Bitcoin having the worst week in terms of sticking with the current pricing decided to take a hike down south and really affected the stability of the crypto market. Despite all that, the adoption rate for Bitcoin is simply amazing as many enterprises and financial sectors out there have decided to incorporate Bitcoin as one of their dedicated payment option to provide ease and convenience to their users. Following the same trend PayPal, the payment processing system, has decided to provide its users with a specified section where they can hold cryptocurrencies such as Bitcoin and such and get on with its selling/buying and even trading.
Bitcoin might Revolutionize the Financial Infrastructure of the Future
According to PayPal’s CEO, facilitating the use of digital assets such as Bitcoin is necessary as this is the only way to move forward. PayPal has a stable number of customers at the moment, and the transaction volume each year seems to be rising; still, the trend might not resonate profoundly with the enterprise’s numbered estimate ten years from now, and this is what worries them the most. E-commerce, along with performing transactions, has been revolutionized with the availability of decentralized finance; it is faster, it is cheap, and above all, it is secure. People are already interested in it, and adopting this system faster than any other mode of payment solution in the past has been adopted.
It only seems likely that in the future other payment processing systems such as PayPal would become obsolete along with making wire transfers, using credit cards, and writing checks as well. That is why adding cryptocurrencies as the core digital asset into PayPal’s platform is the only way forward, and only time will tell how right the decision was. According to Dan Schulman, the CEO of PayPal, the current system is inefficient and calls for modernization, and at present, the essence of modernization cryptocurrencies and blockchain as their ultimate platform has to offer can’t be neglected as well.
S0, why can’t both of them fall into place and make things even convenient than ever for the consumers? In these trying times of COVID-19, people have already shifted towards digital payment solutions and cryptocurrencies to make payments; it is only going to get more intensified in the future; that is why proper steps are to be taken today.
