Buying and selling of Bitcoin (BTC) by PayPal It has been a success in the United States since the platform began trading cryptocurrencies in early November 2020.
According to a survey of PayPal users by Mizuho Securities, 17% of them have already bought BTC through the platform. Additionally, 65% of respondents said they would use Bitcoin as payment for products and services listed on PayPal.
In other words, in less than a month PayPal managed to reach a large part of the users with the offer of Bitcoin and other cryptocurrencies on the platform. Until then, it is possible to buy, sell and store cryptocurrencies on the site through a digital wallet.
Bitcoin en PayPal
PayPal announced on October 21, 2020 that Bitcoin would be offered by the platform. According to the company, The cryptocurrency went through a testing phase, allowing for the adoption of BTC initially in the United Statess.
Until then, A waiting list was waiting to buy Bitcoin through PayPal, and as of November 11 any user in the US could already trade cryptocurrencies through the platform.
With PayPal in the United States it is possible to buy Bitcoin, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Right after the platform’s announcement about the adoption of cryptocurrencies, andhe price of BTC skyrocketed in the market.
Suspended user account
One user complained on Reddit that his PayPal account had been suspended precisely because he was trading cryptocurrencies. According to TheCoolDoc, the platform suspended his account for 180 days right after he traded crypto.
As Cointelegraph reported, the account was suspended after the user made about ten exchanges with cryptocurrencies by PayPal. TheCoolDoc said that the operations were looking to make a profit in the market.
However, the user’s business activity was perceived as an infringement by PayPal. The platform decided to suspend the user’s account for 180 days, with a balance of $ 462.
Plans for 2021
PayPal opened up the possibility of buying and selling Bitcoin in the US, and in less than a month about 20% of users have traded cryptocurrencies through the platform. According to the Mizuho Securities survey, 380 people were interviewed about the impact of cryptocurrencies with the novelty offered by Paypal.
Of that total, 17% said they had already bought Bitcoin through Paypal. However, when it comes to using cryptocurrency as a form of payment, 65% of respondents viewed Bitcoin as a payment currency.
With a weekly trade limit of $ 20,000, users can trade a little more than 1 Bitcoin on the platform. However, with 28 million registered operations, Paypal will be able to adopt cryptocurrencies as a form of payment in 2021.
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