[WATCH] 5 Things You Should Know About the New PayPal Cryptocurrency Wallet and Exchange

After the announcement by paypal which you can buy soon, sell, hold, and use your cryptocurrency directly in your paypal portfolio, We're looking at this new functionality and what you can look forward to.

Paypal dependent, the migration to digital payments and digital value representation is accelerating, driven by the COVID-19 pandemic and heightened central bank and consumer interest in digital currencies.

SEE ALSOYou Can Now Buy, Sell, Hold, and Use Cryptocurrencies on PayPal Starting in 2021

We immersed ourselves in PayPal's new crypto portfolio. Here are 5 things you should know about the new PayPal Crypto Service:

• Instant Conversion to Fiat Currency

PayPal customers can use their crypto assets as a source of funding to pay any of the 26 million PayPal merchants worldwide. The paypal portfolio allows instantaneous conversion with certainty of value and without additional costs. No additional integration costs will be incurred.

• Keep track of cryptography prices on PayPal application.

By default, Users will see the evolution of the crypto marketplace over a 24-hour period using a line chart, with the possibility to switch to display one week, month, 6 months, 1 year, and all the history of the chosen cryptography.

• PayPal will Charge a Margin Fee from the Exchange Rate

While PayPal will not charge a transaction fee when buying and selling crypto until 2021, PayPal will charge a spread (or margin) between the market price from the service provider, Paxos, and the exchange rate between US dollars and the crypto asset displayed to the user.

The estimated rate may also include a variance estimate of one-half percent (0.5%). However, paypal does not disclose its spread on each transaction.

• You Cannot Transfer Crypto Out of PayPal

Currently, you can only hold the Cryptocurrency that you buy on PayPal in your account. What's more, your account's cryptocurrency cannot be transferred to other accounts, whether they are paypal or not.

• PayPal possesses your private crypto keys.

You are the owner of the cryptocurrency you purchase through PayPal, but will not be supplied with a private key. Instead, you can only access your own crypto scale.

PayPal's approach with crypto is probably the norm that large corporations will take in order to dabble in crypto for obvious regulatory reasons.

Cutting p2p transfers and being totally dependent on third parties that have no chance to interact with accounts outside their platforms, paypal services define how cryptography is likely to become more widespread.

While this is definitely not crypto we are used to, it provides an opportunity for more than millions to join the crypto movement.

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