PayPal added the feature to purchase cryptocurrencies in November last year, which shocked the world. Although Bitcoin has already become more popular, the addition of cryptocurrency in PayPal makes it more valid.
In the past, cryptocurrencies sounded like fairy tales that we hear from friends. We have all heard the story of a person who invested in Bitcoin and became an instant millionaire. Most of us have disregarded cryptocurrency thinking that it is risky and it will not last. But the value of Bitcoin has grown to about $60,000. But before we start investing cryptocurrency in PayPal, it is good to first understand a few things you need to know.
Cryptocurrency is getting mainstream
In the past few years, other cryptocurrencies have joined Bitcoin and performed equally well. Now, more and more places are accepting cryptocurrency as a means of payment. You can shop through Microsoft, Norwegian Air, Overstock, Twitch, or even Tesla. Everything is in Bitcoin. Yes, you can even use Bitcoin to buy cars through Tesla.
Why use cryptocurrency?
When cryptocurrency appeared, there were two types of people using it. Those who were worried about banks and those who thought they were good investments.
Those who are worried about banks like to invest in digital currencies, making the internet to protect their savings. Instead of the usual financial institutions that may go bankrupt. The idea at the time may be crazy to hear, but it was obviously worth it.
Those who invested in cryptocurrency believed that this is a reliable investment portfolio. Rather than just focusing on stocks and mutual funds, many people started having diversified portfolios of cryptocurrencies that performed well. Some of those who invested in Bitcoin earn double or even triple their capital.
Implications of cryptocurrency in PayPal
PayPal has added cryptocurrency in its platform. What would be the implications of this to PayPal users? Fortunately, there are many benefits for PayPal users.
- World-class security: PayPal already has an outstanding security system that can prevent hackers from stealing your funds.
- Broader options: PayPal allows you to invest in four different types of cryptocurrencies, and is not limited to only Bitcoin. Your choices include Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
- Easy to use: Store cryptocurrency in your PayPal wallet, so you don’t have to download any other apps or find new software to buy cryptocurrency.
- Fast and easily purchase: With PayPal, you can buy cryptocurrency in less than a minute.
- Similar to other payment methods: when you place an order through PayPal, just like a credit card, you can use cryptocurrency as a payment method.
The major difference of cryptocurrencies from the other currencies is that their values are quite fluctuating. At some point the value increases while in other times it also decreases.
Therefore, if you buy more cryptocurrencies in your PayPal wallet, you may gain or may also incur loss. If the value increases, you can use the gain to shop in many stores that accept PayPal transactions. Such as Home Depot, eBay and even Uber.
Do you want to buy cryptocurrency? Or are curious about it? Why don’t you log in to your PayPal account and try it out?!