There has been tremendous excitement and profit to be had in the growing bitcoin market. The crypto currency has seen growing numbers of people – often new to the market getting involved and investing in bitcoin.
What is bitcoin?
Bitcoin is advanced cash which cam be used to purchase a wide scope of merchandise and ventures. It works much the same as paper cash however there are some significant contrasts between the two. First it is not backed by any governments. Unlike paper money, which is legal tender, bitcoin is paperless.
As such it is virtually anonymous. The cryptocurrency completely revolutionized how many people look at online payments. It is user-orientated and highly decentralized. No banks or governments have the power to control it and due to that fact, Bitcoin has tons of great advantages.
It provides users with a certain level of online anonymity, all transactions are instant, and since it is not controlled by banks, they cannot impose any hidden or extra fees. General fees are also much lower, which means that users actually save money by using this cryptocurrency.
Paypal and Bitcoin
Online payment giant PayPal is now, starting in the United States allowing people to buy, sell and hold bitcoin.
What did PayPal announce around Crypto?
PayPal has announced that users in the United States can buy, sell and hold select Cryptocurrencies directly through PayPal using their Personal or Premier PayPal Cash/plus account. Users will be able to learn about Crypto, track crypto prices, all without leaving the PayPal app. We plan to introduce this service to Venmo in 2021.
What is Cryptocurrency?
Cryptocurrency is a digital or virtual currency that is created by Cryptography. It is not physical and not issued by a central authority. It utilizes a decentralized network and works through a distributed ledger technology, known as a Blockchain.
What Cryptocurrencies does PayPal support?
Customers in the United States, (except Hawaii) can buy, sell and hold four different Cryptocurrencies on PayPal: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Will this be available globally? When are you planning on launching internationally?
At this time, buying and selling Crypto with PayPal is available in the United States, (excluding Hawaii) and United States territories, and all trades must be executed in USD.
PayPal plans to expand this service to select global markets in the first half of 2021.
What do Investors Think?
Bitcoin has started a journey into the mainstream. Major brokerage houses in Europe, Asia and North America are starting to offer trading in bitcoin.
Is Bitcoin for you?
That is up to you of course.
Big thing is be smart, be careful, and learn as you go.