The buying and selling of Bitcoin (BTC) by PayPal has been a success in the United States since the platform started trading cryptocurrencies in early November 2020.
According to a survey by PayPal users 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 managed to reach a large portion of the users with the offer of Bitcoin and other cryptocurrencies on the platform. Until then, it is possible to buy, sell and store cryptocurrency on the site through a digital wallet.
Bitcoin and PayPal
PayPal announced on October 21, 2020 that Bitcoin is being offered through the platform. According to the company, The cryptocurrency has undergone a testing phase, which allows the BTC to initially enter the United StatesS.
Until then, A waiting list was waiting to buy Bitcoin through PayPal, and as of November 11, every user in the US. It. May already trade cryptocurrency through the platform.
With PayPal in the United States, it is possible to buy Bitcoin, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Immediately after the announcement of the platform about the adoption of cryptocurrency andThe price of BTC skyrocketed in the market.
Suspended user account
One user complains on Reddit that his PayPal account has been suspended precisely because he has cryptocurrency trading. According to TheCoolDoc, The platform suspended his account for 180 days right after he traded crypto.
As Cointelegraph reported, The account was suspended after the user through PayPal by about ten exchanges with cryptocurrencies. TheCoolDoc said the operations seek to make a profit in the market.
The business activity of the user was personally as an infringement by PayPal. The platform decided to suspend the user account for 180 days, with a balance of $ 462.
Plans for 2021
PayPal opened the possibility of buying and selling Bitcoin in the US. It. And in less than a month about 20% of users have traded cryptocurrency through the platform. According to the Mizuho Securities survey, 380 people were interviewed about the impact of cryptocurrencies with the novelty offered by Paypal.
Of the total, 17% said they have already bought Bitcoin through Paypal. However, when it comes to using cryptocurrency as a form of payment, 65% of the respondents consider Bitcoin as a payment currency.
With a weekly trade limit of $ 20,000, Users can trade with a little more than 1 bitcoin on the platform. With 28 million registered operations, PayPal will be able to adopt cryptocurrency as a means of payment by 2021.