PayPal’s buying and selling of Bitcoin (BTC) has been successful in the United States since the platform started trading cryptocurrency in early November 2020.
According to a PayPal user survey by Mizuho Securities, 17% of them have bought BTC through the platform. Additionally, 65% of respondents said they would use Bitcoin as payment for products and services registered with PayPal.
In other words, in less than a month PayPal managed to reach the majority of users with an offer of Bitcoin and other cryptocurrencies on the platform. Until then, it was possible to buy, sell and store cryptocurrency on the site via digital wallets.
Bitcoin and PayPal
PayPal announced on October 21, 2020 that Bitcoin will be offered by the platform. According to the company, The cryptocurrency went through a testing phase, allowing for the adoption of BTC initially in the United Statess.
Until then, The waiting list is waiting to buy Bitcoin via PayPal, and from November 11th every user in the US will be able to trade cryptocurrencies via the platform.
With PayPal in the United States, it is possible to buy Bitcoin, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Right after the platform announcement about cryptocurrency adoption, andthe price of BTC on the market skyrocketed.
Suspended user account
One user complained on Reddit that his PayPal account had been suspended because he was trading cryptocurrencies. According to TheCoolDoc, the platform suspends his account for 180 days right after he trades crypto.
As Cointelegraph reports, the account was suspended after the user made about ten exchanges with cryptocurrency by PayPal. TheCoolDoc says that operations are looking for profit in the market.
However, the user’s business activity is considered an offense by PayPal. The platform decides to suspend the user account for 180 days, with a balance of $ 462.
Plans for 2021
PayPal opens up the possibility to buy and sell Bitcoin in the US, and in less than a month about 20% of users have traded cryptocurrency through the platform. According to a Mizuho Securities survey, 380 people were interviewed about the impact of cryptocurrency with new things that Paypal has to offer.
Of that amount, 17% said they had bought Bitcoin through Paypal. However, when using cryptocurrency as a form of payment, 65% of respondents view Bitcoin as a payment currency.
With a weekly trading limit of $ 20,000, users can trade more than 1 Bitcoin on the platform. However, with 28 million registered operations, Paypal will be able to adopt cryptocurrency as a form of payment by 2021.