Payment processor PayPal has announced that it will be enabling users to hold and spend Bitcoin and three other cryptocurrencies.
Over 25 million online sellers around the world currently accept Paypal payment methods, but only a small number accept cryptocurrencies such as Bitcoin. That's all set to change now with the announcement from Paypal that it's integrating cryptocurrencies into its wallet system.
PayPal allows users to hold wallets in a variety of different currencies, and offers currency conversion services for a fee. The wallet system will be expanded to include four of the most well-established cryptocurrencies: Bitcoin, BitcoinCash, Ethereum, and Litecoin. Those with the new feature will be able to hold those currencies in their wallets, and buy or sell them.
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The new feature will initially be available only to customers in the US in the next few weeks, though it's expected to roll out to other countries if it proves successful in the US. This move should make it possible for retailers to now accept Bitcoin with very little effort, as Paypal will handle all currency conversion automatically.
Cryptocurrencies have had a difficult time gaining mainstream acceptance as their values fluctuate heavily, with Bitcoin having previously hit a high of almost $20,000 US per unit back in 2017 before crashing to just $3,300 US per unit by the end of 2018. The currency's value is now climbing again and is almost back up to $13,000 US following the PayPal announcement.
Source: PayPal Twitter
