One of the 4 coins picked by PayPal that you can HODL on the PayPal site…that is the main thing…and this along with the usual ‘follow the leader’ as BTC price goes up…that is how it is going.
Myself, I need at least $85 Litecoin to break even on the HODL/Hoard I have in play…just saying.
imo - buying on paypal is not buying crypto - its like buying on robinhood - you dont own the crypto, you are just buying “interest” in it - they (paypal) may not even have hodl enough crypto to cover what everyone buys - since you cannot pull it out of paypal, they could just be holding your cash, as far as anyone knows. Unless they can show a block transaction when you make a purchase, I wouldn’t believe it. And not to mention, not your keys, not your crypto. Is it a big deal? sure - there are lots of naive people out there that might now get into crypto simply because they can buy it on paypal - but man, you can do it on cash app (and even withdraw it - well, Bitcoin only), robinhood (works same as paypal - cannot withdraw or spend it), can do it using bitpay, coinbase, crypto.com - the list goes on. Paypal didn’t invent the idea, they just followed those that already do it.
It takes USD 43.6 bln to buy the remaining Bitcoins at current rates of USD 17.800.
But it would only take USD 1.3 bln to buy the remaining Litecoins at current rate of USD 72.85.
Litecoin constantly is in the top 5 crypto by volume and has the widest spread (wallets) among all Bitcoin variants and Litecoin.
I am kinda impressed by PayPal however…the regular wallet and the BTC wallet are right in your face the same size…I can see the amount of BTC I have on Paypal also (about 0.0037 some such…and I bought in at $50.00 and can sell out at $54.00 now. So for its uses…I can see why they did it this way. As stated before IMHO, Paypal will use KYC and such with BTC in a debit card format to jump-start the ‘unbanked’ of the world in dubious countries with dubious gov’t and banking, bribes, etc. And IMHO will offer banking itself and also be an exchange…just too much $$$ out there for PayPal to bring in the unbanked using BTC ‘security’ and debit BTC card to ‘jumpstart’ the process. Not a fan, BTC/Crypto works or will work at that point just as well without banking, but I’d bet my own $$$ that is where this is going in Paypals view long term
but is there an actual blockchain txn for what you bought? ore are they just flipping the currency symbol from $ to BTC? I think they are literally just doing accounting entries and that there is zero btc that is yours. did you look at actual btc value when you bought? what it would be at if you sold now? is it close?
on Paypal…I admit limited…but it shows actual BTC bought and does the worth pretty much using normal daily calculators on such…so…if you add BTC it will add the amount of BTC you control on Paypal I’d imagine…even though it can only go in/out via USD.
as to cap gains…they may even send out such notices at the end of the year or it may all be up to you
I’ve no idea if there is a limit to how much BTC you can hodl in Paypal
but for Paypal’s purposes…it allows BTC/Crypto payments and use worldwide to unbanked etc…so far from what I’ve read Paypal thinks this is working out 2x to 3x better than they thought.
but again, it is paypal…it has limits…same as if banks start pushing btc in the same manner which
is what i’d expect next
it is what it is I guess
again from what I can tell it is spot on as far as the amount of BTC in Paypal account shown and worth
unless I’m missing fees they add when you withdraw…which may be likely
shows it how? with a “BTC” that does not mean you actually have “BTC” in your account - if anything they hold all the Bitcoin and just use simple accounting to alot it people and who knows maybe they hold 100 btc but then they could go and alot 200 to people - when it is an offchain action and you dont hold the keys - its just a data entry - not real in any sense. You cannot withdraw it you cannot transfer it you cannot use it to pay for anything. You can only “buy” and “sell” to them and only them and they dictate the price - how close is their price even?
What you say is true. But they do show the actual amount you did buy and/or accumulate…at least and the price does reflect any gains or losses. Bitpay i think …you have what 1/2 hour to spend it or it reverts…they could have gone another route. Also with their previous use of Viemo wallet they allowed in/out of crytpo…I suspect they will eventually allow this…as I’ve said, they want the un-banked of the world to use KYC and ID’s and probably start them on the banking path with BTC/Cypto to be offered debit cards also by PayPal…then comes offer of checking/savings and loans…you can do all this without banking but that IMHO…is part of what PayPal is shooting for…to get the un-banked of the world into banking using the security of BTC and KYC to do the process outside traditional banks. If I was an ‘evil genius’ place like PayPal it is how I would go. just saying they are not exactly at the wrong edge of finance…they are closer to a bank then they are a btc innovator. My bet on their endgame to eventually control un-banked from KYC to debit card to full banking services to full crypto exchange service…as crummy as banking in the 3rd world is they have a good shot of pulling this off!