There has been tremendous excitement and tremendous profit in the growing Bitcoin market. Cryptocurrency has seen a growing number of people – often new to the market – getting involved and investing in Bitcoin.
What is bitcoin
Bitcoin is a cash advance that can be used to purchase a wide range of goods and businesses. It works similarly to paper money, but there are some significant contrasts between the two. First, it is not supported by any government. Unlike paper money, which is legal tender, Bitcoin is paperless.
As such, it is practically anonymous. Cryptocurrency has completely revolutionized the number of people looking at online payments. It’s user-centric and highly decentralized. No banks or governments have the power to control this, and because of that, Bitcoin has a ton of great advantages.
It provides users with some level of online anonymity, all transactions are instant, and as it is not controlled by banks, they cannot charge any hidden or additional fees. The general fees are also much lower, which means that users are actually saving money by using this cryptocurrency.
Paypal and Bitcoin
Online payment giant PayPal is now launching in the US, enabling people to buy, sell, and hold Bitcoin.
What has PayPal announced around crypto?
PayPal has announced that US users will be able to buy, sell and hold selected cryptocurrencies directly through PayPal using their personal or Premier PayPal Cash / Plus accounts. Users can learn about Crypto and track Crypto prices without leaving the PayPal app. We plan to introduce this service in Venmo in 2021.
What is cryptocurrency?
Cryptocurrency is a digital or virtual currency created by Cryptography. It is not physical and is not issued by any central authority. It uses a decentralized network and works with a distributed ledger technology known as blockchain.
Which cryptocurrencies does PayPal support?
Customers in the USA (except Hawaii) can buy, sell and hold four different cryptocurrencies with PayPal: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Will this be available worldwide? When are you planning an international market launch?
It is currently possible to buy and sell Crypto with PayPal in the United States (excluding Hawaii) and in the United States. All trades must be in USD.
PayPal plans to expand this service to select global markets in the first half of 2021.
What do investors think?
Bitcoin has started a journey into the mainstream. Large brokerage houses in Europe, Asia and North America are now offering Bitcoin trading.
Is Bitcoin For You?
That’s up to you, of course.
The big thing is to be smart, be careful, and learn in the process.