• Sun. Aug 14th, 2022

PayPal strengthens its links with cryptocurrencies

ByHazel R. Lang

Jul 17, 2022

PayPal has become an increasingly popular payment method in online casinos in recent years. The same can also be said when it comes to the use of cryptocurrencies. It is therefore good news that PayPal is now strengthening its links with cryptocurrencies.

It was recently announced that PayPal can now be used to receive, transfer and send cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash. It’s something we’ve been wanting for a while.

Online casinos are increasingly willing to accept PayPal as one of their payment methods. You can make deposits using this method and also make withdrawals. As you will read, using PayPal as a payment method has some big advantages. This explains why there are more and more UK Online Casinos where you can use PayPal.

why is this the case? The amount of personal information you need to use when choosing PayPal is simply the email address used for your account. If there is a security breach, this information will not be of much use to the fraudster.

PayPal also often requires authentication checks to be performed before an account can be accessed. If the fraudster does not have the user’s phone, this will limit access again.

Another advantage is the speed of financial transactions. A deposit goes directly to your online casino account. Withdrawals are also fast, much better than several days when using a debit or credit card.

Cryptocurrencies have similar characteristics when it comes to financial transactions in online casinos. It therefore makes sense that PayPal and cryptocurrencies work more closely.

October 2020 saw the start of PayPal allowing the use of certain types of cryptocurrencies. This showed the growing acceptance of, for example, Bitcoin. There are of course still concerns about the volatility of these cryptocurrencies in terms of their value. The past few months have not been easy for cryptocurrencies, but this news from PayPal is better news for them.

Fast forward to June 7, 2022 and a major event announcement from PayPal. Prior to this date, it was not possible to move digital assets off the platform. Since the introduction of cryptocurrencies on PayPal, their users have been eager to see them being able to perform cryptocurrency transfers.

This turned out to be one of the most popular customer requests and now PayPal has taken notice. US customers will now be able to make the transfers they wanted to be able to make. We bet that they will be delighted that the company has listened to them. PayPal was also happy when the news sent its stock price soaring.

US customers will now be able to send cryptocurrency to family and friends. The even better news is that transactions will take place in just seconds. The fact that there will be no fees charged is also great news.

Everyone who uses these payment methods to play will be delighted. Cash flow is so important when it comes to gambling. Not only to ensure you have funds in your account, but withdrawals come back to you as soon as possible. There’s nothing more frustrating than having a big win and then it takes forever to gain access to it.

PayPal is a company that likes to be the first to do something. This is one of the reasons they defied the odds and became one of the most popular companies in the world.

They did it again by becoming the first company to hold a conditional Bitlicense and then see it converted to a full license. This happened recently with the full Bitlicense granted by the New York Department of Financial Services.

They are likely to further improve the way cryptocurrencies can be used at PayPal. Their desire is to create a “more inclusive and efficient” financial system.

The more acceptance of cryptocurrencies, the better the news for this payment method. More businesses, including online casinos, are likely to consider using cryptocurrencies as a way for customers to conduct financial transactions.

PayPal is also introducing an additional identity verification process. Again, this will increase the protection of personal data and this will appeal to many, including users of online casinos.

It is good to see recent developments regarding PayPal and cryptocurrencies. Both have had their own battles to have their services recognized. Online casinos, for example, had to be convinced that their use was safe and secure.

It may have been more of a struggle for cryptocurrencies, with not everyone knowing much about them. If the volatility issues can be ironed out, then the future looks rosy for them.

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