Crypto on PayPal

Barnezy

Just saw today that you can now buy Cypto in your PayPal account. 

Wondering if this will create a spike in price, given it's just become much easier to access. 

RaymondLin

Is it Litecoin?

Barnezy

You can buy Bitcoin, Ethereum, BitCash and Litecoin 

RaymondLin

It hasn't done much to the market.  Although as the saying goes, buy the rumour, sell the news.

It's a bit late to buy it now to make money off this update, but i think Litecoin has always been on the cards to be on Paypal for a while now.

markslade07

I saw this, and was thinking of buying a few £ to get in before it spiked, but it seems Paypal now want additional verification of me (drivers licence etc) which the checks will take 2-3 days so guess by the time that's done I will have missed the boat this time

Barnezy

markslade07 said:

I saw this, and was thinking of buying a few £ to get in before it spiked, but it seems Paypal now want additional verification of me (drivers licence etc) which the checks will take 2-3 days so guess by the time that's done I will have missed the boat this time

I wouldn't be so sure. I think it going n PayPal will legitimate Crypto for a lot of people and make them feel more comfortable. Most people who have bought it to date have done so through specialist platforms, I think this brings it to the mainstream. Will be interesting to see what happens now. 

Stratavarious

But… where is Satoshi?

ThePrettyDamned

What vendors accept crypto currencies? 

RaymondLin

If people buy Crypto on Paypal and have never done it before, they are going to be in for a shock when what they have can pay for a Macbook on Friday, then it might only pay for an Apple Watch come Monday.

or vice versa. 

Barnezy

ThePrettyDamned said:

What vendors accept crypto currencies? 

Paypal... therefore TheFretBoard.co.uk

ArchtopDave

Be careful and read PayPal's terms on Cryptocurrencies carefully. It states clearly that you can buy, hold, and sell Crypto within your PayPal Account, but you cannot send it.

 I read an article about this some weeks ago. My understanding is that you cannot buy using the Crypto in your PayPal Account (or accept Cryto for payment) of goods or services, unless you first convert it back in a non Crypto currency ---> obviously PayPal will be charging you their bit for doing this plus you have to contend with currency rates, as I think they initially convert Crypto into Dollars.

hollywoodrox

markslade07 said:

I saw this, and was thinking of buying a few £ to get in before it spiked, but it seems Paypal now want additional verification of me (drivers licence etc) which the checks will take 2-3 days so guess by the time that's done I will have missed the boat this time

What if you have no license etc

markslade07

hollywoodrox said:

markslade07 said:

I saw this, and was thinking of buying a few £ to get in before it spiked, but it seems Paypal now want additional verification of me (drivers licence etc) which the checks will take 2-3 days so guess by the time that's done I will have missed the boat this time

What if you have no license etc

Other photo ID/ proof of address was an option too

skullfunkerry

I bought £5 worth of Ethereum, purely out of curiosity as a) I don't know enough about it to properly play the market, and b) I can't afford to make any big investments at the moment anyway.

When I looked at the options on the PayPal app, Ethereum had risen by the most. It was worth £4.98 almost immediately after I bought it, then went up to £5.09 the next day. If it looks like it's going to consistently rise I might throw a few more ££ in as and when I can afford it. I'm certainly not in a position to be planning my retirement with it or anything though...

grungebob

skullfunkerry said:

I bought £5 worth of Ethereum, purely out of curiosity as a) I don't know enough about it to properly play the market, and b) I can't afford to make any big investments at the moment anyway.

When I looked at the options on the PayPal app, Ethereum had risen by the most. It was worth £4.98 almost immediately after I bought it, then went up to £5.09 the next day. If it looks like it's going to consistently rise I might throw a few more ££ in as and when I can afford it. I'm certainly not in a position to be planning my retirement with it or anything though...

i did pretty much the same with that an the other etherium both currently sat less than the £5. Plus don’t forget PayPal want another 50p on top for the sale. 

TeleMaster

Is this just an opportunity to invest small amounts into Bitcoin/Cryptocurrency via PayPal? It’s not to use as currency I don’t think. 

Nitefly

I don't think I'll bother, now that China has banned ALL crypto currencies!

https://www.bbc.co.uk/news/technology-58678907

roberty

Nitefly said:

I don't think I'll bother, now that China has banned ALL crypto currencies!

https://www.bbc.co.uk/news/technology-58678907

China FUD comes around a lot, usually around options expiry lol. DEX tokens are pumping today, possibly because Chinese holders are moving their assets off centralised exchanges. Uniswap is up 25% today, Sushiswap about 20%

roberty

https://coingape.com/uniswap-uni-gains-35-with-trading-volumes-up-by-500-is-it-the-china-effect/

Barnezy

Since posting this, Bitcoin is up 30%. I doubt PayPal had much to do with it, but it definitely makes it more accessible. 

With the risk of high inflation looming, what are peoples thoughts. I've read some predictions from more reliable sources that Bitcoin could tripple in value between now and the new year. If it were to going through rapid growth again and the fact it is now more accessible via PayPal, I'm thinking we'll see a lot more people getting involved. I for one have stayed away from it, as I have never trusted the likes of CoinBase etc, after they shut down their site and  restricted selling when the first big peak collapsed, probably so the owners could off load their holdings first. 

Ultimately this is complete speculation and I'm only investing/gambling a low percentage, but quite interesting to keep track of what is happening. 

gubble

I've only just noticed this thread - I  put £70 into Ethereum via PayPal around a month ago. It's now worth about £72.

 As with anything like this it's a form of gambling in my head and I'm not will to put all my savings into it, however i can afford to loose the £70, but if I sit on it for a few year it may be worth £70k or 70p

So far my return is far outstripping my savings accounts by rather a lot !

As a side note I nearly bought a bitcoin in early 2013 just to see what it was about - I think they were around $15 a pop then but thought nah it's a waste of money - hindsight is a wonderful thing