Cryptocurrencies are hitting the headlines these days with bitcoin has reaching a record high of $60,000 in March 2021, and $64,000 in mid April 2021. While buying and selling cryptos is becoming increasingly mainstream, the opportunities to spend virtual currencies are somewhat limited.
Payment Titan onto Cryptocurrency
In October 2020, PayPal announced its plan for increasing support for crypto assets to be rolled out gradually. PayPal CEO signalled the company’s intention to work with central banks and regulators around the world to support its move.
This new update allows PayPal users to hold crypto assets such as bitcoin, ethereum and what not, in a wallet integrated directly to their PayPal account. It also allow direct purchase of crypto assets with fiat currency for the reserves what PayPal owns.
Paying with Cryptocurrency
On March 30, 2021, the company announced option to pay with cryptocurrency instead of a card or other payment method at vendor checkout. Of course, the merchant can decide whether they want to accept bitcoin as payment. When a user pays with a crypto asset, PayPal will instantly convert that sum into the corresponding amount of fiat currency, free of charge, and then send this fiat currency to the vendor.
The company’s announcement claims that it will be functional with all of their vendors in the following several months. This move is looking towards a bold new future not just PayPal, but also other payment service entities. Any payment service entity that adopt such similar system help will create a future that is fast and instantaneous, and fuss-free too.
Ubiquity and Mass Adoption
The next lap in driving the ubiquity of the mass acceptance of digital currencies is to enable cryptocurrencies to make purchases at businesses, everywhere around the world. Very much like how adoption of paper money in the 17th century, but much quicker.
With other companies like Visa also moving towards cryptocurrency payments, the extend of world’s daily exposure to bitcoin would see its price would be rallied up further to new breakthroughs. Although bitcoin is seen to have great potential to be a true currency, a high percentage of its users still prefer to treat it as a speculative asset. However, when cryptocurrency transactions become a reality for tens of millions of vendors and countless additional customers, there would be a whole new different story line to bitcoin’s relevance.
As these payment titans move into cryptocurrencies, they would make it easier to spend bitcoin at a coffee shop, or grocery store and what not.
On thing for sure, is that for crypto users who have been getting ready for such a time for future arriving, those who are still either clueless or repulsive towards cryptocurrencies may find themselves trying to keep up with time later on.