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The Ayes and the Noes for Cryptocurrencies on Paypal

 

With one of the most adapted online financial services announcing on 21st of October that it is about to support the purchases, sale and holding of Cryptocurrencies starting with the United States in the next year of 2021 we will dive into the good and bad side of Paypal’s plan to offer the Cryptocurrency services.

 

  • With Bitcoin no longer being portrayed as criminal money as much as it has in the past years, the news of Paypal finally diving into the Cryptocurrency world itself has a great potency of spreading awareness of Cryptocurrencies and chances of new investors flooding the market.
  • With the current user base of almost 350 million customers of Paypal the exposure to Cryptocurrency rises, even if it is just a matter of seeing a new tab or a notification related to Cryptocurrencies.
  • In the event of a massive bull run within the Crypto world and Exchanges still being troubled by peak traffic load during high volatility we could expect stories of Exchanges shutting down its registrations to new joiners as it happened previously back in 2017. With that Paypal has a potential chance of acquiring the newcomers through their mature platform in the event Exchanges will no longer be willing to accept new customers.
  • The Cryptocurrencies will be only allowed to be purchased through Paypal, also noting that you can not deposit any Cryptocurrencies into the Paypal account.
  • Paypal is set to not offer Cryptocurrency withdrawals at all, this sadly means that you will not be able to fully own the Cryptocurrencies yourself and you would have a choice to either hold on to it or sell it via Paypal.
  • Transfers of Cryptocurrencies between Paypal accounts are set to be not allowed either.
  • The fees for both purchases and sales of Cryptocurrencies are expected to be ranging between 1.30% up to 2.30%

 

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