The era of onboarding digital instruments into the arena of traditional finance and its many gateways started almost right after Bitcoin managed to get a head start in terms of pricing way back in 2017. Most of the heavyweights involved in the industry of finance realized a fact – getting into the new digital industry is a good means of not only raking in profits, but also attracting a young and promising new audience of users who are interested in using the instruments of the digital economy of the future.
PayPal, undoubtedly considerable and one of the very prominent players involved in gateways for finance, announced it was starting to onboard digital coins in 2021 with the launch its own acceptance of Bitcoin. Users who relied on a PayPal account had the opportunity to receive and then send Bitcoin and Ethereum, acting as a huge boost for the platform in terms of both reputation among crypto fans, and in terms of share pricing.
Using a debit card connected to an account, users had the chance of topping up their balances. The PayPal account served as a wallet for making transactions. As such, the “buy crypto PayPal” query quickly rose in the search engine listings. For buying Bitcoin, PayPal could be used on par with major exchanges.
With plans to release some new products of its own and augment existing channels, PayPal started on a long and arduous path into adoption. In one of the latest announcements, however, were bare of cryptocurrency-related operations, despite the fact that the company is making huge profits. The $15 billion buyback of stock by one of PayPal’s core investors Elliot Investment Management, made the company’s shares react with a 14% uptick. This was a welcome reprieve, considering that the company had lost as much as 54% in value from last year thanks to the restrictions imposed by the coronavirus pandemic.
Before any user starts thinking of buying any digital currencies on PayPal, they must realize a simple truth- the platform can be used for any operations, including sales and storing such assets. The possibility of making purchases using crypto stored on PayPal is also available, but the factor of volatility that is inherent to all e-currencies must be considered when resorting to them as a way of conveying payment value.
The good thing is that PayPal protects its users from fraud when it comes to making purchases from it using e-currencies. Like many applications, PayPal is making digital assets accessible for payment while reducing risks by applying several security layers. The same security layers come with increased accessibility and convenience, since PayPal gives its participants the ability to make single click purchases of crypto.
Using the PayPal account as a means of storing e-currencies for long periods of time as a means of financial planning is also possible. But before doing so, users first need to set up a PayPal account. If users already have such an account, all they need to do is go to the menu and select the “crypto” button. At present, PayPal offers buying Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The list can be updated in the future.
Once the choice has been made, users need to choose how much they want to buy and click on the “Buy” button, provided they have the necessary amount of funds on their account balances to make the purchase.
An important note is that PayPal charges a fee for the purchase or sale of any asset. The layout is as follows and is applicable to all the options provided on the list:
Needless to say, PayPal will require all users to pass through the KYC, or Know Your Customer, procedure before they are allowed to open an account. Once the user’s identity has been verified, PayPal will ask them to fill out a W-9 form, necessary by United States law, and will also ask users to agree with the Terms and Conditions of the platform. Users are advised to read them carefully.
If users have confirmed their identities, filled out the form and agreed with the Terms and Conditions, the users will be allowed to make purchases. PayPal converts the funds on the user’s balance automatically without any additional charges at the platform’s exchange rate and makes the purchase of crypto.