The American payment giant has announced that it will also allow the sale and maintenance of additional digital currencies • "Bitcoin will become a foreign currency like all currencies"
Bitcoin.
Users are satisfied
Photography:
AFP
A big step for Bitcoin: PayPal, the American payment giant, announced yesterday that it will allow the purchase, sale and maintenance of Bitcoin and other digital currencies - according to a report in "Reuters".
The company added that in the first phase it will enable the service to its customers in the US and that by the beginning of 2021 it will allow 26 million businesses operating through it to receive payment via Bitcoin, just as they receive other foreign currencies. Following the announcement, the value of Bitcoin jumped by about 7% By the evening, when it stood at about $ 12.7 thousand per unit, the market value of digital currencies soared to $ 380 billion.
Enormous significance
According to Manny Rosenfeld, Chairman of the Israeli Bitcoin Association, PayPal's announcement is particularly dramatic: "The fact that a huge payment service with hundreds of millions of customers worldwide will allow Bitcoin to be traded and held for customers is of immense significance to Bitcoin users."
Rosenfeld explains that to date Bitcoin has prospered Despite the sticking point on the part of banks and clearing companies, to this is added the technical challenge of holding and securing currencies.Now, the fact that PayPal, considered one of the most monitored, reliable and popular payment services in the world, will provide services for distributed digital currencies will make it easier for users and business owners to pay and hold .
"In fact, Bitcoin will become a foreign currency like all other currencies, and it will probably be possible to pay through it in PayPal, when the recipients of the payment will be able to receive it in Bitcoin or any other currency, which will make it significantly easier to use," explains the Israeli Bitcoin Association. "PayPal will move forward with the outline that has been announced, and expand it beyond the US in the future."
Yuval Roash, CEO of the Israeli "Bits of Gold", adds that "PayPal is actually cutting the barriers to trading Bitcoin with a sharp ax.
In the coming months, users will be able to pay from the balance of Bitcoin in their PayPal wallet, as they pay from their dollar balance, which will allow a huge amount of users around the world to use Bitcoin and other digital currencies, and will likely have an impact on usage cycles and exchange rates.
Public access to Bitcoin
Roash estimates that this move comes in the wake of regulatory processes taking place in recent years in most countries of the world, as well as the announcement by several central banks and giant companies like Facebook of issuing state and independent digital currencies, respectively, and is now beginning to prepare for this era.
Ron French, Bit2C's VP, concludes: "This move will allow significant public access to Bitcoin for the mainstream.
"People and businesses from the locality will be able to use the digital currency. This is another step on the way to the financial revolution that Bitcoin and the world of digital currencies are bringing with them."