PayPal launches new service: cryptocurrency
PayPal has one cryptoservice launched for its customers. That means they can exchange Bitcoin and other cryptocurrencies with their PayPal wallet. A cryptocurrency is a digital or virtual currency with a limited amount of coins / tokens.
Consumers cannot buy goods in stores yet, but that functionality is planned for early next year.
Paying with crypto is hot
Other payment companies, such as Square and Revolut’s Cash app, have already put cryptocurrencies up for sale. PayPal has one of the largest trading networks in the world. PayPal plans to roll out its buying options in the US in the coming weeks.
The other cryptocurrencies to be added first are Ethereum, Litecoin and Bitcoin Cash (a spin-off from Bitcoin). Bitcoin prices rose after the news, breaking the USD 12,000 mark (€ 10,150.50).
Bitcoin: still going strong
Bitcoin has been around for more than ten years now. The mother of all digital coins was invented in 2008 by the legendary Satoshi Nakamoto in response to what he thinks is unfair financial system. Banks were bailed at the expense of the innocent taxpayers. In the good times, bankers pocket the profits, but when things go less well, we suddenly all have to contribute. That must stop, Satoshi thought. That is why he came up with bitcoin , a form of money that cannot be printed and misused by anyone for this type of practice.
At the moment, billions of euros and dollars are being printed again to keep banks and companies afloat. This is exactly what bitcoin is made for. You can think of buying bitcoin as taking out insurance on our financial system.