PayPal, one of the most popular online payment platforms, recently announced that it would start accepting Bitcoin and other cryptocurrencies on its platform. This move has been long-awaited by many in the cryptocurrency community, but the question on everyone’s mind is, when does PayPal start Bitcoin?
PayPal’s announcement on October 21, 2020, stated that it would allow its customers to buy, hold, and sell cryptocurrencies directly from their PayPal accounts. This feature was launched in the United States in November 2020 and was made available to all PayPal users in the country in early 2021.
However, before PayPal users can start buying and selling Bitcoin, they must first verify their identity and link their PayPal account to a bank account or credit card. This verification process is necessary to comply with anti-money laundering (AML) and know your customer (KYC) regulations.
Once the verification process is complete, PayPal users can buy, hold, and sell Bitcoin and other cryptocurrencies directly from their PayPal accounts. This is a significant step forward for the adoption of cryptocurrencies as PayPal has over 300 million active users worldwide.
The move by PayPal to accept cryptocurrencies has also been seen as a significant endorsement of Bitcoin and other cryptocurrencies. PayPal’s decision to accept cryptocurrencies has been seen as a validation of their legitimacy and a sign that they are here to stay.
PayPal’s move into the cryptocurrency market has also been seen as a significant threat to traditional financial institutions. PayPal’s large user base and reputation for security and reliability mean that it could potentially become a major player in the cryptocurrency market.
However, PayPal’s move into the cryptocurrency market has not been without criticism. The company has been accused of limiting the freedom that cryptocurrencies offer by not allowing users to transfer their Bitcoin to other wallets outside of PayPal.
PayPal has also been criticized for the high fees it charges for buying and selling cryptocurrencies. While PayPal’s fees are competitive with other cryptocurrency exchanges, they are much higher than the fees charged by traditional financial institutions for similar transactions.
In conclusion, PayPal has already started accepting Bitcoin and other cryptocurrencies in the United States, and this feature has been made available to all PayPal users in the country. However, before PayPal users can start buying and selling Bitcoin, they must first verify their identity and link their PayPal account to a bank account or credit card. PayPal’s move into the cryptocurrency market has been seen as a significant endorsement of Bitcoin and other cryptocurrencies, but it has also been criticized for limiting the freedom that cryptocurrencies offer and charging high fees.