The world of cryptocurrency is always abuzz with exciting stuff. The most recent addition to this buzz is PayPal’s crypto checkout services. This is perhaps one of the biggest happenings yet for cryptocurrency. With this service, US citizens will now be able to pay with crypto at 29 million merchants.
Buy good and services with crypto
This move by PayPal is being heralded as the moment that has finally made cryptocurrency mainstream. For a long time, proponents of crypto had been looking forward to the day when regular users would be able to pay for goods and services with their cryptocurrency. That day has finally arrived.
The way it will work is quite simple. When a person pays for a good or service with their crypto, PayPal will actually convert it into US dollars or other fiat currency. Then this fiat currency will be paid to the merchants. This is useful for both parties. On the user’s side, they can use their crypto as currency. And on the merchant’s side, they won’t have to deal with crypto directly. For them, nothing will have changed.
Only limited cryptos will be accepted
Initially, PayPal will support only four crypto, Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. But in the future, this list is expected to be expanded. Also, the company is calling this service “a new way for businesses to get paid” which might officially signal the arrival of a new financial system.