PayPal Enters the Cryptocurrency Race

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One of the world’s leading e-wallets, PayPal, has just entered the crypto race. From now on, PayPal’s customers can buy and sell Bitcoins and other virtual currencies with their PayPal accounts. Once exchanged, you can use the virtual coins in over 25 million marketplaces around the world and buy whatever you feel like.

PayPal’s latest move also opens up a whole new world for Bitcoin casinos. Since you can make crypto transactions using your PayPal wallet from now on, buying and selling Bitcoin and playing at crypto casinos has just been made a whole lot easier.

It’s a great move by a major e-wallet that casino fans have been hoping for a long time.

Jumping on the Cryptocurrency Wagon

For a long time, cryptos have been a niche payment method. We all know that the world is not ready for cryptocurrencies. Many countries are poised to ban cryptos, while others are already reaping the benefits of virtual currencies in the wake of the coronavirus pandemic.

PayPal is one of the first major e-wallets to officially accept Bitcoin and cryptos. It’s a move that will rattle the world of online payments and one that could have major positive consequences for Bitcoin and cryptocurrencies in general.

According to representatives from the company, PayPal aims to increase customer understanding and crypto adoption. As part of this, the company will offer education content to help customers understand the unique ecosystem.

PayPal is a massive market for cryptos. Adding them to its ecosystem surprised many experts. There must be someone very interested in cryptos at the company, but crypto fans won’t mind. It opens up a massive number of possibilities for Bitcoin and the gang. So far, crypto transactions were only possible via Revolut and Square’s Cash App. However, none of them is bigger than the e-wallet king – PayPal.

The move has opened up new paths for Bitcoin in a wide range of markets, including Bitcoin gambling.

How Does It Work?

Using the virtual coins via PayPal will work via converting. A customer can convert the cryptocurrency into relevant national currency, so the company the payment is sent to will receive fiat money, not the virtual coins. It’s a workaround for crypto transactions and not a full-blown crypto exchange.

However, PayPal expects Bitcoin payments to go live in early 2021. This will shatter the world of online payments as we know it, and it’s PayPal’s “fault”. PayPal has been granted permission for this move from the New York State Department of Financial Services. It received the first Bitlicense in the world. It’s a new license that grants payment providers a chance to deal with cryptos.

This isn’t the first time PayPal dabbled in cryptocurrencies. For a while, it was Facebook’s Libra’s first partner before pulling out of the deal. The company cited a controversial scheme which attracted attention from numerous financial regulators. Facebook is currently rethinking the idea of Libra, but it certainly can’t count on PayPal – it has gone the other crypto way.

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November 18, 2020: • No Comments

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