Coinbase Users Can Now Easily Make Fiat Withdrawals via PayPal

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Coinbase Users Can Now Easily Make Fiat Withdrawals via PayPal

To enhance its customer experience, Coinbase has recently added a new option to withdraw fiat currencies via Paypal accounts.

Coinbase Users Can Now Easily Make Fiat Withdrawals via PayPal

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Source: CoinSpeaker

Coinbase and PayPal – A Match Made in Crypto Heaven?

Crypto exchange giant Coinbase usually blows its own trumpet when a new option is available on its trading platform. This has not been the case however with the recent addition of PayPal as an option to withdraw fiat for a small number of its customers.
There has been no official announcement however the company FAQ page has been updated with the following notice:
“Beginning in November, Coinbase will add the ability for customers to link their PayPal and Coinbase accounts. Depending on country of residence, customers can either withdraw cash to PayPal or sell their crypto to their PayPal account.”
Currently the countries of residence are reportedly limited to the US, UK, EU and Canada but at the time of writing the PayPal option was not available via the UK portal when we tried to link an account as confirmed by the Coinbase support chatbot.

The announcement goes on to state;
“Currently, customers are only able to use PayPal to withdraw or sell, and transaction availability depends on region. Coinbase does not support the ability to purchase digital currency using your PayPal account.” It also states that all of the regular KYC requirements must be satisfied before the PayPal option is made available.
Varying reports are filtering down the Coinbase Reddit stream from users that have tried withdrawing to PayPal. Some are claiming it takes 13 days to transfer out, others stating that it doesn’t work for Canadians yet, and our own experience of failure from the UK portal indicates that there is probably a reason Coinbase has kept this quiet.
PayPal’s Excessive Fees Are Another Case For Crypto
Whether the option is available or not, PayPal is hardly a bastion of decentralized finance. It does not adhere to any global banking regulations and can freeze or close accounts at its whim – which appears to be the source of the highest number of complaints from its users.
In addition to the vice-like grip of control over it maintains over customer finances and accounts, PayPal has some of the highest foreign exchange fees in the industry. Converting currencies can cost as much as 5% if you do it via PayPal. That is a cost of $50 to send $1000 if converting to or from another currency. This is evidently how the company has made over $13 billion profit in 2017.
In addition to excessive forex fees, and waiting times of up to a week for bank withdrawals, PayPal is constantly increasing its base fees which are often much higher than high street banks. This will eventually send users to crypto where transfers are virtually instant and cost a fraction.
PayPal is the antichrist when it comes to cryptocurrencies and the entire model of decentralized peer-to-peer finance. Coinbase also gets its fair share of complaints about higher than industry average fees, and rather zealous account controls. In this scenario it appears to be modeling itself as the PayPal of the crypto world.
 
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Source: New feedNewsBTC.com

Coinbase secretly introduces free PayPal withdrawals

Coinbase, a California based cryptocurrency exchange has enabled the option of free PayPal withdrawals for various fiat currencies. This was a quiet and swift move from the exchange and includes withdrawals of currencies like USD, EUR, and GBP, reported Beingcrypto.
The publication also added that this secret update will allow users to withdraw the above mentioned fiat currencies free of charge to their PayPal account.
However, Coinbase has not officially announced about this enabled feature on their website or through their social media handles. Although, it has sent e-mails to eligible users, reported the publication.
The option for charge free withdrawals is only availed by a handful of regions, like US, UK, EU, and Canada. As of now, Coinbase provides wallets for USD, GBP, and EUR, but this addition may indicate inclusion of CAD and AUD wallets.
Meanwhile, the users in Canada and Australia do not have access to withdrawal through PayPal but are provided the option to sell their digital assets to CAD or AUD respectively. However, this option is exclusive only to the users of Canada and Australia and not for any other region.
In order to enable this option, the users have to verify their identities, following which, they will receive and e-mail of confirmation, reported the publication.
This move is a small one facilitating withdrawals. Additionally, this might also mean that the option for PayPal deposits might be underway.
This decision came in shortly after Coinbase declared its plans for global expansion, which was followed by its $300 million Series-E funding round and the addition of the new stable coin Circle to it exchange list.
The post Coinbase secretly introduces free PayPal withdrawals appeared first on AMBCrypto.
Source: AMB Crypto

Withdrawing Crypto to Fiat From Bitfinex Now Costs Close to PayPal

Converting crypto to fiat is not cheap anymore, at least on Bitfinex.
The Hong Kong-based digital assets exchange on Sunday updated its fee structure for high-frequency wire withdrawals. It effectively imposed a 3 percent commission cut on all external wire withdrawal requests that would exceed 1) more than two fiat withdrawals in any thirty day period, and 2) more than $1M in aggregate in fiat withdrawals in any thirty day period. Meanwhile, the latest fee structure will not affect low-frequency wire withdrawals which, according to Bitfinex, constitutes 99% of their customers.
The update nevertheless has brought the fee tariffs of Bitfinex close to the ones charged by PayPal. According to SalesCalc, an independent fee calculating service, a user would pay circa $29,000 in fees if s/he wants to transact $1 million. Bitfinex, at the same time, would charge an additional $1,000 for wiring the same amount.
Source: SalesCalc
Users Annoyed
The community, for obvious reasons, didn’t receive the Bitfinex update so well, with some even accusing the exchange of intentionally locking the users’ funds. A comment interestingly highlighted how exchanges had dented the idea of financial freedom by acting like banks.
“Crypto… amazing for “freedom” of money… until you realize we essentially added an additional f***ing layer of middle-men to the process via exchanges. Exchanges are the “banks” of crypto… and they’re making a killing… just like banks do.”
Some comments theorized the Bitfinex announcement as a plot to raise the premium of their partner stablecoin Tether. People willing to come out of Bitfinex would like to do so via crypto. That means the value of Bitcoin and USDT will likely increase artificially on the exchange due to high demand.

yeah exactly.I dont know why they think it's a good idea to implement this while the confidence in USDT has been dwindling.
Bitfinexed must be laughing so hard now. They are killing themselves
— Squeeze (@cryptoSqueeze) November 12, 2018

Another trader said:

It seems they just don't want their users to cash out with Fiat, I wonder, how are the crypto widthdrawals are those ok? if that's the case BTC will rise a little but due to people exiting their cash for BTC on Bitfinex
— Sebastian Velandia (@BastianVelandia) November 12, 2018

Withdrawals Stuck
Plenty of Bitfinex users are already storming the social network with complaints about the exchange’s withdrawal process. Many have posted copies of their claims on forums, revealing how their withdrawal requests have not been closed despite several requests. Redditor krJq333, for instance, has accused Bitfinex of holding his GBP funds for over four-weeks already.
“The support I’ve received from Bitfinex this week has been nothing short of abysmal,” he wrote. ” Does Bitfinex have any idea how much stress and anxiety they’re causing their customers here?”
Just last month, a whale who traded over 100 million dollars worth of crypto-assets on BitFinex had complained about not being able to move his funds.
The post Withdrawing Crypto to Fiat From Bitfinex Now Costs Close to PayPal appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitcoin Joins the League of Top Payment Processors as it Moves Ahead of Paypal and Discover

Bitcoin Transaction Value has crossed Paypal and Discover services as stated by ARK Invest crypto analyst Yassine Elmandjra. His statement comes at the right time amid rising pessimist claims towards bitcoin regarding its use for payment processing, scalability, and speed.
Visa and Mastercard lie ahead
Yassine Elmandjra, says that bitcoin transaction’s dollar value has outperformed that of payment processor PayPal by a wide margin. The top coin has also surpassed the transacted value of credit card Discover. According to Yassine, the top cryptocurrency has seen tremendous growth in its transaction volumes since 2013 and it has reached $1.3 trillion transacted value and is only “an order of magnitude” away from that of leading processor Visa. Elmandjra, however, agrees that we cannot compare Bitcoin and say Visa or MasterCard in terms of their Base layer transaction volumes. But he also points out that that was never the intention. He then explained that approximately $3-4 billion worth of bitcoin was transacted on a daily basis in 2017 and the real deal in increased Bitcoin transactions isn’t in the volume, but in the total value, he tweeted.

Although Bitcoin has seen $1.3 trillion worth of transactions in 2018, these figures are still way behind in comparison to those Visa and Mastercard has recorded over the years. Visa handled over $8.9 trillion worth of transactions in 2016, putting the U.S payment giant seven or so paces ahead of bitcoin’s current numbers. Data from as far back as 2015 shows that Bitcoin has experienced a tremendous growth rate in terms of transaction value. The top virtual asset reached peak values in 2017 as it saw an increase in transacted value nearly eight times more than what is recorded in 2016.
Also, read: Bitcoin Drops as Usual before Futures Expire, But 3 Facets state BTC Going Up
Momentum Bitcoin
Although the distance from Visa is still pretty wide, the momentum seems to be favoring a chase from Bitcoin, meaning that what appears impossible at the moment may actually happen in the near future. Bitcoin transactions are expected to continue growing in 2018 and beyond. If it records a performance that matches its 80 percent yearly growth compared to the last five years, it will put itself in a very strong position to challenge Visa. Bitcoin could reach Visa numbers with the implementation of the Bitcoin Lightning Network (LN), practically overtaking it thereafter. By then, the leading digital currency could theoretically be able to handle more than $13 trillion worth of annual payments.
Bitcoin has been subject to debate on its scalability and it needs to find solutions to its scaling problems if it has to compete with the likes of Visa. However, there are some who believe that the original purpose of cryptocurrency was never to compare or compete with these traditional payment processors. Whatever the case be none can deny rise of bitcoin.
Bitcoin has bought cryptocurrencies to the world stage and is threatening the traditional payment processors head on. But a lot still needs to be achieved in terms transaction volumes. A lot would be covered as Bitcoin Lightning Network would be launched but it would still need regulations to fall in its favor for ultimate growth.
Will Bitcoin be large enough to defeat Visa in near future? Do let us know your views on the same.
The post Bitcoin Joins the League of Top Payment Processors as it Moves Ahead of Paypal and Discover appeared first on Coingape.
Source: CoinGape

Bitcoin-Enabled Square Cash Is Growing 3 Times Faster Than Venmo

Square Cash, a money transfer app that enables Bitcoin purchases, is reportedly outpacing the growth of PayPal’s popular social payment app Venmo. According to a report by CNBC that cites a recent Nomura Instinet analysis, Square Cash had nearly 2 million downloads per month in May and June, tripling Venmo’s growth during that period. Dan Dolev, […]
Source: Sludge Feed