Cryptocurrencies have invaded just about every corner of the business world. Consumers can now pay for goods online using Bitcoin, receive payments for goods sold or even collect wages due in crypto. There is no getting away from the rise of electronic currency. Supporters love the speed, security, and convenience of paying on crypto, allowing them to make transactions in seconds using their home computer or smartphone. You are always just a click away from a purchase, and every transaction is protected by the latest and best online security measures.
Despite the overwhelming support for the increased use of major cryptocurrencies in business and the recent spike in users, they aren’t without their share of critics. The most vocal of them accuse Bitcoin and the others of helping drive through a cashless society, which has been rumored for many years now but is opposed by millions worldwide. Regardless of your views on crypto, it looks like there will be no stopping it this year.
You can gamble online on the top sports in California using crypto. You can order goods from your favorite fashion retailer, and you can even send international payments to friends, family and business associates overseas, using Bitcoin as a secure, quick and reliable payment method. Transfers are made in both directions instantly, and this is one of the main reasons why online shoppers have taken to electronic currencies so quickly.
What’s the hold-up?
There is one major online brand that doesn’t yet deal in Bitcoin, and that is the world-famous e-wallet known as PayPal. This is used in every section of online business, and you can open an account today. Millions of people worldwide rely on PayPal to pay for goods purchased online, including concert tickets, DIY products and clothes. You can send money to your favorite charity using PayPal, sell your car privately and accept the value to your PayPal account or even help spread the cost of a larger purchase using PayPal credit. The PayPal app has been downloaded and is used on millions of handsets every day. What’s more, the number of registered users continues to climb.
PayPal is extremely popular and, like Bitcoin, has exploded onto the e-commerce industry in recent times. It is, therefore, rather surprising to learn that PayPal doesn’t yet accept payments and transfers in Bitcoin or any other recognized cryptocurrency. That’s a strange one, and it has many wondering what the hold up is. You can use crypto to pay for goods in California, and you can use PayPal to make purchases in the same state, either in person or online. So, why don’t the two forms of payment work closer together? Does PayPal know something about the crypto market most of us don’t and are keen to separate themselves from it?
Only a matter of time
That is a theory that is used by critics of cryptocurrencies, but it’s nothing more than gossip and rumor. The facts are, we have never been closer to seeing PayPal accept crypto for purchases made in California and beyond. If the latest reports are to be believed, we should see the two giants of online payments join forces with the goal of offering a better, smoother, and more secure customer experience in 2022.
It seems like it is only a matter of time before you can deposit funds to your PayPal account using Bitcoin then make international payments for goods. It is something many consumers have been calling for, and they will be delighted the wheels aren’t only in motion. Serious inroads are being made to ensure this happens sooner rather than later.
PayPal has set up and announced the formation of their very own six-member Blockchain, crypto and digital currencies advisor group. The aim is to – in the words of PayPal – create a more affordable, efficient, and inclusive digital financial system. PayPal has remained somewhat tight-lipped on the discussions taking place at these meetings and any moves that will be announced as a result of the council’s findings. Still, insiders believe we are about to see some big changes in the coming months. If PayPal does decide to incorporate Blockchain and crypto into their service, you can be sure they will move swiftly.
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