Cryptocurrency is not a new concept to anyone. This investment model gained major attention in the past five years.
Major increase in investments is attributed to increased awareness and the global pandemic. Additionally, the total number of cryptos has also increased. For example, until a few years before investors traded only on Bitcoin. But today, the market has got more than 14k+ cryptos in the market. The total market volume of this currency model has gone up by more than $2 trillion. Visit bitgratitude.com to learn about the best cryptocurrencies trading platform
Growth of digital payment schemes
Until a decade ago, people were wary about making payments online. Everyone carried traditional currency with them from grocery shopping to the automobile. But a decade ago, digital payment systems made their entry into the global market.
Today, people seldom carry cash. Most payments are made through online platforms. Thanks to technology and the internet for making it happen.
Understanding PayPal and its journey in the digital payment world
PayPal became a household name for many people across the world. Everyone has a PayPal account enabling them to undertake transactions at ease.
Developing an understanding and increased adoption for cryptos
Even today, few people embrace crypto transactions. While cryptos seem to be promising and make payments much easier. One major reason for this may also be its hindrance to hitting mainstream digital payment platforms.
Other than crypto exchanges, there are few digital platforms allowing crypto trading. The shift to a digital payment system is inevitable. Major digital payment companies are also now understanding this pressure.
PayPal became the first digital payment platform to embrace cryptos. The platform allows users across the globe to buy and trade cryptos. All major crypto tokens including Bitcoin, Ethereum, and Litecoin found their way. The spokesperson for the company also announced that it will be expanding operations.
Making crypto payments through PayPal
Other than buying and trading cryptos, PayPal also offers crypto payment options. As a pilot, this payment model will first get its implementation in the US. PayPal consumers who have their crypto balance in their digital wallet can avail of it. The new scheme will enable crypto payments to 25 million registered merchants.
Other than this, consumers can also change their cryptos to first currencies. PayPal has established connections with central banks and other agencies to enable it. There must be minimal transaction charges with no hidden costs. This way cryptos become another source of funding for PayPal. From an investor’s side, the price volatility, and other factors are also taken care of.
PayPal has always been steering ahead in the crypto journey. In 2019, the company made its venture investment in a company preventing crypto fraud. TRM Labs along with Cambridge blockchain works to identify fraudulent activities in crypto. The identity management software enables this feature.
PayPal has also earlier agreed that the company will continue to invest in cryptos. It will be initiating efforts to ensure cryptos reach every PayPal customer.
The digital payment platform is taking its efforts global. Currently, PayPal allows its clients to buy, sell, and hold Bitcoin. Additionally, the company is also taking efforts to embrace other cryptos. The team is working on integrations with other blockchain companies as well. The CEO, also agreed that he holds his share of crypto tokens in the digital wallet of PayPal. This way he also gains experience like other customers.
How to buy cryptos on PayPal?
Buying crypto using PayPal is easy. Like any other crypto exchange, it starts with having a digital account in your name.
Create a PayPal account. It will need you to submit certain KYC documents to enable transactions.
Once your account is created, choose the Crypto option on the PayPal home page. As we speak, PayPal allows you to buy four different types of crypto. It includes Bitcoin, Ethereum, LiteCoin, and Bitcoin cash. Your buying is complete after you make the necessary payments from your bank account. You can either choose to pay from your wallet. If no, then the customer can complete payments using debit, credit, or internet banking.
Other than already available cryptos, PayPal is also working on developing native tokens. It will be named a PayPal coin and will launch as a stable coin allowing crypto payments. If you are a beginner, engage in Bitcoin trading confidently with Bitcoin smart.