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Thread: PayPal enables cryptocurrency trading for UK account holders

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    PayPal enables cryptocurrency trading for UK account holders

    Firm's first expansion of its 'Buy, Hold and Sell Crypto' facilities outside the US.
    Read more.

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    Re: PayPal enables cryptocurrency trading for UK account holders

    I might be interested when or if you can transfer your assets to your own wallet.

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    Senior Member AGTDenton's Avatar
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    Re: PayPal enables cryptocurrency trading for UK account holders

    Banks take note

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    Re: PayPal enables cryptocurrency trading for UK account holders

    Quote Originally Posted by malculator View Post
    I might be interested when or if you can transfer your assets to your own wallet.
    I assume you'll be able to do that, but the fees might be hefty. Why wouldn't it work like a limited exchange?

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    Re: PayPal enables cryptocurrency trading for UK account holders

    Quote Originally Posted by malculator View Post
    I might be interested when or if you can transfer your assets to your own wallet.
    Sounds like you'll now be able to transfer everything into your prison wallet in one phone sized package.

    Handy for dealers.

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    Re: PayPal enables cryptocurrency trading for UK account holders

    Anyone still fascinated by the technology behind the world of crypto currencies, block chain and decentralized finance. Yet at the same time - think it's completely useless?! Or is it just me?

    I don't know anyone who has used crypto currencies beyond speculating (gambling?) on huge price rises. Only to then suffer significant losses. Well, apart from one lucky so-and-so!

    Until there is some sort of way crypto can serve society. I don't think it will ever gain a base value to stop it suddenly dropping to zero one day.

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    Re: PayPal enables cryptocurrency trading for UK account holders

    Quote Originally Posted by Firejack View Post
    Anyone still fascinated by the technology behind the world of crypto currencies, block chain and decentralized finance. Yet at the same time - think it's completely useless?! Or is it just me?

    I don't know anyone who has used crypto currencies beyond speculating (gambling?) on huge price rises. Only to then suffer significant losses. Well, apart from one lucky so-and-so!

    Until there is some sort of way crypto can serve society. I don't think it will ever gain a base value to stop it suddenly dropping to zero one day.
    It isn't just you.

    It is pretty easy to find things that could be done on blockchain, but just because it can be done doesn't mean it should be.

    The Hexus "Thanks" button could trigger a blockchain transaction minting one "Thanks" on a Hexus blockchain. You could do that, but it would use magnitudes more energy than the current line of SQL that no doubt gets run, and be slower.

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    Re: PayPal enables cryptocurrency trading for UK account holders

    Buy, hold, sell, but NOT spend!

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    Re: PayPal enables cryptocurrency trading for UK account holders

    Here is major problem & red flag #1 -
    Quote Originally Posted by Hexus
    it isn't possible to move your crypto out of the PayPal wallet without converting it to regular currency.
    Instantly means its a terrible idea to buy any crypto through PayPal and users should avoid like the plague. The most common mistake people make when buying crypto is to hold it in the exchange or another online wallet - this leaves your funds vulnerable and limits what you can do with them....its just a bad idea.

    You don't need a fancy hardware wallet (although a cheap Leder/Trezor is a very good idea if you hold more than £100 of crypto), an offline software wallet will do the job fine...but the crucial thing is to not leave it with an online exchange no matter who it is.

    The fees are rather expensive too imo, although slightly cheaper than coinbase "consumer" (both have a spread of 0.5%, CB charges around 3% and paypal 2.3 on £100) - its a lot more than coinbase pro (0.5%..plus variable market spread which is often negligible on £100).

    Maybe it's also time for a friendly reminder that if you buy crypto through coinbase, use the pro interface and you will save that fee - its slightly more complex to understand but thats not a bad thing as you'll learn what you are actually doing when buying crypto!

    On the positive side, its good to see more ways of accessing crypto - its just a shame its in a massively limited way without essential features.
    Last edited by Spud1; 24-08-2021 at 10:03 AM. Reason: checked the spread/fees :)

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    Re: PayPal enables cryptocurrency trading for UK account holders

    I still think any investing in any cryptocurrency is a bad idea, unless you are investing money that you can afford to lose...

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    Re: PayPal enables cryptocurrency trading for UK account holders

    Quote Originally Posted by Friesiansam View Post
    I still think any investing in any cryptocurrency is a bad idea, unless you are investing money that you can afford to lose...
    That's true of any high risk investment.

    The main reason I've steered clear is it's still too difficult and to to convert into pounds. It's more an asset class than a currency.

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    Re: PayPal enables cryptocurrency trading for UK account holders

    Quote Originally Posted by spacein_vader View Post
    That's true of any* investment.
    Fixed your post

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    Re: PayPal enables cryptocurrency trading for UK account holders

    Quote Originally Posted by wazzickle View Post
    Quote Originally Posted by spacein_vader View Post
    That's true of any* investment.
    Fixed your post
    Not sure I agree with that - there are perfectly safe, protected by regulation and/or guaranteed by govt investments that one can make. You can also invest in something material, assuming it's not stolen, or even in skills etc.

    Investing in cyrptocurrency to make a return is nothing like any of those and is much more like other high risk investments where it's sensible not to put in more money than you can afford to lose.

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    Re: PayPal enables cryptocurrency trading for UK account holders

    Quote Originally Posted by kalniel View Post
    Not sure I agree with that - there are perfectly safe, protected by regulation and/or guaranteed by govt investments that one can make. You can also invest in something material, assuming it's not stolen, or even in skills etc.

    Investing in cyrptocurrency to make a return is nothing like any of those and is much more like other high risk investments where it's sensible not to put in more money than you can afford to lose.
    The rule is simple - never invest money you can't afford to lose. It's the golden rule of investment. No exceptions, even in the case of high return / low risk investments. Crypto ofc is highly volatile and you could theoretically see your investment drop by 90% or more, whereas some are more stable and thus you can leverage, but it doesn't change the fact that you can't ever predict the future 100% and staying afloat >>> taking a punt.

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    Re: PayPal enables cryptocurrency trading for UK account holders

    Quote Originally Posted by malculator View Post
    I might be interested when or if you can transfer your assets to your own wallet.
    This, the ability to have your assets in a place like Paypal is much better given the number of exchanges that get 'hacked' (read inside jobed)...

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    Re: PayPal enables cryptocurrency trading for UK account holders

    Quote Originally Posted by [GSV]Trig View Post
    This, the ability to have your assets in a place like Paypal is much better given the number of exchanges that get 'hacked' (read inside jobed)...
    I did a bit more reading on this over lunch as I was interested in why you can't transfer your crypto out of Paypal.

    Turns out you never actually buy it, it's not yours. This is much more like an investment where Paypal has the wallet and has the private keys. Your crypto isn't even ringfenced necessarily, but then again it doesn't really have to be for this to work. The underlying wallets can also be hacked, but again, not really an issue for the end user.

    I imagine the biggest reason they do this, rather than giving you your own wallet, is all the KYC regulations that have kicked off in the USA. If this takes off for them i'm sure they will eventually go that way though and put systems in place to deal with it. The downside is end users cannot actively trade their own crypto, but it does make the regulation a LOT simpler.

    not that any of it matters to the average people who would use Paypal for this!

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    [GSV]Trig (25-08-2021)

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