As of this week, PayPal users in the US can now add bitcoin and other cryptocurrencies to their accounts. Users can now use PayPal’s web and mobile services to buy, sell and store cryptocurrencies.
PayPal announced last month that the service would be made available to users in the very near future and this week updated users with the news that they are now free to purchase bitcoin and other cryptos.
Being able to buy, sell and store cryptocurrencies using PayPal brings, them somewhat into the mainstream. However, they still remain unaffiliated with countries and government, making them somewhat of a grey area. That being said, cryptocurrencies do have their advantages and being able to buy them using your PayPal account means users can avoid having to create a crypto wallet and sign up to an exchange. There are also the advantages that cryptocurrencies themselves offer, such as privacy – as they don’t require any of the owner’s private information.
Cryptocurrencies can be a complex mistress for first-time buyers and investors, however, using an already well known and trusted payment service like PayPal could be the way forward for those interested in dipping their toes into the industry. PayPal plans to make it easier to buy, sell and trade cryptocurrencies through a user-friendly process and educational tools. At the moment, there are some limitations to PayPal’s cryptocurrency service, including the fact that users can’t move cryptocurrencies between two different accounts. However such limitations are expected to be addressed and approved in the near future.
When users now log into their PayPal mobile app, a banner should appear advertising the new feature. By clicking on the banner, users will then be directed to the menu where cryptocurrencies can be purchased, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.