Cryptocurrency expert Angelo Babb explains why the acceptance of cryptocurrencies by payment companies like Visa and PayPal is a huge step forward for the legitimacy of digital currencies.
SAN JOSE, Costa Rica – WebWire – Wednesday, November 23, 2022
Bitcoin’s explosion in 2017 drew a lot of interest. However, most payment solution giants like PayPal, MasterCard, Visa, and Mastercard were unaffected. They tried to downplay the importance and even banned their cards and users from being linked to the digital currency. A few years later, he changed his mind and now dedicated himself to cryptocurrency. Angelo Babb, fintech and cryptocurrency expert, explains why these announcements are important for the future development of cryptocurrency.
2018 was a year in which Visa clearly stated its position that no Visa card or payment solution can be used to buy or sell digital currencies. It refused to negotiate refunds and shut down several low-end financial institutions and banks trying to offer cryptocurrency solutions.
That changed two years after the digital currency was banned. Additionally, the company explained that digital currency (or a digital form of cash controlled with a private key) was first created ten years ago with the introduction of Bitcoin. It added that it believes digital currencies can increase the value and reach of digital payments to more people and places. We are committed to supporting and shaping the future role of digital currencies in the world of money.
PayPal, which previously had a cautious approach to cryptocurrencies, has also changed its mind. It now allows its users to sell and buy bitcoins through their PayPal accounts. The giant payment processor is currently working on opening up the possibility for its users to buy cryptocurrency directly through their PayPal accounts. Babb explains, “It’s a great indicator of how far cryptocurrency has come. PayPal has over 325 million active users worldwide. This payment method is accepted by thousands of people worldwide. Embrace will have a profound impact on cryptocurrency’s status as a fiat alternative.”
The fluctuating prices have long been a problem in accepting cryptocurrency as a payment method. Despite the recent rallies, bitcoin price has not seen any significant rise or fall. In addition, there are solutions to instantly convert cryptocurrency payments to fiat currency. This guarantees that the payment value does not change after the transaction.
Cryptocurrency was originally developed as a peer-to-peer payment system. It allows individuals to manage their own money and does not require the use of a bank or intermediary. The sole purpose of a digital currency is to provide access to a banking solution for the unbanked people of the world.
Bab Simon noted that the possibilities of cryptocurrency are endless, adding that “the instant money transfer between people at a fraction of the cost and the ability to interact with traditional banking solutions make it far more powerful than traditional fiat alternatives.”
Bitcoin’s global acceptance has grown faster than that of the US dollar. It has taken the US dollar more than 100 years since its inception to become a recognized, legal currency. Bitcoin, on the other hand, has only been around for 12 years and is already widely accepted. The support of PayPal and Visa as well as Mastercard and others will allow the cryptocurrency to continue to develop at a very fast pace.
About Angelo Babb
Angelo Babb is a cryptocurrency and blockchain legal advisor who helps new and established organizations strengthen their interactions with digital assets. As a Certified Lawyer and Scrum Master, he works with companies of all categories to ensure cryptocurrency efforts essentially meet their commitments. When he’s not learning about cryptocurrency and blockchain, Babb enjoys relaxing on the beach with his family.
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