Why PayPal’s Crypto Support Will Drive Faster Adoption
PayPal is among the biggest online transaction platforms globally, completing 315 million USD worth of transactions every day. The platform receives praise mainly because of its usability and convenience, allowing everyone to enjoy the service. Among the key attributes that bolster its adoption is the ease of signing up; a user fills in a few details, then they open an account and start transacting. Recently PayPal announced that it’s going to introduce cryptocurrency support in its platform starting 2021.
The platform plans to launch the buy-sell and hold crypto assets options in a few weeks. However, at launch, Paypal will not allow users to withdraw crypto assets; they will only buy and sell them within the platform. Although the crypto merging announcement is not a first for PayPal, the introduction’s success will ultimately drive faster mainstream crypto adoption.
Build Understanding of Cryptocurrencies
The crypto world is full of complicated processes; even the fiat experts cannot understand everything happening in the crypto world. For instance, the first step to accessing any crypto services and assets is getting a crypto wallet. To enjoy profits, users need to get the right exchange platforms, Staking, and other Defi platforms with earning opportunities. Due to the surging cases of fraud in the crypto world, getting the right wallet is a tussle for persons aiming to join the crypto world. To encourage more persons to adopt crypto assets, the existing platforms need to educate people on how to get the best in the crypto world.
PayPal aims to introduce education opportunities to every account holder. This platform will be posting crypto-related content, explaining the crypto world’s basics, discussing the best wallets, exchanges, and staking platforms. Paypal will also educate people on the blockchain’s financial and technological benefits in their daily lives. Posting such informative content is the best way of driving more people to join the crypto world.
Top Performing Assets
The second way PayPal will foster the crypto world’s growth is by implanting the top-performing assets in the crypto world. Foremost, PayPal will introduce Bitcoin, which has a market capitalization of over 259 billion USD and has garner trust from a wide network of people. The Bitcoin volatility drives lots of profits to its investors over the years.
Another coin PayPal will feature in its network is Ether. The Ethereum network is the 2nd top-performing crypto ecosystem, all credits to its smart contract capabilities. Ethereum coin has a market capitalization of over 45 billion USD.
PayPal will also merge Litecoin, the third most profitable coin in the crypto world, with a market capitalization of 2.7 billion US dollars. Moreover, PayPal will introduce Bitcoin cash, which has a market cap of 3.53 billion USD. At the initial launch, Paypal will have just those four top-performing assets; they could support even more with time. Individuals will easily buy, sell, and hold crypto assets directly using PayPal.
Increased Trust in Crypto Assets
Allowing users to exchange and buy cryptocurrencies easily will increase the reliability of crypto assets. For instance, people will trust the crypto world after knowing that PayPal is implanting cryptocurrencies. Investors who fear losing on scams will not fear anymore. Rather, they’ll be ready to invest and use crypto assets.
By using cryptocurrencies, investors will also realize that crypto assets are immune to inflation, unlike fiat currencies. That knowledge will.make more prefer using crypto assets in digital payments than fiat assets, ultimately increasing adoption.
Additionally, learning about cryptocurrencies’ fraud immunity because of the blockchain immutability and transparency will attract more to enjoy fraud-free payments.
Increasing Crypto Utility in Digital Commerce
Digital commerce is a 25 trillion dollar industry and growing every day. However, there still lacks a good currency for proper and trustworthy payments for digital payments. However, Paypal merging cryptocurrencies will give users a good option for completing digital transactions, thus increasing the crypto utility. The PayPal transform will increase crypto utility by easing the changing crypto processes to fiat without additional fees. However, all payments in the network will still be settled in fiat currency.
PayPal will soon introduce crypto support leading to faster mainstream crypto adoption. Foremost, the platform will introduce educational opportunities to help people understand more about cryptocurrencies. The platform will post timely content about the pros, cons, and opportunities in the crypto world. Secondly, it will support the top-performing assets in different areas globally, offering users lucrative financial investment prospects.
The platform will increase the assets’ utility by allowing users to exchange crypto for fiat currencies. This inclusion of crypto assets will bolster trust to new investors, thus ultimately driving crypto adoption.
The Paypal network will highly benefit from the inclusion of crypto assets in its ecosystem. According to Coinmarketcap, Paypal recorded an upsurge in its share prices and its usage rate just after the announcement on crypto inclusion. Therefore, as the platform includes more cryptocurrencies, its usage rate will increase, and as a result, the share price will surge.