PayPal is one of the most prominent brands in the world and is mostly known for its payment services. It supports 25 currencies and is available in over 200 countries. Apart from using Paypal at Platincasino, eBay, Spotify, and other establishments as a method of payment, it has several other functions. One of these is its use for buying some of the most popular cryptocurrencies on the market. PayPal started offering this service in 2021 and it has gained huge popularity across the world ever since. Currently, PayPal supports the purchase of the following cryptocurrencies. Read on to find out which ones.
As the most popular digital currency in the world, Bitcoin is undoubtedly the pioneer of the cryptocurrency revolution. It was created in 2009 by Satoshi Nakamoto and since then, it went on to building a massive following within the tech-savvy world.
Utilizing the blockchain, Bitcoin enables users to make secure peer-to-peer transactions. While everybody can see these transactions, only the Bitcoin owner can decode them using a ‘private key’ assigned to them. Additionally, unlike banks, no central authority controls the transactions, hence allowing high levels of anonymity.
Ethereum is another big name you’re likely to hear in the crypto industry. It operates on a blockchain system that facilitates the building of smart contracts without interference from third parties. The cryptocurrency aims to create decentralized financial products that anyone can freely access.
Ethereum was established in 2015 and is currently the second biggest cryptocurrency after Bitcoin. However, it lags far behind by a big margin, with its market cap being less than half of Bitcoin’s. In 2020, Ethereum upgraded its consensus algorithm, a move that now allows it to process transactions much faster.
Established in 2011, Litecoin is among the first digital currencies to bring the competition to Bitcoin. It is a creation of former Google engineer and MIT graduate, Charlie Lee. Just like Bitcoin, this digital currency operates on an open-source payment network that's not controlled by a central authority.
However, it differs from Bitcoin in that it possesses faster block generation rates, hence confirms transactions more quickly. The number of merchants accepting this cryptocurrency keeps on rising. Currently, Litecoin has a market cap of $9.11 billion making it one of the largest cryptocurrencies worldwide.
4. Bitcoin Cash
Founded in 2017, Bitcoin Cash was meant to improve certain aspects of Bitcoin. It was conceptualized after miners argued that Bitcoin's network had inadequacies as its capacity was limited to 1 megabyte (MB). With Bitcoin Cash, the capacity was increased to 8 MBs, hence allowing it to hold more transactions.
Currently, this cryptocurrency has a market cap of $7.21billion. It holds a crucial place in the history of cryptocurrencies because it's one of the most successful derivatives of Bitcoin.
PayPal is one of the most popular e-wallets that allowsusers to buy digital currencies. Though it currently only supports the aforementioned coins, rumours are that more additions may be coming soon. Some of the cryptocurrencies that we may expect to see include Dogecoin, Ethereum Classic and Ripple.
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