PayPal Launches New Service To Buy- Sell Cryptocurrency
PayPal is going to launch a new option for their users , to buy sell Cryptocurrency with PayPal directly without going through third party services .
This is a most trending crypto news in the present time of crypto market .
In this article, we will tell about the advantages to launch this service by PayPal for crypto users and Cryptocurrency market.
We will cover following points in this article
- What is PayPal?
- PayPal Accepting Cryptocurrency
- How PayPal will work with cryptocurrency?
- What we can do with crypto assets in PayPal?
- Advantages of crypto service with Pay Pal
- Disadvantages of Cryptocurrency use with Paypal
What is PayPal?
PayPal is a medium of payment in secure, simpler way. PayPal is a biggest leading mode of international payment for International users in this world.
In simple words , we can say that , We can send and receive payment from one country to another county without any restrictions of fiat currency type.
For more information about PayPal you can check here
PayPal Announcement To Accept Cryptocurrency
In the year 2020 at 22 October, Paypal announced that they will integrate their service of payment system with Cryptocurrency.
Now PayPal users can buy, sell & hold bitcoin, bitcoin cash, litecoin, ethereum cryptocurrency in PayPal wallet.
And also they can do payment with PayPal crypto asset to the merchandised PayPal shops.
Amount 26 million shops in this world are merchandised with Paypal service of payment system.
And also PayPal have 350+ million users in the whole world .
So if you have crypto assets in your wallet then you can pay to these merchandised shop with your crypto asset value.
How PayPal will work with cryptocurrency?
When a user will try to pay/send money to someone then his crypto assets values will change into the equivalent of fiat value, And finally a receiver will receive his desired fiat currency value.
What we can do with crypto assets in PayPal?
We can only buy, sell & hold. If we will try to send this asset to someone then he will receive only equivalent value of fiat only.
And secondly we can only pay to the merchandised shops of PayPal .
Advantages of crypto service with Pay Pal
There are many type of benefit of PayPal to integrate with Cryptocurrency assets .
Easy for new user
A new user in the field of Cryptocurrency faces lots of problem to understand Bitcoin wallet, bitcoin address, identifier, blockchain, trading etc.
But with PayPal a user will be able to use bitcoin and another cryptocurrency easily without going through such kind of complicated things.
No fees for buy sell crypto
According to official news , PayPal will not charge any fee amount for crypto buy sell till 31 December 2020 . So probably a very good news for those who want start buy sell in crypto and have very low budget .
This will surely force new person to enter in Cryptocurrency field tremendously .
Stability in Crypto market
This step of PayPal to integrate cryptocurrency will enhance the use of crypto assets and this will lead into a perfect stability in Bitcoin and another crypto market.
If maximum number of people will use bitcoin and another crypto with PayPal there will remain very less chance of crash in the price of crypto assets.
Every country will legalise crypto
In the present time, many countries allows their public to use bitcoin and another crypto but still there are few countries government who are still confused about cryptocurrency.
So if these confused countries will see how PayPal making bitcoin and another crypto use in more better way then, these countries will surely take a good decision and make good rules to use bitcoin.
Change in mentality of none crypto users
People who don’t use crypto, have a typical thinking that Bitcoin like things are totally risky and illegal things . So now such none crypto users will no more think about cryptocurrency in this way.
And secondly they will try to understand cryptocurrency in more deep.
Disadvantages of Cryptocurrency use with Paypal
No doubt that there are numbers of advantage to integrate cryptocurrency with PayPal service. But still there are few point that are not good, And it will be better to know for advanced users of crypto. And also for a new user. Because we are right now in very starting phase of crypto with PayPal, so there are few limitations that can modify by the PayPal team .
Privacy problem with Crypto use in PayPal
Those people who want to be anonymous with their fund in Bitcoin and other crypto assets, May lose their identity of anonymity at some extent.
Problem with bulk crypto user
A person who uses bulk amount of crypto assets can’t use PayPal becasue their are many type of tax issue with such king of high amount money rotation activity with PayPal .
Restrictions in crypto transaction
In PayPal we can’t transfer crypto to another PayPal or crypto user. We are restricted to buy, sell & hold at the PayPal account directly.
So this is a very big limitation for a new user of crypto.
But still, there are some major chances that PayPal will allow users to send and receive crypto assets with another PayPal and crypto users.
Limited Crypto assets
There are only four crypto assets which are Bitcoin, ethereum , Litecoin, Bitcoin Cash only.
Since there are many good crypto available in the crypto market like doge, dash, wave, xrp etc.
But we can’t lose our hope with Paypal, because pay pal already announced that this is beginning, future will be something more better options .
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