PayPal UK announced on Friday that the users are now able to buy, hold and sell four cryptocurrencies. This announcement comes only a few months after PayPal US declared the same expansion.
PayPal Accepts Four Cryptocurrencies
As of now, users have access to only Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
Furthermore, the corporation encourages the investors to make adequate research before entering the crypto market. In that regard, they have provided educational content hoping to let the users know about both the opportunities and risks.
“As part of this offering, PayPal provides account holders with educational content to help them understand the cryptocurrency ecosystem, the volatility, risks, and opportunities related to purchasing cryptocurrency.” Said the PayPal team in a press release.
A Bullish Move
In a daring move, the Company’s cryptocurrencies offering has now entered the international phase. Possibly adding millions investors to the market, considering the demand, this capability can flow considerable amount of investments into crypto.
Generally speaking, PayPal’s access to cryptocurrencies holds significance in two main perspectives. First, the geographical expansion of the service will likely continue including more and more countries. Subsequently, inclusion of high population countries such as India, Kenya, Brazil and Germany can bring a momentous impact on the market. Second, considering the tiny number of supported cryptocurrencies, the list is surely expected to expand. Undoubtedly, whichever the newly supported coin is that selected, a rapid short-term price hike will be inevitable at that point.
Conspiracy Theories from the Author
One major gripe with being conspiratorial minded is that you can’t take any good news without obsessing over specific aspects of it. The PayPal announcement is definitely a notable step for mass adoption of crypto. However, taking a look at the four candidates, all of them utilize the Proof of Work consensus algorithm, known for high gas fees, inadequate scalability and high transaction fees. The only exception is Ethereum which will eventually adopt Proof of Stake in the future with Ethereum 2.0. Considering the astonishing pragmatic utility of some of the finest third-gen cryptocurrencies, *cough* ADA *cough*, one has to wonder, what is holding them back?
To briefly justify the author’s conspiracy theory, let’s remind you of a certain group of elites who are generally Bitcoin maximalists. This Group consisting of people such as the Twitter CEO Jack Dorsey, are genuinely skeptic towards the legitimacy of the PoS algorithm. Long story short, the authors wonders if the PayPal team is of the same belief.
PayPal and the Possible Candidates
Clearly, the corporation is showing notable signs of interest in crypto adoption. However, they are bound to make it as slow as possible to regulate the possible impact. Making massive announcements regarding crypto can shoot the price high and at the same time increase volatility and inflation in the market. In that regard, we can be certain they wouldn’t pull an Elon Musk on the market and actually respect the investors by taking it step by step.
In terms of which countries are next, we have nothing but a series of speculations. Primarily speaking, countries with strict financial regulations would be better candidates since they are safer choices. So, in that case perhaps Germany?
On the other hand, the more important Speculation is which cryptocurrency will be added to the list. If you know that just let me know because it will most likely skyrocket in short-term. Joking aside, ADA, XRP, Polkadot and Luna are some of the top candidates that we should keep an eye on.
Hi Exchange Services
We Provide a long list of exchange services for our customers. You can cash out your cryptocurrencies or digital currencies and exchange them into PayPal. Our website utilizes an automated system that determines the best possible rates at any moment based on the competition. Furthermore, we provide 24/7 customer service for our customers. More importantly, Hi Exchange does not require KYC or a sign-up process to respect anonymity. You can also visit our blog to stay up to date with the latest news, technical analysis and opinion articles.
Disclaimer
The Following opinions are solely those of Hi exchange blog and it’s author. They should not be based for your personal decision making.
