, they added people's curiosity on Cryptocurrency because of their continuous bashing and FUDS now they are now investing and integrating, adoption will be easy now with their millions of members, Cryptocurrency is now mainstream and it will continue to be so once Facebook gets in with their own version of the coin.

[LogitechMouse]

Any news that is related to Paypal has an effect on the price of crypto especially Bitcoin.
This doesn't.

This might be a good news to anybody but it will not have any effect on the crypto market if they aren't accept people to transfer or withdraw their BTC in Paypal to another wallet. Right now you are just buying Bitcoin that is under Paypal. Might sound complex but you know it. You aren't holding a true Bitcoin since you can't transfer it. You are holding a Bitcoin that is being owned by Paypal itself. Wait for Paypal to accept transferring of Bitcoin funds and wait for them to integrate the feature that will accept merchants to be paid in crypto. That will be a huge news for sure.

[Shasha80]

I am not surprised if the crypto trading volume on Paypal has increased beyond expectations, because indeed many people began to be interested
in investing in crypto since the price of Bitcoin rose above $ 20k. So not only Paypal some exchanges are also experiencing increased crypto
trading volume, because more and more people want to make profit from crypto trading. And it could be with the achievement that is beyond
expectations makes Paypal provide full service in the future. I'm really looking forward to all the merchants that Paypal cooperates with
accepting cryptocurrency payments, if this becomes a reality then the increase in crypto prices will be even more unstoppable.

[Webetcoins]

In the fourth quarter, payment giant PayPal attracted 16 million new customers and processed payments worth $277 billion. According to CEO Dan Shulman, the company is actively investing in the cryptocurrency division, which more than met expectations.

PayPal's total revenue for the fourth quarter increased by 23% to $6.12 billion in the fourth quarter. The financial results were positively impacted by the support for cryptocurrencies, which appeared for PayPal customers in the United States on November 12.

The thing is that there were already lots of people who wanted to make use cryptocurrency, but they didn’t know how because proper information was not reaching them to be able to understand it (though I would still say that some of them are being reluctant). But seeing PayPal dive into the cryptocurrency field would have motivated a lot of people, and since they are already a well established company that has been around for years now, from 1998, lots of these people have decide to make it their go-to when they are buying cryptocurrency.

[JollyGood]

Paypal was a giant that outgrew its parent company eBay and had to be separated as a stand alone. With the hundreds of billions and potential trillions at stake in the crypto market cap it was only a matter of time before Paypal jumped in to crypto.

The downside by using Paypal in the past was always the clawback or dispute system that allows the sender of money via Paypal to ask for it back - how this will affect Paypal-crypto transactions in future will have to be seen.

In the fourth quarter, payment giant PayPal attracted 16 million new customers and processed payments worth $277 billion. According to CEO Dan Shulman, the company is actively investing in the cryptocurrency division, which more than met expectations.

PayPal's total revenue for the fourth quarter increased by 23% to $6.12 billion in the fourth quarter. The financial results were positively impacted by the support for cryptocurrencies, which appeared for PayPal customers in the United States on November 12.

PayPal's declares its uniqueness and therefore inevitably leads to profit, but whether this is really so in the end we will decide

Now: Centralization reports on profit and decentralization shows a growing volume and on which side you will decide

[FlightyPouch]

It is true that Paypal might be bringing a lot of investors into the market but people should realize that Paypal owns the bitcoin they are "buying". As they've said, there is no decentralization in Paypal, and I think we can say that they might try to overrun the market with their volumes to manipulate the people and the market as well.

[Sithara007]

It is true that Paypal might be bringing a lot of investors into the market but people should realize that Paypal owns the bitcoin they are "buying". As they've said, there is no decentralization in Paypal, and I think we can say that they might try to overrun the market with their volumes to manipulate the people and the market as well.

It is the same case as holding your coins in an exchange. A lot of people do hold their cryptocurrency in various exchange wallets (where they don't have access to the private keys). Then why we should single out PayPal? After all, PayPal has been in operation for more than two decades and they are trusted all around the world. I would say that the risk of PayPal running away with your money is much lower than the risk with some of the cryptocurrency exchanges (especially those small-sized and medium-sized ones).

[RealMalatesta]

The intention was to use cryptocurrency as a tool to increase the userbase (i.e in order to gain new followers) and to venture in to one of the fields which has constantly shown very high growth rates. And I am glad that in the end it worked out well for them. And hopefully the other corporations would notice this and take steps to integrate Bitcoin to their own platforms.

Yeah, the move was more forced than adopted because paypal was observing the craze among customers regarding cryptocurrencies and them adopting bitcoin is more beneficial for them than it is for bitcoins. Bitcoins does benefit as we have more investors but overall paypal got the better off the decision.

You can actually buy crypto from paypal now? is it only for US? because i am not from US and can't find it on my paypal account. So how does it work? you can buy, sell and withdraw it to your own wallet like exchange?

I am not sure because I stopped using paypal long time ago when a scammer tricked me by reversing a payment and paypal never even tried to help me despite I was the one who is being scammed. I believe the buying of bitcoin is only for USA users, you are right.

[Twinkledoe]

I still didnt get why people are buying crypto on paypal if you cant withdraw it from there

For newbie in crypto and PayPal user, this is their easiest way to get a hold of crypto. Because if you are a long time user, you will not use their platform as you can't get out your crypto from them. You can just buy and sell within PayPal. So they are just reaching mostly new crypto users, which is a lot as they have millions of users on their platform itself.

[bakasabo]

I still didnt get why people are buying crypto on paypal if you cant withdraw it from there

For newbie in crypto and PayPal user, this is their easiest way to get a hold of crypto. Because if you are a long time user, you will not use their platform as you can't get out your crypto from them. You can just buy and sell within PayPal. So they are just reaching mostly new crypto users, which is a lot as they have millions of users on their platform itself.

Exchanges such as Binance or crypto.com are the easiest way to get crypto as far as I know. For a newbie, if he googles "buy crypto", these links still will be first on the list.

Paypal first need to expand list of countries, who are able to buy bitcoin. So far only US Paypal users can by cryptocurrency. Also they need to make their "Bitcoin" as a real Bitcoin. Give users privatkeys and allow to trade Bitcoin not only within their platform. Btw, interesting to see the amount of new crypto Paypal users, that have registered on the platform only to trade Bitcoin.

[darewaller]

Exchanges such as Binance or crypto.com are the easiest way to get crypto as far as I know. For a newbie, if he googles "buy crypto", these links still will be first on the list.

Paypal first need to expand list of countries, who are able to buy bitcoin. So far only US Paypal users can by cryptocurrency. Also they need to make their "Bitcoin" as a real Bitcoin. Give users privatkeys and allow to trade Bitcoin not only within their platform. Btw, interesting to see the amount of new crypto Paypal users, that have registered on the platform only to trade Bitcoin.

I do not think that binance allows you to "buy bitcoin" in any form for most countries, sure they could be available in some nations but for many nations they are just an altcoin exchange where you buy and sell crypto between each other but there is no connection of binance with your bank account, hence it is not possible to buy bitcoin from binance.

Secondly I think it is quite evident that we are not in a situation where paypal could be available for crypto in many nations, it could be tested and asked for but it is going to take some time. Why? Because people are not really checking how laws work, paypal does check that and takes that seriously. Moreover, if Paypal wants to open bitcoin purchases and so forth just like how they did in USA but for another country, there is a lot of paperwork they have to handle before they can start that, which means a lot of time back and forth between paypal and authorities.

[The Sceptical Chymist]

I meant to jump on this earnings call. I also wish they would have been more specific about how much they actually made, or how much business they actually did dealing with cryptocurrency directly. 

Do they usually give out detailed info like that on earnings calls?  I seriously have no idea since I never listen to them.

But you still can't buy actual bitcoin through PayPal if I'm not mistaken, is that right?  I thought they were going with some kind of Robinhood model, where you can buy bitcoin in name only but not have access to your private keys.  Did PayPal end up buying a bunch of bitcoin?  That would certainly help explain the price bump as of late, along with all the other institutional buying.

[FlightyPouch]

It is true that Paypal might be bringing a lot of investors into the market but people should realize that Paypal owns the bitcoin they are "buying". As they've said, there is no decentralization in Paypal, and I think we can say that they might try to overrun the market with their volumes to manipulate the people and the market as well.

It is the same case as holding your coins in an exchange. A lot of people do hold their cryptocurrency in various exchange wallets (where they don't have access to the private keys). Then why we should single out PayPal? After all, PayPal has been in operation for more than two decades and they are trusted all around the world. I would say that the risk of PayPal running away with your money is much lower than the risk with some of the cryptocurrency exchanges (especially those small-sized and medium-sized ones).

Well, I am not leaving exchanges in this, it is just that most of the people that ask me about Paypal accepting Bitcoin seems a big of a deal to me and i is very annoying since they thought that since Paypal accepts buying bitcoin means it is all because of that platform. They are just new in the market and they don't have any idea about not having the private key just means that is not their bitcoin.

[baeva]

Don't get it wrong guys, but Paypal doesn't really care about Bitcoin. The only thing that matters is the profit it can bring to the company. They just noticed Bitcoin could be a good cash cow and there is a ton of money to make out of it.

I didn't read the whole PDF but there is a need to make things separate. What comes from the addition of Bitcoin and what comes from the other part. Do you think the percentage increase is only due to the addition of Bitcoin? Not at all.
Even the free cash flow decreased starting at Q2 2020, the same for the number of active accounts but not the number of payment transactions.

What does it mean? It means there is the same number of people using Paypal but they are using it more frequently. Hence the profits' increase.
But why?
Because online shopping has increased drastically in the last year with covid and as Paypal is the most popular payment method people use, it makes sense.
Amazon has also doubled its profits but they have not added Bitcoin.

This only means to me that there's a great demand for decentralized transactions

For your information, there is no decentralization in Payal. People are simply buying a token backed by BTC, they don't own BTC, Paypal does

thanks to this they can speculate easily and simply, that's all. Such a large company could easily influence the news background by announcing an investment in bitcoin or entering processing of a digital currency, which would significantly increase its value, and after that, as the price grows, sell its assets and make good money
 

[Novatech8]

I'm surprised, even after all the paypal freezing some crypto accounts many people are still using the platform to trade and cans out crypto? I wonder what will happen if mastercard takes crypto into it's platform, it will be so damn good, crypto is definitely going places

[Vishnu.Reang]

The intention was to use cryptocurrency as a tool to increase the userbase (i.e in order to gain new followers) and to venture in to one of the fields which has constantly shown very high growth rates. And I am glad that in the end it worked out well for them. And hopefully the other corporations would notice this and take steps to integrate Bitcoin to their own platforms.

Yeah, the move was more forced than adopted because paypal was observing the craze among customers regarding cryptocurrencies and them adopting bitcoin is more beneficial for them than it is for bitcoins. Bitcoins does benefit as we have more investors but overall paypal got the better off the decision.

It is mutually beneficial. You can't say that the Bitcoin users didn't benefited from the move, because the exchange rates shot up immediately after the news was first published. The rally took exchange rates from $10,000 to $42,000. Some of it can be attributed to the supply crunch which was caused as a result of the block reward halving, but PayPal was the main driver.

And I believe that once they add full functionality to the US users, such as the options to make payment with PayPal BTC and withdrawal of PayPal BTC to non-PayPal wallets, we will see a tremendous jump in adoption. So right now we have two factors that are working in favor of Bitcoin. The first one is adoption by PayPal (and others such as MasterCard taking steps towards their own adoption of BTC). The second one is the interest shown by corporations such as Tesla to use Bitcoin as a store of value.

[Daltonik]

PayPal will increase the integration of cryptocurrencies into its business, including positioning the supported app as a digital wallet for global national digital currencies such as CBDC. Such plans were shared by the company's CEO Dan Shulman at a conference with investors on February 11.
PayPal's roadmap involves turning into a platform for CBDC. The head of the payment company believes that central banks can distribute the issued tokens among consumers through the company's wallets. During the conference, Shulman stressed that the next step of the company could be the use of smart contracts and tokenization.

[RealMalatesta]

It is mutually beneficial. You can't say that the Bitcoin users didn't benefited from the move, because the exchange rates shot up immediately after the news was first published. The rally took exchange rates from $10,000 to $42,000. Some of it can be attributed to the supply crunch which was caused as a result of the block reward halving, but PayPal was the main driver.

And I believe that once they add full functionality to the US users, such as the options to make payment with PayPal BTC and withdrawal of PayPal BTC to non-PayPal wallets, we will see a tremendous jump in adoption. So right now we have two factors that are working in favor of Bitcoin. The first one is adoption by PayPal (and others such as MasterCard taking steps towards their own adoption of BTC). The second one is the interest shown by corporations such as Tesla to use Bitcoin as a store of value.

Wait wait wait, you think paypal caused the price to move from 10k to 42k? First of all we moved from 10k to 20k range before the paypal news broke out, secondly we moved from 30k levels at the start of january to 47k+ the other day, do you think that was paypal too?

You can't just name everything is thanks to paypal, sure it had a hyped help that pumped the price a bit but it was literally smaller than Elon Musk tweeting and Tesla buying bitcoin, so paypal was minor compared to those things. We went up before paypal and after paypal and we would have even without paypal for sure. In any case I have to say that paypal didn't hurt it of course, we did had some benefits, I just do not like the "way" they did it, but no matter how they did it, it was definitely beneficial for both sides, not a whole lot, not 10k to 42k but it did benefited a bit.

[Saisher]

They are lucky more than we are, they are raking in profit that was such a nice move moving and adopting Cryptocurrency at the right time, PayPal is now a role model of every big companies and institutions that they should adopt new technology and open to new changes because it will benefit them tremendously, just like what the stat is showing on PayPal volume.

[bryant.coleman]

They are lucky more than we are, they are raking in profit that was such a nice move moving and adopting Cryptocurrency at the right time, PayPal is now a role model of every big companies and institutions that they should adopt new technology and open to new changes because it will benefit them tremendously, just like what the stat is showing on PayPal volume.

It takes a lot of courage to deviate from the statements that were issued previously and to admit own mistakes. PayPal was very critical of Bitcoin a few years ago. They even closed down a number of accounts that were used for cryptocurrency trading. But eventually they admitted that cryptocurrency is the future of finance and they will benefit if they adopt Bitcoin in their platform. To their credit, they admitted their mistake as soon as it was evident and went for Bitcoin without wasting any time. Now MasterCard is following their footsteps and the other payment processors such as Visa are also looking towards Bitcoin adoption seriously.

[oHnK]

They are lucky more than we are, they are raking in profit that was such a nice move moving and adopting Cryptocurrency at the right time, PayPal is now a role model of every big companies and institutions that they should adopt new technology and open to new changes because it will benefit them tremendously, just like what the stat is showing on PayPal volume.

It takes a lot of courage to deviate from the statements that were issued previously and to admit own mistakes. PayPal was very critical of Bitcoin a few years ago. They even closed down a number of accounts that were used for cryptocurrency trading. But eventually they admitted that cryptocurrency is the future of finance and they will benefit if they adopt Bitcoin in their platform. To their credit, they admitted their mistake as soon as it was evident and went for Bitcoin without wasting any time. Now MasterCard is following their footsteps and the other payment processors such as Visa are also looking towards Bitcoin adoption seriously.

Therefore, it is very possible that in the future crypto will have a very bright era.  It's not like they said that currently there is only a price bubble that will suddenly collapse like in 2017. Even though these two cases are very different, and currently many support Bitcoin and other Cryptocurrencies as an investment.  I think those who are too skeptical of crypto are just old-fashioned economists.

[SquallLeonhart]

It is obvious that paypal had a role in it because it was during this pump and it "helped", it is also obvious that paypal wasn't the only reason neither, it is basically a whole bull run that everyone takes advantage of.

Grayscale had a huge role in it that's true, Tesla came out in the end but we were 40k by that time, and everything else played a role, hell if you bought 100 dollars worth of bitcoin during this period you helped too, just not in the same size of course but you still did because many people with 100 bucks worths something in the end.

We can't say that "this is the reason" exactly because it is a whole combination of things creating this weird butterfly effect in the prices, one thing happens and increases the price a bit, if nothing else would happen the price would be there or even go back down but another thing reacts to it and increases some more and another reacts... goes on like that and all of them combined worths something.

[Sithara007]

It is obvious that paypal had a role in it because it was during this pump and it "helped", it is also obvious that paypal wasn't the only reason neither, it is basically a whole bull run that everyone takes advantage of.

Grayscale had a huge role in it that's true, Tesla came out in the end but we were 40k by that time, and everything else played a role, hell if you bought 100 dollars worth of bitcoin during this period you helped too, just not in the same size of course but you still did because many people with 100 bucks worths something in the end.

We can't say that "this is the reason" exactly because it is a whole combination of things creating this weird butterfly effect in the prices, one thing happens and increases the price a bit, if nothing else would happen the price would be there or even go back down but another thing reacts to it and increases some more and another reacts... goes on like that and all of them combined worths something.

Among all the triggers that are listed here, the one from PayPal was the first and it came when Bitcoin was struggling. The other triggers occurred when the bull run was already ongoing.. So for me, the most important one was the adoption from PayPal. And although I am not much sure about it, I assume that PayPal adoption in someway made an impact on Grayscale/Tesla. Going first always takes a lot of courage.

[Snappycoco]

Paypal is one of the most well known company in terms transaction online. By accepting crypto, I am not surprise they would boom like other companies. It also attracts Paypal costumers to use crypto as well and by that BTC is now in a bull run.

[shoreno]

Paypal is one of the most well known company in terms transaction online.

what about online shops and others .  because when you say online transaction , that does not mean paypal or payment processors . amazon , ebay , etc are popular companies online and they have other payment methods not only paypal that people are using to transact .

By accepting crypto, I am not surprise they would boom like other companies. It also attracts Paypal costumers to use crypto as well and by that BTC is now in a bull run.

other companies are already booming without the help of crypto and they also accept crypto but nothing happen or there no major changes with them  . many users dont like purchasing crypto in paypal but its surprising that they still got that statistics but btc bull run cause by other things too

[bryant.coleman]

Therefore, it is very possible that in the future crypto will have a very bright era.  It's not like they said that currently there is only a price bubble that will suddenly collapse like in 2017. Even though these two cases are very different, and currently many support Bitcoin and other Cryptocurrencies as an investment.  I think those who are too skeptical of crypto are just old-fashioned economists.

Back in 2017, everyone know what happened. Bitcoin was overhyped and it went up by too much in very little time. Also, there was a lot of FOMO. Those who invested in Bitcoin near to peak prices ($15,000-$20,000) lost most of their capital in a matter of just 12 months. This time, the spike is more gradual. What we are witnessing now is the continuation of the bull run, which started after the block reward halving in 2020. But I have a feeling that many of the alts are still overpriced. Do you really think that coins such as Polkadot and Chainlink deserve valuations in excess of $10 billion?

[mannybitcoins]

Cryptoquant CEO Ki Yong Joo tweeted a timeline for withdrawing BTC from major exchanges. The previous cycle, 2016-2017, was accompanied by a massive influx and cash-out of whales. Now to other actors: institutions, PayPal, CashApp. The price of BTC flies up without stopping amid such global withdrawals of Bitcoin.

[Daltonik]

PayPal is preparing to purchase the Curv cryptocurrency storage service, after the breakdown of negotiations on the purchase of the BitGo service at the end of last year, PayPal was then ready to pay $750 million

[Daltonik]

According to a statement from Reuters, paypal will open the possibility of paying in cryptocurrency for its US customers in millions of retail outlets, as stated by the head of the company Dan Shulman in 29 million retail outlets "For the first time, users have the opportunity to pay directly with cryptocurrency, similar to how it is done with credit and debit cards inside a PayPal wallet"
https://www.reuters.com/article/crypto-currency-paypal/exclusive-paypal-launches-crypto-checkout-service-idUSL1N2LR0OD

 

[oHnK]

According to a statement from Reuters, paypal will open the possibility of paying in cryptocurrency for its US customers in millions of retail outlets, as stated by the head of the company Dan Shulman in 29 million retail outlets "For the first time, users have the opportunity to pay directly with cryptocurrency, similar to how it is done with credit and debit cards inside a PayPal wallet"
https://www.reuters.com/article/crypto-currency-paypal/exclusive-paypal-launches-crypto-checkout-service-idUSL1N2LR0OD

 

looks like this is one of the factors supporting the rise in BTC today.  I think in somedays BTC will return ATH.  Big investors must have smelled this news before it aired and soon they are keeping their assets to be multiplied in the future.  However, the influence of the news is how much I feel is only a few percent. The convenience that Paypal provides will boost the value of transactions that exist in BTC and other cryptos. This convenience will also familiarize many US people with transactions and make crypto a medium of exchange.

[Vishnu.Reang]

According to a statement from Reuters, paypal will open the possibility of paying in cryptocurrency for its US customers in millions of retail outlets, as stated by the head of the company Dan Shulman in 29 million retail outlets "For the first time, users have the opportunity to pay directly with cryptocurrency, similar to how it is done with credit and debit cards inside a PayPal wallet"
https://www.reuters.com/article/crypto-currency-paypal/exclusive-paypal-launches-crypto-checkout-service-idUSL1N2LR0OD

But what about the tax implications? From what I have heard, the IRS needs American citizens to mention every cryptocurrency transaction in the income tax return, irrespective of the size. So if someone makes a few dozen purchases with PayPal BTC, doesn't he need to provide the details of all these transactions in his return? It is going to be extremely tedious. Maybe PayPal will do something to take care of this issue. They can provide an annual statement to the users, which can be used to file returns.

[Daltonik]

Coinbase has allowed US residents to buy cryptocurrencies using PayPal, users can use debit cards and bank accounts linked to PayPal. The exchange has set a daily limit of up to $25,000, fee will be 3.99%

[cheezcarls]

I think this is way expected in the long run. Think about this guys! Paypal has millions of users around the world since it was introduced to the public for more than 2 decades. I’ve been a Paypal user since 2009, but shifted to Bitcoin in mid-2017. However, I was still using Paypal for my monthly subscription such as Canva, Zoom, etc.

Paypal adopted Bitcoin and cryptocurrencies since last year, and it was really expected that there will be a gradual growth of the number of users who are using Paypal to store and trade cryptocurrencies. It was indeed beyond expectations, and I have no doubts that it will continue to gradually grow in the next few years.

[goldade]

I think this is way expected in the long run. Think about this guys! Paypal has millions of users around the world since it was introduced to the public for more than 2 decades. I’ve been a Paypal user since 2009, but shifted to Bitcoin in mid-2017. However, I was still using Paypal for my monthly subscription such as Canva, Zoom, etc.

Paypal adopted Bitcoin and cryptocurrencies since last year, and it was really expected that there will be a gradual growth of the number of users who are using Paypal to store and trade cryptocurrencies. It was indeed beyond expectations, and I have no doubts that it will continue to gradually grow in the next few years.

I actually do agree with you that it's expected and it's what's meant to be. PayPal is giant company on its own and have quite a lot of users. With bitcoin, however, many of these users have a better alternative because many people want to pay less for transaction, want their anonymity and want to be free, so to say.
So with adoption of bitcoin by PayPal,  it wasn't necessary any more to stop using PayPal. This means that the number of users of PayPal would increase tremendously.
I believe there will be gradual increase in the next few years and I hope you also know what this means for the crypto community.

[verita1]

I also think that it is a positive impact for users in Paypal and therefore in bitcoin because as more people know how to make use of bitcoin and using the services that Paypal offers, it is a great success for her as a leader in the industry.
In this time of crisis it is necessary to unite all efforts so that the economy runs its course for the benefit of all.

[lalabotax]

I wonder that PayPal's big-name really gives an influence on this.
however, can we still not able to withdraw cryptocurrency from PayPal? So we only can only trade crypto there and then converting or using it to buy certain products or convert to fiat at that platform in able to withdraw it?
I am wondering how PayPal progress will be for cryptocurrency

[7788bitcoin]

I wonder that PayPal's big-name really gives an influence on this.

There are many users that are still using the PayPal services and they have a huge user base than any other service and hence their adoption is a big influence in the market.

however, can we still not able to withdraw cryptocurrency from PayPal? So we only can only trade crypto there and then converting or using it to buy certain products or convert to fiat at that platform in able to withdraw it?

It is said that paypal will add the withdraw feature soon, right now you can purchase things using the coins you are holding, i need to check the fees and everything to see whether it is feasible for small amounts either way we might see more changes in the platform.

I am wondering how PayPal progress will be for cryptocurrency

Merchant adoption as we might see more merchants accepting bitcoin.

[Sithara007]

I wonder that PayPal's big-name really gives an influence on this.
however, can we still not able to withdraw cryptocurrency from PayPal? So we only can only trade crypto there and then converting or using it to buy certain products or convert to fiat at that platform in able to withdraw it?
I am wondering how PayPal progress will be for cryptocurrency

A lot of people have already mentioned this, and I think PayPal will enable cryptocurrency withdrawals sometime in this year. One issue that may of concern is the strict KYC requirements for cryptocurrency transactions that are required. As long as someone is buying cryptocurrency and selling it within the PayPal platform, this issue doesn't arise. However, transferring to a personal wallet may be more complicated when compared to this.

[Daltonik]

PayPal is supposedly exploring the possibility of launching its own stablecoin. This is reported by The Block, citing sources familiar with the situation. A PayPal representative in a comment to The Block said that the firm continues to explore the potential of digital currencies and infrastructure https://www.theblockcrypto.com/post/103617/paypal-has-held-exploratory-talks-about-launching-a-stablecoin-sources

^{"It looks like they are more likely to do something with an existing stablecoin partner rather than build something themselves, because I think it will bring something to market faster, and I think that's their main concern"}

[zanezane]

I also think that it is a positive impact for users in Paypal and therefore in bitcoin because as more people know how to make use of bitcoin and using the services that Paypal offers, it is a great success for her as a leader in the industry.
In this time of crisis it is necessary to unite all efforts so that the economy runs its course for the benefit of all.

Right, if we just don't accept that the company is doing initiative to have more users become curious with bitcoin then we won't go anywhere. I have my problems with PayPal but I love that they are going beyond in terms of crypto usage.

[iphone5s]

I also think that it is a positive impact for users in Paypal and therefore in bitcoin because as more people know how to make use of bitcoin and using the services that Paypal offers, it is a great success for her as a leader in the industry.
In this time of crisis it is necessary to unite all efforts so that the economy runs its course for the benefit of all.

Right, if we just don't accept that the company is doing initiative to have more users become curious with bitcoin then we won't go anywhere. I have my problems with PayPal but I love that they are going beyond in terms of crypto usage.

Is it possible that paypal is experiencing good things because the price of Bitcoin and other virtual currencies has increased in price? This could be one of the benefits of Bitcoin and other coins. But I hope it will last a long time or have a more surprising rise than this to see the benefits that can be felt in other things.

[FanEagle]

Centralization reports on profit and decentralization shows a growing volume and on which side you will decide

I am not seeing big differences between profit levels and volumes as both might get us the same things. So, getting into decentralization for privacy and freedom reasons will make sense to me. I am just wondering how wise paypal is on deciding a timely decisions to adopt cryptos into their business. Because, that must be the core reason why they have up surge in their revenue.

At the same time, I feel pathetic for the people who never gets time to think beyond paypal. It shows lots people still must need enlightenment on latest technological improvements. The bad part is paypal's cruel policies are not still a big concern for most people, it seems.

[Febo]

Do we know Paypal Bitcoin wallet or wallets? And how many Bitcoins is on them. If they will just show us numbers how much Bitcoin people bought on their platform is very silly. Bitcoin have transparent ledger so they can prof their holdings very easy. Bigger problem will be to prove how much Bitcoins their customers really have. And if those numbers match.

[Daltonik]

PayPal reported for the first quarter of 2021. According to the report, GAAP profit increased from $84 million to $1.1 billion, adjusted profit by 85%, from $786 million to $1.5 billion. Revenue increased by 31%, from $4.62 billion to $6.03 billion. The total volume of payments on PayPal in the first three months of the year increased by 50%, to $285 billion. The number of active users increased by 14.5 million to 392 million people https://s1.q4cdn.com/633035571/files/doc_financials/2021/q1/Q1-21-PayPal-Earnings-Release.pdf

[lixer]

Revenue increased by 31%, from $4.62 billion to $6.03 billion.

If it is all about net revenue then paypal must be doing great just because of adopting cryptocurrencies. They themselves declared about the performance as the strongest results in their history which might be alarming to others to think about incorporate cryptocurrencies at any possible manner so that they could enjoy good revenue by adding new set of customers for their business. Not sure how many of other market giants to start think about adding cryptos into their business model.

I just wonder why payapl did not add cryptos to their business last year but along with on going bull run. I mean if they have added last year itself then we might have started bull run earlier than usual which might have led to have bigger ATH than usual .

[MI6]

Revenue increased by 31%, from $4.62 billion to $6.03 billion.

If it is all about net revenue then paypal must be doing great just because of adopting cryptocurrencies. They themselves declared about the performance as the strongest results in their history which might be alarming to others to think about incorporate cryptocurrencies at any possible manner so that they could enjoy good revenue by adding new set of customers for their business. Not sure how many of other market giants to start think about adding cryptos into their business model.

I just wonder why payapl did not add cryptos to their business last year but along with on going bull run. I mean if they have added last year itself then we might have started bull run earlier than usual which might have led to have bigger ATH than usual .

Maybe because of today’s situation that they start seeing things as potential strong venture such as cryptocurrency. And not to mention that when everything was going down, crypto industry in standing still and going up.

[dezoel]

This shows nothing regarding crypto. The increase in paypals profits are not about the crypto acceptance, I believe it is fully about the fact that we are in a pandemic and that is the main reason, it doesn't mean that we should be doing anything that would shock the world, it just means that paypal has profited a lot from people staying at home and making purchases online instead of anywhere else. This is why it was not something I was baffled by.

If you think this is about crypto, you haven't paid attention to outside in the past 1 year, everyone is either dying or living with the risk of dying and that is just way too much risk and we shouldn't forget that when we are talking about online related business'. Look at Amazon, during a period when everyone was doing horrible, those guys managed to actually make an awful lot of profit all because they were capable of delivering during lockdowns.

[Daltonik]

According to the company's vice president Jose Fernandez da Ponte, PayPal will add the ability to withdraw cryptocurrencies to third-party wallets, the function of withdrawing digital assets is under development. He did not specify when exactly it will appear on the platform. https://www.coindesk.com/paypal-will-let-customers-withdraw-crypto-exec-says

^{"We want to give our customers a choice, something that allows them to pay in any way they prefer. They want to bring their cryptocurrency to us to use it for purchases, and we want them to be able to take the funds received through us and withdraw them to any place of their choice"}

[nightxglow]

According to the company's vice president Jose Fernandez da Ponte, PayPal will add the ability to withdraw cryptocurrencies to third-party wallets, the function of withdrawing digital assets is under development. He did not specify when exactly it will appear on the platform. https://www.coindesk.com/paypal-will-let-customers-withdraw-crypto-exec-says

^{"We want to give our customers a choice, something that allows them to pay in any way they prefer. They want to bring their cryptocurrency to us to use it for purchases, and we want them to be able to take the funds received through us and withdraw them to any place of their choice"}

Oh so we will have cryptocurrency as one of the method payment? or we can only withdraw and receive cryptocurrency and converting it into fiat? I'm not quite understand yet, however this is a good news. Paypal is well known, and a big platform, so of course this will be really beneficial for bitcoin, it can make people able to use bitcoin easily, since paypal is now helping us. I hope there will be more news regarding this soon, and we will know when it will appear on Paypal, can't wait!

[Sithara007]

Even now I could see a lot of negative comments against PayPal in this forum. People don't have an issue in storing their coins in an exchange wallet suddenly have a problem with using the cryptocurrency services provided by PayPal. Now with the added option of withdrawing the coins to a third party wallet, none of these arguments makes sense. I am not a big fan of PayPal. The last time I used their service was ten years ago. But still, I need to say that PayPal has made cryptocurrency more accessible to tens of millions of people.

[AicecreaME]

Paypal is one of those institutions that have adopted cryptocurrency because they have seen its potential and as an alternative mode of payment in transactions. Large volume of trading, buying, and selling is a great indicator that there are many people out there interested in what cryptocurrency has to offer. Maybe it paved a way for easy access to them, which explains why the volumetric rate of crypto users was beyond the expectation of the company and its old users.

I just hope Paypal is providing good service despite the surge of users on their platform. This trading volume surely gave and is still giving them a huge sum of money. I hope their aim on adopting crypto won't be just because of profit.

[int03h]

The trading volume on Paypal is pretty good and it's a really good place to support crypto. The demand for cryptocurrency is increasing so people will use Paypal to exchange crypto more. In this case, both Paypal and the crypto market benefit. People have difficulty in using a credit card, bank to buy cryptocurrency so Paypal is a better and more frequent choice.
I believe that in the future the cryptocurrency market will be welcomed around the world through financial companies, technology companies.

[mamahdedeh]

The trading volume on Paypal is pretty good and it's a really good place to support crypto. The demand for cryptocurrency is increasing so people will use Paypal to exchange crypto more. In this case, both Paypal and the crypto market benefit. People have difficulty in using a credit card, bank to buy cryptocurrency so Paypal is a better and more frequent choice.
I believe that in the future the cryptocurrency market will be welcomed around the world through financial companies, technology companies.

With this convenience, this will encourage PayPal to develop. we know that with the popularity of cryptocurrencies, it will increase the community, so the positive thing from paypal is to improve its services to provide access to cryptocurrencies

[Kittygalore]

The trading volume on Paypal is pretty good and it's a really good place to support crypto. The demand for cryptocurrency is increasing so people will use Paypal to exchange crypto more. In this case, both Paypal and the crypto market benefit. People have difficulty in using a credit card, bank to buy cryptocurrency so Paypal is a better and more frequent choice.
I believe that in the future the cryptocurrency market will be welcomed around the world through financial companies, technology companies.

It's good until your funds got locked out for no reason which is already happening for some users in PayPal so I don't think that it's best if we aren't fully happy with these news, I will still be cautious in using PayPal because not your key, not your coins right?

[int03h]

The trading volume on Paypal is pretty good and it's a really good place to support crypto. The demand for cryptocurrency is increasing so people will use Paypal to exchange crypto more. In this case, both Paypal and the crypto market benefit. People have difficulty in using a credit card, bank to buy cryptocurrency so Paypal is a better and more frequent choice.
I believe that in the future the cryptocurrency market will be welcomed around the world through financial companies, technology companies.

It's good until your funds got locked out for no reason which is already happening for some users in PayPal so I don't think that it's best if we aren't fully happy with these news, I will still be cautious in using PayPal because not your key, not your coins right?

It's like sending money to Binance for trading, your keys and crypto belong to Binance.
Just like Binance, Paypal has allowed people to withdraw money to their wallets. You think Paypal will take your money right? They won't do it because they have a reputation and a company value of hundreds of billions of dollars.

[Gatorelf]

PayPal made it extremely easy to buy and sell a few cryptos without having to open another account somewhere and go through all that series of proof of Identity headache. It literally takes seconds and their account holders were already using the platform for many transactions.

[Daltonik]

PayPal has announced an increase in the limit on the purchase of cryptocurrencies for US customers from the current $20,000 to $100,000 per week. PayPal has promised to support efforts to increase user awareness of digital assets.

[Daltonik]

Dan Shulman, CEO of Pay Pal, said that the company's specialists have completed work on the code base of the initial version of their own crypto wallet, which will be integrated into the super app. According to him, PayPal intends to fully deploy the service in the US in the next few months.

[Daltonik]

After PayPal's announcement about opening the possibility of buying, storing and selling cryptocurrency to customers from the UK, PayPal's trading volumes will increase even more. British PayPal users can make transactions with Bitcoin, Ethereum, Litecoin and Bitcoin Cash. They will also have access to educational content.

[Vishnu.Reang]

^^^ So UK is the second country after the United States, where PayPal is allowing their users to purchase Bitcoin? I guess soon they will make Bitcoin available on their platform, in all the countries where it is 100% legal. This is proving to be mutually beneficial, to both the cryptocurrency users and to the PayPal shareholders. I am sure that the increase in PayPal quarterly profits is at least partially due to the inflow of funds from cryptocurrency users. The traditionalists are going to be disappointed, but ordinary Bitcoin users don't care. 

[Daltonik]

PayPal UK has officially announced that all its customers in the UK can now buy, sell and store cryptocurrencies, supported digital assets include Bitcoin, Bitcoin Cash, Ethereum and Litecoin.

[Pejoh Asu]

PayPal UK has officially announced that all its customers in the UK can now buy, sell and store cryptocurrencies, supported digital assets include Bitcoin, Bitcoin Cash, Ethereum and Litecoin.

Good news, I'm sure soon we can deposit and withdraw bitcoin and cryptocurrencies on a paypal account, it's time for paypal to adapt to changing times, if we don't adopt cryptocurrencies soon, users will leave and of course paypal will die.

[FanEagle]

PayPal has announced a partnership with Amazon, in which Amazon customers will be able to pay for purchases through the Venmo payment service. The opportunity will appear to users from the United States in 2022, the new feature will be available on the website and in the Amazon mobile app.
https://newsroom.paypal-corp.com/2021-11-08-PayPal-and-Amazon-to-Enable-Customers-to-Pay-with-Venmo-at-Checkout

Would this mean that we could use Paypal to buy stuff with bitcoin on amazon? If that is the case then we could say that there is technically a method that we could use on amazon but if that is not the case then I do not know why it is even here. I get that it is not something that we would all love to see constantly, it is something that I would stay away as much as possible if I could because I hate paypal, but if they really offer a bitcoin purchase on amazon option then I may reconsider using paypal.

The reason why I dislike them is the fact that they support scammers, you may sell something, and it would be really what you sell and then person could do a chargeback and you would be in debt let alone not earn anything plus you are now gone one item that you sent as well.

So because of Paypal, a scammer may cause me money+item together and because of that reason I stopped using them long time ago. However this amazon with crypto thing could make me go back, not as seller but as a buyer.

[oHnK]

[quote
Would this mean that we could use Paypal to buy stuff with bitcoin on amazon? If that is the case then we could say that there is technically a method that we could use on amazon but if that is not the case then I do not know why it is even here. I get that it is not something that we would all love to see constantly, it is something that I would stay away as much as possible if I could because I hate paypal, but if they really offer a bitcoin purchase on amazon option then I may reconsider using paypal.

I don't think that Bitcoin will be a direct medium of exchange in Venmo and Amazon transactions but rather an indirect transaction meaning that before being paid to amazon, I suspect that the crypto in it will be converted to fiat first for spending.  Unfortunately I'm not a Paypal user because some of the main things that I don't think I deserve to have are the way you feel too.

[Fortify]

In the fourth quarter, payment giant PayPal attracted 16 million new customers and processed payments worth $277 billion. According to CEO Dan Shulman, the company is actively investing in the cryptocurrency division, which more than met expectations.

PayPal's total revenue for the fourth quarter increased by 23% to $6.12 billion in the fourth quarter. The financial results were positively impacted by the support for cryptocurrencies, which appeared for PayPal customers in the United States on November 12.

PayPal's declares its uniqueness and therefore inevitably leads to profit, but whether this is really so in the end we will decide

Now: Centralization reports on profit and decentralization shows a growing volume and on which side you will decide

It's nice to see the quarterly figures rising and we all knew that Paypal was going to be a big player once they launched it - Bitcoin has only been getting more good news since that time so we can expect to see higher amounts at the next publication. Paypal certainly isn't unique but they did have a huge customer base that they could push cryptocurrency towards and everyone wants a piece of it right now. Other payment networks will also be getting the memo now that they need to build up similar infrastructure if they want to open up a whole new area of transaction fees, as it is going to be extremely lucrative for the earliest players.

[paxmao]

Beyond whose expectations? At this point in time most people have heard about crypto, bitcoin and the stories about millionaires and fortunes made in a few years are flying around like tales of wonderland. I would expect at least a 30% of the total trade of crypto to be people that do not really know much about it taking small stakes in the most commonly known cryptos. Paypal has an immense advantage due to market dominance and millions of people having an account preexisting.

[19Nov16]

It's time for Paypal to adopt bitcoin, I'm sure if you still rely on conventional systems then paypal will die, it has been proven that the influence of bitcoin is getting stronger and affects many things, I'm sure if paypal immediately accepts cryptocurrencies and presents trading features it will make paypal able to compete with top exchanges at the moment.