The Currency Analytics
By Ayobami Abiola
Paypal in the first quarter of 2021, will roll out its support for Cryptocurrencies, bitcoin being the first according to its release on October 21st.
Having its headquarters in California, United States, Paypal has up to 346 Million active accounts around the world.
Not just Bitcoin, many other alternative coins (altcoins) will also be added to Paypal. This means huge visibility and adoption for them too.
The inclusion also means that more people will be able to use the payment processor too. Many who have been excluded from receiving PayPal payments because of their location may…
The bottom line is that many of blockchain's great features will be visible and evident to all. There will be an increase in adoption for large corporations and influential people.
Just like blowing up a balloon, as the great characteristics of the blockchain become appreciated, so also the inherent weaknesses will be more obvious.
An increase in the number of users means an increase in transaction request counts per day. For blockchains that determine their fees competitively like in Bitcoin and Ethereum,…
Scalability challenges in Bitcoin may be a strange issue for Paypal users who are new to crypto. Paypal processes transactions way faster than Bitcoin.
PayPal payments can be reversed with a lower fee on a reversal but crypto payments cannot be reversed. This may create fears in the hearts of many.
Hard Forks are somewhat inherent weaknesses of blockchain technology, attacks due to reorganization, nodes going offline, and differences in belief, etc.
PayPal may also come under fire from the Government of countries that banned crypto. They may be alleged for supporting terrorists.
No matter how meh, or ugly the possibilities are, when PayPal adds cryptocurrencies on its platform, there is an assurance for crypto holders that the tech is gaining the right…