{"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

PayPal To Allow Customers To Pay With Bitcoin, Litecoin, Ethereum and BCH<\/h2>\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

\"bitcoin<\/p>\n

Could 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

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>\n

Rather relying on each cryptocurrency’s respective protocol<\/a> to handle the transaction from wallet to wallet, PayPal has instead created a centralized system and wallet garden yet again.\u00a0Companies 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.<\/p>\n

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<\/a>.<\/p>\n

Featured image from Deposit Photos, Charts from TradingView.com<\/pre>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"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. 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\u00a029 million merchants globally. 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. 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. 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.\u00a0Companies 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    <\/p>\n","protected":false},"author":517,"featured_media":448873,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,7335,3378,4524,76835],"class_list":["post-459960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-fiat","tag-paypal","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nBuying With Bitcoin? 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Buying With Bitcoin? 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