PayPal with cryptocurrency can pay at millions of online sellers. This could give a huge boost to the use of cryptocurrency in everyday trading.
What coins does PayPal accept?
Right now they are starting with Ethereum, Litecoin and Bitcoin.
It is expected that customers who have bitcoin, ether, bitcoin cash and litecoin in PayPal’s digital wallets will be able to convert them into fiat currencies at checkout to make purchases. This will be rolled out to all 29 million sellers in the coming months.
“This is the first time you can use cryptocurrencies seamlessly in the same way you can use a credit or debit card with PayPal,” CEO Dan Schulman told Reuters.
Rise in price
Since November 2020, customers have been able to buy, hold and sell cryptocurrencies through PayPal’s platform. You can’t give PayPal all the credit, but since then the bitcoin price rose to a high of $61,000. Bitcoin has nearly doubled in value since the beginning of this year, spurred by increased interest from larger financial firms betting on greater acceptance and seeing it as a hedge against inflation.
Tesla announced about a week ago that they will accept bitcoin for their products. However, there is one big difference between Tesla and all PayPal affiliated sellers: Tesla keeps the bitcoins paid, but PayPal sellers receive dollars, even though the buyer pays with cryptocurrency. These are automatically converted.