Just before the Easter Bank Holiday weekend, PayPal smashed the news headlines with the announcement that they can now accept cryptocurrency payments.
“Customers in the U.S. (except Hawaii) can buy, sell and hold four different Cryptocurrencies on PayPal: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.”
Of course, the business you’re making a purchase from has to accept crypto payments just as it does PayPal transactions. But, the option is now there.
This announcement comes soon after the update from Tesla announcing they will be accepting Bitcoin payments in the US.
These announcements combined will have a huge impact on the validity, growth, and value of both Bitcoin and other cryptocurrencies.
The increase in spending and adoption by both customers and businesses alike is substantial.
Unlike the Tesla announcement though, PayPal won’t be paying merchants in the crypto the customer is paying in.
Tesla are accepting Bitcoin payments and won’t be converting the coins into fiat.
PayPal’s new “Checkout with Crypto” will allow users to instantly convert their Bitcoin, Ethereum, Litecoin, or Bitcoin Cash into US dollars.
This is then used to complete the transaction. If a merchant doesn’t take US dollars, PayPal also converts those dollars into local currency at standard conversion rates.
Whilst the overall crypto market has benefited from the announcements from PayPal and Tesla, the actual usage benefits currently only apply to those living in the U.S.
So what can residents outside of the U.S. do to spend their crypto?
For years now AutoCoinCars has been partnering with more and more car dealerships and have been successfully transacting in crypto.
Over the course of 2020, there was more than 1000 Bitcoin spent on vehicles.
We don’t just accept Bitcoin either. Thanks to our parent company, AutoCoinPayments, we can accept all major cryptocurrencies as a payment method.
AutoCoinPayments is the payment processor that powers AutoCoinCars. It is a turn-key solution that allows you to spend your crypto on real-world items.
Our car market platform is our longest-running successful crypto marketplace and is the perfect way to spend crypto on something real.
So if you want to spend crypto on a car get in touch with our team at AutoCoinCars.
