Paypal and Venmo to offer Crypto buying and selling

Bitcoin Talk and Cryptocurrencies Cryptocurrency In the News
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A month after Venmo, a mobile payment service owned by PayPal, announced it will allow users to trade with crypto coins directly through their Venmo mobile payment app, using as little as 1 USD, the San Jose based PayPal Holdings Inc said it plans to allow users to withdraw crypto currencies to third party wallets.

For the time being PayPal, which first opened its platform to digital coins last October, does not allow its customers to transfers their crypto holdings outside the PayPal network.

It looks like PayPal is fully integrating with exchanges.

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They see the promise of this new transaction type. Build it and they will come!

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So will we all just have crypto stored in our wallets everywhere but not really use them to pay for anything? :joy:

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Isn’t that ironic? :joy: That part always made me wonder how viable cryptos are.

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Like they can’t all be used as store of value! There’s so many of them!

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My main issue with the idea of cryptos as a store of value (like gold is) is that they’re hugely volatile. How can something that rallies to 60k then drops to 30k be used to store money? It’s great to make a profit, but store money in the longterm? No.

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All I know is we could be rich from crypto by now??? Also: now this reminds me of the dude who borrowed $250k to buy doge… he never sold… :skull:

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If we had invested at the peak we definitely wouldn’t have been rich right now, I think.

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Well def not there haha. Maybe if we put our entire family’s life savings back in 2017 lol.

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Yeah, I was thinking the same. I should’ve bought it when it was really cheap. :pensive:

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I think this becomes a primary sticking point with most industry professionals and institutions. While the huge gains are attractive, managing volatility of this magnitude in the short term is definitely difficult. Double and triple digit moves in minutes and hours has to be frustrating and incredible on the extremes of price movements.

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In the short term or in the long term? I think the long term is an even bigger problem?

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Ooh why do you say that? :open_mouth:

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Tried this using Venmo just now but got turned off by the SSN requirement lol so I bounced.

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Because if one knows how to trade they can,use a single movement up or down to make a profit and get out of the market. But imagine you invest at 60k and then within a few days it drops to 29k and stays around that level for weeks or even months. It’s not a good feeling.

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You’d be fired if you were a hedge fund manager!

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Thankfully, I’d never be a hedgefund manager. :sweat_smile: :joy:

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All terms! I think it’s easy to believe crypto and defi and blockchain are here to stay and they are the future, so long term, those bets are “easy” to make. Short term, it isn’t as clear in my opinion who will take you there exactly.