Since the beginning of the year, people have called for the widespread adoption of cryptocurrency to prevent inflation. Many believe that cryptocurrency could one day replace the US dollar.
Although it is possible that this will not happen, bitcoin could end up being a popular currency used by the masses to purchase goods.
It is difficult for most people to purchase cryptocurrency. This is one of the reasons that cryptocurrency has not been widely adopted. A large portion of the world’s population does not have a bank account.
A major hurdle has been removed now that you can purchase Bitcoin with PayPal. Could this be the moment people who are passionate about bitcoin’s potential benefits have been waiting for?
Let’s look at what Paypal can do for us.
Paypal And Bitcoin
What Digital Coins Can You Buy With Paypal?
Bitcoin is currently the most widely used cryptocurrency. This is because it is what most Paypal users expect to buy. You can also buy other coins with Paypal.
Three other coins are available for purchase at the moment, with more coming in the future. Investors and those looking to save value in uncertain economic times will also love Bitcoin Cash (BCH), Ethereum (ETH), and Lite coin.
ETH is second in popularity, but people who purchase it are passionate about its use and not just for investment. The Ethereum blockchain is capable of creating smart contracts that can be used for many purposes.
BHC, which is also a great coin to have in lieu of Bitcoin, can be used to purchase goods. Bitcoin Cash is faster, making it ideal to use as a regular currency.
Where Is Bitcoin Heading For?
However, not all of this value was generated by Paypal. There are many factors that influence the valuation of cryptocurrency.
Every day, there are approximately $15 million transactions on the Paypal platform. The market cap for bitcoin could reach 6% if there are as many people who use Paypal today.
If most of these bitcoin purchases are held on to and not traded, it will reduce the amount of bitcoin in circulation and increase its value.