Bitcoin and PayPal: A Love Story?

When was the last time you paid for something in cash or even had cash on you? Last year, the Federal Reserve found that consumers used cash 26% of the time when making a payment. 

It might not be surprising to hear that the days of paper bills are dwindling. On the rise, however, is the use of cryptocurrency. Perhaps you haven't gotten on board with it yet, but you might, now that Paypal and Bitcoin are teaming up. 

That's right, PayPal's 305 million users will be able to buy and sell bitcoins on the platform. In response to this announcement, the cost of the currency increased by nearly $12,000. Here's what this cryptocurrency's increase in accessibility will mean for you. 

When and Where Can You Use PayPal and Bitcoin?

While PayPal is a global company, its partnership with Bitcoin will take off in the United States first. During the final weeks of 2020, users will be able to buy and sell the currency with each other through their accounts. 

Lucky for them, there are also 26 million retailers around the globe that accept payments by PayPal. Beginning in early 2021, PayPal will allow consumers to use to pay for their purchases at these retail sites using their bitcoin wallets. The currency will get converted during the transaction, as most retailers do not accept bitcoins yet.

Gambling is also going the way of digital currency. While this excludes online casinos, there are physical casinos around the nation that do accept PayPal and Bitcoin. Feel free to use bitcoins when hitting the slots or the blackjack table next year. 

Learn First, Try Second

There's no need to worry if this is your first time dabbling with cryptocurrency. PayPal's got you covered. They'll be offering free online lessons to teach you all about cryptocurrency, as well as how to buy and sell bitcoin with PayPal. 

It is important to educate yourself on the topic before using this form of currency. It is common for newcomers to lose money. People who understand the market can manipulate the value of the currency and get you to pay more for it than it's worth.

On top of that, Bitcoin's value naturally fluctuates more than traditional currency. This adds to the risk of using it. You'll need to pay close attention to bitcoin's value before you buy or sell it. 

These are just some of the reasons why PayPal created classes for their consumers. However, if you are smart about when and how you buy and sell the cryptocurrency, this could be a match made in heaven for you. 

Get Yourself a PayPal and Bitcoin Wallet

Perhaps you were apprehensive about using cryptocurrency before this announcement and now you're eager to know more about it. Read these 9 facts about Bitcoin to get a better look at the company's background. 

Although Paypal isn't the first company to use Bitcoin, it could influence the future of banking in a major way. Leave a comment down below and share your thoughts about PayPal and Bitcoin teaming up.