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Crypto community discusses the importance of PayPal solution

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Crypto community discusses the importance of PayPal solution

Crypto community discusses the importance of PayPal solution
CONTENT

  • PayPal’s decision to add support for cryptocurrency payments drew an active response in the crypto community.

  • Some gleefully took this news as a signal of massive adoption of digital currencies..

  • Others don’t see it as a big deal for Bitcoin..

International consortium of news organizations developing transparency standards.

Judging by the reaction of the BTC rate, the crypto community reacted with glee to the decision of the PayPal payment system to add support for bitcoin to its infrastructure..

Crypto community discusses the importance of PayPal solution

Yesterday, October 21, the crypto space was excited by the news that the payment giant PayPal became an official participant in the cryptocurrency market, giving its users the opportunity to pay for services and goods using cryptocurrencies.

The bitcoin (BTC) rate first broke through the $ 12,000 barrier, and then attacked the next round mark of $ 13,000. Many crypto market participants are sure that the decision of such a heavyweight in the traditional finance segment as PayPal to add support for buying and selling digital assets.

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Another similar news yesterday became an additional factor of support for the MTC. British fintech company Mode Global Holdings announces large purchase of bitcoins as a risk hedging strategy.

These are not small things for you!

The overwhelming majority of participants in the crypto community considered this news as new swallows, foreshadowing the acceleration of the mass adoption of bitcoin..

Popular market analyst Willie Wu called the news of PayPal a big deal given the huge user bases of both the payment system and bitcoin. As he said, relying on Glassnode data on wallet clusters, the number of Bitcoin hodlers exceeds 187 million. Meanwhile, the PayPal customer base is 346 million..

User base:
PayPal 346m+
Bitcoin 187m+

Crypto community discusses the importance of PayPal solution

This is a big deal.

Estimating how many HODLers of BTC from on-chain forensics is from the incredible work of @glassnode. pic.twitter.com/QlOkZ9WRJZ

– Willy Woo (@woonomic) October 21, 2020

However, it is worth noting that a few hours ago, Wu said that the figures he gave may not correspond to reality, and promised to update them in the very near future. Nevertheless, in general, he is confident that the arrival of PayPal on the crypto market will significantly accelerate the growth of the number of Bitcoin users “exponentially”. He added that the connection between bitcoin and stocks can be expected to break soon..

Source: Twitter

Or is it little things?

However, not everyone was filled with such optimism. For example, another popular Twitter user, Plan B, lukewarm about the PayPal innovation, criticizing the company for not going to support transfers of cryptocurrency within the platform accounts or their withdrawal to external accounts anyway. In this regard, he suggested simply forgetting about this “news”, which, in his opinion, “is not worth a damn.”.

However, the Plan B position still turned out to be less popular. So Dan Held, Kraken’s head of development, told him not to be a perfectionist and not let the best become the enemy of the good. “I hope that later they will make it possible to withdraw funds from accounts,” he wrote..

He was backed by Blockstream co-founder Adam Back. He recalled that this is how it all began on the eToro exchange, and then she added support for withdrawing money.

Crypto community discusses the importance of PayPal solution

Source: Twitter

Meanwhile, another well-known trader in the crypto community, Crypto Michaël, was also not euphoric about PayPal’s decision, believing that the payment giant needs a cryptocurrency, and not vice versa. As he commented, “It’s certainly great that PayPal accepts crypto payments, but … ahem … crypto and bitcoin don’t need PayPal.”.

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