It is an exciting time for PayPal users in the United Kingdom this week as the popular online casino deposit method adds cryptocurrency services to its offering.
Adding the ability to buy Bitcoin, Ethereum and Litecoin to their US portfolio of services last November has been a fantastic business decision for web wallet. The move made them one of the first mainstream digital money services to allow users, regardless of account level or investment acumen, to buy and sell via crypto.
In addition to encouraging new users to try out digital tokens for themselves, it also created additional points of sale for their 26 million online merchants.
Becoming a UK Hodler
One of the first things that raise an eyebrow when it comes to PayPal crypto is that you do not need a special wallet to own or store your purchased token. The reason for this is that when you “acquire” Bitcoin through PayPal you do not own the tokens, rather PayPal owns them you own a share (equal to your deposit value) in the tokens they own.
This means you can make a profit through clever buying and selling but only on the PayPal platform. When you buy your token directly through Coinbase or another exchange you can choose to move them between exchanges, not with PayPal, you buy and sell exclusively on their platform.
What is great about this for players new to the cryptocurrency game is that buying and selling is as easy as using PayPal. They allow investments in Bitcoin, Ethereum, Litecoin and Bitcoin Cash for as little as £1, making it affordable for anyone interested in testing out the crypto market.
Spreading the Good News
One of the most popular money transfer apps for younger users is Venmo. As a company that is owned and operated by the PayPal corporation Venmo users in the US already have access to cryptocurrency transacting, and it is expected to go live in the UK and part so Europe no long after PayPal UK crypto is launched.
Once again this is fantastic news not only for Venmo merchants but also for those eager to see the mainstream adoption of digital currencies sped up. By engaging the youth and bringing cheap and easy to learn cryptocurrency transacting to a platform they already use on a daily basis they will grow up with digital coins as a normal part of their income and expenditure narrative.