PayPal joins the cryptocurrency market

[Millard]

PayPal and Cash App are buying more than 100% of all newly-issued bitcoins​

More than 100%?
I’m gonna have to read this to understand what that means lol

Paypal has made it easy for the masses to invest in Bitcoin. Even though Paypal clients are not directly investing in Bitcoin, Paypal must buy enough Bitcoin to back up the client investments. So, it is on a huge buying spree. Demand is high, supply is limited. Bitcoin prices go up.

It's not very helpful for people who want to use BTC for payments. But it's great for investors and HODLers.

 

[BigDaddyV]

Paypal has made it easy for the masses to invest in Bitcoin. Even though Paypal clients are not directly investing in Bitcoin, Paypal must buy enough Bitcoin to back up the client investments. So, it is on a huge buying spree. Demand is high, supply is limited. Bitcoin prices go up.

It's not very helpful for people who want to use BTC for payments. But it's great for investors and HODLers.

View attachment 138514

I read the article and though it was good I didn’t understand the more than 100% thing till you explained it, thanks!

 

[Millard]

I read the article and though it was good I didn’t understand the more than 100% thing till you explained it, thanks!

It's just a more dramatic way of saying that are buying more BTC than are currently being mined. I think (?) there are about 25,000 new BTC created every month nowadays. So they are buying this amount and then some...

 

[MindlessWork]

With Paypal getting into the market it's buying up as much of the supply of bitcoin as it can to support its customers. So that must be behind the runup in price.

 

[Aftermath9716]

With Paypal getting into the market it's buying up as much of the supply of bitcoin as it can to support its customers. So that must be behind the runup in price.

I always figured it would be govt debt and inflation xD

 

[Millard]

 

[janoshik]

I read the article and though it was good I didn’t understand the more than 100% thing till you explained it, thanks!

It's just a marketing article that's supposed to make you invest into the fund the article mentions out of FOMO (fear of missing out).

I think (?) there are about 25,000 new BTC created every month nowadays.

Roughly about that, yeah.

 

[Nissan]

$19K

 

[janoshik]

$19K

I'm giving it a few days until it hits mainstream media and then it will begin.

Oh lord.

 

[Jerry5000]

The convenience would be great, but if they close accounts for suspected hooliganism like Coinbase does, that would suck. i use PP for most of the (legal) things i buy online.

Just a way for big brother to track you bitcoins. Cash app bad enough

 

[Nissan]

I'm giving it a few days until it hits mainstream media and then it will begin.

Oh lord.

It was on the front page/homepage of the Wall Street Journal yesterday.

 

[jackdiggler]

Hold the phone, Mabel. This is taken from their FAQ.

Can I transfer crypto into and out of PayPal?

Currently, you can only hold the crypto that you buy on PayPal in your account. Additionally, the crypto in your account cannot be transferred to other accounts on or off PayPal.

It appears it's strictly for investment purposes at this point. Lame!

I made this mistake. Lol. I have coins sitting in my PP account. Just sitting. Moron.

 

[BigDaddyV]

I made this mistake. Lol. I have coins sitting in my PP account. Just sitting. Moron.

So you can’t even send them to another crypto wallet?

 

[jackdiggler]

So you can’t even send them to another crypto wallet?

Nope [emoji107]

 

[BigDaddyV]

Nope [emoji107]

BOO

 

[MisterSuperGod]

I made this mistake. Lol. I have coins sitting in my PP account. Just sitting. Moron.

Don't kick yourself too hard. With the value rising the way it has, you may have made an error that turns out to be very profitable.

 

[Millard]

View: https://twitter.com/Cointelegraph/status/1376908074850598912


Exclusive: PayPal launches crypto checkout service
By Anna Irrera
MARCH 30, 202111:34

LONDON (Reuters) - PayPal Holdings Inc will announce later on Tuesday that it has started allowing U.S. consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally, a move that could significantly boost use of digital assets in everyday commerce.

Source: Exclusive: PayPal launches crypto checkout service