The spread of cryptocurrency use has spread all around the world. One of the biggest worries regarding cryptocurrency has been the volatility of it. However, the advancements in digital technology has promised the mainstreaming of virtual currencies. This could further help the advancement of cryptocurrencies and them being incorporated into your finances.
Due to the convenience of digital currencies, many platforms have become more accepting towards cryptocurrency. It has many disadvantages such as resilience, efficiency and the speed. Cryptocurrency will increase the autonomy of users which means that they will be able to control the way they spend their money instead of dealing with intermediary banks or other stakeholders. Additionally, fees coming from these third parties will be eliminated so you will not have to pay unnecessary fees.
From October 2020, everyone can use their PayPal accounts to buy or sell cryptocurrencies such as Bitcoin, Litecoin, and Ethereum. PayPal has offered great benefits for the customers over the years which gives a positive light to the current development of allowing the use of cryptocurrency as part of their platform. The cryptocurrency that you store in your PayPal account then can be used to use as a currency with business accounts that use PayPal.
How is it going to work?
There are some details being left unsaid on the media regarding PayPal and Bitcoin. Even though you will be able to sell and buy with Bitcoin but no other thing. This means that people will not be able to do deposits of bitcoin to their account. Withdrawals are also impossible to do. Additionally, you will not have the ability to send bitcoin to another account. So, this gives a limited number of actions you can take for your cryptocurrency on your PayPal account. It seems like you are only going to put it in the account and leave it there.
Is this effective for cryptocurrency users?
No, it is not. PayPal basically wants to gain ownership over your cryptocurrency while not leaving you any other choice. This is thought to be PayPal’s effort to keep their dominance in the online financial system area. They have been a leader for a long time and they want to keep it that way. Despite the company being an enemy of the cryptocurrency, it seems like they have accepted that cryptocurrency is not going away. In order to survive in a competitive, tech-savvy world, they will need to adapt to these changes. So, PayPal is trying to survive and save their place in the market.
Final Thoughts
PayPal’s decision to accept cryptocurrency is a development that many welcome with open arms. However, people should be cautious when using PayPal for Bitcoin. There are many other sites which enable you to deal with cryptocurrency while keeping the ownership of it. Other sites have other advantages as well such as providing deposit, withdrawal services and many others. People should be educated with regards to cryptocurrency in order to make the best decision possible.
