The cryptocurrency sector reached its peak in October last year, after the payment gateway PayPal made official its announcement to incorporate into its platform the option to carry out operations with cryptocurrencies.
Months later the promise has been fulfilled. A few days ago PayPal activated its «Checkout with crypto»Through which only users of this platform who reside in the United States may have the opportunity to make payments with cryptocurrencies such as bitcoins, bitcoin cash and ether.
It should be noted that the businesses where this type of payment is allowed will not receive the cryptocurrencies, but the equivalent value in dollars.
When making the payment in PayPal with cryptocurrencies, the process is very simple. You just have to enter your PayPal account and then choose within the options displayed the one corresponding to pay with your available balance in any of the cryptocurrencies that the platform offers you.
Once you have selected the cryptocurrency with which you will make the payment of the product, the system will show you the amount of this that will be deducted from your balance, all this without commission charges.
After doing this, a confirmation of the payment made will be generated that will be sent to your cell phone. And although PayPal manages the payment, it is Paxos, a company specialized in payments with cryptocurrencies that processes the operation.
On the other hand, it is necessary to highlight that users will only be able to carry out payments with cryptocurrencies that have been previously purchased with PayPal, thus ruling out the use of external wallets.
Thus, by integrating payment in PayPal with cryptocurrencies, the differences between this type of operations and those carried out with conventional fiat currencies are dissipated. This makes PayPal the only platform to work with end-to-end cryptocurrencies.
PayPal considers that payments with cryptocurrencies on its platform are an excellent alternative for people who do not have a bank account, as well as for migrant workers who need to send money to their countries of origin, thus avoiding the payment of commissions that can arrive in some 10% cases.