Saturday, January 28, 2023
  • Paypal venturing into cryptocurrency creating vast opportunities for its users.
  • Online Payments using crypto coins is realized through Paypal.
  • Crypocurrency exchange and trading is made easier thus allowing PayPal users to freely buy and send crypto coins.

Cryptocurrency took the world by storm, and despite its new nature, its rising potential is astounding. As a result of this lucritve venture, companies, states and even various coporation have incoporated crypto coins. In some states, using bitcoin to buy daily groceries and household appliances is legal.

This fact has brought about the rising need for cryptocurrencies readily available but has proved challenging. A fundamental problem highlighted by its mainstream adoption was the lack of a main instrument of exchange. Its volatile nature, cost, and transaction speed hindered its progress. Various sotwares and applicatios are developed yearly to mitigate this problem.

Applications such as Venmo and Robinhood have made it easier for crypto to be accessible, but we will only focus on a single, globally known application, PayPal.

Paypals new update

Paypal recently announced its latest update that allows all its users are now eligible to transfer, send and receive cryptocurrency with PayPal. This announcement brought in waves increasing the PayPals stock within the same day. For those new to the concept, PayPal is an online payment system that enables users to pay for things online and send or receive money safely and virtually anywhere in the world.

It’s similar to Kenya’s Mpesa application but on a more global scale. This essentially allows you to receive and transfer cryptocurrencies to another user insantly and directly from their phones.

Africans to reap big from cryptocurrency introduction to paypal. web3africa.news

Africans to reap big from cryptocurrency introduction to paypal. [Photo/ New Scientist]

Paypal announced it supports the four leading types of cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. In addition, PayPal user can buy crypto coins easily though their phones reducing the normal hustle. They also provide a digital wallet allowing you to view your bitcoin balance.

Whether you are a beginner or a veteran in cryptocurrency, a key element is always finding the right platform to trade safely with any cryptocurrency. Because of its long-lasting use, PayPal has repeatedly proved that it provides a secure platform for dealing with money. It provides an additional element for security. You don’t need to worry that the application will up and crash or discontinue its services. Everyone can utilize this advantage, allowing you to focus more on trading.

Read: The case for and against CBDCs

Advantages of Using PayPals Cryptocurrency feature

Another key advantage of using PayPal is its vast users. PayPal has over 460 million users actively using its services for day-to-day activities. This turns it from an online payment system to a toll that allows you to trade in cryptocurrency. The volatile nature of crypto, greatly benefits its long-term use rather than short term.

Knowing when to buy and sell Bitcoin or Ethereum is a skill that incurs substantial profits when dealing with cryptocurrency.

Paypal has enabled users to make payments with cryptocurrencies, fundamentally enabling you to buy assets using bitcoin, achieving its ultimate goal of being able to transact funds over the internet. An achievement built through the years of dedication and trust.

PayPals new feature is viewed as an option used by those who require easy and fast access to their crypto coins. In some sense, Paypal is currently the fastest means for anyone to acquire some cryptocurrency.

These advantages speak volumes about the possibilities and opportunities that have been presented not just to other countries such as the US or Europe but can also be utilized here in Africa. PayPal can receive multiple forms of currency, not just US dollars, and have features that can convert such currencies. Paypal in Africa realizes this benefit opening new opportunities like payment uing crypto coins.

In layman’s language, its possible to send, receive and event convert currencies through a PayPal account. It also allows networking among crypto traders. By taking advantage of the numerous users within PayPal, you can grow and increase your crypto coins through trading.

When you are at work and notice that the price of Bitcoin has dropped no need to go to a website and fill in your bank details to purchase it. A few clicks from a PayPal mobile application, and their good to go.

Cons of the new feature

No good thing comes without its disadvantages. With more security, increased availability, and higher transfer speeds, additional costs come when buying Crypto coins with PayPal. It’s generally higher than using your credit card or bank account. Additionally, there are only a few platforms where you can transfer crypto coins with your PayPal account’s recent release. It will take some time before significant crypto exchanges accept PayPal payments, but that is all a matter of time.

In conclusion, PayPal has the potential to become the safest and fastest way when it comes to cryptocurrency, but it all boils down to what you prefer. It has its advantages and disadvantages, but it’s still a step toward fully incorporating cryptocurrency into our economy.

Read: Understanding BTC dominance and price to leverage against the crypto market

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