Yesterday I wrote up a big article explaining What Does VISA Using Ethereums ERC 20 Token USDC which goes over how VISA/Square will be using the stable coin USDC to process transactions via a new card of theirs soon to be released.
Well now today Paypal follows up with their version of this so lets dig in.
It's important to note this is a CHECKOUT WITH CRYPTO. In short all the system does is takes your crypto payment and instantly convert it to FIAT. Personally it's a feature I will never use and is simply a faucet for crypto to be converted back into FIAT.
At checkout a customer has the option of selecting one cryptocurrency such as
Depending on what you are holding as balances and how much Paypal has of each. When the transaction is made PayPal instantly converts whatever crypto is used into FIAT and the customer gets not one to TWO recipes. One as a normal PayPal receipt and a second of the crypto sale. *yup it's like a stock so you're now liable to paying takes on that crypto you just sold.
Let's just say this system is worthless and you'd have to be crazy giving up your crypto like this. While this might have been the biggest headline of the day I see ZERO benefits to crypto from this move nor do I think anyone is really going to use it.
Posted Using LeoFinance Beta