PayPal has become an increasingly popular payment at online casinos in recent years. The same can also be said when it comes to the use of cryptocurrencies. It’s good news therefore that PayPal is now strengthening their links with cryptocurrencies.
It was recently announced that PayPal can now be used to receive, transfer and send cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash. That’s something that has been desired for a while now.
Online casinos have become more willing to accept PayPal as one of their payment methods. You can make deposits using this method and also make withdrawals. As you will read, there are some big advantages when PayPal is used as your payment method. This explains why there are an increasing number of UK online casinos where you can use PayPal.
Why is this the case? The amount of personal information that you need to use when choosing PayPal is just the email address used for your account. If there is a security breach, then that information isn’t going to be of much use to the fraudster.
PayPal also often requires authentication checks to be carried out before an account can be accessed. If the fraudster doesn’t have the users phone, then that’s again going to restrict access.
Another advantage is the speed of the financial transactions. A deposit goes straight into your online casino account. Withdrawals are swift too, much better than the several days when using a debit or credit card.
Cryptocurrencies have similar characteristics when it comes to financial transactions at online casinos. It is therefore logical for PayPal and cryptocurrencies to be working more closely.
October 2020 saw the beginning of PayPal allowing the use of some types of cryptocurrencies. That showed the growing acceptance of, for example, Bitcoin. There are still of course some concerns over the volatility of these cryptocurrencies when it comes to their value. Recent months haven’t been easy for cryptocurrencies but this news from PayPal is better news for them.
Now fast forward to 7 June 2022 and a major announcement from PayPal. Before that date it was not possible to move the digital assets away from the platform. Since the introduction of cryptocurrencies on PayPal, their users have been keen to see them being able to make cryptocurrency transfers.
This proved to be one of the most popular requests from customers and now PayPal have taken notice of them. US customers will now be able to make the transfers they’ve wanted to be able to do so. You can bet that they will be delighted that the company has listened to them. PayPal were happy too when the news resulted in their share price going up.
US customers will now be able to send cryptocurrencies to their family and friends. The even better news is that the transactions will take place in just a few seconds. The fact that there are not going to be any fees charged is also great news.
Any people who use these payment methods for gambling will be delighted. Cash flow is so important when it comes to gambling. Not just to ensure you have funds in your account but withdrawals return to you as soon as possible. There’s nothing more frustrating than having a big win and then it takes ages for you to be able to have access to it.
PayPal is a company that likes to be the first to do something. That’s one of the reasons they have defied the odds and become one of the most popular businesses in the world.
They have done it again by becoming the first company to hold a conditional Bitlicense and then see it converted into a full one. That took place recently with the full Bitlicense being granted by the New York Department of Financial Services.
They are likely to improve even further how cryptocurrencies can be used at PayPal. Their desire is to create a financial system that is “more inclusive and effective.”
The more acceptance there is of cryptocurrencies, the better news for this payment method. More businesses, including online casinos, are likely to consider using cryptocurrencies as a way for customers to make financial transactions.
PayPal is also introducing an additional identity verification process. Again, this will increase the protection of personal details and that will please many, including users of online casinos.
It’s good to see the recent developments regarding PayPal and cryptocurrencies. Both have had their own battles to gain recognition of their services. Online casinos for example, needed to be convinced that their use is safe and secure.
It’s perhaps been more of a struggle for cryptocurrencies with not everyone knowing a great deal about them. If the volatility problems can be sorted out, then the future looks rosy for them.