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Paypal, Robinhood, & WealthSimple: Where Not To Trade Crypto
Many people within the crypto space are very aware that you must hold your own keys for true ownership and access. This is exactly what stock exchanges and payment processors that have begun offering crypto trading are preventing. So then, let’s go through some examples. https://lbry.tv/@ScottCBusiness:4/where-not-to-trade-crypto:2 Given the recent announcement by Paypal saying they would begin offering cryptocurrency trading through their platform, there has been a lot of buzz about it, but here’s the catch: they get to hold your keys and you can’t withdraw or spend your crypto. According to this article, they plan to also let you pay for things through their network, but I doubt you’ll ever be able to spend freely or withdraw your crypto: https://www.cnbc.com/2020/10/21/paypal-gets-into-crypto-with-new-features-for-trading-and-shopping.html. You can find all this clearly on Paypal’s FAQ section: https://www.paypal.com/us/smarthelp/article/cryptocurrency-on-paypal-faq-faq4398. One thing we all know very well that when any entity gains power or control over something like your funds, what reason would they have to let go of it? Yes they may let you spend on what they allow, but you aren’t financially free or independent which are core values in many cryptocurrencies. You will find the same problems on WealthSimple in Canada for stock trading that if you decide to invest in crypto, you cannot withdraw or spend it: https://www.wealthsimple.com/en-ca/product/crypto/. Again, you’ll find the same issue on Robinhood in the United States, and I will bet that many other fiat services, payment processors, and stock exchanges who offer crypto trading will have the same restrictions: https://robinhood.com/us/en/support/articles/cryptocurrency-transfers-and-deposits/. You can find my list of recommendations for exchanges, wallets, and more here: https://lbry.tv/@ScottCBusiness:4/blockchain-resources:e What do you think though? Is there really a good reason for them to do this? Will they open it up or are they trying to centralize the use of cryptocurrency? Let me know in the comments below and don’t forget to like, share, and subscribe as well!
14 comments
With PayPal they don’t let you keep your keys. So if not your keys not your crypto!
They are becoming obvious. Why they are restricting crypto like that 🤔
Paypal had too many restrictions initially with how they offered their services and the restrictions in a lot of countries. So I wasn't expecting much when I got this update, and they didn't prove me wrong.
I think paypal does not allow to have accounts in multiple currencies and exchange, why they would offer to trade crypto? What about stocks?
Yeah you'd think they'd start there first
In a word, controlling your crypto (centralizing). Bad idea. Never liked PayPal and probably never will.
Nice article and I totally agree with you! While it may be a good option for people entering the market for the first time, or perhaps even my parents who wouldn't be able to keep their own keys. At the end of the day, for anyone who "knows" crypto, I would definitely avoid these places.
we willl ever be able to spend freely or withdraw our crypto in PayPal.So, I didn't expect much from the leatest update. I actually was looking to WealthSimple.Thank you Scott ( @scottcbusiness ) for discussion.
People thought that paypal is helping us for mass adoption. But, what are they really doing is monopolizing. And when they succeed of this tactics, big big profits for them. Business is business!
The whole PayPal-Crypto news is summarised as "Not your keys, Not your money". Sadly most users may not know/understand this... well, for me... Nope. Not like their services were available in full in my country of residence anyway
Hello I am new here.. The first person I search here is actually you.. I don't know what's in you.. But i guess i will learn so much things about crypto through your articles
Not your keys, not your money, that's what they always say and the reason why cryptocurrency was created was to have freedom on our own money, I mean nobody will have to middle you only know that you have your money without the back and government, so why PayPal is holding the key?
Lovely post Scott, keep it up
I always can follow your articles because It's really helpful for me.