Cryptocurrency becomes a means of payment in 2021

Financollege Experts

Everyone who is interested in trading and cryptocurrency is keenly interested in news about digital money. In this context, the latest message from the Pay Pal payment system cannot but rejoice. Starting in 2021, the system allowed the storage of cryptocurrencies in their wallets. In addition, digital money will become a full-fledged means of payment for settlements in 26 million retail outlets that cooperate with the payment system. Read on for details.

Although the cryptocurrency is different from the usual exchange instruments for most traders. But with it you can use the same technical analysis techniques as with other assets. Learning to trade will help you gain knowledge and experience in such analysis.

Pay Pal and the cryptocurrency market: what has changed?

Integrating cryptocurrency into the settlement system and making it a means of payment on a par with conventional currency is an old dream of creators and active users of digital money. But the spread of the crypt has always been strongly hampered by regulatory restrictions and skepticism from government agencies.

However, times are changing, and now the governments of many countries are more loyal to digital money. Due to this, it became possible to introduce cryptocurrency into large payment systems. Before Pay Pal, mobile payments service Square and stock trading company Robinhood Markets allowed buying and selling digital money. And in 2021, Pay Pal received a special Bitlicense license from the New York City Financial Services Authority. This document allows the payment system to legally buy from its clients and sell the cryptocurrency, as well as store it in built-in wallets.

Of course, users are interested in the details. Now let's talk about them.

So what digital currency can you buy and sell with Pay Pal? Not only Bitcoin, which will definitely delight connoisseurs of altcoins. Ethereum, Bitcoin Cash, and Litecoin will also be available for purchase and sale, four types in total, a kind of top cryptocurrency from Pay Pal.

A pleasant point is that the system does not plan to charge a fee for storing crypt on wallets. And what will be the size of commissions for transactions and conversions - time will tell.

As we already mentioned, it will be possible not only to buy but also to sell and store cryptocurrency. But also to pay with it in stores. True, stores will not accept tokens directly, but after conversion into dollars.

Currently, only US customers of the system have the opportunity to use digital money. However, the company plans to enter the international market in the first half of this year. Perhaps, soon the ability to conduct transactions with digital currency will appear in the Venmo payment system.

Trading, Cryptocurrency and Paypal: What Does Integration Do?

According to Pay Pal CEO Daniel Shulman, the new feature will help accelerate public acceptance of cryptocurrency. And make digital money a more common means of payment. He also expects that this initiative can prepare a platform for accepting cryptocurrencies. Which in the future will be issued by the state or large corporations.

Will these expectations come true? Experts differ. So, some believe that thanks to the introduction of crypto in Pay Pal, it will gain wider acceptance and acceptance. In addition, the approval of this initiative by the US regulator may affect the position of regulators in other countries.

At the same time, other experts believe that this news should not be overestimated. While the influence of cryptocurrency may increase, it is unlikely to become widespread. Large transaction and conversion fees can be an obstacle to this. And also tough legislative policy in relation to money laundering.

In addition, Pay Pal's own censorship and refund policy are also quite specific. And this can become an obstacle to the widespread distribution of digital money.

If you take an objective look at the facts, you cannot deny the influence of such a payment giant as Pay Pal. The company's network has 26 million sellers, and there are 346 million active accounts worldwide. In the second quarter of last year, the company processed $ 222 billion in payments.

In addition, the news about the inclusion of cryptocurrency in the Pay Pal system had a beneficial effect on the cryptocurrency market. Against the background of the announcement, the bitcoin rate increased by 1.6%, to $ 12,400, but now it exceeds $ 43,000.

If you want to be among the first to learn important news from the world of finance or you are interested in trading and cryptocurrency, and you also want to read articles with useful trading tips, follow our course.

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