If you are looking to get started in cryptocurrencies like Bitcoin and Ethereum you may have noticed that long time online payment application PayPal now offers crypto. If you are looking at crypto as an investment that you are planning to buy, hold, hope for increase in value and then sell; PayPal may be for you. If you are looking to make or receive payments via a cryptocurrency you probably want to look elsewhere.
PayPal is great for online payments. I’ve been a user for many years. I know that some people thought that PayPal would fade after the break up from eBay; but I haven’t seen that. If anything PayPal doubled down by offering credit cards and making the service incredibly easy to use.
PayPal’s foray into cryptocurrencies will work for many people that want to buy some currency low and then watch it go up and sell high. PayPal’s problem is that your money goes in as currency such as dollars and you buy your crypto product from PayPal for whatever price they are offering it at. Then when you are looking to sell; again your going to be selling that to PayPal. The PayPal cryptocurrency offer is closed in that as of this writing you cannot transfer crypto in or out. Any transfer happens in your default currency; in my case dollars.
While PayPal’s cryptocurrency offering won’t be attractive to those that want to transfer crypto assets to a wallet or other cryptocurrency account; it is interesting. I know many people that use PayPal and have money sitting in their account. PayPal’s crypto offer allows those sitting funds to become an investment in the new cryptocurrency markets.
