"Hohoho! Looks like an early Xmas for Crypto Lovers!"
"A big boost for crypto use in daily commerce"
Big developments in the crypto transaction and payments space!. PayPal is allowing its US consumers to use their cryptocurrency holdings to pay millions of global digital merchants; a chess play that would no doubt ignite the utility of digital assets in day to day high volume commerce.
Do you hold or intend to hold bitcoin, ether, bitcoin cash and litecoin in a PayPal digital wallet? Coins will now be converted into fiat currency at checkout. The payment service will be available to 30 million PayPal merchants in the months ahead.
Checkout with Crypto empowers PayPal users to buy, sell and hold cryptocurrencies
No doubt this move by PayPal to open its network to cryptocurrencies will further fuel the rally in coin prices - a fact that will be appreciated by the savvy investor. Bitcoin certainly has made parabolic gains in value in recent times with an increase in open interest from larger financial firms that are betting on its greater adoption and use as a store of value against inflation.
Tesla also confirmed that it would start accepting bitcoin payments for its automobiles. Tesla intends for the bitcoin payments to be straight-through-processed with bitcoins used for final settlement unlike PayPal that introduces a crypto-to-fiat conversion in the process. PayPal intends to stymie the inherent volatility of cryptocurrencies by setting the transaction in fiat currency so its merchants are not laboured with the volatility risk.
PayPal will not charge a transaction fee to checkout with crypto with restrictions to one type of coin per purchase.
We are on the cusp of seeing cryptocurrencies making a leap from a mere digital asset class to a legitimate source of funding to power real world transactions en-masse. Exciting times ahead!