By Dana Sanchez
Bitcoin and other cryptocurrency coins, which have been around for more than a decade but have struggled to achieve mainstream adoption, just got a huge boost from PayPal.
PayPal said today that it will allow customers and the 26 million merchants on its network to buy, sell and shop using bitcoin and other virtual coins in its online wallet.
The service is already available for some U.S. users and goes into effect within weeks, but U.S. customers won’t be able to pay for products and services using cryptocurrency until early 2021. PayPal said it plans to expand the service to its peer-to-peer payment app Venmo and some other countries in the first half of 2021.
PayPal’s service does not allow bitcoin or other cryptocurrencies to be withdrawn or deposited. Once you buy the coins, they stay in your account until you sell, Coindesk reported. Initially, the service supports bitcoin (BTC), bitcoin cash (BCH), ether (ETH) and litecoin (LTC).
PayPal will be one of the largest U.S. companies to provide consumers access to cryptocurrencies, which Click here to read entire article