PayPal users in the U.S. can now add cryptocurrencies, including Bitcoin, to their account. For those new to cryptos, here’s how to get started.
PayPal users in the United States can now buy, store, and sell cryptocurrency using the company’s web and mobile services. Last month PayPal announced that the feature would soon be made available for users and has since provided an update to confirm users are free to purchase Bitcoin and other cryptocurrencies (cryptos). Here’s how to get started and an explanation on some of the benefits of using cryptocurrency through a PayPal account.
Cryptos are forms of digital currency that are not typically affiliated with any country or government. They have been around for a few years now and, while none are necessarily mainstream, they do offer some advantages over traditional currencies. Firstly, cryptos like Bitcoin do not require the use of the owner’s private information. Secondly, since cryptos are typically not tied to any government or banking institute, they can theoretically be used to avoid extra fees when buying goods or paying for services.
For those interested in owning Bitcoin or another crypto, it can be complicated delving into this industry for the first time. However, PayPal is now attempting to make buying, holding, and selling Bitcoin a little easier. Before getting started, there are some limitations regarding cryptos in PayPal accounts, such as the inability to transfer crypto between two accounts. Those concerns might be addressed at a later time, but it’s something to be aware of in the meantime.
How To Buy Crypto Using A PayPal Account
Once logged in, PayPal users are likely to see a banner advertising the new feature and clicking it will direct interested consumers to the crypto menu where Bitcoin, Ethereum, Bitcoin Cash, and Litecoin can be purchased. In addition, this menu also shows the current value of each cryptocurrency. Users can buy crypto in increments or in a custom amount and have it transferred to a PayPal virtual wallet. There are also various guides included on the page to help those new to cryptocurrencies to learn more. Cryptos can also be acquired and transferred to PayPal by visiting an online trading platform like eToro, LocalBitcoins, and xCoins.
In spite of growing in popularity, easy ways for individuals and investors to buy cryptos have remained limited. Cryptos have values that fluctuate over time like gold. Therefore, investors can decide to hold onto the currency until the right time to sell. Investments aside, local establishments, such as restaurants and gas stations, are starting to accept cryptos as a mode of payment – usually Bitcoin. This makes buying cryptos worth considering, even for those who aren’t looking to spend big amounts, although the act of actually paying merchants with cryptocurrency stored in PayPal has yet to go live. PayPal has always offered an easier way to buy and sell online, and that now also applies to cryptos.
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