PayPal To Allow Customers To Pay With Bitcoin, Litecoin, Ethereum and BCH
As the company promised when cryptocurrency support was first announced, PayPal has followed up with to allow customers to pay at its 29 million merchants globally.Related Reading | Internet Celebrities Lead $5M Investment In Bitcoin Reward Program Lolli
The initial announcement that the company would offer cryptocurrencies is the spark that set off the bull run, but the execution of their plan has been criticized since.
Could the PayPal news be enough to push Bitcoin through resistance to new all-time highs? | Source:
Paying With Crypto Involves First Swapping To Fiat
The PayPal news caused Bitcoin to once again rocket higher, and it could be the necessary momentum to push the cryptocurrency through resistance and to new all-time highs.
The initial PayPal news caused the breakout to begin with, so another leg higher could be in the cards. Regardless of the bullish price action resulting from the more recent news, once again its not all positive for cryptocurrency users.
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In the same vein as other technology-defeating methods the company utilizes, PayPal also swaps any crypto assets out for fiat immediately before making the transaction. What’s really happening is that cryptocurrencies themselves aren’t being spent, but instead are being sold into cash and cash itself is being exchanged.
Rather relying on each cryptocurrency’s respective protocol to handle the transaction from wallet to wallet, PayPal has instead created a centralized system and wallet garden yet again. Companies like the brand have taken on a “if you can’t beat ’em, join ’em” approach with crypto over the last year or so, but have stopped short of fully embracing what the technology itself has to offer.
Who knows, though. Perhaps PayPal is doing its users a favor by encouraging them to hold rather than spend, which in the past has proven to be a mistake anyway.
Featured image from Deposit Photos, Charts from TradingView.com