PayPal Says It Would Let Customers Pay in Bitcoin, Big for the Digital Currency

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PayPal Says It Would Let Customers Pay in Bitcoin, Big for the Digital Currency

Today, when it first came to Reddit, not many believed; several others did not consider its big move out of their suspicion, rest others said it was just a matter of time that the payment processor would accept the digital currency. However, now it is official that PayPal, the eBay-owned mobile payment system has decided to accept Bitcoin.

PayPal, the world’s second biggest payment processor announced that it would soon let customers pay in Bitcoin, the virtual currency that has transformed the way transactions have been taking place around the world. However, the catch, for the moment, is that merchants will have to agree to accept the use of Bitcoin.

According to the Bitcoin enthusiasts, the announcement is a major commercial milestone for the digital currency. The decision has been awaited for long and for some of them it is quite late considering the fact that the company has always been pro-change and it’s also about gaining benefit from Bitcoin in business transactions.

The announcement came during the Techcrunch’s Disrupt SF conference on Monday wherein Bill Ready, chief of eBay’s Braintree unit said that the company was announcing PayPal’s first foray into Bitcoin. He had also added that over the coming months his company would allow its merchants to accept Bitcoin and on the consumer side it will be a sleek experience.

Will It Have an Impact on the Exchange Value of Bitcoin?

The company entered into a partnership with Coinbase, a leading Bitcoin wallet services provider for the services. Co-founder and chief executive of Coinbase, Brian Armstrong, said the Braintree integration is just the latest step towards that goal towards building a new efficient payment network for the whole world.

Despite the fact that Bitcoin faced a lot of issues this year, earlier the last year in October, it reached to the benchmark of $1200. The latest decision by PayPal is expected to give pace to the exchange value of the digital currency like that but nothing like that has happened so far. A lot of speculations on the surge of the Bitcoin prices due to PayPal’s decisions have gone wrong.

This year Bitcoin prices have catapulted to as little as $341 this year from highs of $900. Thus, they are still far lower than what they were the last year. The decision by PayPal according to some speculators will have role in increase of the exchange value of Bitcoin after a couple of days to as investors/traders are willing to go against the set trends.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com