The biggest cryptocurrency by market capitalization – bitcoin took a huge leap and blazed through $12, 000 and had its sight set on $13,000 with the news of getting listed on the world’s most reputable international money transfer service, PayPal. Well, that should have come earlier in my opinion.
Better late than never! PayPal announced it is launching a service that will enable customers buy, hold and sell cryptocurrency directly from their PayPal accounts. A move which is set to introduce cryptocurrency to its over 340 million users and 25 million merchants. Listing first on its new cryptocurrency service, PayPal is opening this service for Bitcoin, Ethereum, Bitcoin cash (ABC) and Litecoin.
Considering the huge number of users who are still new to the concept of cryptocurrency, PayPal is also launching a cryptocurrency education program to educate new users on cryptocurrency and blockchain technology as the platform welcomes this very pleasant development.
Yeah, you read that right! Cryptocurrency is going to PayPal…one after the other.
PayPal runs its services in most countries all over the world and thanks to its reputation, it is one of the most trusted international financial management service. This news comes after Jack Dorsey’s Square capital announced it had invested $50 million into bitcoin and described bitcoin as an ‘instrument of economic empowerment’.
Bitcoin (and most other cryptocurrencies) represents an offset in contemporary financial and administrational technology. Developed by individuals who seek to change the way things are done in the financial sector, administrational sector and a host of other sectors applicable to life; cryptocurrencies have grown over these years and have achieved amazing success on a global level. Blockchain technology which powers cryptocurrencies presents a distributed ledger system with an enhanced level of transparency which hopes to decentralize some decision-making process, shift the power to the majority and as well enhance productivity in any area where they are applied.
Written all over Satoshi’s bitcoin whitepaper is the vision of creating a flexible and smart store of value accepted globally as a means of exchange of resources. Technological advancements in bitcoin gave birth to thousands of other ‘similar’ concepts which today forms the vast family of ‘cryptocurrency’. Prior to PayPal launching cryptocurrencies on their platform, many other notable companies running different services accepts bitcoin and many other cryptocurrencies as a means of exchange.
PayPal unarguably brings more vibes to the game. In my opinion, the price leap which followed this rumor and the actual news explains just what this means for cryptocurrency in general. PayPal serves over 340 million users and 26 million merchants all over the world and is a pioneer money transfer service. PayPal have built a strong reputation over the years with a great user experience and ‘fast’ services.
Financial transaction using the centralized fiat is normally slow and comes with a lot of hassles. PayPal in its expertise minimizes these issues and simplifies financial transactions using its platform, thus gaining an enormous userbase. Even if you are yet to use PayPal, you probably heard about it countless times.
But how big is this for cryptocurrency?
Exposure to millions of non-crypto users: From the onset, PayPal’s services run for fiat currencies. It is a home to millions of fiat lovers and cryptocurrency skeptics. With cryptocurrency coming to PayPal, these users are bound to see their darling PayPal talk about cryptocurrency in a positive way. Time for a rethink? Surely! Sequel to this exposure, an attempt by these skeptics to try out cryptocurrency services will quickly display the beauty of cryptocurrency to them…and the impression continues to spread.
More spend-case for cryptocurrency: Companies like Travala allows its users access thousands of flight services and pay using cryptocurrencies. A number of notable stores accepts cryptocurrency. Being the top performing digital assets and also due to its portability, a number of merchants have adopted cryptocurrencies over the years and have reaped from its financial viability. However, PayPal brings an even more exciting opportunity. PayPal not only allows cryptocurrency holders store their crypto, it also builds a cryptocurrency exchange which allows buying and selling of cryptocurrencies. With much fiat backing, PayPal adds more fiat liquidity options to cryptocurrency as users are able to convert cryptocurrency to fiat using PayPal’s exchange. PayPal will also make cryptocurrencies available to merchants in early 2021!
Customer education: PayPal also announced that it will introduce a cryptocurrency education program to its users as a part of the cryptocurrency service launch. Having much resources at its disposition; PayPal is poised to provide quality cryptocurrency education services to its large number of users. This program will unarguably tutor these users on the beauty of cryptocurrencies, why it has survived for so long and what the future looks like with cryptocurrency.
Speeding up adoption: Over 25 million verified merchants will be exposed to cryptocurrency, millions more will be educated about it via the cryptocurrency education program hosted by PayPal. Trading cryptocurrencies will be possible on one of the world’s largest payment firm’s platform. PayPal will be adding a tangible fiat liquidity option to cryptocurrency. Come 2021, more merchants will be able to use cryptocurrencies via PayPal. These events will surely speed up the rate of cryptocurrency adoption and cryptocurrency adoption just hit over two times its former speed.
News like this livens up the spirit of cryptocurrency enthusiasts, despite the fact that cryptocurrencies are still in their developmental stage (relatively) it has gained so much interest allover the world and as if this current success aren’t good enough, the revolution is just getting started. More reason why blockchain and cryptocurrency enthusiasts should brace up for the future.