Cryptocurrencies have become a popular payment alternative online, as many users have found it easier and safer to use than government-issued currencies. As more and more consumers turn to cryptocurrencies for their payment needs, companies like PayPal have seen the benefits of accepting crypto payments.

PayPal Supports Crypto Payments

PayPal has recently decided to support cryptocurrencies, giving its users the ability to buy, sell, and hold cryptocurrencies such as Litecoin, Bitcoin, Ethereum, and Bitcoin Cash on its platform. Soon, users who have cryptocurrencies will be able to use crypto payments to shop for products or services.

PayPal's new payment option called "Checkout with Crypto" will be available for its consumers when online shopping. Buyers will be able to select their preferred cryptocurrency while they are checking out. They will be able to see the up-to-date conversion rate between cryptocurrencies and fiat currencies such as US dollars, Euros, and British pounds.

PayPal will convert the amount of cryptocurrency needed to complete the purchase right on its platform. Once the sale is completed, the sellers will receive the cryptocurrency without having to worry about any additional fees for the transaction. The “Checkout with Crypto” feature will be available worldwide for millions of businesses.

PayPal Attempts to Mainstream Cryptocurrency

Because cryptocurrency has the potential for greater profit, companies are starting to accept cryptocurrencies as payment for their products or services both online and offline. PayPal has become one of the largest mainstream financial companies to provide its customers with access to cryptocurrencies for payment. PayPal currently has over 400 million active accounts worldwide.

In a statement, Dan Schulman, the CEO of PayPal said, “as the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet.”

Schulman believes that the ability to use cryptocurrencies to shop globally and make purchases will be the next chapter which will lead to more people accepting digital currencies and cryptocurrencies becoming more common.

PayPal Does Not Support Digital Wallets

One drawback of PayPal's "Checkout with Crypto" is that digital wallets do not work with PayPal. Therefore, shoppers who would like to use PayPal's "Checkout with Crypto" and already own Bitcoin or other cryptocurrencies will not be able to transfer the cryptocurrency to their PayPal account. To successfully use "Checkout with Crypto," users will have to buy their cryptocurrency using their PayPal account rather than a digital wallet.

While PayPal's acceptance of crypto payments has brought cryptocurrencies more into the mainstream, they are still decentralized systems with no official government oversight, making regulation difficult. Some registered companies that have dealt with cryptocurrencies have found themselves under increasing government scrutiny. However, as cryptocurrencies move into the mainstream, many people believe that they will someday replace fiat currencies because they provide inflation protection, anonymity, and low fees for large payments.

Many cryptocurrency supporters thus see PayPal's "Checkout with Crypto" as a step in the right direction toward greater global acceptance of digital currencies.

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