Bitcoins have been famous for quite some time now, but it never got the new normal form of payment. But, that is going to change now with Paypal offering cryptocurrency support in 2021. The best part about the payments platform is that it is used all over the world. And thus the new support added to it will make bitcoin and other cryptocurrencies usable for payments worldwide.
Paypal is an American payments platform that allows you to make payments. One can add their bank account, credit/debit card and do direct bank transfers. The platform offers a secure method to transfer money from one bank to another. It can also be used to receive money from someone else too.
The services offered by Paypal are mostly free, but sometimes they can charge a fee if there is any currency conversion taking place. It can also be used by businesses to accept payments by all forms of cards. The best part of Paypal is that it protects buyers from frauds and ensures they get a refund if they don’t get what they paid for.
The new cryptocurrency support in 2021
The vast number of users that Paypal has and the crypto support might make them just another form of currency very soon. PayPal says that users will be able to pay using bitcoin to small shops and large merchants using bitcoin through their platform from early 2021.
Another important information that they shared was that it would be Paypal’s responsibility to do currency conversion. Dealers will always receive the money through fiat currencies. As of now, reports suggest that PayPal is going to support 4 cryptocurrencies initially. These are Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
The news about the support is pretty much confirmed as the payments platform has already partnered up with Paxos to enable the service. It has also got its BitLicense from New York State Department of Financial Services. While the payments platform is allowing and promoting the use of cryptocurrencies, it will also allow users to buy the same from their app directly.
With the huge market that PayPal has with over 346 million active accounts, the support for crypto will be phenomenal for all such currencies. What are your thoughts on the same and do you use or trade any cryptocurrency? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.