November 25, 2020

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Bitcoin spikes due to the crypto gesture PayPal

Bitcoin spikes due to the crypto gesture PayPal


Photo: ANP

Bitcoin in cryptocurrency rose sharply on Wednesday after payment company PayPal announced it would allow payments in cryptocurrency. The coin was valued at $ 12,854 at the end of the afternoon, hitting its all-time high since July 2019.

Bitcoin, the largest and best-known digital currency, gained 8 percent. The value of other cryptocurrencies such as Litecoin and Bitcoin Cash also rose sharply. According to crypto experts, this is the main news this year.

PayPal customers will soon be able to use different coins on the payment platform. According to PayPal, the switch to digital currencies is inevitable and there are clear advantages in terms of access and withdrawal. The payment company also listed advantages such as efficiency, speed and resilience of the payment system. Cryptos follow PayPal and also give governments the ability to make payments to citizens quickly.

Crypto users face a number of restrictions with PayPal. This prevents them from transferring coins to and from accounts. In addition, they can only store cryptos that they bought through PayPal. “All cryptos in one account cannot be transferred to other accounts,” PayPal said.

Cryptos like Bitcoin are not really used for purchases right now and are mostly traded. Financial institutions and funds are also showing an increasing interest in cryptos.