PayPal Announce Plans to Allow Users to Buy and Sell Cryptocurrency
Whether it’s buying products, paying for services or sending and receiving money, many of us use PayPal and its peer-to-peer payment service, Venmo, every single day. With the company’s recent announcement that U.S. Venmo and PayPal users can now use the platform to buy, sell, hold and pay with cryptocurrencies, however, PayPal is set to become even more popular and is likely to feature more frequently in our everyday lives. So, what do these announcements really mean, and how will they change the way we spend our cash online? Here we give you a roundup of how these cryptocurrency services will shape the way you shop.
Buying and Selling Cryptocurrency on Venmo
In New Jersey in recent weeks, a cryptocurrency scam has made the headlines, with a local Instagram influencer reportedly deceiving people into sending him thousands of dollars worth of Bitcoin. Yet, for both local and national consumers, PayPal and Venmo’s move to allow users to buy and sell cryptocurrency on the platforms will only be a positive thing. PayPal is already used by many to deposit money into online gambling accounts. We can see that many large iGaming platforms are diversifying their payment methods, such as PlayOJO Casino, who accept ApplePay, and more…
Customers often favour PayPal for their deposits, alongside e-wallets like Neteller and Skrill. With the introduction of cryptocurrency to its platform, users will not only be able to use PayPal and Venmo to deposit money and pay for other goods and services, such as streaming accounts, but will also be able to buy Ethereum, Bitcoin, Litecoin and Bitcoin Cash.
PayPal’s New Cryptocurrency Checkout Service
PayPal’s cryptocurrency checkout service, however, is what will seriously change the way we shop for physical goods like clothes and books, and it could even alter the way we pay for streaming services like Netflix and put funds into our online gambling accounts. As this site explains, this will not only make the U.S. economy more inclusive to those on lower incomes, but would allow consumers to use their cryptocurrency – be it Bitcoin Cash, Litecoin, Bitcoin or Ethereum – to make purchases at online checkouts across the globe. If you’re wondering whether buying, selling, or holding cryptocurrencies via your PayPal account might be worthwhile, you can read here to find out more about the currency’s benefits.
PayPal’s cryptocurrency checkout service, along with its announcement that users can buy, sell and hold cryptocurrency, will allow us to spend our virtual cash in a variety of new ways. From depositing money into online casino accounts to ordering takeout, paying for coffee and sending cash to friends, our digital wallets and the cryptocurrency within them are set to play a greater role in the way we shop. Cryptocurrency’s rise in popularity could also lead to greater financial equality in the U.S. and could boost struggling businesses across the country.