Mon May 10, 2021 5:17 pm
Once regulation comes into play, we should start seeing the likes of PayPal and Revolut, who also permit buying but not withdrawal of bitcoin, starting to allow their users to withdraw the coins. It will likely be the risk of handling coins that might be used in illicit trades, and the repercussions from financial regulators, that keeps these companies from offering a full service just yet.
Using the platforms to engage in what is effectively "betting on bitcoin" is an easy on ramp for many people out there who do not want to go through the hassle of setting up an exchange account with unregulated companies from strange parts of the world. It's also far easier for the average person in the street to buy bitcoin via PayPal/Revolut rather than go through the money transfer process and wait for the funds to be credited before opening an order, at which point they often get startled by terms such as "market order" and "limit order". And that's before they start wondering what leverage is.
These fintech firms that provide easy on-ramping for the masses are making a ton of cash with their spreads. They're having a great time making easy money right now, and others will follow. As Randolph Duke said, "no matter whether our clients make money or lose money, Duke & Duke get the commissions." PayPal, Revolut and others are living it large.
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