TMCnet Feature
October 26, 2020

PayPal expanded the value of Bitcoin



This is a common thing whenever any business mogul launches into any other business where the business caught the eye and earns the trust of the people, the same thing happened with Bitcoin when PayPal (News - Alert) announced that it will provide cryptocurrency services.



PayPal announced that they will provide cryptocurrency services and start accepting bitcoins, Bitcoin was triggered above 13000 for the first time after July, due to the news that PayPal will support crypto assets was the cause of triggering a rally in the market, it has exceeded the 13000 for the third time since the biggest bullfight since 2017

PayPal is one of the largest, fastest, most secure, and reliable online payment systems Users can register their account and create an electronic or digital wallet so that they can buy or pay their bills, they can also receive and send money or transfer to anywhere in the world

Paypal has been used in more than 200 countries for 15 years and is marketed in more than 25 different currencies, the company is owned by eBay (News - Alert) for the last 15 years.

Paypal and cryptocurrencies

the company began working with digital currency in 2014, the PayPal administration became interested in the possibility of starting its blockchain technology, to develop high-speed transactions with digital currency,

On their official website, they publish an application called "Virtual Currency Quick Transaction System" also on the official site of the US Patent and Trademark Of united stats 

Effects of Paypal on cryptocurrencies

Bitcoin has made this move after a long sustained period. Bitcoin almost spent almost more than 12 weeks trading above 10,000 After launching support for Bitcoin, Litecoin, Ethereum and Bitcoin cash by the world's payments giant that triggered it to spike,

Mati Greenspan, the founder of Quantum (News - Alert) Economics, said that the rally was powered entirely by Paypal."This news is fully responsible for these extended earnings, I do not doubt this"

In the past 24 hours, Bitcoin is up 10%, while Litcoin is up 15%, ETH is up 8%, BCH is up 9% today. and the decentralized finance boom in late August and currently facing resistance at 410 to learn more about this visit trading with bitcoin profit.

Alex Mashinsky, CEO of Celsius, a crypto lending platform, said in response to this news “This is definitely a bullish signal for Bitcoin and other cryptocurrencies. Crypto is all about trust, and PayPal has a very high level of trust with its users. If the UI / UX of the service is successful, we will see millions of new users join each month "

PayPal could issue its own cryptocurrency

As PayPal started with bitcoin, the news skyrocketed in the market, due to people's trust and faith in it, this is why the world's payments giant may move forward to create its cryptocurrency.

After officially entering the cryptocurrency market, according to leading expert Meltem Demiriors, he says that he will never be surprised if the company issues its own currency after breaking the news of its upcoming cryptocurrency compatibility

In an interview for CNBC's Fast Money, he exclaimed that after issuing supporting crypto, it can become a reason to issue its own with the experiment of already existed currencies

Dan Schulman, the CEO of PayPal, later said that compliance and regulation are critical to us as a company that trusts the world, also said that the company is developing a product that will not necessarily compete with Libra.

Since the company has officially left the Libra association The company will be interested in launching its own token, the company took this initiative after several months stated that they would not allow it to "leak into their business" through regulatory scrutiny on Libra

Pay in PayPal with Bitcoin

There are many payment companies already working with cryptocurrencies such as Revolt and soiree's cash app that offers digital currency for sale, being a global merchant in the world when it comes to using digital currency, it will convert bitcoin into a quantity of currency relevant to national.

the recipient who will receive the payment will never get the digital currency  but  only the  exact amount of dollars or pounds or the relevant currency, there will be certainty of value and there will be no additional fees for the use of the system pay to an ordinary merchant is not due to launch until early 2021



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