The purchase and sale of bitcoins (BTC) by PayPal has been successful in the United States since the platform began trading in 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. In addition, 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 was able to reach a large number of users with an offer of bitcoins and other cryptocurrencies on the platform. Until then, it is possible to buy, sell and store cryptocurrencies on the web via a digital wallet.
Bitcoin and PayPal
On October 21, 2020, PayPal announced that the platform would offer bitcoins. According to the company the cryptocurrency underwent a testing phase, which allowed the adoption of BTC originally in the United Stateswith.
Until, The pending list was waiting to purchase bitcoins via PayPal, and as of November 11, any user in the United States has been able to trade cryptocurrencies through the platform.
With PayPal in the United States, you can buy bitcoins, ether (ETH), litecoins (LTC), and bitcoin cash (BCH). Immediately upon the platform ‘s announcement of the acceptance of cryptocurrencies, athe price of BTC on the market rose sharply.
Suspended user account
One user complained to 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 immediately after trading the cryptocurrency.
As Cointelegraph stated, the account was suspended after the user made approximately ten cryptocurrency exchanges through PayPal. TheCoolDoc said the operation was trying to make a profit in the market.
However, the user’s business activity was perceived by PayPal as an infringement. The platform has decided to suspend the user’s account for 180 days with a balance of $ 462.
Plans until 2021
PayPal has opened the way to buy and sell bitcoins in the US, and in less than a month, about 20% of users have traded cryptocurrencies through the platform. According to a survey by Mizuho Securities, 380 people were asked about the impact of cryptocurrencies with a novelty offered by Paypal.
Of which total 17% said they had already bought bitcoins through Paypal. However, when it comes to using cryptocurrency as a method of payment, 65% of respondents saw bitcoin as a currency of payment.
With a weekly trading limit of $ 20,000 users can trade just over 1 bitcoin on the platform. However, with 28 million registered transactions, Paypal will be able to accept cryptocurrencies as a method of payment in 2021.