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Security concerns put out as PayPal carry Cryptocurrency to the group

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Nov, 26 2020

Nov, 26 2020

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PayPal has declared that its US customers will soon be capable of paying keenly using cryptocurrency, as the payment platform moves towards a broad range of services.

Past month, the company discovered it would give a choice few customers the chance to buy and hold Ethereum, Bitcoin Cash, Bitcoin, and Lite Coin on its level. Buyers can also exchange any unwanted currency back to PayPal.

Due to the irresistible demand from users, PayPal has now dilated the reach of its trial to offer the cryptocurrency work to all US customers over the approaching weeks.


The cost of Bitcoin has been skyrocketing over the past weeks. And for one industry-watcher, the effort has been stung by PayPal’s declaration that it was delivering Bitcoin to the mainstream.

It’s likely one of two components, Oliver Knight, a crypto reporter at Coin Rivet, told The Daily Swig, citing leading investment in the past year as another reason for the spike in Bitcoin’s price.

Speculation is rife over how long the Bitcoin rally will proceed, but one thing is definite: Safety will be at the top of PayPal’s concerns as it looks to bring cryptocurrency to the masses.

Empty wallets

Over the ancient few years, a figure of high-profile crypto-exchanges about the world has fallen victim to cyber-attacks, with despiteful hackers gaining access to internal networks, emptying users’ virtual wallets in the process.

Crooks also proceed to target crypto-enthusiasts with phishing emails planned to gain access to their accounts.

Since PayPal is opening the door for more people to task into the cryptocurrency market, consider those inexperienced with blockchain-related cost processes, could this flicker a fresh wave of economic cybercrime?

Not precisely. PayPal is not offering what crypto experts call a ‘guardian service’, significant that users cannot convey the cryptocurrency they have bought there off the platform in command to use it elsewhere.

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