PayPal’s buying and selling of Bitcoin (BTC) has been a success in the US since the platform began trading cryptocurrencies in early November 2020.
According to a survey by Mizuho Securities among PayPal users 17% of them have already bought BTC through the platform. In addition, 65% of respondents said they use Bitcoin as a means of 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 offering of Bitcoin and other cryptocurrencies on the platform. Until then, it is possible to buy, sell and store cryptocurrencies on the website using a digital wallet.
Bitcoin on PayPal
PayPal announced on October 21, 2020 that the platform would offer Bitcoin. According to the company, The cryptocurrency went through a test phase, which initially enabled BTC to be introduced in the USAs.
See you, A waiting list was waiting to buy Bitcoin through PayPal, and as of November 11, every user in the US could already trade cryptocurrencies through the platform.
With PayPal in the USA it is possible to buy Bitcoin, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Immediately after the platform announced the introduction of cryptocurrencies andThe price of BTC skyrocketed in the market.
Blocked user account
One user complained to Reddit that his PayPal account was banned precisely because he was trading cryptocurrencies. According to TheCoolDoc The platform suspended his account for 180 days after he traded crypto.
As Cointelegraph reported, The account was blocked after the user made about ten exchanges with cryptocurrencies through PayPal. TheCoolDoc said the operations aim to make a profit in the market.
However, the user’s business activity was considered a violation by PayPal. The platform decided to lock the user account for 180 days with a balance of $ 462.
Plans for 2021
PayPal opened up the ability to buy and sell Bitcoin in the US, and in less than a month, about 20% of users have been trading cryptocurrencies through the platform. According to the Mizuho Securities poll, 380 people were asked about the impact of cryptocurrencies with the novelty offered by PayPal.
Thereof 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 trading limit of USD 20,000, Users can trade just over 1 bitcoin on the platform. However, with 28 million registered operations, PayPal will be able to use cryptocurrencies as payment in 2021.