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Bitcoin price vaults above $59,000 as PayPal launches ‘Checkout with Crypto’

CryptocurrencyMar 30, 2021 11:31
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© Reuters.

By Samuel Indyk

Investing.com – The price of Bitcoin jumped on Tuesday morning after Reuters reported that PayPal Holdings Inc (NASDAQ:PYPL) is to start allowing US consumers to use their cryptocurrencies to make purchases.

The payments company later confirmed the service - ‘Checkout with Crypto’ - and said that customers holding Bitcoin, Ethereum, Bitcoin Cash and Litecoin in PayPal digital wallets will be able to convert holdings into fiat currency at checkouts to make purchases.

“As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies,” said Dan Schulman, president and CEO, PayPal. “Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies."

How it works

At checkout, if a customer has sufficient balance of cryptocurrency to cover an eligible purchase, crypto will automatically display as a payment method, however, only one type of cryptocurrency can be used for each purchase.

The company has confirmed that they will not charge transaction fees to checkout with crypto but a cryptocurrency conversion spread will be built into the conversion from crypto to USD.

Corporate acceptance

Although PayPal revealed they were working on the service last year, the company is the latest of a series of firms to put cryptocurrency payments into practice.

Tesla Inc (NASDAQ:TSLA) announced recently they were to begin accepting Bitcoin for payment of its vehicles. Yesterday, Visa (NYSE:V) conducted their first settlement transaction using the stablecoin USD Coin, a move that sent the price of Bitcoin higher to start the week.

Bitcoin price vaults above $59,000 as PayPal launches ‘Checkout with Crypto’
 

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Comments (11)
mushaf munas
mushaf munas Mar 30, 2021 13:21
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Nice...
Alex Teh KB
Alex Teh KB Mar 30, 2021 13:16
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not smart, Bitcoin value increases, so the price of your item fluctuates as well
Makgabo Mashaba
Makgabo Mashaba Mar 30, 2021 13:06
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💯🦇
Anon Anon
Anon Anon Mar 30, 2021 12:47
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Keep pumping
Dominic Shaddick
Dominic Shaddick Mar 30, 2021 12:36
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fantastic news.
Saria Sultan
Saria Sultan Mar 30, 2021 11:45
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Great
Hafizullah Nazari
Hafizullah Nazari Mar 30, 2021 11:43
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great
Nizar Sidhoum
Nizar Sidhoum Mar 30, 2021 11:38
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❤️
juana bb
juana bb Mar 30, 2021 11:38
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great
Bro Razeef
Bro Razeef Mar 30, 2021 11:37
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very timely :)
Rickyc Smiths
Rickyc Smiths Mar 30, 2021 11:35
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Brilliant
 
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