The cryptomonies arouse the interest of users in less than a month after their launch.
The purchase and sale of Bitcoin (BTC) by PayPal has been a success in the United States since the platform began marketing crypto currencies in early November 2020.
According to a survey of PayPal users by Mizuho Securities, 17% of them have already bought BTC through the platform. In addition, 65% of those surveyed said they would use Bitcoin Profit as payment for products and services listed on PayPal.
In other words, in less than a month PayPal managed to reach a large number of users with the Bitcoin offer and other crypto-currencies on the platform. Until then, it is possible to buy, sell and store crypto currencies on the site through a digital wallet.
Bitcoin whales that sell to institutions like Grayscale add 7,188 BTC in 24 hours
Bitcoin on PayPal
PayPal announced on October 21, 2020 that Bitcoin would be offered by the platform. According to the company, the crypto currency went through a testing phase, which allowed the adoption of BTC initially in the United States.
Until then, a waiting list waited to buy Bitcoin through PayPal, and as of November 11th, any user in the United States could already trade crypto-currencies through the platform.
With PayPal in the US it’s possible to buy Bitcoin, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Right after the platform’s announcement about the adoption of cryptomontages, the price of BTC skyrocketed in the market.
User Account Suspended
A user complained on Reddit that his PayPal account had been suspended precisely because he was trading in cryptomonies. According to TheCoolDoc, the platform suspended his account for 180 days right after he traded with cryptomonies.
As reported by Cointelegraph, the account was suspended after the user made some ten exchanges with cryptomonies through PayPal. TheCoolDoc said that with the trades he was looking to make a profit in the market.
Brian Brooks, leader of the OCC: „Nobody is going to ban Bitcoin“
However, the user’s commercial 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 the possibility of buying and selling Bitcoin in the U.S., and in less than a month about 20% of users have marketed crypto currencies through the platform. According to the survey by Mizuho Securities, 380 people were interviewed about the impact of crypto currencies with the novelty offered by Paypal.
Of that total, 17% said they had already bought Bitcoin through Paypal. However, when it comes to using crypto-currency as a form of payment, 65% of the respondents considered Bitcoin as a payment currency.
With a weekly trading limit of $20,000, users can trade a little more than 1 Bitcoin on the platform. However, with 28 million transactions registered, Paypal will be able to adopt crypto-currencies as a payment method in 2021.