PayPal will soon let users buy, sell and hold cryptocurrency

Shawn Knight

Posts: 12,698   +124
Staff member
Bottom line: PayPal’s involvement with cryptocurrency is a big deal for all parties involved. It will no doubt increase awareness of alternative payment methods and boost their validity while simultaneously providing merchants with more ways for customers to pay.

The rumor mill was spot on once again. Just a few months after word first surfaced that PayPal was working on a cryptocurrency program, the fintech giant on Wednesday confirmed it is launching a service that will grant users the ability to buy, sell and hold select cryptocurrencies directly within the PayPal digital wallet.

PayPal said it will initially support Bitcoin, Bitcoin Cash, Ethereum and Litecoin when it launches for US accountholders in the coming weeks. Support will be expanded to Venmo and select international markets in the first half of 2021, we’re told.

PayPal is partnering with Paxos Trust Company, a regulated company that holds both physical and digital assets, to power the service in the US. A post over on Medium goes into greater detail on the matter from Paxos’ perspective.

Starting in early 2021, PayPal customers will also be able to use their crypto holdings as a funding source to make purchases from its 26 million merchant partners worldwide. At the time of purchase, consumers will be able to convert their crypto to fiat to complete the transaction without any additional fees.

Image credit: Dan Eady, grejak

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nodfor

Posts: 26   +33
At the same time where people are overtaxed for burning fossil fuel for legitimate reasons like transportation or heating, this extremely unnecessary and wasteful practice of using circuits running 24/7, burning massive amounts of power for cryptomining, is encouraged by the growing adaptation of crypto-currencies. Very sad.
 
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VitalyT

Posts: 5,202   +4,331
TechSpot Elite
I don't see this happen, the US gov won't let it.

But this "news" is what just caused Bitcoin jump high again. When this gets reversed, so will Bitcoin, landing on its arse, below 10k again. It has done so countless times by now. In fact, this pump-and-dump, based on fake news, has been going for the most of Bitcoin life now.

 

Evernessince

Posts: 5,461   +6,134
I don't see this happen, the US gov won't let it.

But this "news" is what just caused Bitcoin jump high again. When this gets reversed, so will Bitcoin, landing on its arse, below 10k again. It has done so countless times by now. In fact, this pump-and-dump, based on fake news, has been going for the most of Bitcoin life now.
PayPal isn't the only one. Visa and mastercard have been making moves in bitcoin pretty aggressively the last few years.

Visa partnered up with Zap to create strike, which let's you send bitcoin without having to hold bitcoin or even have a bitcoin wallet.
 

VitalyT

Posts: 5,202   +4,331
TechSpot Elite
PayPal isn't the only one. Visa and mastercard have been making moves in bitcoin pretty aggressively the last few years.

Visa partnered up with Zap to create strike, which let's you send bitcoin without having to hold bitcoin or even have a bitcoin wallet.
Visa and Mastercard do not care how this will impact the tax system. The governments do, so they will have the last say in this.
 
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Yad

Posts: 62   +3
Visa and Mastercard do not care how this will impact the tax system. The governments do, so they will have the last say in this.
I have a friend who works in the government in my country and he told me that they will introduce cryptocurrencies and will make it legal.
And he said that they are backed and the move itself comes from EU itself.

Now don't take my word for it,just wait for it to happen.
 

Endymio

Posts: 1,101   +914
I have a friend who works in the government in my country and he told me that they will introduce cryptocurrencies and will make it legal...And he said that they are backed and the move itself comes from EU itself.
Your friend may be confusing the EU's upcoming plan on regulating cryptocurrency. I highly doubt the EU is going to issue their own cryptocoin. What would be their motive? When you have the power to issue fiat currency, crypto subtracts value, it doesn't add it.
 

Yad

Posts: 62   +3
Your friend may be confusing the EU's upcoming plan on regulating cryptocurrency. I highly doubt the EU is going to issue their own cryptocoin. What would be their motive? When you have the power to issue fiat currency, crypto subtracts value, it doesn't add it.
Its probably what you said,but I never said anything about issuing their own cryptocoin.
I actually wanted to say they will introduce bitcoin.
They have already made the law,they will soon introduce it into the parliament to get it approved.
 

Endymio

Posts: 1,101   +914
Its probably what you said,but I never said anything about issuing their own cryptocoin. I actually wanted to say they will introduce bitcoin....
Ah, I misunderstood you then. My apologies. But it's my understanding they're focusing more on stablecoins than Bitcoin ... and they will regulate even that fairly heavily with identity checks and anti-laundering regulations.
 
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