Paypal will now allow its users to use Bitcoin and other cryptocurrencies

Paypal has taken a leap into the future with the implementation of payments via cryptocurrencies, which is a revolutionary measure in ter...

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Paypal has taken a leap into the future with the implementation of payments via cryptocurrencies, which is a revolutionary measure in terms of economic transactions on digital platforms.

Something that was believed impossible or distant has become a reality thanks to Paypal, which has adopted a new transaction system in which, they say, they will begin to accept payments via cryptocurrencies.

This has come as a great surprise to some of its users, although some experts have even said that this measure may not work at all well.

Do you want to know more about this new form of payment? Find out which are the cryptocurrencies that Paypal is accepting and what are the advantages of their use according to the platform.

  • PayPal has announced a new form of payment: it will now accept transactions with virtual currencies
  • The use of cryptocurrencies will be allowed by Paypal, a measure that will benefit consumers who use Bitcoin and other types of cryptocurrencies
  • Bitcoin, Bitcoin Cash, Ethereum and Litecoin are just some of the cryptocurrencies that will be accepted by Paypal although, according to experts, there is still a long way to go before this process is efficient

Is it possible to use cryptocurrencies to make purchases online? If purchases are made through Paypal, yes.

At least that is what the company has announced in recent days. Paypal CEO Dan Schulman addressed Reuters to describe the goals and challenges of this new measure taken by Paypal.

Schulman noted that the company hopes that this new payment method “encourages the global use of virtual currencies.”

Paypal has established itself in recent years as one of the most used platforms to carry out monetary transactions, purchases and payments.

In a statement, the company stated that among its main plans is to allow users to use their cryptocurrencies on the platform at any time they want.

Within Paypal operations, the existence of more than 26 million merchants is contemplated by 2021.

And not only that, the payment platform has more than 346 million active accounts, which has been translated into a network of transactions that amounted to $ 222 billion dollars only in the second quarter of 2020.

Photo: Shutterstock

Paypal and payment for cryptocurrencies: What are the benefits of this measure?

In a statement issued by the Reuters agency, it has been announced that Paypal is not the first platform to offer the payment service for cryptocurrencies.

Companies like Square and Robinhood, although emerging, have successfully implemented this payment method.

If its plans are realized, Paypal would be the first and most important company in the world to adapt to cryptocurrencies.

So far, users do not have access to this service, and although the company has stated that it will implement it very soon, it has not released an exact date for its official launch.

It has also not been clear regarding what types of coins or tokens will be accepted, although it is believed that, in addition to Bitcoin, Paypal will accept currencies from Ethereum, Bitcoin Cash, and Litecoin.

One of the disadvantages, according to some experts, is that, if everything works as Paypal has planned so far, users will not have the option of using their digital assets outside of Paypal, and they will not be able to send these currencies to other users within it. implementation, which would be a setback to the advance that, in theory, is expected to be achieved.

Paypal will allow payment through cryptocurrencies, but it will do so by converting these into fiat currency, such as the US dollar.

This means that although entrepreneurs who make use of Paypal services will be able to spend their cryptocurrencies, at the end of the process they will not receive payments in said cryptocurrencies, but they will be converted to a specific currency, such as the dollar.

Photo: Shutterstock

Cryptocurrencies: what you should know about them

Cryptocurrencies have become an attractive type of currency for investors for some years now.

Paypal knows that this payment method could translate into large profits for the company, and one of its goals is to “create greater awareness about the use of cryptocurrencies” among consumers.

In a statement issued by Paypal, it was reported that “As part of this offer, Paypal will provide users with educational content to help them better understand the cryptocurrency system.”

Paypal hopes to be a generator of discussion regarding the use of cryptocurrencies, and to do so it must provide users with the necessary information to carry out transactions effectively and safely.

For Dan Schulman, CEO of Paypal, “the shift to digital forms of currency is inevitable, and brings obvious benefits in terms of inclusion and access to finance, as well as the ability of governments to disburse funds more quickly. “

The executive added that “Our global reach, our experience in payments and rigorous security and compliance controls give us the opportunity and responsibility to contribute by facilitating the understanding, vindication and interoperability of these new instruments of change.”

Paypal has announced that it expects to start implementing this payment method in the next few weeks and, based on the success obtained, it will be able to contemplate an expansion to Venmo during the first months of 2021.

Photo: Shutterstock

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