May 20, 2021
The digital payment migration continues to catch steam. This time, it’s PayPal who has seen the light and decided to launch its cryptocurrency wallet targeting US merchants and customers. According to a press release in October 2020, PayPal chose to take this route after noting the growing interest in digital coins by its consumers and central banks.
But how is the decision going to affect Bitcoin gambling and the gambling industry in general?
As expected, the latest PayPal move will have a considerable knock-on effect on the gambling world. As it stands now, most online casinos allow players to deposit bitcoin and other digital currencies into their gambling accounts. PayPal itself boasts more than 360 million clients worldwide, with the number expected to grow further. Even better, PayPal is a standard deposit and withdrawal method on these casinos.
However, the customer’s PayPal account must be the one to purchase the digital coin they intend to use, according to PayPal CEO and President Dan Schulman. He said that this would help the company understand all cryptocurrency transactions and do a full KYC (Know Your Customer).
It’s also worth remembering that when you buy bitcoin with PayPal, the payment will be processed in fiat currencies. Therefore, you don’t have any hand in crypto transactions. But overall, the latest move is a welcome addition to global bitcoin users.
Although other e-wallet options like Revolut already offer cryptocurrency support, it’s PayPal that’s widely accepted by most gambling sites. Now this means that Bitcoin players will benefit immensely. Below is a brief breakdown:
As you may already know, both Bitcoin and PayPal offer near-instant transactions. In other words, bitcoin deposits to your crypto casino account will be fast and efficient. It’s also important to remember that Bitcoin payments are direct with no middlemen like banks and authorities. This makes the whole idea of PayPal-Bitcoin transactions safe, anonymous, and fast.
During the press release, Shulman confirmed that buying cryptocurrency on PayPal will be cheaper and faster, thanks to fewer intermediaries. Now that couldn’t be any further from the truth, considering PayPal currently boasts one of the most affordable transaction rates for online merchants. Even better, bitcoin transactions are devoid of those unnecessary taxes and duties that can negatively affect your total winnings.
Now this one is pretty obvious. Following the introduction of the PayPal cryptocurrency wallet, you’ll likely see more online casinos coming up. Unlike before, when bitcoin casinos were few and wide, you can now use BTC to bet on any PayPal casino. But as said earlier, you won’t directly play and win using Bitcoin or any other PayPal-supported cryptocurrency.
Currently, a single Bitcoin is equivalent to $58,493.40. So, in essence, those who have already invested in Bitcoin are reaping big. For casino players, it means that bonuses and promotions are now more valuable.
Businesses and individuals have been hesitant to accept cryptocurrency transactions for a while. But following the launch of PayPal’s crypto support, you’re likely to see more e-wallets follow suit. While PayPal’s decision might be baffling, it’s expected to set a precedence on how people view digital coins.
PayPal has undoubtedly pulled a fast one on its competitors with this move. The new crypto wallet will help the company attract more customers who have been wary of cryptocurrency payments before. And as for Bitcoin players, nothing can be more convenient than the super-fast transactions that PayPal offers.