Buying and selling Bitcoin (BTC) from PayPal has been a success in the United States since the platform started trading cryptocurrencies at the beginning of November 2020.
According to a PayPal user survey by Mizuho Securities, 17% of them have already purchased BTC through the platform. In addition, 65% of respondents said they would use Bitcoin as payment for products and services listed on PayPal.
That is, in less than a month PayPal reached a large segment 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 BTC adoption to begin in the United Statess.
Until then, There was a waiting list waiting to buy Bitcoin through PayPal, and on November 11 any US user could already trade cryptocurrencies through the platform.
With PayPal in the US it is possible to buy Bitcoin, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Right after the platform’s announcement of the adoption of cryptocurrencies, amarket price of BTC scoured.
User account suspended
One user on Reddit complained that his PayPal account was suspended precisely because he was trading cryptocurrencies. According to TheCoolDoc, the platform suspended its account for 180 days after it traded crypto.
As Cointelegraph reported, the account was suspended after the user made about ten exchanges with cryptocurrencies by PayPal. TheCoolDoc said the operations were looking to make a profit in the market.
However, PayPal considered the user’s business activity to be breaking. 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 a 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 purchased Bitcoin through Paypal. However, when it comes to using cryptocurrency as a form of payment, 65% of respondents regarded Bitcoin as a payment currency.
With a weekly trade 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 adopt cryptocurrencies as a form of payment in 2021.