PayPal HQ, sign saying PayPal, text saying PayPal will allow US users to pay with crypto

PayPal allows it´s US user to now use cryptocurrency as payment

By Patch | Things of note and other interesting stuff | 9 Jun 2022

PayPal is one of, if not the, largest pay solutions for online payment. And today most sites online support this payment option. And now with their BitLicense, it means that crypto now has an additional way off of the Blockchain out into the real world.

What is a BitLicense?

BitLicense was introduced in New York in 2015 as a way for them to control and regulate businesses that were buying and selling cryptocurrencies in the state. This was met with criticism from many crypto advocates. They saw it as a potential roadblock and hindrance for businesses instead of how it was proposed to work.

In 2020 New York then tried to streamline the entire process of applying for the BitLicense. By introducing a conditional BitLicense. Buisseninses with this conditional BitLicense then later could apply to make it a permanent BitLicense. And this is what PayPal did, 2020 they applied and were granted a conditional BitLicense, and now two years later they have applied to make it a permanent one. And this was also approved.

The future for PayPal

With their new permanent BitLicense PayPal is starting to roll out some new payment methods for select users in the US. These users will now have the ability to transfer supported cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, into PayPal, as well as move crypto to external wallets and exchanges.

PayPal also has said in a statement that users in the future will be able to transfer cryptocurrency between friends and family “with no fees or network charges.”. Thes changes will roll out slowly over the coming weeks in the US.

Personally, I think this sounds like a great change. And I think this will put PayPal at the forefront of online payment for the foreseeable future. And I can't wait for these features to be available to us international PayPal users as well.

What do you think about these changes, is this cause for you to try out PayPal if you already were not doing so? Or are you waiting for foe another online payment option to adopt cryptocurrencies as a payment option? Please share your thoughts in the comment section down below.

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