Bitcoin Adoption Is Making Great Strides. How Important Is the Service Offered By Paypal?
2022-05-05 16:47:08
It is a fact that cryptocurrencies are becoming part of our daily lives for various reasons. We are still at the beginning of this new era, but it can be said that there has been a positive qualitative leap in people’s opinions from 2018 until now. For instance, during 2020 and 2021 big companies, like Microstrategy, Tesla, Galaxy Digital Holding, and Block, entered the market by buying bitcoin. A few years ago, no one would have imagined such a thing happening, considering all the negative media campaigns against cryptocurrencies carried out by mainstream newspapers. Well, now it is a whole different story, and the situation can only get better. According to Chainalysis, the global crypto adoption has grown by over 881% in just one year. This adoption from 2020 to 2021, was also driven by the recent rise of bitcoin price live. Today, it is estimated that there are over 300+ million crypto users worldwide, and the numbers are destined to grow.
Expanding the list of institutions that matter, PayPal is another company that has recently joined the crypto party. Its entry into the market has been a significant milestone for the cryptocurrency industry, considering that it is a company with approximately 350 million account holders. It did not bring along anything really innovative, but its users (currently only in the US) can now buy bitcoin via the app by a simple press of a button. This is a very important improvement, because it is one of the most efficient ways to bring bitcoin closer to the masses, yet simply.
Now it seems like Paypal’s embrace of cryptocurrencies is growing, since they announced their will to add the withdrawal option on the app. However, the general feeling is that they will have to add a few more features if they want to become an important benchmark worldwide. Who knows, maybe in the near future the Bitcoin Lightning Network payment system will be also available on PayPal.
Expanding the list of institutions that matter, PayPal is another company that has recently joined the crypto party. Its entry into the market has been a significant milestone for the cryptocurrency industry, considering that it is a company with approximately 350 million account holders. It did not bring along anything really innovative, but its users (currently only in the US) can now buy bitcoin via the app by a simple press of a button. This is a very important improvement, because it is one of the most efficient ways to bring bitcoin closer to the masses, yet simply.
On The Other Hand, Simplicity Should Only Be a Starting Point, Not an Arrival Point.
It is true that PayPal is benefiting the industry by introducing a low-risk approach to crypto for newbies. And just like with fiat money, users can also spend their crypto holdings to purchase goods and services. However, one of the biggest criticisms spread by the more experienced users is that you cannot withdraw your cryptocurrencies and deposit them in another wallet. Therefore, holding cryptos on PayPal can be interpreted as an 'indirect' holding of digital assets, what technically it is. In this case, having bitcoin on PayPal is like holding a fiat equivalent on your account, which is not really the most desirable thing for a crypto investor.Now it seems like Paypal’s embrace of cryptocurrencies is growing, since they announced their will to add the withdrawal option on the app. However, the general feeling is that they will have to add a few more features if they want to become an important benchmark worldwide. Who knows, maybe in the near future the Bitcoin Lightning Network payment system will be also available on PayPal.
Paypal Competitors Are Getting Stronger Year After Year.
In these years, the world of digital payments is revolutionizing and simultaneously, the most important and long-lasting exchanges are adapting to the needs of people faster and faster. Therefore, if you want to be innovative, it can be a good idea to familiarize yourself with what blockchain technology can actually offer to your industry or business. In order to do that, Gate.io exchange is a great option to explore the industry, because of their dedication to offer the best and latest for all kinds of needs.Popular News
