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PayPal Launches Bitcoin Offering On It's App

PayPal Bitcoin Offering

One of the leading payment pioneer platforms PayPal announced to start allowing users to buy bitcoin via its app and website.

Many people love the move calling it a welcome development for bitcoin adoption. PayPal has more than 300 million users across the world and the move makes accepting bitcoin a reality for thousands of retailers.

However, the news affected the crypto markets positively with the price of bitcoin increasing up to $13,000 in the immediate aftermath.

Dan Schulman chief executive for PayPal told Reuters the company hopes this will "encourage global use of virtual coins," and prepare its network for the influx of digital currencies being explored by central banks.

The development will make PayPal to allow US-based users to buy, sell and hold bitcoin over the coming weeks and some other crypto on their PayPal accounts such as Ethereum, Litcoin and Bitcoin Cash.

However many people are concerned about some disabled features such as users will be unable to transfer their crypto from PayPal account to other accounts on or off PayPal. in other words, once you buy the coins, they stay in your account until you sell.

But to some people, it could be that PayPal is exercising caution and plans to allow users to actually use their bitcoin for payments in the future. 

What is your take on this, give your comment below.

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