Don't forget that PayPal still works with IOUs they call Bitcoin, not with actual Bitcoin: you cannot deposit nor withdraw, nothing happens on the blockchain...
And the same goes for the other coins too.
Topic: Paypal allows crypto payment for all 29mil merchants - page 3. (Read 421 times)
Sad that Bitcoin Cash was still sorta considered a major coin when Paypal initially made the decision of what coins to include. Gives legitimacy to a fraud coin.
Welp, the major criticism from crypto-haters that you can't buy anything with Bitcoin just died a quick death.
Will be interesting how this affects the market long term. While it means you can widely use Bitcoin around the world, it doesn't change the fact that it is smarter to hold your Bitcoin than spend it in most circumstances. Also since Paypal just converts the crypto to fiat and sends fiat to the merchant, what this really does is add sell pressure to the market - very different than if people were accepting Bitcoin and a widespread bitcoin-to-bitcoin exchange was happening. Still, this is a slap in the face to every critic who says Bitcoin isn't a currency, since it will now be widely spendable, even if it is indirectly.
Welp, the major criticism from crypto-haters that you can't buy anything with Bitcoin just died a quick death.
Will be interesting how this affects the market long term. While it means you can widely use Bitcoin around the world, it doesn't change the fact that it is smarter to hold your Bitcoin than spend it in most circumstances. Also since Paypal just converts the crypto to fiat and sends fiat to the merchant, what this really does is add sell pressure to the market - very different than if people were accepting Bitcoin and a widespread bitcoin-to-bitcoin exchange was happening. Still, this is a slap in the face to every critic who says Bitcoin isn't a currency, since it will now be widely spendable, even if it is indirectly.
This is the reason of bitcoin pump right now, if anyone still curious.
https://cryptobriefing.com/paypal-allow-crypto-payments-29-million-merchants/
But it's currently only supported 4 coins, hopefully they will allow other coin as well in the future.
https://cryptobriefing.com/paypal-allow-crypto-payments-29-million-merchants/
Quote
PayPal customers can now use the cryptocurrency in their PayPal account to pay for goods and services online. The payments giant will automatically convert the users’ cryptocurrency into fiat before settling the transaction, so this will not change anything for merchants.
The supported cryptocurrencies on PayPal so far are Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
The supported cryptocurrencies on PayPal so far are Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
But it's currently only supported 4 coins, hopefully they will allow other coin as well in the future.
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