PayPal increases weekly cryptocurrency purchase limit to $100K, eliminates annual buying...

[Shawn Knight]

What just happened? PayPal is making cryptocurrency more accessible on its platform. The financial services provider recently raised the purchase limit of cryptocurrency for eligible customers to $100,000 per week, a fivefold increase over the previous $20,000 per week limit. PayPal also did away with its $50,000 annual purchase limit.

Doing some quick math, it’s now possible for eligible buyers to purchase up to $5.2 million worth of cryptocurrency over the span of one year.

PayPal users in the US have access to four of the leading crypto assets on the platform: Bitcoin, Litecoin, Bitcoin Cash and Ethereum. Crypto purchased on PayPal is more or less locked on the platform, although holders can now use their virtual currency to pay for goods at millions of merchants.

PayPal earlier this year also extended its crypto services to Venmo, the mobile payment service provider it acquired through its purchase of Braintree in December 2013.

PayPal’s move into crypto helped fuel a rally that started late last year and extended into early 2021. Bitcoin, the largest cryptocurrency by market value, hit an all-time high of more than $63,000 in mid-April but has since lost about half of its value and is currently trading just south of $32,000. While there are some exceptions, most other cryptocurrency has largely mirrored Bitcoin’s performance as of late.

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https://www.techspot.com/news/90447-paypal-increases-weekly-cryptocurrency-purchase-limit-10000-eliminates.html

 

[QuantumPhysics]

All the "crypto gurus" who were promising Bitcoin would be $100,000 by now are nowhere to be found.

In general, crypto is down - as more and more coin scams are created for the market.

I'm just waiting for SEC, IRS and FBI to apply the pressure and shut most of them down for good.

 

[BadThad]

An even faster way to separate money from the fools!

 

[ScottSoapbox]

Were there really that many customers that were buying more than $20K of Bitcoin at a time?

 

[Squid Surprise]

Were there really that many customers that were buying more than $20K of Bitcoin at a time?

Yes there were... hence the change... why else would they do it?

 

[NightAntilli]

All the "crypto gurus" who were promising Bitcoin would be $100,000 by now are nowhere to be found.

In general, crypto is down - as more and more coin scams are created for the market.

I'm just waiting for SEC, IRS and FBI to apply the pressure and shut most of them down for good.

Bitcoin will be $100,000, easily. It's a matter of when. I would be surprised if it actually never reaches $1 million. But we'll discuss that another time.

In general crypto is down? Compared to what? Compared to December 2020 it's the same, and compared to any time before that, crypto is up significantly. Compared to exactly one year ago, I.e. Jul 16th 2020, Bitcoin is up over 240%. If you want to look at the total crypto market cap, that is up over 500%...

The SEC, IRS, FBI, China, Russia nor aliens can do anything to shut crypto down. Not unless they shut the internet down, but that brings a lot of other problems, including the shutdown of the traditional financial system. And even then, don't be surprised if the community finds a way to keep things running.

The only ones bearish on crypto are day traders, and the ones that don't understand the technology. And I definitely don't think the likes of PayPal are stupid. Just saying.

 

[ScottSoapbox]

Yes there were... hence the change... why else would they do it?

Round numbers, fear of missing out, impressing a girl, mirroring competition, CEO pissing match,...

 

[Squid Surprise]

Round numbers, fear of missing out, impressing a girl, mirroring competition, CEO pissing match,...

Sorry, my bad... let me rephrase..
“Realistically, why else would they do this?”

 

[ScottSoapbox]

Sorry, my bad... let me rephrase..
“Realistically, why else would they do this?”

fear of missing out on a crypto whale, mirroring the competition, CEO gamesmanship, a consultant's recommendation,...

There are many reasons companies do something that is not customer driven.

 

[kiwigraeme]

Bitcoin will be $100,000, easily. It's a matter of when. I would be surprised if it actually never reaches $1 million. But we'll discuss that another time.

In general crypto is down? Compared to what? Compared to December 2020 it's the same, and compared to any time before that, crypto is up significantly. Compared to exactly one year ago, I.e. Jul 16th 2020, Bitcoin is up over 240%. If you want to look at the total crypto market cap, that is up over 500%...

The SEC, IRS, FBI, China, Russia nor aliens can do anything to shut crypto down. Not unless they shut the internet down, but that brings a lot of other problems, including the shutdown of the traditional financial system. And even then, don't be surprised if the community finds a way to keep things running.

The only ones bearish on crypto are day traders, and the ones that don't understand the technology. And I definitely don't think the likes of PayPal are stupid. Just saying.

Some more fluffers - do you really believe crypto can not be closed down?? - would be easy as .
1) make it's use illegal - make any highly punishable for any bank to cash it out .
So there you are on the dark web with all your crypto - controlled by gangs hijacking vast computing resources - with the only way to cash out is what buy drugs ?

Look stop making stuff up .

Look at real money - it takes quite a bit of expertise to launder large amounts ot it - and you would want to cash out something that needs the www if is was illegal. How and why would you buy it - it is was illegal?- Sure as little green eggs it will start to be banned in more an d more countries . But we will talk about that another time
1 million dollars - do you realise how stupid the market cap for that would be - why would the world want so much "real" money tied up in something to facilitate crime and child pornography, tax evasion, money laundering? - which is really the main end uses - without those the other uses would not exist

 

[Squid Surprise]

Some more fluffers - do you really believe crypto can not be closed down?? - would be easy as .
1) make it's use illegal - make any highly punishable for any bank to cash it out .
So there you are on the dark web with all your crypto - controlled by gangs hijacking vast computing resources - with the only way to cash out is what buy drugs ?

Look stop making stuff up .

Look at real money - it takes quite a bit of expertise to launder large amounts ot it - and you would want to cash out something that needs the www if is was illegal. How and why would you buy it - it is was illegal?- Sure as little green eggs it will start to be banned in more an d more countries . But we will talk about that another time
1 million dollars - do you realise how stupid the market cap for that would be - why would the world want so much "real" money tied up in something to facilitate crime and child pornography, tax evasion, money laundering? - which is really the main end uses - without those the other uses would not exist

To make it illegal - EVERY country would have to agree to do so... I can’t see that happening...

Yes, people are always quick to point out that it’s easy to money launder.... well, having it used with PayPal makes it traceable...

And cash is also easy to launder - hence the drive for credit only...

 

[kiwigraeme]

To make it illegal - EVERY country would have to agree to do so... I can’t see that happening...

Yes, people are always quick to point out that it’s easy to money launder.... well, having it used with PayPal makes it traceable...

And cash is also easy to launder - hence the drive for credit only...

No matter what happens - I think interesting times ahead - money in small amounts easy to launder - but lots of it quite hard - In NZ must show ID for deposits , must declare large amounts entering most countries . Someone in NZ recently found guilty when someone invested with drug money in his business - didn't do enough due diligence . I think Mafia like Casinos to launder . Most gangs launder through legitimate businesses - even though they then have to pay tax - it means that flash house and all those cars and motorbikes are paid with clean money.
Maybe the EU will ban crypto - if these floods in Europe are linked to global warming etc - plus more & more heatwaves coming killing millions worldwide in the coming decade- when lakes, rivers and shallow seas float with masses of dead sea life - things will happy - in the meantime paedos and ransom criminals can still rejoice- wait till you enjoy 50 degrees plus for 3 days and nights ( well maybe 40 degrees at night )

 

[mattferg]

All the "crypto gurus" who were promising Bitcoin would be $100,000 by now are nowhere to be found.

In general, crypto is down - as more and more coin scams are created for the market.

I'm just waiting for SEC, IRS and FBI to apply the pressure and shut most of them down for good.

$100k by the end of the year, not now, and trends are still looking that way.
As for “being down” it’s still 2-3x higher than the 2017 ATH and far far higher than it was this time last gear. But we all know you don’t live in reality so…

 

[NightAntilli]

Some more fluffers - do you really believe crypto can not be closed down?? - would be easy as .
1) make it's use illegal - make any highly punishable for any bank to cash it out .
So there you are on the dark web with all your crypto - controlled by gangs hijacking vast computing resources - with the only way to cash out is what buy drugs ?

Look stop making stuff up .

Look at real money - it takes quite a bit of expertise to launder large amounts ot it - and you would want to cash out something that needs the www if is was illegal. How and why would you buy it - it is was illegal?- Sure as little green eggs it will start to be banned in more an d more countries . But we will talk about that another time
1 million dollars - do you realise how stupid the market cap for that would be - why would the world want so much "real" money tied up in something to facilitate crime and child pornography, tax evasion, money laundering? - which is really the main end uses - without those the other uses would not exist

Piracy is illegal, yet piracy through torrents still exist. And that, is without blockchain tech.

Try again.

 

[kiwigraeme]

Piracy is illegal, yet piracy through torrents still exist. And that, is without blockchain tech.

Try again.

I do not understand your point - stealing my neighbours milk bottles is illegal as well .

To use bitcoin takes a LOT of effort - it's useless as a currency as can only do 4.6 transactions per seconds - so most everyone uses Visa etc for normal transactions. It's the crime gangs and paedos who need bitcoin .
I don't care about torrenting & if some bitcoin using paedo decides to use private torrents to distribute their filth - then they have a good chance to be caught - once the FBI/Interpol gets the admin they get everyone.

My point is without criminals and sickos - Bitcoin has very little real world use .
Fluffers mostly do alright - because greed is such a good seller - and there world is full of those type of people.
However lots of someone is going to end up with nothing of any intrinsic value - except a life lesson - and knowledge they helped paedos , ransomware and global warming Yay!

 

[Squid Surprise]

I do not understand your point - stealing my neighbours milk bottles is illegal as well .

To use bitcoin takes a LOT of effort - it's useless as a currency as can only do 4.6 transactions per seconds - so most everyone uses Visa etc for normal transactions. It's the crime gangs and paedos who need bitcoin .
I don't care about torrenting & if some bitcoin using paedo decides to use private torrents to distribute their filth - then they have a good chance to be caught - once the FBI/Interpol gets the admin they get everyone.

My point is without criminals and sickos - Bitcoin has very little real world use .
Fluffers mostly do alright - because greed is such a good seller - and there world is full of those type of people.
However lots of someone is going to end up with nothing of any intrinsic value - except a life lesson - and knowledge they helped paedos , ransomware and global warming Yay!

It has plenty of uses... and as it becomes accepted in more and more places, you can make numerous transactions - much like a credit card.

Now that Paypal accepts it, you can load up your paypal account with bitcoin and make as many purchases as you please.

No, it's probably not so useful in a shopping mall... yet... but much of the world spends money online - and bitcoin (and other crypto currencies) are quite useful - not just for criminals.

 

[NightAntilli]

I do not understand your point - stealing my neighbours milk bottles is illegal as well .

The point is that if they could not stop torrents, they definitely cannot stop crypto.

To use bitcoin takes a LOT of effort - it's useless as a currency as can only do 4.6 transactions per seconds - so most everyone uses Visa etc for normal transactions.

That is still fast enough. If I want to send money to someone overseas, despite the low transactions per second, it will be faster than through the traditional banking system.
And, if transactions per second is what you really care about, you can use BTC's second layer called the Lightning Network. Goodbye TPS problem.

I don't care about torrenting & if some bitcoin using paedo decides to use private torrents to distribute their filth - then they have a good chance to be caught - once the FBI/Interpol gets the admin they get everyone.

My point is without criminals and sickos - Bitcoin has very little real world use .

Can you guess where Bitcoin is used to most for day to day transactions? And no, it's not for criminal use...

You have no idea do you? It's countries where the people are oppressed, either through their government or through sanctions, like Nigeria and Vietnam...
And the other places are where the local currency has lost a lot of its value, like Venezuela and Argentina. And where the USD will soon be heading, just FYI.

Fluffers mostly do alright - because greed is such a good seller - and there world is full of those type of people.
However lots of someone is going to end up with nothing of any intrinsic value - except a life lesson - and knowledge they helped paedos , ransomware and global warming Yay!

PayPal and VISA don't share your sentiment.

 

[Vanderlinde]

Paypal, skrill, they are businesses I no longer use (and for good reason). Apart from both requiring huge transaction costs, their business model pretty much made it to what it was today.

Second the buyers protection is a joke. I sold a thing off the internet for one day for around 450 euro. It was a tacho of a specific car. The buyer initially wanted it by post, which I agreed to on, and a day later he told to come by and pick it up. Ive had a contract signed by him that he indeed took the item in his possession, we had him even on camera in the garage, 3 weeks later, a claim from paypal that the user never recieved his product.

I've went through hoops back and fort to understand that Paypal liability is only through the front door. In court my evidence on it's own would be more then sufficient to prove that I indeed sold that part to the buyer. Nah, you get send back and forth in a weeks lasting arguments with even the highest staff of Paypal.

Since then I stopped using all these services pretty much and stick to payment gateways that dont charge minimum of 2 to 5% per transaction.

 

[wiyosaya]

All the "crypto gurus" who were promising Bitcoin would be $100,000 by now are nowhere to be found.

In general, crypto is down - as more and more coin scams are created for the market.

I'm just waiting for SEC, IRS and FBI to apply the pressure and shut most of them down for good.

The Fed Chairman is setting the stage for more crapto regulations in the US. - https://time.com/nextadvisor/investing/cryptocurrency/more-federal-regulation-coming-for-crypto/

Paypal, skrill, they are businesses I no longer use (and for good reason). Apart from both requiring huge transaction costs, their business model pretty much made it to what it was today.

Second the buyers protection is a joke. I sold a thing off the internet for one day for around 450 euro. It was a tacho of a specific car. The buyer initially wanted it by post, which I agreed to on, and a day later he told to come by and pick it up. Ive had a contract signed by him that he indeed took the item in his possession, we had him even on camera in the garage, 3 weeks later, a claim from paypal that the user never recieved his product.

I've went through hoops back and fort to understand that Paypal liability is only through the front door. In court my evidence on it's own would be more then sufficient to prove that I indeed sold that part to the buyer. Nah, you get send back and forth in a weeks lasting arguments with even the highest staff of Paypal.

Since then I stopped using all these services pretty much and stick to payment gateways that dont charge minimum of 2 to 5% per transaction.

Personally, I think paypal is up to something with its foray into crapto.

 

[wiyosaya]

And where the USD will soon be heading, just FYI.

We all have heard this crystal ball/tin foil hat doom prophecy before and those claims have never proven to be true. The fact remains that the value of the USD is far more stable than the value of any crapto currency. My bet is that the least stable of the two, obviously crapto, would be the first "currency" to fall.

 

[wiyosaya]

$100k by the end of the year, not now, and trends are still looking that way.
As for “being down” it’s still 2-3x higher than the 2017 ATH and far far higher than it was this time last gear. But we all know you don’t live in reality so…

Past performance of any investment does not guarantee future performance. But, you are more than welcome to keep deluding yourself.

 

[wiyosaya]

It has plenty of uses... and as it becomes accepted in more and more places, you can make numerous transactions - much like a credit card.

As I see it, the only reason that it is becoming more widely accepted is because those doing the accepting are betting that its value will increase - thus netting "windfall" profits for them. As I see it, however, there is risk involved when investing in an investment that has little stability to its value.

 

[Squid Surprise]

As I see it, the only reason that it is becoming more widely accepted is because those doing the accepting are betting that its value will increase - thus netting "windfall" profits for them. As I see it, however, there is risk involved when investing in an investment that has little stability to its value.

There is always risk but... ask yourself why those accepting it are betting on it increasing... maybe they know something you don’t?

Past performance of any investment does not guarantee future performance. But, you are more than welcome to keep deluding yourself.

No it doesn’t - but it’s still the best indicator for any future prognosis...

Paypal, skrill, they are businesses I no longer use (and for good reason). Apart from both requiring huge transaction costs, their business model pretty much made it to what it was today.

Second the buyers protection is a joke. I sold a thing off the internet for one day for around 450 euro. It was a tacho of a specific car. The buyer initially wanted it by post, which I agreed to on, and a day later he told to come by and pick it up. Ive had a contract signed by him that he indeed took the item in his possession, we had him even on camera in the garage, 3 weeks later, a claim from paypal that the user never recieved his product.

I've went through hoops back and fort to understand that Paypal liability is only through the front door. In court my evidence on it's own would be more then sufficient to prove that I indeed sold that part to the buyer. Nah, you get send back and forth in a weeks lasting arguments with even the highest staff of Paypal.

Since then I stopped using all these services pretty much and stick to payment gateways that dont charge minimum of 2 to 5% per transaction.

As for transaction % being charged...what do you think Visa and Mastercard do?!? You think using a credit card is free?!?

 

[kiwigraeme]

The point is that if they could not stop torrents, they definitely cannot stop crypto.


That is still fast enough. If I want to send money to someone overseas, despite the low transactions per second, it will be faster than through the traditional banking system.
And, if transactions per second is what you really care about, you can use BTC's second layer called the Lightning Network. Goodbye TPS problem.


Can you guess where Bitcoin is used to most for day to day transactions? And no, it's not for criminal use...

You have no idea do you? It's countries where the people are oppressed, either through their government or through sanctions, like Nigeria and Vietnam...
And the other places are where the local currency has lost a lot of its value, like Venezuela and Argentina. And where the USD will soon be heading, just FYI.


PayPal and VISA don't share your sentiment.

Citation needed- admittedly I only did 3 google searches - I still highly doubt legal bitcoin outweighs the dark web and ransomware. If those countries you mentioned you still need to buy bitcoin with real money - For the rich - they will have off shore accounts in USD etc . I see backpackers transferring money via apps - for little cost - There is still many Argentinian Backpackers in NZ and Australia since Covid 19 ( their visas were extended and they make more money here )- Wouldn't that be easier .
In NZ I see adverts to send money back to Vietnam, China , Philippines - I see no mention of bitcoin- admittedly it would be self initiated - but until Paypal came along - you needed to register with ID to buy BC in NZ .
I did want to use it one time to buy something from a small company overseas & didn't want to use my visa - I only use it on sites and with paypal or a trusted 3rd party processor - With Amazon, the Govt or google I use Visa

 

[NightAntilli]

We all have heard this crystal ball/tin foil hat doom prophecy before and those claims have never proven to be true.

Past performance of any investment does not guarantee future performance.

Citation needed- admittedly I only did 3 google searches - I still highly doubt legal bitcoin outweighs the dark web and ransomware.

“In 2020, the illicit share of all cryptocurrency activity fell to just 0.34%,” reported Chainalysis in their second annual crypto-crime report; CipherTrace also estimated that figure to be “less than 0.5%.” Importantly, Chainalysis and CipherTrace — both industry-leading blockchain forensics companies — hold some of the largest datasets on crypto-crime and blockchain metadata in the world.

In the peer-reviewed paper cited above, they estimated the likely amount of illegal activity was approximately four times what was observed at the time. Assuming this to be applicable to the observed figure it is reasonable to estimate that crypto-crime maybe a modest 1.4% to 2% of all activity, or representing $40 billion to $59 billion. There is a possibility that the real figure could be higher than this, but in absence of better data it is at least in line with the estimates in the traditional financial system, if not slightly lower.

Crypto-crime & caveats - Thomson Reuters Institute

Is cryptocurrency a hot mess of scams, frauds & illicit actors? Or is it a new frontier of decentralized finance? What do the numbers & data actually show?

www.thomsonreuters.com

- For the rich - they will have off shore accounts in USD etc . I see backpackers transferring money via apps - for little cost - There is still many Argentinian Backpackers in NZ and Australia since Covid 19 ( their visas were extended and they make more money here )- Wouldn't that be easier .
In NZ I see adverts to send money back to Vietnam, China , Philippines - I see no mention of bitcoin- admittedly it would be self initiated - but until Paypal came along - you needed to register with ID to buy BC in NZ .
I did want to use it one time to buy something from a small company overseas & didn't want to use my visa - I only use it on sites and with paypal or a trusted 3rd party processor - With Amazon, the Govt or google I use Visa

True. It is part of the growing pains.