Cryptocurrencies are one of the fastest growing asset classes in the world today. PayPal adopted cryptocurrencies in October 2020, allowing people to buy crypto assets like Bitcoin, Ethereum, Litecoin and bitcoin cash.
PayPal, the world’s largest online payment processor, is going to announce later today the option to pay merchants in cryptocurrency. Earlier, people had the option to buy these cryptocurrencies on PayPal. However, they couldn’t use it to pay for other services.
How Can You Pay Using Bitcoin in PayPal?
PayPal has millions of online merchants where you can use cryptocurrencies to make payments. Any person who has Bitcoin, Ethereum, Litecoin or Bitcoin cash in their wallets will get the option to convert these coins into fiat currencies. This option will be available to the buyer during the checkout process while making the payment. PayPal will send this money to the seller without charging any additional transaction fees for this mode of payment.
Dan Schulman, president and CEO of PayPal says that enabling cryptocurrencies for making purchases for businesses around the world will lead to driving the presence and mass acceptance of digital currencies.
With each passing day, more and more people are getting in to digital currencies looking for astronomical gains and every company wants a piece of this pie. With PayPal starting payment using cryptocurrencies, it won’t be long before other companies follow suit.