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bitcoin fiat paypal crypto
Nexo Logo

Buying With Bitcoin? PayPal Fine Print Reveals Swap To Fiat

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin
Reading Time: 3 mins read
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Today, news broke that PayPal is ready to launch cryptocurrency payments to merchants, allowing its massive userbase of millions to pay with Bitcoin and the other altcoins has offered since the middle of last year.

However, like all things related to centralized platforms getting involved in cryptocurrencies, there’s a catch.

PayPal To Allow Customers To Pay With Bitcoin, Litecoin, Ethereum and BCH

As the company promised when cryptocurrency support was first announced, PayPal has followed up with rolling out support to allow customers to pay at its 29 million merchants globally.

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PayPal users can now pay for goods and services through the platform using the four assets offered, including Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.

Related Reading | Internet Celebrities Lead $5M Investment In Bitcoin Reward Program Lolli

The initial announcement that the company would offer cryptocurrencies is the spark that set off the bull run, but the execution of their plan has been criticized since.

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PayPal doesn’t allow users to move cryptocurrencies out of their custody to a wallet of their own choosing – defeating the purpose of the technology itself. In addition to issues with storing crypto assets, there’s also a catch when it comes to spending crypto.

bitcoin btc paypal fiat dollar news

Could the PayPal news be enough to push Bitcoin through resistance to new all-time highs? | Source: BTCUSD on TradingView.com

Paying With Crypto Involves First Swapping To Fiat

The PayPal news caused Bitcoin to once again rocket higher, and it could be the necessary momentum to push the cryptocurrency through resistance and to new all-time highs.

The initial PayPal news caused the breakout to begin with, so another leg higher could be in the cards. Regardless of the bullish price action resulting from the more recent news, once again its not all positive for cryptocurrency users.

Related Reading | Pizza Day 2.0: Buying A Tesla With Bitcoin Could Be A Mistake

In the same vein as other technology-defeating methods the company utilizes, PayPal also swaps any crypto assets out for fiat immediately before making the transaction. What’s really happening is that cryptocurrencies themselves aren’t being spent, but instead are being sold into cash and cash itself is being exchanged.

Rather relying on each cryptocurrency’s respective protocol to handle the transaction from wallet to wallet, PayPal has instead created a centralized system and wallet garden yet again. Companies like the brand have taken on a “if you can’t beat ’em, join ’em” approach with crypto over the last year or so, but have stopped short of fully embracing what the technology itself has to offer.

Who knows, though. Perhaps PayPal is doing its users a favor by encouraging them to hold rather than spend, which in the past has proven to be a mistake anyway.

Featured image from Deposit Photos, Charts from TradingView.com

 

 

Tags: bitcoinbtcbtcusdBTCUSDTcryptofiatpaypalxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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