The online payment platform PayPal launched a new feature in the United States – cryptocurrency payments called “Checkout with Crypto” or CWC. By expanding the ability to buy, store, and sell cryptocurrencies, PayPal will automatically offer users the option to pay for goods and services with digital money at no additional transaction fees. Thus, the American company that operates all over the world has fulfilled the long-standing wish of millions of its users.
Given it has been a forefront for a large number of cryptocurrency traders when it comes to withdrawing money from their trading platforms, until now, PayPal has never supported an option of Bitcoin depositing of their accounts.
Why and How Did PayPal Finally Decide on This?
The management of PayPal explained such a move with the increasing use of digital payments and digital currencies. In regard to this, the introduction of “Checkout with Crypto” will offer platform users the choice and flexibility of payment. The company added that enabling cryptocurrency payments in business around the world is the next step in the all-presence and mass acceptance of digital currencies overall.
Depending on the outlook of a person, a new move of PayPal can shift the market for the worst or for the best. However, it is more likely that it will be a welcome addition for everyone interested in trading.
CWC offers company clients a way to make payments using cryptocurrency. All transactions are settled in US dollars and converted into a valid business currency at the standard PayPal conversion rate. This new option offers customers the ability to sell the cryptocurrency via PayPal and pay online.
PayPal has been leading the digital payment revolution for more than two decades and is doing so using technology to make financial services and trading more convenient, affordable, and secure. The PayPal platform serves more than 375 million consumers and traders in more than 200 markets worldwide. Just in the past year, PayPal’s shares have risen about 2.5 times.
What Exactly Does CWC Service Provide?
But let’s get back to the story. With the CWC service, clients will be able to choose the cryptocurrency of their choice, either Bitcoin, Litecoin, Ethereum, or Bitcoin Cash, depending on the balance on the crypto account. Only one type of cryptocurrency can be used for each payment. After the buyer confirms the purchase, PayPal on behalf of the buyer converts the cryptocurrency into the official national currency and concludes the transaction. The buyer receives a confirmation of the crypto sale, as well as the purchased item or paid service.
PayPal officials brag in media that this is going to be the first time their clients can use cryptocurrencies with ease in the same way they are using credit cards or debit cards in their PayPal wallets. Given that PayPal is one of the most popular methods of depositing and withdrawing funds on betting sites with live betting, which are listed here, and a number of such sites that allow depositing with cryptocurrencies is getting bigger, it is also interesting to see if PayPal will enable CWC for bettors.
Which Large Companies Have Accepted Bitcoin at the Same Time?
The launch of the new PayPal service came immediately after Tesla decided to accept Bitcoin as a means of payment for its cars. Unlike PayPal transactions where traders will receive a valid official currency, Tesla will keep the bitcoins that are paid to them. The financial services company Visa has also entered the field of cryptocurrencies by launching the pilot program Crypto.
Analysts estimate that, in addition to the growing popularity among large investors, cryptocurrencies have yet to become a widespread form of payment but that they are not yet due to constant instability. PayPal believes that it will contribute to the massification of this type of payment because, by aligning the value in the official currency, traders will not take the risk of fluctuating the value of cryptocurrencies.
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