PayPal and Bitcoin – A Love Story in the Works?

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So far, major payment providers have been against facilitating Bitcoin and crypto sales in general. That may soon change after a lot of chatter about PayPal and Venmo preparing to facilitate crypto buying and selling. The news comes after some media outlets reported that PayPal was hiring crypto engineers ahead of the controversial move.

While it’s great news for BTC owners and traders, US financial institutions will be shocked. The FinTech giant PayPal has over 300 million customers and is one of the biggest and oldest online money transfer companies in the business. Its mobile payment service Venmo is becoming increasingly more popular offering the transfer of funds via mobile phone apps.

Up until now, the service has been limited to fiat money. However, with the planned update, PayPal could soon allow Bitcoin and crypto transactions which could change the industry forever.

Reshaped Financial World

The whole buzz started a few days ago when PayPal posted a job offer on its site for a crypto engineer. The listing was quickly brought down after appearing on social media, but the ‘damage’ has already been done. Thanks to social media, the information circulated the world in hours. PayPal’s decision surprised many experts and delighted millions of crypto fans.

The move shouldn’t be that surprising. With the COVID-19 coronavirus pandemic still holding strong, the financial tides are changing. While countries such as the USA will never admit it, fiat money is and royalties are failing and the crypto sector is on the rise. The world needs a decentralized currency now more than ever, and with Bitcoin’s price stable right now, it’s a glimpse of the future we can expect.

That’s what PayPal aims for. An ever-changing company with fresh ideas, PayPal is at the forefront of innovation. If the rumors are true, PayPal would certainly rock the finance world. This isn’t the first time a payment provider has added cryptocurrencies to its list. Venmo competitor Cash already lists Bitcoin, while Robinhood accepts several digital assets. UK’s Revolut partnered with Bitstamp in 2017 and reported $500 million gains in February this year.

Fresh Lease of Life for the Online Gambling Industry

Such a move by PayPal will breathe new life into numerous industries. Since PayPal and Bitcoin both are accepted by a number of US online bookies and casinos, their partnership will make gambling with cryptos a breeze.

While online Bitcoin gambling is prohibited, players can join offshore casinos and play as many games as they want to. If PayPal facilitates crypto buying and selling soon, it could cause a massive Bitcoin casino boom.

Other industries would also benefit from such a move. Online merchants would get a huge boost once users are able to pay with crypto via PayPal. The service is already available at the majority of online stores in the world, so adding BTC and/or other cryptos to the list would mean huge gains for both the merchants and the cryptocurrencies.

The world is on the verge of a brand new digital finance era and PayPal may be its champion.

June 24, 2020: • No Comments

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