Covid-19 pandemic has brought with it many changes, one of the most evident being the innovation and adoption of many digital payment methods. Digital currencies have shown a massive improvement since the pandemic started; this is because people preferred to use more nonphysical payment solutions to keep themselves safe from contracting the novel coronavirus.
Given the fact that cryptocurrency has been before the start of the pandemic, more people have shown interest in it recently because of its legitimate way of improving payment and facilitating the financial growth of businesses and individuals. PayPal has now introduced a system where users can trade on cryptocurrency using their wallets, this is due to the rising demand for use of cryptocurrency and its efficiency. The new facility that is currently exclusive for US-based users only, is a major step that is going to bring tremendous changes to the trading sector.
Dan Schulman, the President, and CEO of PayPal made the major announcement also adding that the move made by the company was inevitable. More people in the world are undoubtedly joining and benefiting from the new digital payment methods because of the better access and high transfer speed. This new move by PayPal is a game-changer and shows how they are ready to promote virtual money transfers and bring a positive impact on the finance and commerce industry.
How was cryptocurrency introduced and accepted?
Cryptocurrencies have existed for over a decade and its success has been largely attributed to the security it provides and its speedy transaction process. The market has had good competition and more sophisticated digital money transfer platforms.
One of the most popularly known cryptocurrency platforms is Bitcoins, however many people still do not know about cryptocurrency and how it works. Apart from Bitcoins, there are many other crypto spaces such as Litecoin, Bitcoin Cash, and Ethereum. They said currencies have been the first ones to be considered by PayPal in their new crypto platform.
Why U.S Only?
You must be wondering why or when PayPal will provide the same service to people living outside the US! According to a report provided by PayPal, the service will be available for all the other users by mid-2021. Cryptocurrency trade has daily shown an improvement and has over the years increased in its market value and more players have come in to join the lucrative trading activity. PayPal is the first of its kind to launch such a venture and is esteemed to influence other digital payment service providers to also adopt the same.
How is PayPal going to promote the adoption of cryptocurrency?
PayPal has shown a perfect example by giving cryptocurrency trade in its platform, it has also greatly promoted the adoption and use of cryptocurrencies. They have also announced that in addition to the introduction of crypto, they are on the way to launch a major educative program that is going to equip users and other interested persons with the way cryptocurrency trade works and how you can trade in cryptocurrency with PayPal .
In addition to the empowerment program being provided by PayPal, there have been no fees charged to individuals that carry out crypto trade on their platform. From the beginning of 2021 people with cryptocurrency on their PayPal accounts will have the luxury to use the funds for purchases. In other words, users will be able to convert cryptocurrency to their respective virtual currencies instantly with the value of the currencies not being affected. This provides a great opportunity for entrepreneurs who have used PayPal for purchases before to use the same platform to invest.
It is even better news for you if you live in the US and possession of a PayPal account. Because it has several benefits, it is easier to transact, and understanding how cryptocurrency trade works will be an easy job for you. It is also good to note that cryptocurrency trade has a lot of profit and that will be beneficial for you if you decide to dive into it.
PayPal has made a huge step in championing the adoption and use of crypto. It is a great step because money transfer systems are continuously changing. “change is inevitable“, meaning the faster we adapt to the new means of payment and be ready for new ways of doing business the better it will be for us. In a very dynamic economic world, it is only enough to say that we expect nothing but more and more advanced business innovations.