YUGE News! PayPal to allow users to buy, sell, and hold cryptocurrency!

in LeoFinance7 months ago (edited)

PayPal just released some game-changing news!

In a shocker of a report out this morning, one of the largest payment processing companies in the world jumped on the crypto bandwagon.

Specifically, they announced that they would be allowing their users to buy, sell, and hold cryptocurrency (not just bitcoin) from their wallet.

Also eventually allowing customers to buy things from their wallet using crypto.

The official announcement can be seen here:

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https://www.reuters.com/article/us-paypal-cryptocurrency/paypal-to-allow-cryptocurrency-buying-selling-and-shopping-on-its-network-idUSKBN2761L6

Why this matters...

Like I mentioned above PayPal is one of the largest payment processors, well technically payment aggregators, in the world.

Currently PayPal has more than 346 million user accounts while bitcoin currently has roughly 54 million blockchain wallet users, total.

For those doing the math, that means that bitcoin could 9x it's current users base, at least in theory:

Statistic: Number of Blockchain wallet users worldwide from 3rd quarter 2016 to 3rd quarter 2020 (in millions) | Statista
Find more statistics at Statista

There is one very real caveat to this news though...

According to the announcement it doesn't sound like users will be able to transfer crypto in and out of their PayPal wallets.

Which would probably severally limit the interest among current crypto investors.

image.png

(Source:

1318908402064625664/photo/1) twitter metadata:MTAwdHJpbGxpb25VU0R8fGh0dHBzOi8vdHdpdHRlci5jb20vMTAwdHJpbGxpb25VU0Qvc3RhdHVzLzEzMTg5MDg0MDIwNjQ2MjU2NjQvcGhvdG8vMSl8 ~~~

While that doesn't mean that users will never be able to transfer crypto in and out, it does mean that they won't be able to initially at the very least.

Either way, this is still incredible bullish news for bitcoin and crypto and likely brings millions of new bitcoin users into the fray.

Bitcoin is already breaking previous resistance levels and looks set to make a run at the all time highs in the coming months.

Possibly, even weeks.

Stay informed my friends.

-Doc

Posted Using LeoFinance Beta

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It sure is great news all in all, but I don't think it will be that big of a difference overall due to the limitations. I mean, sure, it's super-cool to buy crypto with paypal, but not being able to transfer it elsewhere is crap in my opinion. We'll just have to wait and see how things develop.

Posted Using LeoFinance Beta

Yea, but they have 346 million users which may be gaining access to bitcoin and crypto for the first time...

Yeah, it sounds really promising, but I doubt it will be truly game-changing. I'm sure they will mess up somewhere, either with some sort of fees or taxes along the way. But I hope it goes well, that would be amazing for crypto.

Posted Using LeoFinance Beta

taxes should be interesting..

If you did it all via paypall it probably wouldn't be that difficult to keep track of, but it would be a major turn to people when they try and buy something with the crypto they bought only to find out that they must also pay taxes on any gain in the value of the crypto.

Perhaps it will be just paypal's problem unless they start reporting big transfers from their users..

I'll wait and let others figure it out.

Well as it stands now, they won't be allowing any transfers of crypto. Just buy and hold or spend.

Right... Everyone wants their cut...

With all the fees and so forth I'm finding it absolutely hilarious that financial Independence is being milked so hard buy all these companies

What fees are you referring to?

PayPal fees and any fees you have to eat by sending cryptocurrencies here or there.

That just pretty much eats up anything you have made.

It says right on there that there will be no fees for buying or selling crypto, and you can't send them anywhere... so no fees in either of those places.

Interesting... Very interesting.

So you can't send them anywhere after you get them to paypal...

Nice move elon.

Elon?

Elon musk owned paypal... Created it...

So... Yeah

Did not know that... Though technically it looks like he created X.com. :)