PayPal – the payment platform announced that they are now ready to provide its users with trading Bitcoin. The U.S. users now no longer have to wait and start paying for products and services in cryptocurrencies from their Paypal accounts. The platform also increased its limits for purchasing of Cryptocurrencies within a week to $20,000.
Updating its initial announcement made in October the PayPal announced, U.S. account holders can now trade cryptocurrencies without any delay.
11/12/20 Update: “We are pleased to announce that all eligible PayPal account holders in the U.S. can now buy, hold and, sell cryptocurrency directly with PayPal. Download the PayPal app or log in to your account to learn more.”
PayPal’s initial instructions were to waitlisting for its crypto features due to the overwhelming demand from its users. The platform has more than 26 million merchants around the world. Its users in the U.S. now can use cryptocurrencies and Bitcoin to buy products and services from these merchants all around the world. However, the merchants will not receive cryptocurrencies but converted currency at the point of sale.
Many crypto experts believe it is not crypto if you are not getting private keys to your coins. Adding to that, users cannot move cryptocurrencies out of their accounts but only pay for products and services.
The CEO of PayPal, Dan Schulman elaborated that the shift to supporting crypto was driven by as per his view an “inevitable” drift towards virtual currencies.
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.”
In a summary users will be able to trade up to $20,000 a week, which doubled the original $10,000 a week announced by PayPal at the initial announcement.
