PayPal customers and not to forget, millions of global merchants partnered with PayPal celebrate the successful addition of Bitcoin and other popular cryptocurrencies to their checkout process.
What Does This Mean For PayPal Users?
As of now, this means that customers may make purchases with Bitcoin, Bitcoin Cash, Ether and LiteCoin that they are holding in PayPal digital wallets.
PayPal CEO Chimed In The New Bitcoin Payment Platform…
President and CEO Dan Schulman chimed in;
“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet…”
Last week, Elon Musk announced that consumers could now purchase Tesla in Bitcoin. Musk, specified however, that he will not be transferring the Bitcoins into fiat currency and instead, holding onto the coins used as payment.
What Makes PayPal’s Bitcoin Payment System Different?
PayPal’s crypto payment system differs from Tesla’s in that merchants will be receiving fiat currency. PayPal claims to have chosen this route ultimately, so that the merchants would not have to take on the possible volatility risks associated with Bitcoin and cryptocurrency.
Ceo, Schulman also added;
“We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants,”
Paypal is far from alone when it comes to “keeping up with crypto”. Just this past month alone, we have seen celebrities boasting about the benefits of crypto, major players in the traditional banking industry and credit card companies cashing in on crypto, and more and more merchants catching on to the Bitcoin bandwagon as well.