Companies that want to be part of the cool-kids club today need to make sure they can accept some form of cryptocurrency as a form of payment. After the big news that Elon musk’s Tesla will start accepting Bitcoin as a form of payment after a massive investment in cryptocurrency, the volatile offer saw its stocks soar. They can get even greater momentum now, as PayPal has announced that it will plan to support cryptocurrencies as a form of payment as well, thanks to the new Checkout with Crypto feature that has started to be implemented.
Contrary to Tesla’s recent plan, however, PayPal is not only looking to take advantage of the Bitcoin craze, but will also support other popular forms of cryptocurrency in the form of Ethereum, Litecoin or Bitcoin Cash. The new checkout option simply converts the cryptocurrency to US dollars and then uses the money to finalize the payment, keeping the value of the cryptocurrency for you.
The new feature will automatically appear in a person’s wallet if they have “enough cryptocurrency balance to cover an eligible purchase” and if you reside in the U.S. The application will also allow you to see your cryptographic balances for each type of currency available. However, you can only use one type of cryptocurrency for each purchase you make.
This means that PayPal will open up to more risks if cryptocurrencies start to have problems in the stock market, but with an vested interest that they and many companies are putting into them, they are unlikely to allow this to happen so easily. I will be honest and admit that I thought the idea of Bitcoin seemed silly many years ago when it was launched. If I could have predicted a better future, then I wouldn’t need to be typing this article, but rather sipping virgin cocktails from my own private island.