PayPal Already Allows Buying with Cryptocurrencies: Bitcoin, Ethereum, Litecoin

Cryptocurrencies are becoming increasingly important in the world of online payment. A few weeks ago, Elon Musk announced that it was already possible to buy a Tesla with bitcoins, and now it has been PayPal that has announced the launch of the payments that it already confirmed a few months ago that it was going to incorporate.

Starting today, users in the United States will be able to pay with PayPal using Bitcoin, Ethereum, Litecoin, and Bitcoin Cash . Until now, it was possible to buy and sell cryptocurrencies directly from the Paypal account, but they could not be used to buy online. Now, the platform will allow you to make payments in cryptocurrencies, while allowing you to make changes to fiat currency with ease.

PayPal Already Allows Buying with Cryptocurrencies

Checkout with Crypto: pay with cryptocurrencies at PayPal

Thus, an option called ” Checkout with Crypto ” will now appear, where users can instantly convert their cryptocurrencies to dollars without additional transaction costs. In the event that the payment is made with a currency other than dollars, PayPal will use its exchange rate, in which they usually take a percentage.

The cryptocurrency payment function will appear automatically in the users account if the wallet has a sufficient PayPal balance to cover the purchase to be made. In addition, you can see the different cryptocurrency balances available, although only one can be used per transaction and different cryptos cannot be mixed. At the moment they have not announced how long it will take to launch it in other countries.

PayPal has 377 million active accounts , so the fact that it is betting on cryptocurrencies as a convenient means of payment on the platform shows the maturity they are reaching. As a consequence of the announcement, the cryptocurrency market has exploded, with bitcoin again surpassing $ 59,000, and Ethereum surpassing $ 1,840.

VISA also starts accepting USDC

In the last hours we have also heard another important news related to cryptocurrencies, where VISA has announced that it will allow to settle a transaction with USDC. This cryptocurrency is a stable coin, and whose price follows the parity with the US dollar. Thus, one dollar always equals one USDC . As a reinforcement, for each new currency they generate, they always add a dollar as a backup, where it is constantly checked that there are as many dollars in the account as USDC in circulation.

This security has been sufficient for VISA , which has focused on implementing the USDC in the variant that uses the Ethereum blockchain. At the moment they have launched the option with, which allows you to have a VISA card for payments with cryptocurrencies. By implementing the Ethereum blockchain, they eliminate the need to convert the digital currency into fiat money to settle the transaction, which is what was currently happening.