PayPal starts to receive bitcoin. Why Coinify does it better

Bitcoin outreached $13,000 for the first time since July 2019 after PayPal has announced it will allow users to buy, sell and hold cryptocurrencies.

Bitcoin has increased $950 or 8% during traditional New York trading hours. Later it surged another 2% to $13,119 in early Asian trading hours. Wednesday other cryptocurrencies showed extreme growth with Litecoin increasing more than 13% and Bitcoin Cash more than 9%. Together with cryptocurrency PayPal shares surged 5.5% to $213.07 showing the biggest growth since May.

What cryptocurrencies will support PayPal

PayPal will offer its users to buy, sell and hold digital currencies including Bitcoin, Ether, XRP, Litecoin, and Bitcoin Cash. Customers will have the possibility to shop at the 26 million merchants on its network using virtual assets.

When PayPal users make purchases with cryptocurrency, merchants will get payments in fiat currencies such as the dollar.

Why are no private keys and other PayPal`s restrictions

While all Bitcoin enthusiasts are celebrating its growth and new adoption by a huge enterprise, there are some privacy questions pumping up. It appears that PayPal customers who are going to use cryptocurrency will not be provided with private keys to their crypto holdings, besides customers will not be able to send their crypto to other accounts on and off PayPal.

“You can only hold the Cryptocurrency that you buy on PayPal in your account. Additionally, the Cryptocurrency in your account cannot be transferred to other accounts on or off PayPal,” says the PayPal FAQ page.

In addition, PayPal will not allow its users to withdraw or deposit cryptocurrency. Once users buy crypto, it will stay on their account till they sell.

Moreover, there is a $10,000 weekly and a $50,000 per 12-month period limitation. According to PayPal`s rules, all trades must be performed in US dollars.

The biggest news of the year

A well-known Bitcoin evangelist Mike Novogratz, CEO of Galaxy Investment Partners, tweeted on Wednesday that PayPal`s Bitcoin adoption is “the biggest news of the year in crypto,” adding that “We have crossed the Rubicon”. And we cannot disagree with his point of view.

The world belongs to those who follow innovative technologies.

The fact that Paypal has joined the Bitcoin adoption shows us that the crypto community is expanding wildly fast, and does not give a chance to anyone who still does not accept it.

Coinify has no restrictions

So why does Coinify do it better?

Reason 1. Coinify allows customers to make deposits to their accounts with more than 10 different cryptocurrencies while merchants receive the amounts in traditional currency. With no weekly or yearly limits.

Reason 2. Coinify offers businesses that hold client funds to give their clients the attractive service of facilitating withdrawals to Bitcoin. Payouts are withdrawn from the merchant's account and Coinify handles all the heavy procedures in between. The company withdraws funds fast, with no limits and the transactions are completed in full via the customer`s Payment API.

Reason 3. Coinify allows customers to easily exchange between traditional and digital currencies without leaving the merchant`s application or website. Besides, users can easily move between traditional and digital currencies without leaving their wallets.

No matter what crypto payment solution you choose for your business, the truth is, as Mike Novogratz said, that the crypto community has crossed the Rubicon, but way long ago. However, PayPal is still the biggest distribution channel in the US, and there is no doubt that after such big news, the world's banks will search for ways to support Bitcoin.