Cryptocurrencies being embraced by PayPal.

[MasterOfCoin]

PayPal has now entered the cryptocurrency market, announcing that its customers will be able to buy and sell Bitcoin and other virtual currencies using their PayPal accounts.

Those virtual coins could then be used to buy things from the 26 million sellers which accept PayPal, it said.



Other cryptocurrencies to be added initially will be Ethereum, Litecoin, and Bitcoin Cash (a spin-off from the Bitcoin blockchain).
All could be stored "directly within the PayPal digital wallet", the company said.

PayPal said it was aiming "to increase consumer understanding and adoption of cryptocurrency".
"As part of this offering, PayPal will provide account holders with educational content to help them understand the cryptocurrency ecosystem," it added.

When it comes to actually using the virtual coins, PayPal will convert the cryptocurrency into the relevant national currency, so the company being paid will never receive the virtual coins - just the correct amount of pounds or dollars.
PayPal said the system meant there would be "certainty of value and no incremental fees".
But using Bitcoin to pay at ordinary merchants is not due to launch until "early in 2021".

PayPal has been granted permission for its operation from the New York State Department of Financial Services, in the form of a conditional "Bitlicence" - the first such licence ever granted.

To begin with, the service will work with an existing cryptocurrency provider in the US, the Paxos Trust Company.

This move by the company effectively adds tens of millions of new buyers and sellers to the ranks of those accepting cryptocurrency transactions as means of payment.

😁

 

[ritefix]

PayPal has now entered the cryptocurrency market, announcing that its customers will be able to buy and sell Bitcoin and other virtual currencies using their PayPal accounts.

Those virtual coins could then be used to buy things from the 26 million sellers which accept PayPal, it said.



Other cryptocurrencies to be added initially will be Ethereum, Litecoin, and Bitcoin Cash (a spin-off from the Bitcoin blockchain).
All could be stored "directly within the PayPal digital wallet", the company said.

PayPal said it was aiming "to increase consumer understanding and adoption of cryptocurrency".
"As part of this offering, PayPal will provide account holders with educational content to help them understand the cryptocurrency ecosystem," it added.

When it comes to actually using the virtual coins, PayPal will convert the cryptocurrency into the relevant national currency, so the company being paid will never receive the virtual coins - just the correct amount of pounds or dollars.
PayPal said the system meant there would be "certainty of value and no incremental fees".
But using Bitcoin to pay at ordinary merchants is not due to launch until "early in 2021".

PayPal has been granted permission for its operation from the New York State Department of Financial Services, in the form of a conditional "Bitlicence" - the first such licence ever granted.

To begin with, the service will work with an existing cryptocurrency provider in the US, the Paxos Trust Company.

This move by the company effectively adds tens of millions of new buyers and sellers to the ranks of those accepting cryptocurrency transactions as means of payment.

😁

It is a positive move in towards cryptocurrency and its acceptance, however, PayPal would not allow to withdraw the bitcoin or transfer it to any other PayPal user, which is not a good thing.