PayPal CEO makes first purchase with Bitcoin testing new service

Charlie Taylor

PayPal CEO Dan Schulman recorded a video testing the new crypto-related service in his payments app. Still only available in the United States, PayPal announced this morning that it will allow users to settle their crypto positions to make purchases at the millions of PayPal-integrated stores around the world. to purchase a pair of boots. After choosing his size, going to the checkout page and placing his order, he chose Bitcoin to pay for his $ 299 purchase. The executive explains that the cryptocurrency can now be used perfectly as a source of finance, instead of the balance. PayPal or credit card. In this new PayPal service, the system automatically sells the buyer's cryptocurrencies and delivers the dollar amount to the merchant. On the one hand, this differs from the Tesla news announcing that it will receive and keep the bitcoins received, but the advantage is that overnight, all PayPal merchants will automatically be accepting cryptocurrencies, even if they are not people interested in the subject.

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It is also worth noting that, in case the customer needs a refund for the purchase, he will receive the balance in dollars and not in bitcoin or other crypto. Depending on the volatility of BTC, this can be beneficial or detrimental to the consumer, which contrasts with the terms and conditions for buying a Tesla with bitcoin, which is always detrimental to the bitcoiner in the event of a refund. Personally, Shulman has owned bitcoin for years , but PayPal ventured into the cryptocurrency market only in late 2020, allowing its customers to purchase and maintain digital assets through the app.

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