PayPal, after its announcement on Tuesday, welcomes a new change allowing its customers to use their cryptocurrency holdings. This change upgrades digital commerce by inviting Bitcoin cash and Lite coin to be used globally for paying their merchants and make purchases.
After allowing its US users to buy, sell and hold cryptocurrency since last November, the company has now come up with a new system that regulates and manages cryptocurrency in the same way as the US dollar. The new venture, also allows the cryptocurrencies like Bitcoin, Ethereum, Litecoin, or Bitcoin Cash to US dollars to be changed into US dollars or any other local currency according to the standard currency rates set by PayPal instantly.
The feature pops up in the wallet section allowing customers to cover an expense according to their cryptocurrency balance limiting them to use only one type of cryptocurrency per purchase. Not being the first company to bring a Cryptocurrency holding app, the California-based company seems like it’s following the footsteps of its Opponent company, Square.
The Payment Giant has announced this just after the Elon Musk owned Car Company Tesla announced that it will now accept Bitcoins for transactions for car purchases. But unlike that cryptocurrency paid through Paypal will be converted into Fiat Currency when received by the merchants.
The company has announced that as of now it will not charge any transaction fee for transactions using Bitcoins or any other cryptocurrency. However, for a single purchase only one kind of cryptocurrency can be used.