The Pros and Cons of PayPal-Bitcoin Combo

Last week, the long-running competitor of the Bitcoin payment network turned into one of its largest integrators. Ladies and gentlemen of the crypto-verse, please welcome PayPal, a $240-billion global payments giant. With a history of firing nasty comments at Bitcoin, the Wall Street mammoth, ranging anywhere from “bubble” to “financial scam,” appeared with candies in its hands this time. In an announcement Wednesday, PayPal said that it would soon offer its US-based customers the ability to store, purchase, sell, and even spend Bitcoin and a few other altcoins. In short, GOOD NEWS for an industry that was itching to gain global exposure. Perhaps, that is among the only remaining pros of a PayPal-Bitcoin combo: adoption. PayPal currently has 286 million active users. It’s practically the 21st largest bank in the world, albeit not being a banking service. For Bitcoin enthusiasts, PayPal is a perfect shortcut to global adoption. Traders have already assessed the event as a cheerful ..

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Bitcoin Nears $60,000 After PayPal Announces Crypto Checkout

Bitcoin prices rallied in the early London session after Reuters reported that PayPal would launch its crypto checkout services later on Tuesday. The payment giant, which started offering bitcoin custodial and trading services in October last year, will now allow US customers to use their cryptocurrency holdings to pay to PayPal’s millions of merchants worldwide. The service also extends to users who hold Ethereum, Bitcoin Cash, and Litecoin. “This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet,” Dan Schulman, president/CEO of PayPal told Reuters ahead of the formal announcement. The offering made PayPal one of the largest mainstream financial giants foraying into the digital currency sector. Many analysts noted that it would lead to a crypto price boom, with the first signs already emerging across the bitcoin and altcoin market. Bitcoin surged more than 2.5 percent to $59,300 shortly after the Pa..

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