{"id":459960,"date":"2021-03-30T20:00:19","date_gmt":"2021-03-30T20:00:19","guid":{"rendered":"https:\/\/uniquehot.com\/?p=459960"},"modified":"2024-06-11T13:32:54","modified_gmt":"2024-06-11T13:32:54","slug":"buying-bitcoin-paypal-fiat-crypto","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/buying-bitcoin-paypal-fiat-crypto\/","title":{"rendered":"Buying With Bitcoin? PayPal Fine Print Reveals Swap To Fiat"},"content":{"rendered":"
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.<\/p>\n
However, like all things related to centralized platforms getting involved in cryptocurrencies, there’s a catch.<\/p>\n
As the company promised when cryptocurrency support was first announced, PayPal has followed up with rolling out support<\/a> to allow customers to pay at its\u00a029 million merchants globally.<\/p>\n PayPal users can now pay for goods and services through the platform using the four assets offered, including Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.<\/p>\n Related Reading | Internet Celebrities Lead $5M Investment In Bitcoin Reward Program Lolli<\/a><\/strong><\/em><\/p>\n 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<\/a>.<\/p>\n PayPal doesn’t allow users to move cryptocurrencies out of their custody to a wallet of their own choosing \u2013 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.<\/p>\n <\/p>\n The PayPal news<\/a> 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.<\/p>\n 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<\/a> resulting from the more recent news, once again its not all positive for cryptocurrency users.<\/p>\n Related Reading | Pizza Day 2.0: Buying A Tesla With Bitcoin Could Be A Mistake<\/a><\/strong><\/em><\/p>\n 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<\/a> and cash itself is being exchanged.<\/p>\nCould the PayPal news be enough to push Bitcoin through resistance to new all-time highs? | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Paying With Crypto Involves First Swapping To Fiat<\/h2>\n