PayPal cryptocurrency trading volume beyond expectations

[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.

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[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.