Cryptocurrency gained momentum a few years ago. Since the invention of bitcoin, the first cryptocurrency, a lot more have popped on the market. And you may wonder if it is worth investing in Bitcoin, Ethereum, Dogecoin, or any other cryptocurrency that is out there. They are the invention of the modern world and more and more people want to learn and understand how everything works. But as people become more accustomed to this new method of keeping their money, their value is constantly increasing. Every technology development triggers other ones. And other ones. And so on. And the thing that will be the main topic of discussion in this article is PayPal and its newest cryptocurrency integration.
As cryptocurrency becomes a digital asset more and more people want to have, the need for platforms where you can buy, sell or trade cryptocurrency becomes more stringent. Many platforms were solely developed for this purpose. But the economical agents that are very important in a country, naming banks, have become more interested in joining the party. And PayPal did the same.
So, what is the thing about the new cryptocurrency integration PayPal announced in October last year? We all know that PayPal is a company that operates and creates the perfect environment for online payments around the world. You can transfer money in PayPal, without you needing to sign a check or give the traditional money. Everything is done digitally, which eases the life of everyone involved. And now, the cryptocurrency integration opened a new door for PayPal users and not only.
Venmo is a peer-to-peer app that allows you to send money by using your mobile phone. The thing about this app is that the transfers are done through a social feed, but users need to be in the US. The company is now owned by PayPal which acquired it in 2013. And now it is an important and essential part of their company, that made the implementation of cryptocurrency easier. This is because people now spend a lot of time on their smartphones, which are pretty performant and, in some cases, easier to use than a laptop.
People want to have everything at hand, so transferring money using just your mobile phone is awesome. Even though Venmo and PayPal are kind of the same thing and operate in the same way, they function independently. PayPal planned to introduce cryptocurrency to Venmo this year, which is exactly what happened. Now you can buy cryptocurrency directly from this mobile app, agree on writers who offer essay help for a college paper.
Which Are the Supported Cryptocurrencies?
There are many crypto coins out there, with newer ones gaining more momentum as time passes. Others are created on the way and people who are enthusiastic about something new can invest in and try. So, there are more than 4,000 crypto coins that exist.
However, you will not find all of them on Venmo or PayPal. PayPal decided to include on its platform only the safest ones. The number of crypto coins available on PayPal is only four. These are Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. However, this service or functionality is available only to US users, except those from Hawaii. So, anyone from the US can buy, sell, and hold crypto coins.
Will This Service Become Available Internationally?
This is one of the first questions many people that are outside of the US think about. PayPal is used on an international level, with more than 370 active users in 2020 on this platform. And the users that are from Europe seem to use PayPal more than Americans.
So, making this functionality available internationally is one of the things PayPal should try to do. And they announced that this will become reality in the first half of this year. So, we have only a few months to wait until it becomes reality. For the moment, only the US and its territories, excepting Hawaii, have access to this functionality. And for the moment, all the trades are done in USD.
How to Buy Crypto on PayPal?
If you think you need to activate or have something special to be able to buy cryptocurrency on PayPal, this is not true. Of course, you need a PayPal account that can be both personal or plus account. To buy, sell, or hold crypto coins via PayPal, you need to confirm some information about your account and yourself when you will do the first trade or purchase.
But apart from this, you do not need to signup today for something special. It is mandatory to have a personal or plus account, so this is the only thing you need to do. It is important to note that there might be some fees that are applied by your bank. This happens when you use your credit or personal card to invest in cryptocurrency and fund your PayPal account. Before making a purchase, make sure you read the terms and conditions and understand your bank’s fee policy.
However, some fees are applied by PayPal and, of course, they depend on the exchange rate between USD and the crypto coin you want to buy. PayPal is very transparent anyway, so all the fees they want to apply to your transactions, no matter if it is about buying or selling crypto coins, will be displayed on your screen before you hit the button to end the transaction. However, the fees are from the spread of margin and they are estimated to be 0.50%.
Things to Consider
One of the things whose importance cannot be stressed enough is the instability cryptocurrencies come with. Nor PayPal or any other platform that allows you to trade crypto coins will not withhold any responsibility for your choices. They just allow you to buy, sell, or hold crypto coins, without covering the losses you might experience.
These selling and buying operations are not reversible, so every user needs to think twice before deciding to do this. You can win money, indeed, but you can also lose it. Just as the stock market is volatile, so does the cryptocurrency market. The price of crypto coins is fluctuating, and this is the thing that might make you lose or win some money. So, be wise.
The market of cryptocurrency is not a new one, but it gains more momentum as the days pass. There is a trend among Millennials and not only to invest in digital assets, as they somehow come with more security. However, the market is volatile enough to make you lose or win money in a matter of minutes or hours. It is therefore important to pay attention to your transactions and be wise when you do them.
With the newest integration of cryptocurrency, PayPal made this market open to more people. Even though this functionality is available only to US users, the company plans to make it internationally available by the half of this year. You can buy, sell, or hold Bitcoin, Ethereum, Bitcoin Cash, and Litecoin on PayPal. There are the largest crypto coins by value and the most mined ones. All you need is a Plus or Personal account on PayPal and you can get it started.
About the Author
Jessica Chapman is a writing editor from Chicago, who collaborates with a cheap assignment writing service. She works on this term paper writing service, where she writes on topics such as economy, business, and finance. She is into sport and politics, enjoys traveling.