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Why Would Anyone Buy Cryptocurrency on PayPal?

Why Would Anyone Buy Cryptocurrency on PayPal?

05 Dec 2020

Reading Time: 2 minutes

These days we have so many choices compared before. A good example of this is Television. Before, we could only choose between free TV and Austar/FOXTEL (pay-tv). In 2020 though, we have a plethora of choices when it comes to TV such as Hulu, Prime Video, Stan, Netflix and Disney Plus.

We have a choice in seemingly every industry, and that also includes cryptocurrency.

Recently, we have been following the story of PayPal offering their users the ability to buy, store and sell four types of cryptocurrencies. These include Bitcoin, Bitcoin Cash, Ethereum and Litecoin. They recently did a trial and it was overwhelmingly positive and the waiting list for those wanting to try it was much longer than they anticipated.

This morning, millions of Americans woke up to a message that they could now buy cryptocurrency on their account. This release came after the high demand for the service and the success of the rail.

But why use PayPal and not another exchange site?

This comes down to a few factors such as:

1. Reliability

When it comes to cash app, PayPal stands as the most reliable above all others. They have an excellent track record of both security and versatility when it comes to where it can be used.

2. Usability

No one wants to use a site that is hard to navigate and overcomplicated, especially when you are dealing with thousands of your hard earn dollars. PayPal has a simple interface and is very intuitive compared to other exchange sites.

3. Familiarity

We always want to go with something familiar to us, this is extra evident when we embark on a new journey filled with unknown possibilities. For example, when you go to a party, you feel more comfortable going up to the friends you have had for years compare to some stranger you do not know.

We are now at a stage where cryptocurrency is being adopted by major companies and is being talked about regularly on financial news channels. This kind of mass adoption is what the crypto community has been waiting for.

It will soon become commonplace to use cryptocurrency to buy everyday items. This could be much sooner than you think as Visa will be launching their crypto debit card next year in the US. Along with PayPal being used by regular people to buy and trade cryptocurrency, more people than ever will be involved in some way with cryptocurrency.

Having a variety of choices is great for everyone as it will fuel more competition among crypto exchange sites. As we all know, competition is good for both companies and consumers alike.

All these changes are going to drive the prices of all major cryptocurrencies up. We are already seeing this with Bitcoin which is now worth $22,277 AUD. In 2021, we will see the prices go even higher, so if you want to keep track of them, click here and use our crypto tracker.

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