RE: The ugly truth behind PayPal accepting Crypto
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I was assuming they would just have a big custody pool and track crypto transactions via their service and not do on chain transactions unless they have to but butt fuck us with fees like the do with USD and other fiat they support. Wouldn't seem practical for them to do on-chain
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There will still be on chain for withdrawals and deposits. No way around that. And it isn’t like there is a lot of internal trading like an exchange would have.
I would trust PayPal with my crypto anymore than I wouldn’t trust them with my fiat. I always transfer out all sales immediately as they frequently freeze accounts.
Yeah there is no safety in dealing with them.
This is just another step in the move towards them trying to remain relevant.
Their "moat" isnt that great since an electronic payment system isnt that novel. Yes they have the name but there are thousands of currencies that can perform the task. If we see some crypto applications that fill this role, they could overpower PayPal.
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